Knowledge Realty Trust

Read or download the official PDF of this gazette notification issued by the Securities and Exchange Board of India on 30th July 2025.

Official Gazette Notification Text

Official Transcript

OFFER DOCUMENT Dated: July 29, 2025 Book Built Issue (Please scan this QR Code to view this Offer Document) Knowledge Realty Trust (RegisteredintheRepublicofIndiaascontributory,determinateandirrevocabletrustonOctober10,2024atMumbai,Maharashtra,IndiaundertheIndianTrustsAct,1882andasarealestateinvestmenttruston October18,2024undertheSecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regula...

OFFER DOCUMENT

Dated: July 29, 2025 Book Built Issue (Please scan this QR Code to view this Offer Document) Knowledge Realty Trust (RegisteredintheRepublicofIndiaascontributory,determinateandirrevocabletrustonOctober10,2024atMumbai,Maharashtra,IndiaundertheIndianTrustsAct,1882andasarealestateinvestmenttruston October18,2024undertheSecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regulations,2014,asamended,havingregistrationnumberIN/REIT/24-25/0006.)

PrincipalPlaceofBusiness:OneInternationalCenter,14thFloor,Tower1,PlotNo.612-613,SenapatiBapatMarg,ElphinstoneRoad,LowerParelWest,Mumbai400013,Maharashtra,India

Tel:+912268684400;Fax:NA;ComplianceOfficer:AkshayRajkumarSharma;E-mail:info@knowledgerealtytrust.com;Website:www.knowledgerealtytrust.com TRUSTEE SPONSORS MANAGER KnowledgeRealtyOfficeManagementServices AxisTrusteeServicesLimited SattvaDevelopersPrivateLimited BREPAsiaSGL&THolding(NQ)Pte.Ltd PrivateLimited(FormerlyknownasTrinity OfficeManagementServicesPrivateLimited) Initialpublicofferingofupto[●]Units(asdefinedherein)forcashatapriceof₹[●]perUnitaggregatingupto₹48,000millionbytheKnowledgeRealtyTrust(the“Issue”).

INITIALPUBLICOFFERINRELIANCEUPONREGULATION14(1)OFTHESECURITIESANDEXCHANGEBOARDOFINDIA

(REALESTATEINVESTMENTTRUSTS)REGULATIONS,2014,ASAMENDED(THE“SEBIREITREGULATIONS”) ThePriceBandandtheMinimumBidSize(asdeterminedbytheManagerinconsultationwiththeLeadManagers)willbeannouncedonthewebsitesoftheKnowledgeRealtyTrust,theBlackstoneSponsor,theSattva Sponsor,theManagerandtheStockExchangesaswellasadvertisedinalleditionsofBusinessStandard(awidelycirculatedEnglishandHindinationaldailynewspaper),andintheMumbaieditionofNavshakti(aMarathi dailynewspaperwithwidecirculationinMaharashtra)atleasttwoWorkingDayspriortotheBid/IssueOpeningDate.Theannouncement/advertisementshallcontainrelevantfinancialratioscomputedforboththeupper andlowerendofthePriceBand.Forfurtherinformation,pleasesee“BasisforIssuePrice”onpage696.IncaseofanyrevisiontothePriceBand,theBid/IssuePeriodwillbeextendedbyatleastoneWorkingDay, andincaseofforcemajeure,bankingstrikeorsimilarcircumstances,forreasonstoberecordedinwriting,theBid/IssuePeriodwillbeextendedforaminimumperiodofthreeWorkingDays,subjecttothetotalBid/Issue Periodnotexceeding30days,providedthatthereshallnotbemorethantworevisionstothePriceBandduringtheBid/IssuePeriod.AnyrevisiontothePriceBandandtherevisedBid/IssuePeriod,ifapplicable,will bewidelydisseminatedbynotificationtotheStockExchangesduringtheBid/IssuePeriodandbyindicatingthechangeontherespectivewebsitesoftheKnowledgeRealtyTrust,theBlackstoneSponsor,theSattvaSponsor, theManagerandtheStockExchanges.TheManager,inconsultationwiththeLeadManagers,mayretainoversubscriptionintheIssueinaccordancewiththeSEBIREITRegulationsandtheSEBIMasterCircular(as definedhereinafter).

ThisIssueisbeingmadethroughtheBookBuildingProcessandincompliancewiththeSEBIREITRegulationsandtheSEBIMasterCircular,whereinnotmorethan75%oftheIssue(excludingtheStrategicInvestor Portion)shallbeavailableforallocationonaproportionatebasistoInstitutionalInvestors,providedthattheManager,inconsultationwiththeLeadManagers,mayallocateupto60%oftheInstitutionalInvestorPortion toAnchorInvestorsonadiscretionarybasisinaccordancewiththeSEBIREITRegulationsandtheSEBIMasterCircular.Further,notlessthan25%oftheIssue(excludingtheStrategicInvestorPortion)shallbeavailable forallocationonaproportionatebasistoNon-InstitutionalInvestors,inaccordancewiththeSEBIREITRegulationsandtheSEBIMasterCircular,subjecttovalidBidsbeingreceivedatorabovetheIssuePrice.The IssuewillalsoincludeparticipationbyStrategicInvestors(asdefinedhereafter)inaccordancewiththeSEBIMasterCircular.Fordetails,pleasesee“IssueInformation”onpage660.AllBidders(exceptStrategicInvestors andAnchorInvestors)arerequiredtoutilizetheApplicationSupportedbyBlockedAmount(“ASBA”)processbyprovidingdetailsoftheirrespectiveASBAaccountsandUPIID(incaseofindividualNon-Institutional InvestorsusingtheUPIMechanismBiddingwithaBidAmountof₹0.50millionorless),inwhichcasethecorrespondingBidAmountswillbeblockedbytheSCSBsorundertheUPIMechanism,asapplicabletoparticipate intheIssue.Fordetails,pleasesee“IssueInformation”onpage660.

RISKSINRELATIONTOTHEFIRSTISSUE ThisbeingthefirstissueofUnitsbytheKnowledgeRealtyTrust,therehasbeennoformalmarketfortheUnitsoftheKnowledgeRealtyTrust.Noassurancecanbegivenregardingtheactiveorsustainedtradingin UnitsorregardingthepriceatwhichtheUnitswillbetradedafterlisting.

GENERALRISKS InvestmentsinUnitsinvolveadegreeofriskandinvestorsshouldnotinvestanyfundsintheIssueunlesstheycanaffordtotaketheriskoflosingtheirentireinvestment.Fortakinganinvestmentdecision,investors mustrelyontheirownexaminationoftheKnowledgeRealtyTrustandtheIssue.ProspectiveInvestorsareadvisedtoread“RiskFactors”onpage29beforemakinganinvestmentdecisionrelatingtotheIssue.Each prospectiveinvestorisadvisedtoconsultitsownadvisorsinrespectoftheconsequencesofaninvestmentintheUnitsbeingissuedpursuanttotheOfferDocumentandtheFinalOfferDocument.ThisOfferDocument hasbeenpreparedbytheManagersolelyforprovidinginformationinconnectionwiththeIssue.TheSecuritiesandExchangeBoardofIndia(“SEBI”)andtheStockExchangesassumenoresponsibilityfororguarantee thecorrectnessoraccuracyofanystatementsmade,opinionsexpressed,orreportscontainedherein.AdmissionoftheUnitstobeissuedpursuanttotheIssuefortradingontheStockExchangesshouldnotbetakenas anindicationofthemeritsoftheKnowledgeRealtyTrustoroftheUnits.AcopyofthisOfferDocumenthasbeendeliveredtoSEBIandtheStockExchanges.

MANAGER’S,BLACKSTONESPONSOR’SANDSATTVASPONSOR’SABSOLUTERESPONSIBILITY TheManagerhavingmadeallreasonableinquiries,acceptsresponsibilityforandconfirmsthatthisOfferDocumentcontainsallinformationwithregardtotheKnowledgeRealtyTrustandtheIssue,whichismaterial inthecontextoftheIssue,thattheinformationcontainedinthisOfferDocumentistrueandcorrectinallmaterialaspectsandisnotmisleadinginanymaterialrespect,thattheopinionsandintentionsexpressedherein arehonestlyheldandthattherearenootherfacts,theomissionofwhichmakesthisOfferDocumentasawholeoranyofsuchinformationortheexpressionofanysuchopinionsorintentionsmisleadinginanymaterial respect.TheBlackstoneSponsoracceptsresponsibilityforandconfirmsonlysuchstatementswhicharespecificallyconfirmedorundertakenbyitinthisOfferDocumenttotheextentoftheinformationspecifically pertainingtoit.TheSattvaSponsoracceptsresponsibilityforandconfirmsonlysuchstatementswhicharespecificallyconfirmedorundertakenbyitinthisOfferDocumenttotheextentoftheinformationspecifically pertainingtoit.

LISTING TheUnitsareproposedtobelistedonBSELimited(“BSE”)andNationalStockExchangeofIndiaLimited(“NSE”,togetherwithBSE,the“StockExchanges”).TheKnowledgeRealtyTrusthasreceivedin-principle approvalsfromtheStockExchangesforlistingoftheUnitspursuanttoletters,eachdatedMay19,2025.NSEistheDesignatedStockExchangefortheIssue.

BOOKRUNNINGLEADMANAGERS REGISTRARTOTHEISSUE KotakMahindraCapital AxisCapitalLimited BofASecuritiesIndiaLimited ICICISecuritiesLimited KfinTechnologiesLimited CompanyLimited AxisHouse,1stfloor GroundFloor,“A”Wing, ICICIVentureHouse,Appasaheb SeleniumTower–B,Plot31&32, 1stFloor,27BKC,PlotNo.27GBlock, P.B.Marg,Worli OneBKC,“G”Block, MaratheMarg,Prabhadevi Gachibowli,FinancialDistrict, BandraKurlaComplexBandra(East) Mumbai400025 BandraKurlaComplex,Bandra(East), Mumbai400025, NanakramgudaSerilingampally, Mumbai400051 Maharashtra,India Mumbai400051 Maharashtra,India HyderabadTelangana,500032 Maharashtra,India Tel:+912243252183 Tel:+912266328000 Tel:+912268077100 Tel:+914067162222/18003094001

Tel:+912243360000 E-mail:krt.ipo@axiscap.in E-mail: E-mail: E-mail:knowledge.reit@kfintech.com E-mail:knowledgerealtytrust@kotak.com Investorgrievancee-mail: dg.knowledge_realty_trust_ipo@bofa.com knowledgerealty.trust@icicisecurities.com Investorgrievancee-mail:

Investorgrievancee-mail: complaints@axiscap.in Investorgrievancee-mail: Investorgrievancee-mail: einward.ris@kfintech.com kmccredressal@kotak.com Website:https://www.axiscapital.co.in/ dg.india_merchantbanking@bofa.com customercare@icicisecurities.com Website:https://www.kfintech.com/

Website: ContactPerson:PratikPednekar Website:https://business.bofa.com/in/en/ Website:www.icicisecurities.com ContactPerson:M.MuraliKrishna

https://investmentbank.kotak.com/ SEBIRegistrationNo.:INM000012029 about-us.html ContactPerson:AshikJoisar/Sumit SEBIRegistrationNo.:INR000000221

ContactPerson:GaneshRane ContactPerson:UtkarshThakkar Singh SEBIRegistrationNo.:INM000008704 SEBIRegistrationNo.:INM000011625 SEBIRegistrationNo.:INM000011179 IIFLCapitalServicesLimited JMFinancialLimited MorganStanleyIndiaCompany SBICapitalMarketsLimited (formerlyknownasIIFLSecurities 7thFloor,Cnergy PrivateLimited UnitNo.1501,15thfloor,A&BWing, Limited) AppasahebMaratheMarg,Prabhadevi Altimus,Level39&40, ParineeCrescenzoBuilding, 24thFloor,OneLodhaPlace,Senapati Mumbai400025Maharashtra,India PandurangBudhkarMarg,Worli, GBlock,BandraKurla BapatMarg,LowerParel(W), Tel:+912266303030 Mumbai400018 Complex,Bandra(East), Mumbai400013, E-mail:knowledgerealty.ipo@jmfl.com Maharashtra,India Mumbai400051, Maharashtra,India Investorgrievancee-mail: Tel:+912261181011 Maharashtra,India

Tel:+912246464728 grievance.ibd@jmfl.com E-mail: Tel:+912240069807 E-mail: Website:www.jmfl.com knowledgerealtytrust@morganstanley.com E-mail: knowledgerealtytrust.ipo@iiflcap.com ContactPerson:PracheeDhuri Investorgrievancee-mail: knowledgerealty.reit@sbicaps.com Investorgrievancee-mail: SEBIRegistrationNo.:INM000010361 investors_india@morganstanley.com Investorgrievancee-mail:

ig.ib@iiflcap.com Website:https:// investor.relations@sbicaps.com

Website:https://www.iiflcap.com/ www.morganstanley.com/ Website:https://www.sbicaps.com/

ContactPerson:YogeshMalpani/Pawan ContactPerson:NareshTetarwal ContactPerson:RaghavendraBhat/ KumarJain SEBIRegistrationNo.:INM00001123 AdityaDeshpande SEBIRegistrationNo.:INM000010940 SEBIRegistrationNo.:INM000003531 BID/ISSUEPROGRAM# BID/ISSUEOPENSON:August5,2025* BID/ISSUECLOSESON:August7,2025 * TheManagermay,inconsultationwiththeLeadManagers,considerparticipationbyAnchorInvestorsinaccordancewiththeSEBIREITRegulationsandtheSEBIMasterCircular.TheAnchorInvestorBid/Issue PeriodshallbeoneWorkingDaypriortotheBid/IssueOpeningDate.

# TheIssuealsoincludesparticipationbyStrategicInvestorsinaccordancewiththeSEBIMasterCircular.46 msf Total Leasable Area (37 msf Completed Area)* ONE BKC - MUMBAI *As of March 31, 2025 91% Committed Occupancy* SATTVA KNOWLEDGE CITY - HYDERABAD *As of March 31, 2025 29 Assets across 6 Cities SATTVA HORIZON - BENGALURU450+ Tenants SATTVA KNOWLEDGE PARK - HYDERABAD

8.4 Years WALE* ONE UNITY CENTER - MUMBAI *As of March 31, 2025

22.6% MTM Potential* SATTVA KNOWLEDGE COURT - BENGALURU *As of March 31, 2025₹620 Bn GAV* KOSMO ONE - CHENNAI *As of March 31, 2025 ₹43 Bn FY26P NOI SATTVA KNOWLEDGE CAPITAL - HYDERABAD 13% NOI CAGR (FY25A – FY29P) SATTVA SOFTZONE - BENGALURUReputed Sponsors ONE WORLD CENTER - MUMBAI 16 Years Average Leadership Experience CESSNA BUSINESS PARK - BENGALURU 7 msf* Across 4 ROFO Assets FINTECH ONE - GIFT CITY *Expected Development PotentialTABLE OF CONTENTS I. GENERAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 NOTICE TO INVESTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 PRESENTATION OF FINANCIAL DATA AND OTHER INFORMATION. . . . . 5 FORWARD-LOOKING STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 II. EXECUTIVE SUMMARY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 III. RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 IV. ABOUT THE KNOWLEDGE REALTY TRUST . . . . . . . . . . . . . . . . . . . . . . . 84 FORMATION TRANSACTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 INDUSTRY OVERVIEW. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 OUR BUSINESS AND PROPERTIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158 THE SPONSORS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369 THE MANAGER. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372 THE TRUSTEE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380 CORPORATE GOVERNANCE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 384 RELATED PARTY TRANSACTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 406 MANAGEMENT FRAMEWORK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 412 OTHER PARTIES INVOLVED IN THE KNOWLEDGE REALTY TRUST . . . . 424 V. INITIAL PORTFOLIO ACQUISITION TRANSACTIONS. . . . . . . . . . . . . . . 432 VI. FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 477 SUMMARY FINANCIALS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 477 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . 480 PROJECTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 532 DISTRIBUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 578 LEVERAGE AND CAPITALIZATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 582 FINANCIAL INDEBTEDNESS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 617 VII. ABOUT THE ISSUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 621 THE ISSUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 621 USE OF PROCEEDS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625 ISSUE STRUCTURE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 653 INFORMATION CONCERNING THE UNITS. . . . . . . . . . . . . . . . . . . . . . . . . . . 656 ISSUE INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 660 BASIS FOR ISSUE PRICE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 696 RIGHTS OF UNITHOLDERS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 698 VIII. LEGAL AND REGULATORY MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 703 LEGAL AND OTHER INFORMATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 703 REGULATIONS AND POLICIES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 733 REGULATORY APPROVALS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 745 TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 749 CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS. . . . . . . . . . . . . 757 CERTAIN ERISA CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 764 MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION. . . . . . . . . 768 IX. OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 774 GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 774 DEFINITIONS AND ABBREVIATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 785 DECLARATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 815 X. ANNEXURES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 831 FINANCIAL INFORMATION OF THE KNOWLEDGE REALTY TRUST. . . . . 831 FINANCIAL INFORMATION OF THE BLACKSTONE SPONSOR. . . . . . . . . . 1051 FINANCIAL INFORMATION OF THE SATTVA SPONSOR . . . . . . . . . . . . . . . 1053 FINANCIAL INFORMATION OF THE MANAGER. . . . . . . . . . . . . . . . . . . . . . 1057 SUMMARY VALUATION REPORT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1060 CALCULATIONS OF UNITHOLDING PERCENTAGE IN RELATION TO THE INITIAL PORTFOLIO ACQUISITION TRANSACTIONS . . . . . . . . . . . . . . . . . 1144 LIMITED REVIEW FINANCIAL INFORMATION OF THE SATTVA SPONSOR. . 1156I. GENERAL NOTICE TO INVESTORS ThestatementscontainedinthisOfferDocumentrelatingtotheKnowledgeRealtyTrustandtheUnitsare, inallmaterialrespects,true,accurateandnotmisleading,andtheopinionsandintentionsexpressedinthis Offer Document with regard to the Knowledge Realty Trust and the Units are honestly held, have been reached after considering all relevant circumstances and are based on reasonable assumptions and information presently available to the Blackstone Sponsor, the Sattva Sponsor, the Trustee and the Manager. There are no other facts in relation to the Knowledge Realty Trust and the Units, the omission of which would, in the context of the Issue, make any statement in this Offer Document misleading in any material respect. Further, the Manager, the Blackstone Sponsor and the Sattva Sponsor have made all reasonable enquiries to ascertain such facts and to verify the accuracy of all such information and statements.

Prospective investors acknowledge that they have not relied on the Lead Managers or any of their respective shareholders, employees, counsel, officers, directors, representatives, agents or affiliates in connection with such person’s investigation of the accuracy of such information or such person’s investmentdecision,andeachsuchpersonmustrelyonhis/herownexaminationoftheKnowledgeRealty TrustandthemeritsandrisksinvolvedininvestingintheUnits.Prospectiveinvestorsshouldnotconstrue the contents of this Offer Document as legal, business, tax, accounting, or investment advice and accordingly, each investor is advised to consult its own advisors in respect of the consequences of an investmentinUnitsbeingissued.Prospectiveinvestorsarealsoadvisedtoread“RiskFactors”onpage29 before taking an investment decision with respect to the Issue.

No person is authorized to give any information or to make any representation not contained in this Offer Document and any information or representation not so contained must not be relied upon as having been authorized by or on behalf of the Knowledge Realty Trust or by or on behalf of the Lead Managers.

As on the date of this Offer Document, none of the Portfolio is owned or managed by the Knowledge Realty Trust. Unless otherwise stated, references in the section to “we”, “our” and “us” (including in the context of any financial or operational information) are to the Knowledge Realty Trust, together with the AssetSPVsand,asthecontextrequires,theInvestmentEntities,being,BSPOMSPL,PSBPPL,SIMPLand SPMPL.

The Issue is being made in accordance with the SEBI REIT Regulations and the SEBI Master

Circular. However, Bidders from jurisdictions outside India should take note of the below:

Notice to Prospective Investors in the United States The Units have not been recommended by any U.S. federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacyofthisOfferDocumentorapprovedordisapprovedtheUnits.Anyrepresentationtothecontrary is a criminal offense in the United States. In making an investment decision, investors must rely on their own examination of the Knowledge RealtyTrust and the terms of the Issue, including the merits and risks involved. The Units have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“Securities Act”) or any other applicable law of the United States or with any securities regulatory authority of any state or other jurisdiction of the United States and, unless so registered, may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

Accordingly, the Units are being offered and sold (a) in the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act and referred to in this Offer Document as “U.S. QIBs” (for the avoidance of doubt, the term U.S. QIBs does not refer to a category of institutional investor defined under applicable Indian regulations and referred to in this Offer Document as “QIBs”) in transactions exempt from, or not subject to, the registration 1requirements of the SecuritiesAct; and (b) outside the United States in “offshore transactions” as defined inandincompliancewithRegulationSundertheSecuritiesActandtheapplicablelawsofthejurisdiction where those offers and sales occur.

Notice to Prospective Investors in the European Economic Area and United Kingdom In relation to each Member State of the European Economic Area (each an “EEA Member State”), no Units have been offered or will be offered pursuant to the Issue to the public in that EEA Member State prior to the publication of a prospectus in relation to the Units which has been approved by the competent authority in that EEA Member State or, where appropriate, approved in another EEA Member State and notified to the competent authority in that EEA Member State, all in accordance with the EU Prospectus Regulation, except that it may make an offer to the public in that EEAMember State of any Units at any

time under the following exemptions under the EU Prospectus Regulation:

(a) to any legal entity which is a qualified investor as defined under the EU Prospectus Regulation;

(b) to fewer than 150 natural or legal persons (other than qualified investors as defined under the EU Prospectus Regulation), subject to obtaining the prior consent of the Lead Manager for any such offer; or

provided that no such offer of the Units shall require the Knowledge Realty Trust or any Lead Manager to publish a prospectus pursuant toArticle 3 of the EU Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the EU Prospectus Regulation.

For the purposes of this provision, the expression an “offer to the public” in relation to the Units in any EEAMember State means the communication in any form and by any means of sufficient information on the terms of the offer and any Units to be offered so as to enable an investor to decide to purchase or subscribe for any Units, and the expression “EU Prospectus Regulation” means Regulation (EU) 2017/1129.

Notice to Prospective Investors in the United Kingdom THE CONTENT OF THIS PROMOTION HAS NOT BEEN APPROVED BY AN AUTHORIZED PERSONWITHINTHEMEANINGOFTHEFINANCIALSERVICESANDMARKETSACT,2000 (“FSMA”). RELIANCE ON THIS PROMOTION FOR THE PURPOSE OF ENGAGING IN ANY INVESTMENT ACTIVITY MAY EXPOSE AN INDIVIDUAL TO A SIGNIFICANT RISK OF LOSING ALL OF THE PROPERTY OR OTHER ASSETS INVESTED.

In relation to the United Kingdom (“UK”), no Units have been offered or will be offered pursuant to the Issue to the public in the UK prior to the publication of a prospectus in relation to the Units which has been approved by the Financial Conduct Authority in accordance with the UK Prospectus Regulation, except that it may make an offer to the public in the UK of any Units at any time under the following

exemptions under the UK Prospectus Regulation:

(a) to any legal entity which is a qualified investor as defined under the UK Prospectus Regulation;

(b) to fewer than 150 natural or legal persons (other than qualified investors as defined under the UK Prospectus Regulation), subject to obtaining the prior consent of the Lead Managers for any such offer; or

(c) in any other circumstances falling within Article 1(4) of the UK Prospectus Regulation, 2provided that no such offer of the Units shall require the Knowledge Realty Trust or any Lead Manager to publish a prospectus pursuant toArticle 3 of the UK Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.

(ii) high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described inArticle 49(2) of the Order; or (iii) persons to whom it may otherwise lawfully be communicated (all such persons being referred to as “relevant persons”). This document must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this Offer Document relates is available only to relevant persons and will be engaged in only with relevant persons.

For the purposes of this provision, the expression an “offer to the public” in relation to the Units in the UK means the communication in any form and by any means of sufficient information on the terms of the Issue and any Units to be offered so as to enable an investor to decide to purchase or subscribe for any Units, and the expression “UK Prospectus Regulation” means the UK version of Regulation (EU) No 2017/1129 as amended by The Prospectus (Amendment etc.) (EU Exit) Regulations 2019, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

Notice to Investors in certain other jurisdictions ThedistributionofthisOfferDocument,aswellastheissue,offer,saleanddeliveryoftheUnitsincertain jurisdictions may be restricted by law.As such, this Offer Document does not constitute, and may not be used for or in connection with, an offer or invitation in any circumstances or solicitation by anyone in any jurisdiction in which such offer or invitation or solicitation is not authorized or to any person to whom it is unlawful to make such offer or solicitation. For more information, please see “Issue Information—Who can Bid?—All Other Units Issued and Sold in this Issue” on page 666.

Inparticular,noactionhasbeentakenorwillbetakenbytheManagerortheLeadManagerswhichwould permit an Issue of the Units or distribution of this Offer Document in any jurisdiction, other than India, or to allow for a public offering of the Units, possession, circulation, or distribution of this Offer Document or any other material related to the Knowledge Realty Trust or the Units in any jurisdiction wheresuchactionisrequired.Accordingly,theUnitsmaynotbeofferedorsold,directlyorindirectly,and neither this Offer Document nor any Issue materials or advertisement in connection with the Units may be distributed or published in or from any country or jurisdiction that would require registration of the Units in such country or jurisdiction.

Disclaimer ThisOfferDocumentdoesnot,directlyorindirectly,relatetoanyinvitation,offerorsaleofanysecurities, instruments or loans (including listed non-convertible debentures, if any) that may be issued by the Knowledge Realty Trust after the listing of the Units. Any person or entity investing in such issue, transaction, invitation, offer, or sale of securities by the Knowledge Realty Trust should consult its own advisors before taking any decision in relation thereto. Neither the Lead Managers, nor their respective associates or affiliates have any responsibility or liability for such invitation, offer or sale of securities issue or transaction by the Knowledge Realty Trust.

3SEBI Disclaimer It is to be distinctly understood that submission of the Draft Offer Document, this Offer Document or the Final Offer Document to SEBI should not in any way be deemed or construed that the same has been cleared or approved by SEBI. SEBI does not take any responsibility either for the financial soundness of any scheme or the project for which the Issue is proposed to be made or for the correctness of the statements made or opinions expressed in the Draft Offer Document, this Offer Document or the Final Offer Document.

NSE Disclaimer As required, a copy of this Offer Document has been submitted to National Stock Exchange of India Limited (hereinafter referred to as NSE). NSE has given vide its letter Ref.: NSE/LIST/C/2025/0567 dated May 19, 2025 permission to the Issuer to use the Exchange’s name in this Offer Document as one of the stock exchanges on which this Issuer’s units are proposed to be listed. The Exchange has scrutinized the draft offer document for its limited internal purpose of deciding on the matter granting the aforesaid permission to this Issuer. It is to be distinctly understood that the aforesaid permission given by NSE should not in any way be deemed or construed that the offer document has been cleared or approved by NSE of been cleared or approved by NSE; nor does it in any manner warrant, certify or endorse the correctness or completeness of any of the contents of this offer document; nor does it warrant that this Issuer’s units will be listed or will continue to be listed on the Exchange; nor does it take any granting theaforesaidpermissiontothisIssuer.Itistobedistinctlyunderstoodthattheaforesaidpermissiongiven by NSE should not in any way be deemed or construed that the offer document has responsibility for the financial or other soundness of this REIT, its Sponsor, its Investment Manager or any project of this REIT.

Every person who desires to apply for or otherwise acquire any units of this REIT may do so pursuant to independent inquiry, investigation and analysis and shall not have any claim against the Exchange whatsoever by reason of any loss which may be suffered by such person consequent to or in connection with such subscription/acquisition whether by reason of anything stated or omitted to be stated herein or any other reason whatsoever.

BSE Disclaimer BSELimited(the“Exchange”)hasgivenvideitsletterdatedMay19,2025permissiontothisTrusttouse theExchange’snameinthisofferdocumentasoneofthestockexchangesonwhichthisUnitsofthisTrust areproposedtobelisted.TheExchangehasscrutinizedthisofferdocumentforitslimitedinternalpurpose of deciding on the matter of granting the aforesaid permission to this Trust. The Exchange does not in any

manner:— (cid:129) warrant, certify or endorse the correctness or completeness of any of the contents of this offer document; or (cid:129) warrant that this Trust Units will be listed or will continue to be listed on the Exchange; or (cid:129) take any responsibility for the financial or other soundness of this Trust, its Investment Manager, its Sponsor(s), its Trustee or Project Manager(s);

and it should not for any reason be deemed or constructed that this offer document has been cleared or approved by the Exchange. Every person who desires to apply for or otherwise acquires the Units of this Trust may do so pursuant to independent inquiry, investigation and analysis and shall not have any claim against the Exchange whatsoever by reason of any loss which may be suffered by such person consequent to or in connection with such subscription/acquisition whether by reason of anything stated or omitted to be stated herein or for any other reason whatsoever.

4PRESENTATION OF FINANCIAL DATA AND OTHER INFORMATION Certain Conventions All references in this Offer Document to “India” are to the Republic of India and its territories and possessions and all references herein to the “Government”, “Indian Government”, “GoI”, “Central Government” or the “State Government” are to the Government of India or the relevant state government, as applicable.

Unless stated otherwise, all references to page numbers in this Offer Document are to the page numbers of this Offer Document.

Financial and Operational Data Unlessstatedotherwiseorunlessthecontextrequiresotherwise,thefinancialinformationincludedinthis Offer Document in relation to the Knowledge RealtyTrust is derived from the Special Purpose Combined Financial Statements which have been prepared in accordance with the Guidance Note on Combined and Carve-Out Financial Statements, Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of CharteredAccountants of India (“ICAI”) (the “Guidance Notes”), to the extent not inconsistent with SEBI (Real Estate Investment Trusts) Regulations, 2014, as amended (“SEBI REIT Regulations”), SEBI master circular for real estate investment trusts dated July 11, 2025, bearing reference no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 (“SEBI Master Circular”) and using the recognition and measurement principles of IndianAccounting Standards as defined in Rule 2(1)(a) of the Companies (IndianAccounting Standards) Rules, 2015 (as amended) prescribed under Section 133 of the Companies Act, 2013 (“Ind AS”) read with the SEBI REIT Regulations along with the SEBI Master

Circular, for the purposes of this Issue. For details, see Special Purpose Combined Financial Statements in “Financial Information of the Knowledge Realty Trust” on page 831.

Further, this Offer Document includes Projections for the Projections Period, prepared in accordance with the SEBI REIT Regulations and the SEBI Master Circular. For information, please see “Projections” on page 532. Please also refer to “Risk Factors—Our actual results may be materially different from the expectationsexpressedorimplied,orProjections,includedinthisOfferDocument.Accordingly,investors should not place undue reliance on, or base their investment decision solely on this information” on page 31.

The Blackstone Sponsor Group acquired 50% interest in OQRPL (the Asset SPV owning One Qube) in 2018 and the remaining in 2019 from third parties. The acquisition was undertaken at arms’ length with requisite government approvals (including approval of the Haryana State Industrial & Infrastructure Development Corporation (“HSIIDC”) and free from any litigations. Subsequently, OQRPL received notice of a third party litigation before the High Court of Judicature at Delhi whereby an order dated December 15, 2023, had been issued, and a warrant of sale dated January 18, 2024, had been issued by the Civil Court of Gurugram, against the predecessors in title, directing the attachment and sale of One Qube (“One Qube Order”). Immediately upon becoming aware of such litigation, OQRPL sought to be impleaded in the matter and filed an intervention application in January 2024, seeking to stay the One Qube Order and modify it to the extent it relates to One Qube (“Intervention Application”). The High Court of Judicature at Delhi has inter alia stayed the execution of the sale of the property under the warrant of sale in January 2024. The High Court of Judicature at Delhi has directed OQRPL to maintain status quo with respect to the sale of the property, until the disposal of the application while OQRPL is permittedtoenterintoleaseswithrespecttoOneQubewithatermofupto30years.Argumentshavebeen concluded, and as of the date of this Offer Document, the final order of the High Court of Judicature at Delhi in respect of such application is pending. For further details, see “Legal and Other Information” on page 703. While there is no restriction on any change in shareholding of OQRPL, One Qube is subject to orders of the courts. Unless otherwise stated, all financial and operating data presented in this Offer Document includes One Qube and should therefore be viewed with caution. Pursuant to Regulation 11(4) of the SEBI REIT Regulations, the Sponsors undertake to take all necessary steps and actions as may be 5required vis-à-vis the InterventionApplication to ensure the validity of the OQRPLSAAconsummated as part of the Initial Portfolio Acquisition Transactions. It has been decided inter-se the Sponsors that the Blackstone Sponsor shall be responsible in this regard.

Further, as of the date of this Offer Document, DIPL, anAsset SPV of the Knowledge Realty Trust, holds

1.7 msf of Leasable Area of Sattva Knowledge Capital, and the remaining 0.6 msf of Leasable Area of Sattva Knowledge Capital has been acquired by SKCPL, an Asset SPV of the Knowledge Realty Trust from a third party pursuant to a deed of conveyance dated April 4, 2025. However, as discrete financial information in respect of the 0.6 msf of Leasable Area is not available for historical periods, the Special PurposeCombinedFinancialStatementsdonotincludeanyfinancialinformationwithrespecttosuchnew Leasable Area acquired by SKCPL and only reflect the 1.7 msf of Leasable Area held by DIPL.

As of the date of this Offer Document, Sattva Knowledge City is owned by DRPL, an Asset SPV of the Knowledge Realty Trust. Pursuant to the resolution dated July 3, 2025 adopted by the board of directors of DRPL, it is proposed that (i) Sattva Knowledge City—3 (Block D); (ii) Sattva Knowledge City—2 (Block B) and Sattva Knowledge City—2 (Block C); (iii) Sattva Knowledge City—1 (Block A); and

(iv) Sattva Knowledge City—5 (Block E-1), shall be demerged with an ‘Appointed Date’ofApril 1, 2025 at an appropriate time after the completion of the listing of the Knowledge Realty Trust, into entities held/acquired by the REIT (the “DRPL Scheme of Arrangement”). The DRPL Scheme of Arrangement shall be subject to approval from the Board of the Manager and Unitholders approval required as per the SEBI REIT Regulations. The DRPL Scheme of Arrangement shall be in compliance with all applicable provisions of the SEBI REIT Regulations and circulars issued thereunder and the Manager shall take all steps and actions to ensure compliance with such requirements and conditions.

Subsequent to year ended March 31, 2025, the Softzone Scheme ofArrangement (i.e. merger of SBPLand carve out assets of Sattva Supreme, Sattva Magnifica II and Sattva Touchstone (together referred as ‘Demerged Undertakings’) into STPL) was approved by the National Company Law Tribunal with the appointed date ofApril 1, 2024. However, as required by the SEBI Master Circular in the preparation of the Special Purpose Combined Financial Statements, the Demerged Undertakings are considered as part of the Knowledge Realty Trust for all the periods presented in accordance with the guidance prescribed in the SEBI Master Circular, with their net assets as at April 1, 2022 being considered at book value in the preparation of the Special Purpose Combined Financial Statements.

NDPL, BSPOMSPL, PBSEPL and OBSEPL, have been incorporated on May 4, 2022, January 3, 2023, August 31, 2024 and September 2, 2024, respectively. The Special Purpose Combined Financial Statements present the financial information of these entities post their incorporation.

The degree to which the financial information included in this Offer Document will provide meaningful information is entirely dependent on the reader’s level of familiarity with Indian accounting policies and practices, the CompaniesAct, the Indian GAAP, IndAS, IFRS, the SEBI REIT Regulations and the SEBI Master Circular. Any reliance by persons not familiar with the accounting policies and practices on the financial disclosures presented in this Offer Document should accordingly be limited.

Also see “Risk Factors—The Knowledge Realty Trust has a limited operating history and may not be able to operate our business successfully or generate sufficient cash flows to make or sustain distributions.

Further, the Special Purpose Combined Financial Statements are prepared for this Offer Document and may not necessarily be representative of our actual consolidated financial position, results of operation and cash flows for such periods.” on page 36.

The financial year for the Knowledge Realty Trust, the Sattva Sponsor and the Manager commences on April 1 and ends on March 31 of the next year and the financial year for the Blackstone Sponsor commences on January 1 and ends on December 31 of the same calendar year.Accordingly, all references to a particular financial year, (unless stated otherwise or with respect to the Blackstone Sponsor), are to the 12 months commencing on April 1 of the immediately preceding calendar year and ending on March 31 of that calendar year.

6This Offer Document includes summary financial statements of the Blackstone Sponsor, as of and for the financial years ended December 31, 2024, December 31, 2023, and December 31, 2022, derived from the audited financial statements of the Blackstone Sponsor, prepared in accordance with IFRS. For further details,pleasesee“FinancialInformationoftheBlackstoneSponsor”onpage1051.ThisOfferDocument also includes (i) summary financial statements of the Sattva Sponsor, as of and for the financial years ended March 31, 2024, March 31, 2023, and March 31, 2022, derived from the audited consolidated financialstatementsoftheSattvaSponsor,preparedinaccordancewithIndAS;and(ii)summaryfinancial statements of the Sattva Sponsor as of and for the financial year ended March 31, 2025 derived from limited review financial information of the Sattva Sponsor prepared in accordance with the Standard on ReviewEngagements(SRE)2410.AlimitedreviewconductedinaccordancewiththeStandardonReview Engagements (SRE) 2410 is substantially less in scope than an audit conducted in accordance with the Ind AS. Accordingly, the auditors of the Sattva Sponsor did not audit and do not express any opinion on the consolidated financials of the Sattva Sponsor for the financial year ended March 31, 2025. For further details, please see “Financial Information of the Sattva Sponsor” and “Limited Review Financial Information of the Sattva Sponsor” on pages 1053 and 1156, respectively. Further, this Offer Document also includes summary financial statements of the Manager, as of and for the financial year ended March 31, 2025 and March 31, 2024, derived from the audited financial statements of the Manager, prepared in accordance with Ind AS. For further details, please see “Financial Information of the Manager” on page 1057. Given that the Manager was incorporated on May 19, 2023, financial statements of the Manager are not available for the previous financial years.

In this Offer Document, any discrepancies in any table between the total and the sums of the amounts listed are due to rounding off. All financial related figures in decimals have been rounded off to two decimal places and all financial related percentage figures have been rounded off to two decimal places.

Further all operational figures and operational related figures in decimals have been rounded off to one decimal place, as applicable. Further, where any figures that may have been sourced from third-party industry sources are rounded off to other than one decimal points in their respective sources, such figures appear in this Offer Document as rounded-off to such number of decimal points as provided in such respective sources. In certain instances, (i) the sum or percentage change of such numbers may not conform exactly to the total figure given; and (ii) the sum of the numbers in a column or row in certain tables may not conform exactly to the total figure given for that column or row.

Certain Non-GAAP Financial Measures The body of generally accepted accounting principles is commonly referred to as “GAAP.” Our management believes that the presentation of certain non-GAAPmeasures are supplementary measures of our performance which provides additional useful information to investors regarding our performance and trends related to our results of operations and liquidity that is not required by, or presented in accordance with, IndAS, Indian GAAP, IFRS or U.S. GAAP.Accordingly, we believe that when non-GAAPfinancial information is viewed with GAAP or Ind AS financial information, investors are provided with a more meaningful understanding of our ongoing operating performance and financial results. For this reason, we are including in this Offer Document information regarding our EBITDA, EBITDA Margin, NOI, NOI Margin,NetDistributableCashFlowandcertainothermeasuresbasedonorderivedfromthesemeasures.

However, these financial measures are not measures of our financial performance or liquidity based on GAAP, IndAS or any other internationally accepted accounting principles, and should not be considered in isolation or as an alternative to the historical financial results or other indicators of our cash flow based on Ind AS or IFRS. In addition, these non-GAAP measures are not standardized terms and these non-GAAP financial measures, as defined by us and included herein, may not be comparable to similarly-titled measures as presented by other entities due to differences in the way non-GAAPfinancial measures are calculated and hence have limited usefulness as comparative measures. The non-GAAP financial information contained in this Offer Document is not intended to comply with the reporting requirements of the United States Securities and Exchange Commission (the “SEC”) and will not be subject to review by the SEC. Even though the non-GAAPfinancial measures are used by management to 7assess our financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of our financial position or results of operations as reported under IndASorIFRS.Foradditionalinformationwithrespecttonon-GAAPfinancialmeasures,pleasesee“Risk Factors—Significant differences exist between Ind AS and other accounting principles, such as IFRS and U.S.GAAP,whichmaybematerialtoyourassessmentofourfinancialcondition,resultsofoperationsand cash flows” and “Management’s Discussion and Analysis of Factors Affecting Financial Condition and Results of Operations—Non-GAAP Measures” on pages 75 and 526, respectively.

Earnings before finance costs, depreciation, amortization, exceptional items and tax (“EBITDA”) and EBITDA Margin We present EBITDA and EBITDA Margin for both historical and projection periods in this Offer Document. For historical periods, we have elected to present EBITDAas a separate line item on the face of our combined statement of profit and loss, which forms a part of the Special Purpose Combined Financial Statements. In its measurement, we do not include finance costs, depreciation and amortization expenses, exceptional items and tax expense.

EBITDAand EBITDAMargin do not have a standardized meaning, nor is it a recognized measure under Ind AS or IFRS, and may not be comparable with measures with similar names presented by other companies. EBITDA and EBITDA Margin should not be considered by itself or as a substitute for comparable measures under Ind AS or IFRS or other measures of operating performance, liquidity or ability to pay dividends. Our EBITDA and EBITDA Margin may not be comparable to the EBITDA, EBITDA Margin or other similarly titled measures of other companies/REITs due to the fact that not all companies/REITsusethesamedefinitionofEBITDA,EBITDAMarginorothersimilarlytitledmeasures.

Accordingly, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies/REITs. For information, please see “Definitions and Abbreviations” on page 785.

EBITDA and EBITDA Margin for the Projections Period have been calculated on the same basis as historical EBITDA and EBITDA Margin, subject to the inherent limitations generally involved in presentingProjectionsfigures,aswellastheassumptionssetforththerein.Suchassumptionsandinherent limitations may distort comparability across historical periods and the Projections Period. EBITDA and EBITDAMarginarenotrecognizedmeasuresunderIndASorIFRS.EBITDAandEBITDAMarginshould not be considered by themselves or as substitutes for net income, operating income or cash flow from operations or related margins or other measures of operating performance, liquidity or ability to pay dividends. For the Projections Period, we do not present a reconciliation of EBITDAto profit/(loss) after tax for the year (EBITDA’s most comparable GAAPmeasure), as we have not included the projections of additional expense items required to arrive at the projected profit after tax. Further, we do not present profit/(loss) after tax in equal or greater prominence as EBITDA as would have been required under an offering registered with the SEC. For more information, please see “Projections” on page 532.

Net operating income (“NOI”) and NOI Margin We present NOI and NOI Margin in this Offer Document. We calculate NOI for our segments as the revenue from operations from the segment, less direct operating expenses of the segment and NOI Margin as a ratio of NOI to revenue from operations (for a detailed calculation, please see “Management’s Discussion andAnalysis of FactorsAffecting Financial Condition and Results of Operations—Non-GAAP Measures—Net operating income (“NOI”) and NOI Margin” on page 527.

NOI as calculated by us is a primary driver of our managerial assessments and decision-making process.

We therefore consider NOI to be a meaningful supplemental financial measure of our performance when considered with the Special Purpose Combined Financial Statements determined in accordance with Ind AS. We believe NOI is helpful to investors in understanding the performance of our business segments because it provides a direct measure of our operating results.

8NOI and NOI Margin do not have a standardized meaning, nor are they recognized measures under Ind AS or IFRS and may not be comparable with measures with similar names presented by other companies/REITs. NOI and NOI Margin should not be considered by themselves or as substitutes for comparable measures under Ind AS or IFRS or other measures of operating performance, liquidity, or ability to pay dividends. Our NOI and NOI Margin may not be comparable to the NOI and NOI Margin ofothercompanies/REITsduetothefactthatnotallcompanies/REITsusethesamedefinitionofNOIand NOIMargin.Accordingly,therecanbenoassurancethatourbasisforcomputingthisnon-GAAPmeasure is comparable with that of other companies/REITs.

Further, for the Projections Period, we do not present a reconciliation of NOI to profit/(loss) after tax for the year (NOI’s most directly comparable Ind AS measure), as we have not included the projections of additional expense items required to arrive at the projected profit after tax. Further, we do not present profit/(loss)aftertaxinequalorgreaterprominenceasNOIaswouldhavebeenrequiredunderanoffering registered with the SEC. For more information, please see “Management’s Discussion and Analysis of Factors Affecting Financial Condition and Results of Operations—Net operating income (“NOI”) and NOI Margin” and “Projections” on pages 527 and 532, respectively.

Net Distributable Cash Flow (“NDCF”) We present NDCF in this Offer Document. We calculate NDCF in the manner specified in “Distribution” on page 578. NDCF is a significant performance metric, the framework for which is adopted by the Manager in line with the SEBI REITRegulations, SEBI Master Circular and guidelines issued thereunder.

The Manager believes this metric serves as a useful indicator of the Knowledge Realty Trust’s expected ability to provide a cash return on investment. NDCF is not a recognized measure under IndAS or IFRS andmaynotbecomparablewithmeasureswithsimilarnamespresentedbyothercompanies/REITs.NDCF should not be considered by itself or as a substitute for net income, operating income or cash flow from operating activities or related margins or other measures of operating performance, liquidity or ability to pay dividends. For more information, please see “Projections” on page 532 and “Distribution” on page

578.

Currency and Units of Presentation

All references to: (cid:129) “Rupees” or “₹” or “INR” or “Rs.” are to Indian Rupee, the official currency of the Republic of India; and (cid:129) “USD” or “US$” are to United States Dollar, the official currency of the United States.

Except otherwise specified or unless context requires otherwise, we have presented certain numerical information in this Offer Document in “million” or “billion” units. One million represents 1,000,000 and one billion represents 1,000,000,000. However, where any figures that may have been sourced from third-partyindustrysourcesareexpressedindenominationsotherthanmillionsintheirrespectivesources, such figures appear in this Offer Document expressed in such denominations as provided in such respective sources.

Unless specified otherwise, or unless context requires otherwise, any percentage amounts, as set forth in this Offer Document, have been calculated on the basis of the Special Purpose Combined Financial Statements, and the summary financial statements of the Blackstone Sponsor, the Sattva Sponsor and the Manager.

Areas have been represented in square feet, square metres, acres and guntas.

9Exchange Rates This Offer Document contains conversion of certain other currency amounts into Indian Rupees. These conversions should not be construed as a representation that these currency amounts could have been, or can be converted into Indian Rupees, at any particular rate.

The following table sets forth, for the dates indicated, information with respect to the exchange rate between the Rupee and the US$ (in Rupees per US$):

Exchange rate as at March 31, March 31, March 31, Currency 2025 2024 2023 1 USD 85.58* 83.37** 82.22

Source:https://www.fbil.org.in/ * SinceMarch31,2025waspublicholidayonaccountofId-ul-FitrandMarch30,2025andMarch29,2025beingSundayandSaturdayrespective,theexchangerate wasconsideredasonMarch28,2025. ** SinceMarch31,2024wasaSunday,March30,2024wasaSaturdayandMarch29,2024wasapublicholidayonaccountofGoodFriday,theexchangeratewas consideredasonMarch28,2024.

Industry and Market Data Unless stated otherwise, industry and market data used in this Offer Document has been obtained or derived from the report titled “India Commercial Office Industry Report” dated July 12, 2025 issued by CBRE, which has been paid for and commissioned by the Manager (in its capacity as the Manager of the Knowledge Realty Trust) for an agreed fee. Further, industry related data, market intelligence and other market data pertaining to the Portfolio have been provided by CBRE to the Valuer, for the purpose of undertakingthevaluationexerciseinrelationtotheIssueandaccordinglyhasbeenincludedaspartofthe Valuation Report and elsewhere in this Offer Document. The Manager has appointed CBRE pursuant to an engagement letter dated August 1, 2024.

Unless otherwise stated, statements in this Offer Document which are sourced to the CBRE Report refer to statements which have been obtained or derived from the CBRE Report, or are based on market data, peer data or other data appearing in the CBRE Report, as the case may be. The data used in these sources may have been re-classified by us for the purposes of presentation. Data from these sources may also not becomparable.Suchdatainvolvesrisks,uncertaintiesandnumerousassumptionsandissubjecttochange based on various factors, including those disclosed in “Risk Factors—This Offer Document contains information from the CBRE Report” on page 67. Accordingly, investment decisions should not be based solely on such information.

The extent to which the market and industry data used in this Offer Document is meaningful depends on the reader’s familiarity with and understanding of the methodologies used in compiling such data. There are no standard data gathering methodologies in the industry in which business of the Knowledge Realty Trust is conducted, and methodologies and assumptions may vary widely among different industry sources.

Any reference to the CBRE Report must be read in conjunction with the full CBRE Report, which is

available on https://www.knowledgerealtytrust.com/investor-relation/industry-report.pdf and incorporated by reference in this Offer Document. Further, the CBRE Report is not a recommendation to invest in any company covered in the CBRE Report.

Valuation data Unless stated otherwise, the summary valuation included in this Offer Document is a summary of the “Valuation Report” dated July 12, 2025, issued by iVas Partners, represented by its partner, Shubhendu Saha, independent valuer (“Valuer”), with industry assessment services provided by CBRE.

10The Valuation Report is incorporated by reference in this Offer Document and can be accessed by investors (as a document available for inspection and on our website at

https://www.knowledgerealtytrust.com/investor-relation/valuation-report.pdf) and only a summary of materialtermsoftheValuationReport(the“SummaryValuationReport”)hasbeenincludedinthisOffer Document, which is qualified by the details in the Valuation Report. For details, please see “Summary Valuation Report” on page 1060.

The valuation has been undertaken to ascertain the Market Value of the respective properties of the Knowledge Realty Trust given the prevalent market conditions. In consideration of the same, a detailed assessment of the site and surroundings has been undertaken with respect to the prevalent activities, change in dynamics impacting the values and the optimal use of the respective properties vis-à-vis their surrounding sub-market, etc. The valuations are based on asset specific information provided by the Manager. The same has been assumed to be correct and has been used for the valuation exercise. Where it is stated in the summary valuation report that another party has supplied information to the Valuer, this information is believed to be reliable but the Valuer can accept no responsibility if this should prove not to be so.

The valuation of our Portfolio has been carried out in accordance with the provisions of the SEBI REIT Regulations, including Regulation 21 and Schedule V of the SEBI REIT Regulations. The valuation exerciseisbasedonprevailingmarketdynamicsasonthedateofvaluationanddoesnottakeintoaccount any unforeseeable developments which could impact the same in the future.Assumptions are a necessary partofundertakingvaluations.TheValuerhasadoptedassumptionsforthepurposeofprovidingvaluation advice because some matters are not capable of accurate calculation or fall outside the scope of the Valuer’s expertise, or the Valuer’s instructions. The reader accepts that the valuation contains certain specific assumptions and acknowledges and accepts the risk that if any of the assumptions adopted in the valuation are incorrect, then this may have an effect on the valuation.

Industry and market data used by the Valuer for the valuation involves risks, uncertainties and numerous assumptions and is subject to change based on various factors, including those disclosed in “Risk Factors—The Valuation Report obtained for our Portfolio is only indicative in nature as it is based on various assumptions and may not be representative of the true value of our assets” on page 55.

Accordingly, investment decisions should not be based solely on such information.

The extent to which the valuation assumptions used by the Valuer in their summary valuation report as highlighted in this Offer Document is meaningful depends on the reader’s familiarity with and understanding of the methodologies used in undertaking valuations.

Websites Theinformationcontainedonourwebsite,thewebsitesoftheManager,theBlackstoneSponsor,theSattva Sponsor, the Trustee, the Lead Managers, the Portfolio, to the extent applicable, or the other websites referenced in this Offer Document or that can be accessed through our websites or such other websites, neither constitute part of this Offer Document, nor is it incorporated by reference therein and should not form the basis of any investment decision. For details of the websites of the Manager, the Blackstone Sponsor, the Sattva Sponsor, Trustee and Lead Managers, please see “General Information” on page 774.

11FORWARD-LOOKING STATEMENTS Certain statements contained in this Offer Document that are not statements of historical fact constitute “forward-looking statements”. Bidders can generally identify forward-looking statements by terminology such as “aim”, “anticipate”, “believe”, “continue”, “can”, “could”, “estimate”, “expect”, “intend”, “likely to”, “may”, “objective”, “plan”, “potential”, “project”, “pursue”, “propose”, “seek to”, “shall”, “should”, “will”, “would”, or other words or phrases of similar import. Similarly, statements that describe the strategies, objectives, plans or goals of the Knowledge Realty Trust and the Projections are also forward-looking statements. However, these are not the exclusive means of identifying forward-looking statements.

All statements regarding the expected financial conditions, results of operations, business plans and prospects of the Knowledge Realty Trust including the Projections are forward-looking statements. These forward-lookingstatementsincludestatementsastothebusinessstrategy,statementonprojectedrevenue, projected EBITDA, projected cash flow from operating activities, projected net distributable cash flows, projected net operating income and profitability (including, without limitation, any financial or operating data, projections or forecasts), new business and other matters in relation to the Knowledge Realty Trust discussed in this Offer Document that are not historical facts. Further, this Offer Document also includes the section on statement of projected facility rentals, statement of projected revenue from operations, statement of projected net operating income, statement of projected earnings before interest, tax, depreciation and amortization, statement of projected cash flows from operating activities and statement of projected net distributable cash flows of the Knowledge Realty Trust for the years ending March 31, 2026, March 31, 2027, March 31, 2028 and March 31, 2029 along with the basis of preparation and the significant assumptions. For details, please see “Projections” and “Risk Factors—Our actual results may be materially different from the expectations expressed or implied, or Projections, included in this Offer Document. Accordingly, investors should not place undue reliance on, or base their investment decision solely on this information” on pages 532 and 31, respectively.

The Summary Valuation Report included in this Offer Document is also based on certain projections and estimates and should be read together with assumptions and notes thereto.

Actual results may differ materially from those suggested by the forward-looking statements or financial projections due to certain known or unknown risks or uncertainties associated with the Manager’s expectations with respect to, but not limited to, the actual growth in the real estate sector, the Manager’s ability to successfully implement the Initial Portfolio Acquisition Transactions and other restructuring strategy, growth and expansion plans, technological changes, cash flow projections, the outcome of any legal or regulatory proceedings and the future impact of new accounting standards, regulatory changes pertaining to the real estate sector in India and the Manager’s ability to respond to them, and general economicandpoliticalconditionsinIndiawhichhaveanimpactonourbusinessactivitiesorinvestments, changes in competition and the Manager’s ability to operate and maintain the Portfolio. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future.As a result, actual future gains, losses or impact on our business operations and financial conditions could materially differ from those that have been estimated.

Factors that could cause actual results, performance or achievements of the Knowledge Realty Trust to differmateriallyinclude,butarenotlimitedto,thosediscussedunderthesectionsentitled“RiskFactors”, “Industry Overview”, “Our Business and Properties” and “Management’s Discussion and Analysis of Factors Affecting the Financial Condition and Results of Operations”, on pages 29, 88, 158 and 480, respectively. Some of the factors that could cause the actual results, performance, or achievements of the Knowledge Realty Trust to differ materially from those in the forward-looking statements and financial information include, but are not limited to, the following:

(cid:129) TheInitialPortfolioAcquisitionTransactionswillonlybegiveneffecttoaftertheBid/IssueClosing Date;

12(cid:129) Actualresultsmaybemateriallydifferentfromtheexpectationsexpressedorimplied,orProjections and we may not be able to make distributions to Unitholders in the manner described in this Offer Document;

(cid:129) The terms of our proposed external debt financing may limit our ability to make distributions to the Unitholders; (cid:129) Utilization of a significant amount of debt in the operation of our business, and our inability to service debt;

(cid:129) Restrictions and investment conditions imposed under the SEBI REIT Regulations on the investments made by us; (cid:129) The holding and financing structure of certain entities within the Portfolio may not be tax efficient;

(cid:129) Our limited operating history and ability to operate our business successfully or generate sufficient cash flows to make or sustain distributions; (cid:129) Performance of the commercial real estate market in India, particularly in our Portfolio Core Markets;

(cid:129) Dependence on the leasing activities at certain key Portfolio Assets for a significant portion of our revenue; (cid:129) Dependence on a limited number of large tenants, multinational tenants, including GCCs, tenants in the technology and BFSI for a significant portion of our revenues;

(cid:129) TenantleasesacrossourPortfoliobeingsubjecttotheriskofnon-renewal,non-replacement,default, early termination, regulatory or legal proceedings or changes in applicable laws or regulations, thereby impacting leasing and other income. Further, vacant properties could be difficult to lease, which could adversely affect our revenues;

(cid:129) Low occupancy and rent levels of our Portfolio Assets; (cid:129) Inability to obtain, maintain or renew all regulatory approvals required; and (cid:129) The Manager may face conflicts of interests in choosing our service providers, and certain service providers may provide services to the Manager, the Sponsors or the Sponsor Groups on more favorable terms.

Forward-looking statements and financial projections reflect current views as of the date of this Offer Documentandarenotaguaranteeoffutureperformanceorreturnstoinvestors.Therecanbenoassurance that the expectations reflected in the forward-looking statements and financial information will prove to be correct. These statements and projections are based on certain beliefs and assumptions, which in turn are based on currently available information. In accordance with the SEBI REIT Regulations, the SEBI Master Circular, the calculations and assumptions underlying the Projections have been prepared by the ManagerandexaminedbytheAuditorsinaccordancewithSAE3400.TheProjectionshavebeenprepared for inclusion in this Offer Document for the purposes of this Issue, using a set of assumptions that include hypothetical assumptions about future events and management’s actions that are not necessarily expected to occur, and have been approved by the board of directors of the Manager. Consequently, Bidders are cautioned that the Projections may not be appropriate for purposes other than that described above. Given theseuncertainties,investorsarecautionednottoplaceunduerelianceonsuchforward-lookingstatements and Projections. In any event, these statements speak only as of the date of this Offer Document or the respective dates indicated in this Offer Document, and the Knowledge Realty Trust, the Sponsors, the Manager and the Lead Managers undertake no obligation to update or revise any of them, whether as a 13resultofnewinformation,futureeventsorotherwiseafterthedateofthisOfferDocument.Ifanyofthese risks and uncertainties materialize, or if any of the Manager’s underlying assumptions prove to be incorrect,theactualresultsofoperationsorfinancialconditionoftheKnowledgeRealtyTrustcoulddiffer materially from that described herein as anticipated, believed, estimated or expected. All subsequent forward-looking statements attributable to the Knowledge Realty Trust are expressly qualified in their entirety by reference to these cautionary statements.

14II. EXECUTIVE SUMMARY This summary does not contain all of the information that you should consider before investing in the Units. You should read the entire Offer Document carefully before making an investment decision. The following description of our business should be read together with the Special Purpose Combined Financial Statements, which appear elsewhere in this Offer Document.

References herein to “we”, “our” and “us” are to the Knowledge Realty Trust, together with the Asset SPVs and, as the context requires, the Investment Entities.

The financial information and operational data presented in this section is subject to certain corporate actionsandevents,includingtheOneQubeInterventionApplication.See“PresentationofFinancialData and Other Information—Financial and Operational Data” on page 5 and “Risk Factors—The Knowledge Realty Trust has a limited operating history and we may not be able to operate our business successfully or generate sufficient cash flows to make or sustain distributions. Further, the Special Purpose Combined Financial Statements are prepared for this Offer Document and may not necessarily be representative of our actual consolidated financial position, results of operation and cash flows for such periods.” on page

36.

Unless otherwise specified, in this section, (i) references to area or square footage of the Portfolio as a whole or of any Portfolio Asset is to Leasable Area; (ii) all operational data of the Portfolio is presented asofMarch31,2025;and(iii)referencestotenureofourleaseswithourtenantsandWALEforourassets assumes renewals by our tenants after the initial commitment period.

Industry, macro-economic and market data and all industry-related statements in this section have been extracted from the CBRE Report, or the Valuation Report, as the case may be, commissioned and paid for by us. The CBRE Report has been prepared and issued by CBRE for the purpose of understanding the industry in which we operate exclusively in connection with the Issue. For further details, see “Industry Overview” on page 88 and “Presentation of Financial Data and Other Information—Valuation Data” on page 11.Any reference to the CBRE Report must be read in conjunction with the full CBRE Report, which

is available on https://www.knowledgerealtytrust.com/investor-relation/industry-report.pdf and incorporated by reference in this Offer Document. For further details and risks in relation to commissioned reports, see “Risk Factors—This Offer Document contains information from the CBRE Report.” on page 67 and “Risk Factors—The Valuation Report obtained for our Portfolio is only indicative in nature as it is based on various assumptions and may not be representative of the true value of our assets” on page 55.

Unless the context requires otherwise or otherwise stated, the financial information used in this section is derived from our Special Purpose Combined Financial Statements on page 831. For purposes of this

section, unless the context requires otherwise, references to “FY2025”, “FY2024” and “FY2023” are to the financial year ended March 31 of the relevant year. References to “CY” or “calendar year” are to the relevant calendar year period and references to “Q1CY2025” are to the three months ended March 31,

2025.

Overview We own and manage a high-quality office portfolio in India, and upon listing, we will be the largest office REIT in India based on GrossAsset Value (“GAV”) of ₹619,989 million as of March 31, 2025 as well as by Net Operating Income (“NOI”) for FY2025 of ₹34,322.67 million.1 We will also be the second largest officeREITinAsiaandoneofthelargestofficeREITsgloballyintermsofLeasableAreaasofMarch31,

15across 6 cities which collectively represent more than 86.5% of both of India’s office supply and gross absorptionfromCY2016toQ1CY2025.Withamulti-marketgeographicalpresenceandassetscomprising both front offices and integrated business parks, our Portfolio reflects a broad proxy of the Indian office market. (Source: CBRE Report) Our Portfolio comprises 6 city-center offices and 23 business parks/centers, with some of our assets being best-in-class developments in their respective sub-markets and in the country according to the CBRE Report. We will have the largest city-center office portfolio upon listing compared to other listed Indian office REITs as of March 31, 2025, both in terms of LeasableArea and number of assets, as per data from the CBRE Report. Our PortfolioAssets house a diversified tenant mix of prominent multinational tenants, including Fortune 500 companies and Global Capability Centers (“GCCs”), as well as leading domestic corporates. The size and scale of our Portfolio enables us to offer comprehensive space solutions with robust infrastructure and wide-ranging amenities that support tenant expansion within these assets. Our geographic diversity also provides flexible leasing options to tenants seeking expansion across multiple locations. With a diverse tenant base of more than 450 tenants as of March 31, 2025, we cater to both categoriesofofficeoccupiersinIndia,namelydomestictenantsfocusingontheIndianmarket(‘Officefor India’) and multinational and GCC tenants catering to the global markets (‘Office for the World’).

According to the CBRE Report, our PortfolioAssets are considered to be of superior-quality due to their scale, accessible locations, infrastructure, amenities, sustainability, professional management and asset enhancement initiatives. Our Portfolio is one of the leading office platforms in India and is difficult to replicate given the aforementioned factors, our multi-market presence and best-in-class assets in some of the most prominent sub-markets with favorable dynamics and high barriers to entry, particularly due to land acquisition complexities and lengthy development timelines for projects in India, according to the CBRE Report.

Our Portfolio Assets are spread across 6 cities, namely Hyderabad, Mumbai, Bengaluru, Chennai, Gurugram and GIFT City, Ahmedabad. A significant portion of our Portfolio (approximately 95.6% of GAV as of March 31, 2025)2, is located in Bengaluru, Hyderabad and Mumbai, which are the best performing office markets in India in terms of market size and absorption levels (collectively, our “Portfolio Core Markets”). For instance, Bengaluru recorded the highest cumulative net absorption in India between CY2016 and Q1CY2025 of approximately 80.5 msf, and leads in terms of cumulative net absorption globally. Similarly, over the same period, Hyderabad recorded a cumulative net absorption of

16superior infrastructure and focus on providing a comprehensive ecosystem to our tenants, supporting over 275,000 employees working across our PortfolioAssets as of March 31, 2025. Our PortfolioAssets offer a wide range of amenities, such as multi-cuisine food courts, exclusive members-only clubs, indoor and outdoor sports facilities, medical clinics, creche, and other health and recreation facilities.As a testament to our ability to cater to our tenants’ requirements, we have also provided customized Build-to-Suit (“BTS”) solutions which help foster long-term relationships. We also selectively provide other value-added solutions to tenants including coordination and execution of fit-outs and managed office space solutions. We believe that our high-quality tenant base, along with long-term contracted rentals (with a WALE of 8.4 years as of March 31, 2025, which will be the highest among Indian office REITs post-listing, based on data from the CBRE Report) provides stability to our Portfolio through consistent and predictable cash flows.

Over the last 3 decades, India has emerged as a leading technology and corporate services hub supported by ample availability of skilled and cost-efficient talent, the largest youth population in the world as of December 31, 2024, the second largest English-speaking population as of FY2024 as well as favorable government policies. As a result, India’s office market has emerged as one of the largest office markets intheworldintermsofcumulativenetabsorptionfromCY2016toQ1CY2025.Inparticular,ourPortfolio Core Markets have collectively absorbed more office space than 11 global cities (Tokyo, Shanghai, Beijing, Singapore, Munich, Hong Kong, Sydney, London, New York, Los Angeles and San Francisco) combined from CY2016 to Q1CY2025. (Source: CBRE Report) India recorded its highest leasing activity in CY2024, with gross office absorption reaching 80.3 msf, surpassingthepreviouspeakwitnessedinCY2023,withayear-on-yeargrowthof17.9%.Indiaisaleader intheglobaloutsourcingindustrywithanestimatedmarketshareofapproximately58.0%inFY2025,and reigns as the “GCC capital of theWorld”.With over 2,975 GCC units in the country, India had the highest share of GCC units globally as of February 2025. The number of GCC occupiers in India grew by a 6.1% CAGR from over 700 in FY2010 to over 1,800 as of February 2025 and is expected to increase to over 2,100 by FY2028. The number of employees working in GCCs in India is expected to grow at a 6.7% CAGR to 2.8 million in FY2030 from 1.9 million in FY2024. Over the last 2 decades, the services sector inIndiahasundergoneastructuralshift,transitioningfromback-endsupportfunctionstofocusingonhigh value-added, core business activities and new generation businesses. The implementation of ‘Return to Office’ (“RTO”) policies by major corporates and favorable government policies driving outsourcing competitivenessinIndiahavealsoprovidedanimpetustothegrowingIndianofficesector.(Source:CBRE Report) OurstrategytocapitalizeonourPortfolio’sembeddedorganicgrowthfocusesonleveragingtheincreasing demand for office space by offering high-quality assets in India’s key office markets and providing a comprehensive ecosystem to our tenants and their employees. We adopt a dynamic asset management and leasing strategy which includes tailoring our approach for a particular asset based on factors such as the typeofasset,tenantprofile,sub-markettrends,propertylocation,amenitiesandotherassetcharacteristics.

Weaimtodeliverattractive,risk-adjustedreturnstoourUnitholdersthroughacombinationofstableyield from contracted long-term cash-flows and income growth through rent escalations, re-leasing at market rents (average Market Rent of our Portfolio is 22.6% above average In-place Rent as of March 31, 2025), lease-up of vacant area, delivery of Under Construction Area and Future Development Area as well as potential acquisitions including identified ROFO Assets. We believe our positioning as a brand-agnostic platform serves as a competitive advantage and will enable us to selectively pursue inorganic acquisitions of assets from a wide range of third-party asset owners, particularly those who prefer to retain their branding on the assets.

Sustainability is a core ethos of our business, and we seek to incorporate sustainable practices in every aspect of our business and financial goals. As of March 31, 2025, 72.7% of our Portfolio (by GAV) has achieved various environmental, health and safety certifications including WELL Gold certifications, GRESB 5-star ratings, British Safety Council Sword of Honor and the USGBC LEED Platinum or Gold certifications. As of March 31, 2025, 12 Portfolio Assets have obtained various LEED certifications.

Additionally,overathirdofourPortfolioAssets(includingallofourassetsinMumbai)havereceivedthe 17GRESB 5-star rating, ranking first in India in their peer group. Our Portfolio Asset, One Trade Tower, received the LEED Zero Carbon and Zero Energy certifications in CY2023, and was the first developer-owned project to receive these certifications in India. Our sustainability initiatives are supportedbyourSolarAssetswhichhaveanaggregateannualcapacitytotaling63.0MW(AC)(including

32.2 MW (AC) which is under construction) as of March 31, 2025 for the supply of renewable power to certain of our assets located in Bengaluru and Mumbai. We also plan on implementing a long-term sustainability roadmap across our business verticals to further our goals and to attract and retain tenants who increasingly prioritize environmentally friendly properties.

Over the last three Fiscals, we have: (cid:129) Leased15.8msf;achieveda19.3%averagere-leasingspreadon6.5msfofareare-leasedandleased

4.6 msf of newly completed area (including pre-leasing and committed) and 4.7 msf of vacant area (cid:129) Improved Committed Occupancy from 84.7% as of March 31, 2023 to 91.4% as of March 31, 2025 (cid:129) Increased Base Rents at a 3-year CAGR of 5.8% through FY2025 (238 bps higher than the average Market Rent CAGR over the same period) (cid:129) Achieved a tenant Retention Rate of 61.7% from FY2023 to FY2025 due to our Portfolio’s quality and dynamic asset management approach (cid:129) Delivered 5.0 msf of new construction across 4 projects, including 0.7 msf from on-campus developments and 4.3 msf from new constructions (cid:129) Incurred capital expenditure of more than ₹1,000 million during last three Fiscals towards various asset repositioning and upgrade initiatives across certain of our Portfolio Assets (cid:129) Met 55.0% of our energy requirements in our Portfolio3 through renewable energy for FY2025, as part of our net zero emissions efforts TheManagerteamcomprisesseasonedprofessionalswithvastexperienceinIndiancommercialrealestate across leasing, operations, development and acquisitions. The Manager is held by certain entities of the Blackstone Sponsor Group and the Sattva Sponsor Group in the ratio of 50:50. The Blackstone Sponsor and the Sattva Sponsor, collectively, have deep knowledge of India’s corporate real estate market along with global expertise in investments, development and asset management and a proven track record of value creation. The Blackstone Sponsor is an affiliate of Blackstone Inc., which is the world’s largest alternative asset manager, with an AUM of nearly US$1.2 trillion, according to the CBRE Report. As of March31,2025,Blackstone’sglobalinvestmentsincludeanofficeportfolioofapproximately170msfand a logistics portfolio of approximately 1.2 bn sf. Blackstone has previously listed 3 real estate investment trusts in India, being Embassy Office Parks REIT, Mindspace Business Parks REIT and Nexus Select Trust. The Sattva Sponsor is part of the Sattva Group, one of India’s leading real estate development groups, as per the CBRE Report, with experience of more than 3 decades in developing and operating assets across commercial, residential, co-living (Co-Live), co-working (Simpliwork), hospitality and design-build for data centers. As of May 31, 2025, the Sattva Sponsor and its affiliates (the “Sattva Group”) have constructed an area of approximately 78 msf of real estate in India across 7 cities (Bengaluru, Mumbai, Hyderabad, Kolkata, Pune, Goa and Jaipur).

3 Excluding(a)SattvaCosmoLavellewherepowerissourcedbythetenant(b)SattvaEndeavourandSattvaSpectrumwhichwere under construction in FY2025 (c) Sattva Supreme and (d) Sattva Horizon.

18Portfolio Overview The following sets forth a map illustrating the breakdown of the LeasableArea and GAV of our Portfolio (including GAV of our CAM Assets and Solar Assets) across India as of March 31, 2025:

Area (msf) % of GAV # Assets Gurugram

0.6 1.5% 1 GIFT City

(Ahmedabad)

0.5 0.6% 1 Mumbai Hyderabad

6.0 31.9% 5 12.9 30.4% 3 Bengaluru Chennai

24.5 33.4% 18

1.9 2.2% 1 19The following table sets out information about our Portfolio as of and for the year indicated:

OurPortfolioasofandfortheyearindicated:

Under Construction Areaand Revenue Future from Completed Development Leasable Committed Operations Market %ofTotal Typeof Area Area Area Occupancy (FY2025, Value*(3) MarketValue WALE Asset (msf)* (msf)*(1) (msf)* (%)* ₹million)(2) (₹million) (%)* (years)*(4) Commercial Office Hyderabad 12.9 0.0 12.9 98.6% 10,859.68 175,504 28.3% 12.1 Sattva Business 7.3 – 7.3 99.4% 7,338.53 103,828 16.7% 10.2 Knowledge Park City(5) Sattva Business 3.3 – 3.3 95.8% 2,262.19 46,637 7.5% 10.6 Knowledge Park Park(5) Sattva Business 2.3 – 2.3 100.0% 1,258.96 25,039 4.0% 20.6 Knowledge Park Capital(5)(7) Mumbai 6.0 – 6.0 83.7% 11,892.47 192,650 31.1% 3.5 One BKC(6) City-Center 0.7 – 0.7 98.8% 2,850.99 44,313 7.1% 2.6 Office Building One World City-Center 1.7 – 1.7 85.7% 3,475.87 53,238 8.6% 3.0 Center(6) Office Building One International City-Center 1.8 – 1.8 82.4% 46,821 7.6% 3.0 Center(6) Office Building 3,983.77 One Unity City-Center 1.0 – 1.0 62.2% 30,150 4.9% 6.7 Center(6) Office Building Prima Bay(6) Business 0.8 – 0.8 95.4% 1,581.84 18,128 2.9% 4.6 Park Bengaluru 15.2 9.2 24.5 88.1% 11,686.23 189,381 30.5% 10.4 Cessna Business Business 4.2 – 4.2 97.4% 3,747.18 45,602 7.4% 14.8 Park(6)(8) Park Exora Business Business 2.2 – 2.2 91.8% 2,083.46 33,335 5.4% 7.3 Park(6)(9) Park Sattva Global Business 4.1 8.0 12.1 81.2% 1,805.39 38,238 6.2% 8.4 City(10) Park Sattva Business 1.0 – 1.0 91.0% 1,231.96 16,646 2.7% 6.3 Softzone(5) Park Sattva Business 0.9 – 0.9 98.2% 790.80 10,215 1.6% 12.2 Knowledge Park Court(5) Sattva Business 0.3 – 0.3 100.0% 481.07 6,807 1.1% 11.8 Techpoint(5) Center One Trade City-Center 0.2 – 0.2 100.0% 473.55 4,731 0.8% 4.2 Tower(6) Office Building Sattva Horizon(5) Business 0.6 – 0.6 100.0% – 4,760 0.8% 19.5 Center Sattva Business 0.3 – 0.3 43.3% 145.36 3,458 0.6% 2.6 Touchstone(5) Center Sattva Business 0.4 – 0.4 100.0% 260.63 3,683 0.6% 5.1 Infozone(5) Center 20OurPortfolioasofandfortheyearindicated:

0.2 – 0.2 100.0% 2,888 0.5% 8.1 Sattva Center 134.91 Magnificia II(5) Sattva South Business 0.3 – 0.3 12.4% 54.64 3,163 0.5% 9.2 Avenue(5) Center Sattva Business 0.2 – 0.2 46.6% 149.86 2,148 0.3% 6.9 Eminence(5) Center Sattva Cosmo City-Center 0.1 – 0.1 100.0% 138.86 2,543 0.4% 0.8 Lavelle(5)(11) Office Building Sattva Premia(5) Business 0.1 – 0.1 71.7% 67.65 1,084 0.2% 0.5 Center Sattva Business 0.1 – 0.1 32.2% 30.58 712 0.1% 4.7 Supreme(5) Center Sattva Business – 0.7 0.7 – – 5,381 0.9% – Endeavour Center Sattva Spectrum Business – 0.5 0.5 – – 3,988 0.6% – Center Chennai 1.9 – 1.9 94.7% 1,216.61 13,772 2.2% 5.2 Kosmo One(6) Business 1.9 – 1.9 94.7% 1,216.61 13,772 2.2% 5.2 Park Gurugram 0.6 – 0.6 82.6% 429.69 9,315 1.5% 8.3 One Qube(6)(12) Business 0.6 – 0.6 82.6% 429.69 9,315 1.5% 8.3 Park GIFT City, 0.5 – 0.5 98.0% 179.93 3,886 0.6% 9.4 Ahmedabad Fintech One(6) Business 0.5 – 0.5 98.0% 179.93 3,886 0.6% 9.4 Center Sub-Total 37.1 9.2 46.3 91.4% 36,264.61 584,509 94.3% 8.4

(Office) Ancillary assets Solar Solar – – 63.0 – 183.24 2,971 0.5% – MW Maintenance CAM – – – – 2,853.16 32,509 5.2% – Services(3) Sub-total – – – – 3,036.40 35,480 5.7% – (Ancillary assets) Total Portfolio 37.1 9.2 46.3 91.4% 39,301.01 619,989 100.0% 8.4 Revenue from Operations (Net of Eliminations)

Notes: * RepresentsdataasofMarch31,2025.

(1) OurUnderConstructionAreaandFutureDevelopmentAreacomprises1.2msfofUnderConstructionArea(0.7msfinSattvaEndeavourand0.5msfinSattvaSpectrum) and8.0msfofFutureDevelopmentAreainSattvaGlobalCity.FutureDevelopmentAreaisindicativeandmaychangebasedonapplicablelawandfinalapprovals.

(2) Theassetwiserevenuesinthetableabovearederivedfromthepropertywiserevenue(netofeliminations)disclosedasperREITRegulations.See“Management’s DiscussionandAnalysisofFinancialConditionandResultsofOperations—PrincipalComponentsofourStatementofProfitandLoss”onpage501.

21(3) MarketvalueofourPortfolioasofMarch31,2025,(derivedfromtheValuationReportundertakenbyiVASPartners).See“PresentationofFinancialDataandOther Information—ValuationData”onpage11.PleasenotethatthevaluationhasbeenundertakenforeachindividualassetanddoesnotrepresenttheMarketValueofthe propertyportfolio.Noconsiderationhasbeenaffordedtowhethertherewouldbeapremium/discountattributabletothecollectiveorportfolioofassetsifsoldinone transaction.Inaddition,theMarketValuesoftheassets(asassessedbytheValuer)havebeenassessedinclusiveofCAM.TheMarketValueofeachPortfolioAssetin thistablerepresentstheMarketValuethathasbeenallocatedtotherelevantproperty(excludingCAM).TheMarketValueofCAMrepresentstheaggregateoftheMarket ValueallocatedtoCAMforeachPortfolioAsset.Inaddition,whiletheMarketValuesoftheassetspresentedintheValuationReport(asassessedbytheValuer)have beenassessedinclusiveofCAM,thevaluesshownrepresenttheallocatedMarketValuebetweenthepropertyanditsCAManddonotrepresenttheindividualMarket Valueofeachcomponent,ifvaluedortransactedindependently.See“SummaryValuationReport”onpage1060.

(4) WeightedagainstBaseRentalsassumingtenantsexercisetheirrenewaloptionspriortotheexpiryoftheirinitialcommitmentperiod.

(5) Propertywiserevenue(netofeliminations)fromtheseassetsexcludesrevenuefromCAMservicesreceivedfromtenantsofsuchassets,whichispaiddirectlytoour respectiveCAMEntities,SPMPLorSIMPL,exceptSattvaSupreme,whereCAMservicesareprovidedbyanassociateoftheSattvaSponsor.Further,revenuefromCAM servicesinSattvaKnowledgeCitydoesnotincludecommonareamaintenancefor0.9msfofLeasableAreawhichiscarriedoutbythetenant.

(6) Propertywiserevenue(netofeliminations)fromtheseassetsincludesrevenuefromCAMserviceswhichiscollectedfromtenantsofsuchassets.TheseAssetSPVshave outsourcedtheirCAMservicestoourCAMEntities,BSPOMSPLorPSBPPL,pursuanttotherelevantcommonareamaintenanceagreements.See“Management Framework”onpage412.

(7) DIPLholds1.7msfofLeasableAreaofSattvaKnowledgeCapital.SKCPL,anotherAssetSPVoftheKnowledgeRealtyTrust,holdstheremaining0.6msfofLeasable AreaofSattvaKnowledgeCapital.Unlessotherwisestated,alloperatingdatapresentedinthissectionrepresentstheentireSattvaKnowledgeCapitalcomprising2.3 msfofLeasableArea(comprising1.7msfwhichisheldbyDIPLand0.6msfwhichhasbeenacquiredbySKCPLfromathirdpartyonApril4,2025).However,asdiscrete financialinformationinrespectofthe0.6msfofLeasableAreaisnotavailableforhistoricalperiods,theSpecialPurposeCombinedFinancialStatementsdonotinclude anyfinancialinformationwithrespecttothe0.6msfwhichhasbeenacquiredbySKCPLandonlyreflectthe1.7msfofLeasableAreaheldbyDIPL.Formoredetails, pleasesee“PresentationofFinancialDataandOtherInformation—FinancialandOperationalData”.

(8) Propertywiserevenue(netofeliminations)ofCessnaBusinessParkforFY2023andapartofFY2024(uptoJuly2023)doesnotincluderevenuefromCAMservices receivedfromitstenants,whichwascollectedbyEBPPL(theAssetSPVthatholdsExoraBusinessPark).FromJuly2023onwards,revenuefromCAMserviceswas collectedbyCGDPL(theAssetSPVthatholdsCessnaBusinessPark),andaccordinglyitspropertywiserevenue(netofeliminations)forFY2025andFY2024ofCessna BusinessParkincludesrevenuefromCAMservicescollectedsinceJuly2023.CAMservicesareoutsourcedtoourCAMEntity,PSBPPLasperfootnote(6)above.

Furthermore,revenuefromCAMservicesforCessnaBusinessParkdoesnotincludecommonareamaintenancefor2.8msfofLeasableAreawhichiscarriedoutby thetenant.

(9) Propertywiserevenue(netofeliminations)ofExoraBusinessParkforFY2023andapartofFY2024(uptoJuly2023)includesrevenuefromCAMservicesfromCessna BusinessPark.Seefootnote(8)above.

(10) Propertywiserevenue(netofeliminations)ofSattvaGlobalCityincludesrevenuefromCAMserviceswhichiscollectedfromtenantsofSattvaGlobalCity.

(11) Propertywiserevenue(netofeliminations)ofSattvaCosmoLavelledoesnotincludeanyrevenuefromCAMservices,whichiscarriedoutbythetenant.

(12) OneQubeissubjecttoordersinrelationtotheInterventionApplicationfiledbeforetheHighCourtofJudicatureatDelhi.PursuanttoRegulation11(4)oftheSEBI REITRegulations,theSponsorsundertaketotakeallnecessarystepsandactionsasmayberequiredvis-à-vistheInterventionApplicationtoensurethevalidityofthe OQRPLSAAconsummatedaspartoftheInitialPortfolioAcquisitionTransactions.Ithasbeendecidedinter-setheSponsorsthattheBlackstoneSponsorshallbe responsibleinthisregard.Formoredetails,pleasesee“PresentationofFinancialDataandOtherInformation—FinancialandOperationalData”,“RiskFactors—Our actualresultsmaybemateriallydifferentfromtheexpectationsexpressedorimplied,orProjections,includedinthisOfferDocument.Accordingly,investorsshouldnot placeunduerelianceon,orbasetheirinvestmentdecisionsolelyonthisinformation”,and“LegalandOtherInformation”onpages5,31and703,respectively.

22Our Competitive Strengths We believe that our position as one of the leading office platforms in India (as per the CBRE Report) is

attributable to the following competitive strengths:

Largest office REIT in India by GAV and NOI and the most geographically diverse, with several best-in-class assets located in the best performing office markets of India We are a leading office platform in India and upon listing, we will be the largest office REIT in India in terms of GAV of ₹619,989 million as of March 31, 2025 and by NOI for FY2025 of ₹34,322.67 million.4 With 46.3 msf of LeasableArea, comprising 37.1 msf of CompletedArea, 1.2 msf of Under Construction Area and 8.0 msf of Future Development Area as of March 31, 2025, we will also be the second largest office platform in Asia and one of the largest office REITs globally in terms of Leasable Area. (Source:

CBRE Report) OurPortfolioAssetsarespreadacross6cities,whichwillmakeusthemostgeographicallydiverseIndian officeREITuponlisting.These6cities(namelyHyderabad,Mumbai,Bengaluru,Chennai,Gurugramand GIFTCity,Ahmedabad)accountedformorethan86.5%ofIndia’sofficesupplyandgrossabsorptionfrom CY2016 to Q1CY2025. A significant portion of our Portfolio (approximately 95.6% of GAV as of March 31, 2025), is located in Bengaluru, Hyderabad and Mumbai, the best performing office markets in India in terms of market size and absorption levels, which form our Portfolio Core Markets. (Source:

CBRE Report) Our Portfolio Assets are located in prime sub-markets, and these sub-markets have outperformed their overall markets, with a 70 bps higher 3-year average Market Rent CAGR through FY2025 and 167 bps lower vacancy as of March 31, 2025, based on data from the CBRE Report. Our Portfolio is difficult to replicategivenfactorssuchasitsscale,multi-marketpresenceandbest-in-classassetsinsomeofthemost prominent sub-markets with favorable dynamics and high barriers to entry, particularly due to land acquisition complexities and lengthy development timelines for projects in India. (Source: CBRE Report).

Located in India—the world’s fastest growing major economy with the services sector continuing to be the key driver Our Portfolio is located in India, the fastest-growing and the fourth-largest major economy in the world as of FY2025. India recorded a GDP growth of 6.5% in FY2025 and is forecasted to grow at 6.2% in FY2026withanestimatedvalueofUS$4.2tn.Theservicessector,whichisthemainstayofofficedemand in India, contributed approximately 55% of India’s GDP in FY2025. The sector witnessed an annual growth rate of 7.3% in FY2025 and is expected to grow by 8.0% in FY2026 (Source: CBRE Report).

Services sector tenants in our Portfolio accounted for 73.9% of Gross Rentals for the month ended March 31, 2025.

Over the last two decades, the services sector in India has undergone a structural shift transitioning from back-end support functions to GCCs focusing on high value-add, core business activities and new generationbusinesses.GCCsinIndiaareassumingastrategicroleinfosteringproductinnovation,driving technological advancements, and spearheading digital transformation initiatives. GCC demand in 5 of our Portfolio markets (Bengaluru, Hyderabad, Chennai, Delhi-NCR, and MMR (Mumbai)) accounted for

90.0% of the total GCC leasing from CY2022 to Q1CY2025. Of this, 66.8% of total GCC leasing was in our Portfolio Core Markets. (Source: CBRE Report) 4 NOIisanon-GAAPmeasure.Fordetailsonreconciliation,see“Management’sDiscussionandAnalysisofFinancialCondition and Results of Operations—Non-GAAPMeasures” on page 526.

23High quality assets with robust infrastructure and a wide range of amenities, supported by well-established in-house asset maintenance services Our Portfolio Assets are considered to be of superior-quality due to their scale, accessible locations, infrastructure, amenities, sustainability, professional management and asset enhancement initiatives, which help to create a difficult to replicate platform, according to the CBRE Report. These factors have contributed to a Committed Occupancy of 91.4% as of March 31, 2025. Some of our Portfolio Assets command a rent premium compared with other assets in the respective sub-markets, based on data from the CBRE Report. We have leased 15.8 msf from FY2023 to FY2025.

Ourbusinessparks/centersareconstructedtoGradeAstandardsandsomeofthemareamongstthelargest in their respective sub-markets, facilitating the provision of an attractive business ecosystem for our tenants, according to the CBRE Report. The size and scale of our business parks enable us to provide a wide range of amenities including recreation facilities (such as gyms, indoor and outdoor sports zones) to promote physical and mental wellness, medical clinics, creches as well as open areas equipped with aesthetic green spaces and break-out zones. Our Portfolio Assets collectively provide over 100 F&B options including fine dining restaurants, multi-cuisine food courts, cafes and food trucks which are intended to curate a diverse culinary experience for our tenants and their visitors.Average capital values for our completed Portfolio Assets are ₹16,108.3 psf/US$188.2 as of March 31, 2025 based on the GAV of the relevant assets (including CAM). Despite the high quality infrastructure, prime locations and diverse amenity offerings of our PortfolioAssets, the average capital values are at an approximately 67% to 97% discount to Grade A properties in London, Tokyo, Hong Kong, Singapore and New York, based on data from the CBRE Report. Our Portfolio’s quality, prime locations, robust infrastructure and wide range of amenities differentiates us and have led some of our Portfolio Assets to become best-in-class developments in their respective sub-markets and in the country, according to the CBRE Report. Our PortfoliohasbenefittedfromelevatedCommittedOccupancylevels(91.4%asofMarch31,2025,842bps higher than the average Occupancy in our Portfolio’s sub-markets), superior Base Rent growth (5.8% 3-year CAGR through FY2025 as compared to a 4.2% CAGR for our Portfolio’s sub-markets over the same period) and a high tenant Retention Rate (61.7% from FY2023 to FY2025), based on data from the CBRE Report.

Asapartofourtenant-centricapproach,weaimtoprovideholisticsolutionstoaddressourtenants’needs, including through the provision of in-house common area maintenance (“CAM”) services.These services include housekeeping, maintenance and upkeep of all common areas within the assets.The in-house CAM services gives us a competitive advantage as it enables us to control and maintain the quality of services being provided in order to provide a more consistent and reliable tenant experience, as well as optimize expensesandachieveeconomiesofscaletoenhanceourmargins.Wealsomaintainopencustomerservice channels to address any concerns or feedback from them expeditiously to enhance tenant satisfaction and brand loyalty. Additionally, we have 9 assets, namely One BKC, One World Center, One International Center, One Unity Center, Prima Bay, Cessna Business Park, Exora Business Park, One Trade Tower and Kosmo One, which have been awarded with Leadership in Energy and Environmental Design (“LEED”) Building Operations and Maintenance v4.1: Existing Buildings Platinum and/or Gold certifications on a monthly basis since 2022, which is a reflection of our commitment to sustainable practices, operational efficiency,andenvironmentalresponsibility.FormoreinformationonourCAMservicearrangements,see “Management Framework” on page 412.

Diversified tenant base with an increasing focus on leading GCCs and domestic corporates As of March 31, 2025, we have more than 450 tenants with a mix of Indian corporates (Aditya Birla, PhonePe, HDFC Bank Ltd and Go Digit) and prominent multinationals (Amazon, Cisco, Google Connect, Novartis and Siemens Limited). In terms of Gross Rentals for the month ended March 31, 2025, 74.1% is attributable to multinational corporates, 43.6% to GCCs, and 38.2% to Fortune 500 companies. Our WALE of 8.4 years as of March 31, 2025 provides stability and predictability of cash flows from our Portfolio.

24We have a well-diversified tenant mix across more than 20 sectors, which further contributes to the stability and resilience of our Portfolio and enhances its attractiveness. 37.5% of our Gross Rentals are derived from tenants in the technology sector, which has been one of the key drivers of India’s services sector growth, as per the CBRE Report and 23.4% is derived from our tenants in the BFSI sector for the month ended March 31, 2025. The balance is spread across various sectors including engineering and manufacturing, pharma and healthcare as well as infrastructure, real estate and logistics.

Our wide geographic presence, comprehensive offerings and active asset management, combined with a customer-centric approach have resulted in mutually-beneficial outcomes. Over the years, we have built long-standing relationships with our tenants which has resulted in a high tenant Retention Rate of 61.7% from FY2023 to FY2025. Our dynamic leasing strategy enables us to provide solutions which are customized to meet our tenants’requirements, thereby fostering long-term relationships.This includes the development of 2 BTS buildings for J.P. Morgan Services India Private Limited and Novartis in Sattva Knowledge City. Our ability to retain tenants across multiple sectors is attributable to our extensive geographic reach, scale and quality of our integrated business parks/centers as well as city-center office buildings, enabling us to provide flexible leasing solutions to tenants seeking expansion within our Portfolio Assets and across multiple cities/markets. Additionally, we have curated a year-long tenant engagement calendar aimed at promoting the health, well-being and social interactions with our tenants and their employees which has resulted in elevated tenant satisfaction and retention levels. We have also demonstrated our commitment to tenants by implementing asset upgrades and infrastructure enhancements, based on feedback received. As a testament to our customer satisfaction and tenant-first approach, 34.4% of our Portfolio’s Completed Area obtained CSAT scores of 95% from 2023 to 2024 whichisareflectionofelevatedtenantsatisfaction.Thesemeasureshavecontributedtotenantloyaltyand translated to growth in leasing activity in our Portfolio as witnessed by leasing to existing tenants accounting for 7.6 msf (or 48.0%) out of the 15.8 msf total area leased from FY2023 and FY2025.

Leases in India are typically on a “warm-shell” basis, resulting in landlords incurring tenant improvement capital expenditure (“TI capex”) of only 2.0% to 5.0% of NOI for GradeAoffice assets, whereas tenants incur significant fit-out costs, often equivalent to 3 to 6 years of rents. This compares favorably to other markets where landlords are expected to incur significant TI capex to attract and retain tenants. For example, TI capex in the USA is expected to be approximately 15% to 20% of their NOI towards tenant improvement, leasing costs and redevelopment reserves. Consequently, this results in tenant ‘stickiness’ and also enhances the NOI to cash flow conversion for office developments in India. Depending on the natureofthebusinessactivityandofficelocation,tenantstypicallyspend₹2,500to₹5,500psfonTIcapex and,thiscangoupto₹8,000to₹12,000psf(onGrossFloorAreabasis)forfront-endoperationsforfitting out the premises which typically takes 60 to 100 days. Owing to the high investments in fitting out the office premises, most tenants occupy spaces well beyond the 3 to 5 years of lock-in period resulting in higher tenant retention. (Source: CBRE Report) Further, we selectively offer TI solutions including project management consulting and execution of fit-outsfortenantslookingtominimizetheirinitialexpensesoroutsourcetheirfit-outworks.Thisenables ustocreateamutuallybeneficialarrangementandgenerateaccretiveyieldsasthecapexisamortizedover the tenant’s lease term.

Robustbusinessmodelwithstrongembeddedgrowth,stablecashflows,anestablisheddevelopmentand acquisition track record, and a brand-agnostic platform Our Portfolio has 37.1 msf of CompletedArea with a 91.4% Committed Occupancy as of March 31, 2025, and an 8.4 year WALE as of March 31, 2025. We have demonstrated strong growth from FY2023 and FY2025 with 15.8 msf of new leasing, achieving a 19.3% average re-leasing spread on 6.5 msf of area re-leased and leased 4.6 msf of newly completed area (including pre-leasing and committed) and 4.7 msf of vacant area. We have a strong cash flow growth profile with contractual growth, vacant area lease up, re-leasing and mark-to-market potential.

25(cid:129) Stable cash flow with contractual escalations: We typically enter into long-term leases with our tenants. The leases in our Portfolio generally range from 5 to 10 years, with a 3 to 5 year initial commitment and subsequent renewal options, which provides visibility on the growth of future cash flows. Majority of our leases have typical rent escalations of 15% every 3 years, however, more recently we have successfully created a new standard for our Portfolio with more aggressive annual escalations of 4.5% to 5.0%. The contractual escalations are intended to provide stable cash flow growth and provide a natural hedge against inflation.

(cid:129) Demonstratedtrackrecordofachievingmark-to-market:AsofMarch31,2025,theaverageIn-place Rents for our Portfolio is ₹91.2 psf as compared to the average Market Rent of ₹111.9 psf, implying a 22.6% mark-to-market potential. We have a demonstrated a track record of driving rent growth by re-leasing at market rents to either existing or new tenants. Approximately 7.4 msf (23.7% of total OccupiedArea) is expected to expire between FY2026 and FY2030 which has an embedded average mark-to-market potential of 23.1%. See “—Business and Growth Strategies—Capitalize on our Portfolio’s embedded organic growth—Mark-to-market potential” on page 191.

(cid:129) Establishedacquisitionanddevelopmenttrackrecord:Wehaveaproventrackrecordinundertaking greenfield and brownfield developments, supported by our Sponsor’s extensive experience. As of May 31, 2025, the Sattva Group has constructed approximately 78 msf of real estate in India across 7 cities (Bengaluru, Mumbai, Hyderabad, Kolkata, Pune, Goa and Jaipur). Of this, the Sattva Group hascompletedapproximately46msfacross74commercialprojectsandapproximately32msfacross 50 residential projects. Blackstone, through its various real estate funds, owns and operates office space of approximately 170 msf globally as of March 31, 2025. Blackstone is India’s largest office landlord owning an office portfolio of approximately 84 msf comprising of sole/joint ownership assets as of March 31, 2025, according to the CBRE Report. Since April 2020, we have completed

7.4 msf of acquisitions across 5 projects. Over the same period, we have also completed the construction of 9.7 msf across 8 projects, including 1.6 msf which were acquired as brownfield developments.AsofMarch31,2025,ourPortfolioincluded1.2msfofUnderConstructionAreaand

8.0 msf of Future DevelopmentArea.We have grown our Portfolio over time through a combination of greenfield developments and acquisitions of assets from multiple developers. We have also completed on-campus and standalone developments over the last few years. We follow a disciplined approach for developments in order to de-risk our projects with a focus on budgeting, planning and limiting financing risk. We undertake new construction based on tenant demand and market supply conditions, which has resulted in our new developments being significantly pre-leased and 72.5% of total Leasable Area being leased within 12 months of completion from FY2021 to FY2025.

Renowned sponsors with global experience and local knowledge We are co-sponsored by the Blackstone Sponsor, which is an affiliate of Blackstone, Inc., and the Sattva Sponsor, part of the Sattva Group, which is one of India’s leading real estate development groups, as per the CBRE Report. Our Sponsors collectively have deep knowledge of India’s corporate real estate market along with international standards and best practices in investments, development and asset management.

Our Sponsors have worked closely with each other for over a decade and have established a transformational partnership evidenced by building a high quality and well-performing commercial real estate portfolio, beginning with 0.9 msf in Sattva Knowledge City, and expanding to 25.0 msf as of March 31, 2025 across our Portfolio Assets in Hyderabad and Bengaluru.

Prior to the Issue, our Portfolio has been owned and managed, directly or indirectly, by affiliates of the Blackstone Sponsor and/or the Sattva Sponsor. Our Sponsors have operating and investing experience through multiple real estate cycles and diverse asset classes, which provide valuable insight and perspective into the asset management of our Portfolio Assets as well as evaluating new investments.

26Overview of the Blackstone Group Established in 1985, Blackstone is the world’s largest alternative asset manager with an AUM of nearly US$1.2 tn, as per the CBRE Report, including global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets and secondaries and hedge funds.

Blackstone is headquartered in New York and has offices across 27 cities worldwide with nearly 4,900 professionals. Blackstone is listed on the New York Stock Exchange. (All data as of March 31, 2025) Blackstone’s real estate group was established in 1991 and has, as of March 31, 2025, approximately US$320 bn of investor capital under management. Blackstone’s real estate business operates as one globally integrated business with investments in the Americas, Europe and Asia and the wealth of extensiveexperienceinbuildingand/orre-buildingleadingcompaniesandtakingthempublic.Blackstone is presently one of the largest property owners in the world, owning and operating assets across geographies and sectors, including offices, logistics, residential, hospitality, data centers and retail.As of March31,2025,Blackstone’sglobalinvestmentsincludeanofficeportfolioofapproximately170msfand a logistics portfolio of approximately 1.2 bn sf.

BlackstonehasbeeninvestinginIndiafornearly20years,andsince2005hasinvestedinexcessofUS$12 bn in the country across a multitude of sectors including regulated sectors such as asset reconstruction companies and housing finance companies. In the Indian real estate sector, Blackstone has, since 2007, invested approximately US$5 bn across asset classes, including offices, retail, logistics, hotels and data centers. Blackstone is India’s largest office landlord owning an office portfolio of approximately 84 msf comprising of sole/joint ownership assets as of March 31, 2025, according to the CBRE Report.

Blackstonehaspreviouslylisted3realestateinvestmenttrustsinIndia,beingEmbassyOfficeParksREIT, Mindspace Business Parks REIT and Nexus Select Trust. For further details, see “The Sponsors” on page 369.

With the affiliate of Blackstone as a co-Sponsor of the Knowledge Realty Trust, we believe we are able to benefit from Blackstone’s extensive experience in real estate investment trusts in India and leverage their vast network and global expertise, to access invaluable knowledge, a broader strategic outlook and early insights on emerging market trends.

Overview of the Sattva Group The Sattva Sponsor is part of the Sattva Group, one of India’s leading real estate development groups, as per the CBRE Report, with experience of more than 3 decades in developing and operating assets across commercial, residential, co-living (Co-Live), co-working (Simpliwork), hospitality and design-build for data centers. As of May 31, 2025, the Sattva Group has constructed an area of approximately 78 msf of real estate in India across 7 cities (Bengaluru, Mumbai, Hyderabad, Kolkata, Pune, Goa and Jaipur). Of this, the Sattva Group has completed approximately 46 msf across 74 commercial projects and approximately 32 msf across 50 residential projects. It has another approximately 71 msf in the planning and implementation stage. The Sattva Sponsor achieved its ‘Crisil ‘A’/Stable’Rating in 2011, which was upgraded to ‘Crisil A +/Stable’ in 2022. The Sattva Group has received several awards, the most recent ones being ET Best Brand Conclave Award for Best Realty Brands 2024 and the IGBC Green Champion Award for Developer Leading the Green Building movement in India (Commercial).

Fully integrated platform with a highly experienced management team OurManageroperatesafullyintegratedplatformledbyahighlyexperiencedteam,whoisresponsiblefor overseeing all aspects of our business. Our senior management team is comprised of 11 individuals with an average experience of over 16 years and strong capabilities across development, leasing, operations, finance and management of real estate assets in India. The senior management team is expected to be supported by over 80 employees across 6 offices in 5 cities. Our management team has a proven track record of delivering value and is well-regarded within the real estate community with long-standing relationships with industry stakeholders including brokers, owners, tenants and lenders. This has enabled 27us to secure quality tenants on attractive terms and presents potential acquisition opportunities. From FY2023 to FY2025, we have leased 15.8 msf, out of which 7.6 msf (or 48.0%) was leased to existing tenants. Since April 2020, we have completed 7.4 msf of acquisitions across 5 projects. We have also completed the construction of 9.7 msf across 8 projects, including 1.6 msf which were acquired as brownfield developments over the same period. We have upgraded our Portfolio Assets and incurred capitalexpenditureofover₹1,000millionduringthelastthreeFiscalstowardsvariousassetrepositioning and enhancement initiatives across certain of our Portfolio Assets. Our senior management team has extensive operating and investment experience gained through multiple real estate cycles, and provide valuable insight and perspectives into the management of our existing Portfolio as well as new investments.Thediversityanddepthofthemanagementteamalsoenablesustoprovidedifferentiatedand high-quality service offerings to our tenants and a superior office experience for their employees.

Sustainability remains a core ethos of our business, with a commitment to a long-term sustainability roadmap WerecognizetheimportanceofsustainabilityinourbusinessandourSponsorsaswellasourmanagement are committed to incorporating sustainable practices into our business and financial goals, closely monitoring the progress and identifying areas of improvement. There is an increased focus on sustainability in the commercial office market, and tenants have been prioritizing sustainability through green-certified buildings, water and waste management and energy efficiency. We believe our ability to develop and maintain sustainable and energy-efficient buildings gives us a clear competitive advantage andpositionsusasthelandlordofchoicefortenantsseekinghigh-qualityandsustainableworkspaces.We also plan on implementing a long-term sustainability roadmap across our business verticals to further our goals and to attract and retain tenants who increasingly prioritize environmentally friendly properties.

Wehavereceivedseveralawardsandaccoladesinrecognitionofourefforts.AsofMarch31,2025,72.7% of our Portfolio by GAV have achieved various environmental, health and safety certifications including the WELL Gold certification, GRESB 5-star rating, British Safety Council Sword of Honor and the USGBC LEED Platinum or Gold certifications. For instance, as of March 31, 2025, over a third of our Portfolio Assets (including all of our assets in Mumbai) received the GRESB 5-star rating, ranking first in India in their peer group. As per the CBRE Report, tenants prefer occupying green-certified buildings andasofMarch31,2025,12ofourPortfolioAssetshaveobtainedvariousLEEDcertifications,including LEED Zero Carbon and Zero Energy certifications received by One Trade Tower in 2023, which makes us the first developer-owned building to receive these certifications in India. We have also achieved the LEED Zero Energy certification for 22.4% of LeasableArea (2 towers) of Cessna Business Park in 2025.

These awards and certifications are a testament to our commitment to sustainability which drives tenant retention and attracts new tenants. See “—Environmental, Health and Safety Certifications” on page 365.

Our assets have also received various awards for our sustainability initiatives, such as the ET Now CSR LeadershipAwardforBestProjectoftheYearin2018forSattvaKnowledgeCityandtheCorporateSocial Responsibility Project Award at the RICS South Asia Awards 2024 for One International Center’s “One Green Mile” sustainability initiative.

28III. RISK FACTORS An investment in the Units involves a high degree of risk. You should carefully consider all information in this Offer Document, including the risks and uncertainties described below, before making an investment in the Units. The risks described below are not the only ones relevant to us or our Units, or the industry and segments in which we currently operate in India. In addition, the risks set out in this

section may not be exhaustive and additional risks and uncertainties not presently known to us, or which we currently deem to be immaterial, may arise or may become material in the future. If any of the followingrisks,whetherinisolationorincombinationwitheachother,orotherrisksthatarenotcurrently known or are now deemed immaterial actually occurs, our business, financial condition, results of operations, cash flows and prospects could suffer, the trading price of the Units could decline, and you may lose all or part of your investment. The financial and other implications of risks, wherever quantifiable, have been disclosed in the risk factors mentioned below. However, there are risks where the effect is not quantifiable and hence have not been disclosed in the applicable risk factors. To obtain a complete understanding of us, prospective investors should read this section in conjunction with “Our BusinessandProperties”,“IndustryOverview”and“Management’sDiscussionandAnalysisofFinancial Condition and Results of Operations” on pages 158, 88 and 480, respectively, as well as the financial, statistical and other information contained in this Offer Document. In making an investment decision, prospectiveinvestorsmustrelyontheirownexaminationofusandourbusinessandthetermsoftheIssue including the merits and risks involved.

This Offer Document also contains forward-looking statements that involve risks, assumptions, estimates and uncertainties. Our actual results could differ materially from those anticipated in these forward- looking statements as a result of certain factors, including but not limited to the considerations described below and elsewhere in this Offer Document. For details, see “Forward-looking Statements” on page 12.

References herein to “we”, “our” and “us” are to the Knowledge Realty Trust, together with our Asset SPVs and Investment Entities, as the context requires.

Unless otherwise specified, in this section, (i) references to area or square footage of our Portfolio as a whole or of any Portfolio Asset is to Leasable Area as of March 31, 2025; (ii) all operational data of our Portfolio is presented as of March 31, 2025; and (iii) references to tenure of our leases with our tenants and WALE for our assets assumes renewals by our tenants after the initial commitment period.

Industry, macro-economic and market data and all industry-related statements in this section have been extracted from the CBRE Report or the Valuation Report, as the case may be, commissioned and paid for by us. The CBRE Report has been prepared and issued by CBRE for the purpose of understanding the industry in which we operate exclusively in connection with the Issue. For further details, see “Industry Overview” on page 88 and “Presentation of Financial Data and Other Information—Valuation Data” on page 11.Any reference to the CBRE Report must be read in conjunction with the full CBRE Report, which 29is available on https://www.knowledgerealtytrust.com/investor-relation/industry-report.pdf and incorporated by reference in this Offer Document. For further details and risks in relation to commissioned reports, see “Risk Factors—This Offer Document contains information from the CBRE Report.” on page 67 and “Risk Factors—The Valuation Report obtained for our Portfolio is only indicative in nature as it is based on various assumptions and may not be representative of the true value of our assets” on page 55.

Any potential investor in the Units should pay particular attention to the fact that we are registered and incorporated under the laws of India and are subject to an extensive regulatory environment that may differ significantly from that of other countries. In making an investment decision, prospective investors must rely on their own examinations of us and the terms of the Issue, including the merits and the risks involved. Prospective investors should consult their tax, financial and legal advisors about the particular consequences of investing in the Units.

Risks Related to our Organization and Structure

1. The Initial Portfolio Acquisition Transactions will only be given effect to after the Bid/Offer Closing Date. Further, we will assume existing liabilities in relation to our Portfolio, which if realized may impact the trading price of the units and our profitability and ability to make distributions.

The Initial Portfolio Acquisition Transactions Agreements and the Shareholder Debt Documentation will only be given effect to after the Bid/Issue Closing Date. Further, One Qube is subject to orders in relation to the InterventionApplication filed before the High Court of Judicature at Delhi. Pursuant to Regulation 11(4)oftheSEBIREITRegulations,theSponsorsundertaketotakeallnecessarystepsandactionsasmay be required vis-à-vis the Intervention Application to ensure the validity of the OQRPL SAA to be consummated as part of the Initial Portfolio Acquisition Transactions. The Initial Portfolio Acquisition Transaction Agreements will also automatically terminate on the Long Stop Date (as defined under the Initial Portfolio Acquisition Transaction Agreements). For more details, please see “Presentation of Financial Data and Other Information—Financial and Operational Data” and “Initial Portfolio Acquisition Transactions”, “Legal and Other Information” on pages 5, 432 and 703 respectively. Further, we cannot assure you that the regulators will not impose transfer charges, penalties or fines for consummating the Formation Transactions.

Under the SEBI REIT Regulations, we are prohibited from making an initial public offer of Units unless the aggregate value of the assets held by us prior to theAllotment of Units in the Issue equals or exceeds ₹5,000millionandtheIssuesizeaggregatestoaminimumof₹2,500million.Ifweareunabletocomplete the Initial Portfolio Acquisition Transactions, as contemplated herein, the Manager, in consultation with theLeadManagers,andsubjecttoanyconditionsimposedbytheSEBIoranyotherregulators,maydecide not to proceed with the Issue or to withdraw or modify the size of the Issue.Any inability to consummate any or all the Initial Portfolio Acquisition Transactions in the manner described in this Offer Document may materially and adversely impact our ability to complete the Issue within the anticipated time frame or at all.

As a part of the Initial PortfolioAcquisition TransactionsAgreements, we will assume existing liabilities of our Portfolio and of the Asset SPVs and the Investment Entities that own our Portfolio. Although we have conducted due diligence on our Portfolio with the objective of identifying any material existing liabilities,wemaynothavebeenabletoidentifyallsuchliabilitiespriortotheconsummationoftheInitial PortfolioAcquisition Transactions. The terms of the Initial PortfolioAcquisition TransactionAgreements contain limited representations and warranties, which are qualified by any disclosure in the Draft Offer Document, this Offer Document and the Final Offer Document as well as by the respective sellers’ knowledge and are limited as to time. There are also indemnities, which are limited on account of monetary and time limits among other limitations, which will limit our recourse under these agreements and ability to recover monetary compensation. Any losses or liabilities suffered by us in relation to our Portfolio for which we are unable to recover under these agreements will materially adversely impact our results of operations, profitability, cash flows, the trading price of our Units and our ability to make 30distributions to Unitholders. However, Regulation 11(4) of the SEBI REIT Regulations stipulates that notwithstanding anything contained in any contract or agreement, the Sponsors and Sponsor Groups shall continue to be liable to the REIT, Trustee and Unitholders for all acts of commission or omission, representation or covenants related to the formation of the REIT and the sale or transfer of assets or Holdcos or SPVs to the REIT. For further details in respect of the Initial Portfolio Acquisition Transactions, see “Initial Portfolio Acquisition Transactions” on page 432.

2. Our actual results may be materially different from the expectations expressed or implied, or Projections, included in this Offer Document. Accordingly, investors should not place undue reliance on, or base their investment decision solely on this information.

This Offer Document contains forward-looking statements regarding, among other things, the projections offacilityrentals,revenuefromoperations,NOI,EBITDA,cashflowfromoperatingactivitiesandNDCF for Financial Years 2029, 2028, 2027 and 2026 set out in the section titled “Projections” on page 532 as per the SEBI REIT Regulations. The facility rentals, revenue from operations, NOI, EBITDA, cash flow from operating activities and NDCF projections are only estimates, based on certain assumptions of possible future operating results and are not guarantees of future performance. For instance, we have assumedthatthedebtofcertainAssetSPVsandInvestmentEntitiesasofMarch31,2025willbereplaced by the Shareholder Debt financed using the proceeds from the Issue and REIT Debt Financing with effect fromApril 1, 2025 at a specified rate of interest. We have also assumed an expected amount of proceeds to be raised from the Issue. Additionally, the projections also assume that all the pending capital restructurings, merger and demerger schemes filed by the respective Asset SPVs and other structuring steps are approved by appropriate regulatory bodies with the appointed date mentioned in the respective schemes. For instance, the Projections assume that the DRPLScheme ofArrangement, which will be filed after the listing of the Trust, is effective as of April 1, 2025. The Projections have also assumed the Softzone Scheme ofArrangement to be effective fromApril 1, 2025. For further details in respect of the Initial Portfolio Acquisition Transactions, see “Initial Portfolio Acquisition Transactions” on page 432.

Further, the projections are subject to the assumption that One Qube is part of our Portfolio. Other key assumptions include our Manager’s assessment of construction costs and timelines of upcoming under-constructionprojectsofcertainassetswithinourPortfolioandcertainidentifiedmajormaintenance and upgrade projects in some of our PortfolioAssets. Further, it has also been assumed that there will be no material change in taxation legislations or other applicable legislations during the Projection Period.

The Projections also assume that 100% of the cash generated during the year after accounting for all outflows will be distributed for the Projections Period. There is no assurance that the Shareholder Debt arrangements, the structuring steps and any construction, maintenance or upgrades will be completed on time or at the assumed costs or at all. The projections have been prepared on the assumption that these assets will be completed and/or operational by the periods mentioned in the projections. Should these assets not become operational, the revenue, profit and cash flow projections for such assets may not be realized.

Further, although facility rentals, revenue from operations, NOI, EBITDA, cash flow from operating activities and NDCF for the ProjectionYears have been calculated on the same basis as the corresponding historical metrics, they are subject to the inherent limitations generally involved in presenting projection figures, as well as the assumptions set forth in the projections. Such assumptions and inherent limitations may distort comparability across historical and projection periods. No assurance is given that the assumptions will be realized, and the actual distributions will be as forecast and projected. Further, EBITDA, EBITDA Margin, NOI, NOI Margin and NDCF are not recognized measures under Ind AS or IFRS. EBITDA, EBITDA Margin, NOI, NOI Margin and NDCF should not be considered by themselves orassubstitutesfornetincome,operatingincomeorcashflowfromoperationsorrelatedmarginsorother measuresofoperatingperformance,liquidityorabilitytopaydistributions.TheProjectionsdonotpresent a reconciliation of EBITDA or NOI to profit for the year (which is EBITDA and NOI’s most directly comparable IndAS measure) for FinancialYears 2029, 2028, 2027 and 2026, as we have not included the projections of additional expense items required to arrive at the projected profit for the year. Further, the Projections do not present net income/profit for the year in equal or greater prominence as EBITDA or NOI, in each case, as would have been required under a registered offering in the United States.

31The Projections and forward-looking statements are based on a number of assumptions, including hypothetical assumptions that relate to future events, which are subject to uncertainties and contingencies that are outside of our control. For further details, see “Projections” on page 532. For example, our revenue is dependent on several factors, including the receipt of rental income from our Portfolio. Some key drivers of revenue include contractual rental growth/escalations, lease-up of completed vacant area, marktomarketopportunityandleasingofnewareapursuanttonewconstruction/developments.Thismay adversely affect our ability to achieve the forecast and projected distributions as events and circumstances assumed may not occur as expected, or events and circumstances may arise which are not anticipated.The future events referred to involve risks, uncertainties and other factors which may cause the actual results or performance to be materially different from the Projections. Accordingly, investors should not place undue reliance on, or base their investment decision solely on this information.

Further, the independent auditor’s report on our projections of facility rentals, revenue from operations, NOI, EBITDA, cash flow from operating activities and NDCF contains the following restrictions with respect to the purpose and use of the report by investors in the United States.The SEBI REITRegulations require the independent auditor to issue a report on the Projections and such report is issued for the sole purpose of the Issue in accordance with the SEBI REIT Regulations. The independent auditor’s work has not been carried out in accordance with auditing or other standards and practices generally accepted in jurisdictions outside India, including in the United States, and accordingly should not be relied upon as if it had been carried out in accordance with those standards and practices. U.S. securities regulations do not require profit forecasts to be reported by a third party. The report should not be relied upon by prospective investors in the United States, including persons who are U.S. QIBs as defined under Rule 144A under the United States Securities Act of 1933 participating in the Issue. The independent auditor accepts no responsibility and denies any liability to any person who seeks to rely on the report and who may seek to make a claim in connection with any offering of securities on the basis that they had acted in reliance of such information under the protections afforded by the laws and regulations of the United States.

3. WedonotprovideanyassuranceorguaranteeofanydistributionstotheUnitholders.Wemaynot be able to make distributions to Unitholders in the manner described in this Offer Document or at all, and the level of distributions may decrease.

There is no assurance or guarantee of any distributions to the Unitholders. In accordance with the SEBI REIT Regulations, distributions to Unitholders are based on the net distributable cash flows available for distribution. The assessment of the net distributable cash flows will be based on our NDCF framework, the SEBI REITRegulations and the SEBI Master Circular.As such, our NDCF framework may be subject to change in the event of any amendments to the SEBI REIT Regulations, the SEBI Master Circular or other relevant laws. For further details of our NDCF framework, see “Distribution” on page 578. For details of the SEBI REIT Regulations governing distributions, and details of our Distribution Policy, see “Distribution” on page 578.

Inparticular,ourManagerisrequiredtodistributeatleast90%oftheNDCFtotheUnitholdersonceevery quarter in every financial year per the Distribution Policy. The distribution mix of NDCF may vary, dependingonthemethodsdeployedbyustoallocatecapitalintoourAssetSPVsandthereturnsgenerated by such Asset SPVs. These distributions may consist of a mix of 3 components, dividends, interest on shareholder loan and shareholder loan repayment. The mix of these 3 components—dividends, interest on shareholder loan and shareholder loan repayment—will confer different types of benefits to us and consequently the NDCF available for distribution to Unitholders, particularly concerning their tax treatment. While our Projections Report includes an expected distribution mix, there can be no assurance that we will be able to achieve such distribution mix in the future. Our distribution mix may be affected byavarietyoffactors.Forinstance,acquisitionsofnewassetsorAssetSPVsmayaltertheincomeprofile, including the sources and types of income generated by such assets orAsset SPVs, and consequently the proportion of dividends, interest on shareholder loan or shareholder loan repayment.Any new debt which we issue could also lead to higher interest obligations and adversely affect the overall returns available for distribution. Variations in operating performance due to market conditions, tenant defaults, or increased operating expenses could also impact our distribution mix. See “Projections” on page 532.

32Our ability to make distributions may be affected by several factors including the risk factors described in this Offer Document, as well as, among other things: (cid:129) servicing of debt and other liabilities incurred by the Knowledge Realty Trust, our Asset SPVs and the Investment Entities;

(cid:129) cash flows received from our Asset SPVs and Investment Entities; (cid:129) unforeseen or unusual expenses, or unforeseen increases in ordinary course expenses; (cid:129) compliance with loan agreements including restrictive covenants that stipulate we obtain consent from the lenders prior to making any distribution payments;

(cid:129) fluctuations in the working capital needs of our Asset SPVs and Investment Entities; (cid:129) ability of ourAsset SPVs and Investment Entities to borrow funds or access debt financing markets at commercially reasonable interest rates, or at all, and access capital markets;

(cid:129) the extent of lease concessions, rent free periods, and incentives given to tenants to attract new tenants and/or retain existing tenants, if any; (cid:129) any defaults in payments or terminations (including unplanned or unforeseen early terminations) of our existing leases due to general macroeconomic conditions or other factors beyond our control affecting our tenants (including a pandemic or any other public health crises);

(cid:129) restrictionscontainedinandanypaymentsunderanyagreementsenteredintobyourAssetSPVsand Investment Entities or regulatory authorities from whom land is leased or co-developed; (cid:129) completingthedevelopmentofourunder-constructionassetsoracquisitionandoperationalizationof other projects within the anticipated timeline, including on account of delay in receiving or non-receipt of approvals for reasons beyond our control, or as per the forecasted budget;

(cid:129) business and financial position of ourAsset SPVs and Investment Entities, including any operating losses incurred by our Portfolio Assets in any financial year; (cid:129) competition from other developers in India which could result in price and supply volatility impacting our ability to lease buildings in our Portfolio;

(cid:129) applicablelawsandregulations,whichmayrestrictthepaymentofdividendsbyourAssetSPVsand Investment Entities or other distributions; (cid:129) judicial pronouncements and payments to be made on account of such judicial orders as well as positions taken by tax authorities having an impact (directly or indirectly) on us and/or on ourAsset SPVs and Investment Entities;

(cid:129) inability to successfully integrate the assets contemplated to be acquired under the Initial Portfolio Acquisition Transactions Agreements; (cid:129) paymentsoftaxandotherlegalliabilities,includingtheavailabilityoftaxbenefitstoourAssetSPVs whose assets are located on the land notified as special economic zones (“SEZs”); and (cid:129) discharging indemnity or other contractual obligations of our Asset SPVs and Investment Entities under their respective underlying contracts or similar obligations or any fines, penalties and charges levied by regulatory authorities.

33Further, as non-cash expenditure, such as amortization and depreciation, are charged to the profit and loss account,ourAssetSPVsandInvestmentEntitiesmayhavesurpluscashbutnoprofitintheprofitandloss account, and hence may not be able to declare dividends as per applicable regulations. In the event of the inability to declare such dividends, our Asset SPVs, Investment Entities, Manager and Trustee may evaluate various options to make distributions to Unitholders and utilize such surplus cash. We cannot assure you that the strategies implemented will be effective in extracting such surplus cash for making distributions to Unitholders.

4. After the completion of the Issue and the listing of the Units, we may obtain external debt financing to repay a portion of the debt of our Portfolio and to finance our Portfolio’s business and financing requirements. The terms of this financing may limit our ability to make distributions to the Unitholders.

Following the completion of the Issue and the listing of the Units, we may enter into financing arrangementsinaccordancewithapplicablelawtoraiseexternaldebtfundingtorefinanceaportionofthe existing debt of our Asset SPVs and Investment Entities through the repayment of existing loans. The definitivedocumentationforsuchREITDebtFinancingisexpectedtobeexecutedaftercompletionofthe Issue and the listing of the Units. For details, see “Financial Indebtedness—Proposed Financial Indebtedness” on page 620. The term of any such REIT Debt Financing we obtain will be subject to prevailing market conditions and regulatory and other considerations, including obtaining consents under existing financing and other arrangements, as applicable. There is no assurance that we will be able to obtain the REIT Debt Financing on terms acceptable to us, or at all. Any REIT Debt Financing we undertake may contain financial covenants and other restrictions and may limit our ability to make distributions to Unitholders in the future.

5. We may utilize a significant amount of debt in the operation of our business, and our cash flows and operating results could be adversely affected by required repayments or related interest and other risks of our debt financing. Our inability to service debt may impact distributions to Unitholders.

OurAsset SPVs and Investment Entities have incurred indebtedness in the past, and we intend to continue to obtain external debt in the future. As of March 31, 2025, 2024 and 2023, our current and non-current borrowings (“Total Borrowings”) amounted to ₹197,921.74 million, ₹197,575.82 million, and ₹202,266.64 million, respectively, which were availed primarily as term loans from banks and financial institutions. As of July 2, 2025, our Total Borrowings were ₹208,276.75 million. See “Financial Indebtedness” on page 617.Accordingly, we are generally subject to risks associated with debt financing.

These risks include the following: (i) our cash flow may not be sufficient to satisfy required payments of principal and interest; (ii) we may not be able to refinance existing indebtedness or the terms of the refinancing may be less favorable to us than the terms of existing debt; (iii) debt service obligations could reduce funds available for distribution to the Unitholders and funds available for capital investment; (iv) any default on our indebtedness could result in acceleration of those obligations and obligations under otherloansandpossiblelossofpropertytoforeclosure;and(v)theriskthatnecessarycapitalexpenditures cannot be financed on favorable terms. If a property is mortgaged to secure payment of indebtedness and we cannot make the applicable debt payments, we may have to surrender the property to the lender with a consequent loss of any prospective income and equity value from such property.

34We have entered into the Shareholder Debt Documentation with certainAsset SPVs as on the date of this Offer Document with respect to the proposed refinancing and propose to enter into the Shareholder Debt Documentation with certain other Asset SPVs and Investment Entities simultaneously with the consummation of the Initial Portfolio Acquisition Transactions prior to listing of our Units. The debt financing proposed to be provided by the Knowledge Realty Trust to our Asset SPVs and Investment Entities, namely the Shareholder Debt under the Shareholder Debt Documentation, may comprise loans, non-convertible instruments or other forms of debt as permitted under applicable law. The payment obligations of the respectiveAsset SPVs and Investment Entities in relation to the Shareholder Debt will be subordinated to all existing and future obligations of our Asset SPVs and Investment Entities to any secured lenders. Further, the applicable interest rate under the Shareholder Debt Documentation may be different from the interest rate under the REIT Debt Financing we propose to obtain after completion of the Issue and the listing of the Units. As such, the Knowledge Realty Trust’s ability to receive loan payments,andourremedieswithrespecttotheShareholderDebtwillbesubjecttotherightsofanysenior creditors. If an event of default by the relevant Asset SPV or Investment Entity was to occur under any financing arrangements with senior creditors such that all amounts outstanding under such financing arrangementsweretobecomeimmediatelydueandpayable,all,orsubstantiallyall,ofthecashflowsmay be utilized in satisfying such payment obligations, thereby materially and adversely affecting the ability of such Asset SPVs or Investment Entities to meet their payment obligations to the Knowledge Realty Trust under the debt financing provided by the Knowledge RealtyTrust to ourAsset SPVs and Investment Entities. Any adverse impact on any receivables payable to us under such financing will materially and adversely affect our ability to make distributions to the Unitholders and to repay all amounts outstanding under such financing. For details, please refer to “Financial Indebtedness” and “Use of Proceeds” on pages 617 and 625, respectively.

The payments to existing and future lenders or debt-instrument holders are required to be serviced prior to any distributions by us and as such, distribution to the Unitholders will be made after making payments related to interest and principal of debt. Accordingly, any reduction in the cash flows of our Asset SPVs and Investment Entities or any unanticipated increase in any of the payments to be made by such entities may result in a decrease in available cash flows and adversely impact the ability of our Asset SPVs and Investment Entities to meet their payment obligations to lenders and make distributions to the Knowledge RealtyTrust.Consequently,thesearrangementsmayimpactourabilitytoreceivedividendsandothercash flows and adversely affect our ability to make distributions to the Unitholders.

See “Risk Factors—We may be subject to certain restrictive covenants and variable interest rates under our financing agreements that could limit our flexibility in managing our business, ability to use cash or other assets which could cause our debt service obligations to increase significantly” on page 50.

In addition, we will require approval from Unitholders for raising external debt above certain thresholds specified under the SEBI REIT Regulations. For details of these thresholds, see “Corporate Governance—Framework for Making Key Decisions” on page 403 of this Offer Document.

6. The SEBI REIT Regulations impose restrictions on the investments made by us and require us to adhere to certain investment conditions, which may limit our ability to acquire and/or dispose of assets or explore new opportunities.

The SEBI REIT Regulations require us to ensure compliance with certain requirements, including maintaining a specific threshold of investment in rent or income generating properties. There are also regulatoryrequirementswhichimposeconditionsondebtfinancinglimits,whichmayconstrainourability to raise funds and limit our ability to make investments, including acquisition of assets. Further, pursuant to the SEBI REIT Regulations, our consolidated borrowings and deferred payments (net of cash and cash equivalents)cannotexceed49%ofthevalueofourassets.Inparticular,undertheSEBIREITRegulations, no more than 20% of the value of our assets may be invested in certain permitted forms of investments, including under-construction projects, completed but not rent generating projects, transferable development rights and mortgage backed securities, in addition to rent or income-generating properties and as a result, we may be limited in terms of future investment on account of our existing investments 35in our Investment Entities. Further, as a REIT that is not Indian owned and controlled, any downstream or other investments or divestments we make are subject to conditions under the foreign exchange laws including the FEMA Rules. For details of the requirements and such conditions, see “Formation Transactions—Certain investment conditions applicable to the Knowledge Realty Trust” on page 85.

Failuretocomplywiththeseandotherapplicablerequirementsmaypresentadditionalriskstousandlead to adverse consequences, including divestment of certain assets, other penalties and statutory actions and/or delisting, and could prevent us from acquiring further assets, which could have a material adverse effect on our business, financial condition, cashflows, results of operations and cash flows.

7. The holding and financing structure of certain entities within our Portfolio may not be tax efficient.

Apart of our Portfolio is held through a one-tier structure (pursuant to which the Knowledge RealtyTrust has direct shareholding in the SPVs) and the remaining held through a two-tier structure (pursuant to which the Knowledge Realty Trust has a direct shareholding in the Holdcos which in turn hold all or a portion of the shares in the SPVs), which may result in certain tax leakages on the account of levy of minimum alternate tax on dividends received by the Holdcos from the SPVs. While we may take steps to restructure our Portfolio in the future so that such assets become wholly-owned by us directly, there is no assurance that we shall be able to implement any restructuring in a cost-efficient manner, if at all. For detailsinrelationtoourstructureandownershipofourPortfolio,see“AbouttheKnowledgeRealtyTrust” and “Initial Portfolio Acquisition Transactions” on pages 84 and 432, respectively.

Risks Related to Our Business and Industry

8. The Knowledge Realty Trust has a limited operating history and may not be able to operate our business successfully or generate sufficient cash flows to make or sustain distributions. Further, the Special Purpose Combined Financial Statements are prepared for this Offer Document and may not necessarily be representative of our actual consolidated financial position, results of operation and cash flows for such periods.

WhilemostofourPortfolioAssetshaveanoperatinghistoryofseveralyears,theKnowledgeRealtyTrust wassettledasanirrevocabletrustonOctober10,2024andregisteredwithSEBIasarealestateinvestment trust on October 18, 2024, and has a limited operating history. We will acquire our Portfolio pursuant to the Initial Portfolio Acquisition Transactions, and do not have an operating history by which our performance may be judged. We are subject to business risks and uncertainties associated with any new business enterprise formed through a combination of existing business enterprises. While some of the Directors, Key Management Personnel, and function heads of our Manager have been associated with our Portfoliohistorically,ourManagerisrecentlyincorporated.Accordingly,thereisnoassurancethatwewill beabletooperateourbusinesssuccessfullyorprofitably,orthatwewillbeabletoachieveourinvestment objectives. Further, the Special Purpose Combined Financial Statements included in this Offer Document aremerelyacombinationofhistoricalfinancialdataofourAssetSPVsandInvestmentEntitiesasrequired under the SEBI REIT Regulations and the Guidance Note on Combined and Carve-Out Financial Statements, Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute ofCharteredAccountantsofIndia,andhavebeenpreparedontheassumptionthattheentirePortfoliowill be acquired pursuant to the Initial Portfolio Acquisition Transactions.

For the purpose of this Offer Document, the Special Purpose Combined Financial Statements have been prepared so as to present the financial position, results of operations and cash flows of our Portfolio on a combined historical basis for FY2025, FY2024 and FY2023 and do not necessarily represent our consolidated financial position, results of operations and cash flows had we been in existence and if we had been operated under a common management during the periods presented. Our Special Purpose Combined Financial Statements may not necessarily represent our proposed holding structure post-listing and are not necessarily indicative of the financial condition, results of operations or cash flows of the Knowledge RealtyTrust that would have occurred if it had operated as a legal group of entities during the 36periods presented and may not be representative of the position which may prevail after our Portfolio is transferred to us. For instance, the Special Purpose Combined Financial Statements do not include historical financial information in respect of 0.6 msf of Sattva Knowledge Capital acquired by SKCPL from a third party pursuant to a conveyance deed datedApril 4, 2025, as discrete financial information in respect of the 0.6 msf of LeasableArea is not available for prior periods. Notwithstanding the foregoing, the 0.6 msf of Leasable Area of of Sattva Knowledge Capital acquired by SKCPL had generated lease rentals of ₹371.78 million, ₹340.85 million, and ₹363.47 million for FY2025, FY2024 and FY2023, respectively, calculated based on the rental agreements provided by the previous owners, as certified by Saini Pati Shah & Co LLP, pursuant to their certificate dated July 29, 2025. Further, One Qube is subject to orders in relation to the InterventionApplication filed before the High Court of Judicature at Delhi and while pursuant to Regulation 11(4) of the SEBI REIT Regulations, the Sponsors undertake to take all necessarystepsandactionsasmayberequiredvis-à-vistheInterventionApplicationtoensurethevalidity oftheOQRPLSAAtobeconsummatedaspartoftheInitialPortfolioAcquisitionTransactions,ourfuture consolidated financial statements may be different from our Special Purpose Combined Financial Statements. There can be no assurance that our future performance will be consistent with the past financial performance included elsewhere in this Offer Document.

9. Ourbusiness,revenuesandprofitabilityaredependentontheperformanceofthecommercialreal estate market in India, particularly in our Portfolio Core Markets. Fluctuations in the general economic, market and other conditions may affect the commercial real estate market in India and in turn, our ability to lease our Portfolio Assets to tenants on favorable terms.

We derive most of our revenue from lease rentals and revenue from contracts with customers ancillary to the leasing of our Portfolio Assets, including maintenance services and income from generation of renewable energy. The table below presents a breakdown of the revenue from lease rentals and revenue from contracts with customers for the Financial Years ended March 31, 2025, 2024, and 2023.

YearendedMarch31, 2025 2024 2023 (%of (%of (%of Revenuefrom Revenuefrom Revenuefrom (₹inmillions) Operations) (₹inmillions) Operations) (₹inmillions) Operations) Revenue from lease rentals 33,545.48 85.36% 28,639.37 85.76% 25,286.71 87.19% Lease rental income 31,835.66 81.00% 26,951.90 80.71% 24,006.18 82.77% Lease equalisation income 957.76 2.44% 1,163.10 3.48% 671.58 2.32% Rental income on discounting of lease deposits received 752.06 1.91% 524.37 1.57% 608.95 2.10% Revenue from contracts with customers 5,550.90 14.13% 4,257.74 12.75% 3,600.37 12.41% Maintenance services 5,321.30 13.54% 4,223.64 12.65% 3,600.37 12.41% Food and beverage revenue 46.36 0.12% 34.10 0.10% – 0.00% Income from generation of renewable energy 183.24 0.47% – 0.00% – 0.00% Other operating revenue 204.63 0.52% 496.75 1.49% 115.93 0.40% Others including works contract services 204.63 0.52% 496.75 1.49% 115.93 0.40% Revenue from Operations 39,301.01 100.00% 33,393.86 100.00% 29,003.01 100.00% Accordingly, the success of our Portfolio is highly dependent on the performance of the commercial real estate market in India as well as general economic, demographic and political conditions.The commercial realestatemarketandrentalratesmaybeaffectedbyseveralfactorsoutsideourcontrol,suchasprevailing global and local economic conditions, cyclical downturns as well as downturns in specific sectors where tenantsoccupyingourPortfolioAssetsareconcentrated,suchasthetechnologyandBFSIsectors.Further, 37rising interest rates, uncertainty in global trade policies, increases in property taxes, changes in development regulations, zoning laws and other applicable regulations, political instability, acts of terrorism, natural or man-made disasters, pandemics such as COVID-19, reduction in the availability of financing, increases in operating costs and disruptions in public infrastructure and increased operating costs, among others, may adversely impact the operations of our tenants. The occurrence of any such events could lead to a decline in demand for office space or the market rent for office spaces, which may adversely impact rental income from such assets or result in a decline in the capital value of our Portfolio Assets. In particular, in the past, as a result of the implementation of lockdowns and other restrictive measures in response to the spread of the COVID-19 pandemic by the Government of India, the Indian economy,includingtherealestatesector,facedsignificantdisruptions.Forinstance,certaintenantsatour Portfolio Assets had limited the number of their operating staff and hours, while others announced ‘work-from-home’ or ‘hybrid’ measures. Additionally, there were instances where certain leases were terminated by our tenants prior to their expiry due to business headwinds faced by such tenants during the COVID-19pandemicinFY2021andFY2022.Additionally,anytariffsandtrademeasuresimposedbythe United States or other countries may adversely affect the sectors which our tenants operate in and consequently the demand for office space leasing. There can be no assurance that we will not experience adversedevelopmentsaffectingthecommercialrealestatemarketorotherdisruptionsinthefuture,which may have an adverse impact on our business, results of operations, financial condition and cash flows.

Further,whileourPortfolioAssetsaregeographicallydiversifiedacrossthesixcitiesinIndia,mostofour assetsarelocatedinourPortfolioCoreMarkets,namelyBengaluru,HyderabadandMumbai.Asubstantial portion of our revenue from operations are derived from our Asset SPVs and Investment Entities with properties located in these Portfolio Core Markets, accounting for 94.69%, 95.89% and 96.82% of our revenuefromoperationsforFY2025,FY2024andFY2023,respectively.Withinthesecities,ourPortfolio Assets are also concentrated in certain sub-markets, as set forth below:

YearendedMarch31, 2025 2024 2023 (%of (%of (%of Revenuefrom Revenuefrom Revenuefrom (₹inmillions) Operations) (₹inmillions) Operations) (₹inmillions) Operations) Revenue from Portfolio Core Markets(1) 32,213.72 94.69% 32,021.67 95.89% 28,081.19 96.82% Hyderabad 12,716.59 32.36% 9,818.62 29.40% 7,771.98 26.80% IT Corridor – HITEC City 9,600.72 24.43% 7,357.12 22.03% 5,662.73 19.52% Mumbai 11,892.47 30.26% 9,793.63 29.33% 8,681.08 29.93% Bandra Kurla Complex and SurroundingAreas (“BKC and BKC-O”) 2,850.99 7.25% 2,635.61 7.89% 2,616.92 9.02% Extended CBD (“Ext-CBD”) 7,459.64 18.98% 5,616.81 16.82% 4,599.21 15.86% Bengaluru 12,604.66 32.07% 12,409.42 37.16% 11,628.13 40.09% Outer Ring Road (“ORR”) 7,560.38 19.24% 7,433.68 22.26% 7,189.44 24.79% Revenue from Operations 39,301.01 100.00% 33,393.86 100.00% 29,003.01 100.00%

Note:

(1) RevenuefromourPortfolioCoreMarketsmayincluderevenuefromcertainCAMservices.Forfurtherdetails,see“Management’sDiscussionandAnalysisofFinancial ConditionandResultsofOperations—FactorsaffectingourResultsofOperations—TheperformanceofthecommercialrealestatemarketinIndia,particularlyinthe citiesandsub-marketswhereourPortfolioAssetsarelocated.”onpage489.

The real estate markets in our Portfolio Core Markets and the respective sub-markets which we operate in may perform differently and may be subject to market conditions and regulatory developments that are different from real estate markets in other parts of India.As such, any adverse impact on the performance of our assets in our Portfolio Core Markets and the respective sub-markets including occupancy rates, market value or market rental rates, may adversely affect our business, results of operations, financial condition and cash flows.

3810. We depend on the leasing activities at certain key PortfolioAssets for a significant portion of our revenue,whichcollectivelycontributedto74.12%ofourrevenuefromoperationsforFY2025,and any adverse developments affecting such key PortfolioAssets could have an adverse effect on our business, results of operations and financial condition.

We derived a significant portion of our revenue from operations for the past three Financial Years from certain key Portfolio Assets. The following sets forth a breakdown of property wise revenue (net of eliminations) of our Asset SPVs which accounted for more than 5% of our revenue from operations, respectively for the years indicated.

YearendedMarch31, 2025 2024 2023 (%of (%of (%of (₹in Revenuefrom (₹in Revenuefrom (₹in Revenuefrom AssetSPV PropertyName millions) Operations) millions) Operations) millions) Operations) DRPL(1) Sattva Knowledge City 7,338.53 18.67% 6,540.55 19.59% 5,585.77 19.26% CGDPL(3) Cessna Business Park 3,747.18 9.53% 3,627.90 10.86% 3,353.25 11.56% EBPPL(2)(4) Exora Business Park 2,083.46 5.30% 2,036.93 6.10% 2,260.81 7.80% OICPL(2) One International Center and One 3,983.77 10.14% 2,701.37 8.09% 1,949.40 6.72% Unity Center OWCPL(2) OneWorld Center 3,475.87 8.84% 2,915.44 8.73% 2,649.81 9.14% OBRPL(2) One BKC 2,850.99 7.25% 2,635.61 7.89% 2,616.92 9.02% GVTPL(5) Sattva Global City 1,805.39 4.59% 1,965.34 5.89% 2,070.63 7.14% WRPL(1) Sattva Knowledge Park 2,262.19 5.76% 816.57 2.45% 76.96 0.27% PBPL(2) Prima Bay 1,581.84 4.02% 1,541.21 4.62% 1,464.95 5.05% Sub-total 29,129.22 74.12% 24,780.92 74.21% 22,028.50 75.95% Revenue from Operations 39,301.01 100.00% 33,393.86 100.00% 29,003.01 100.00%

Notes:

(1) Propertywiserevenue(netofeliminations)fromtheseAssetSPVsexcludesrevenuefromCAMservicesreceivedfromtenantsofsuchassets,whichispaiddirectlyto ourCAMEntity,SIMPL.Further,revenuefromCAMservicesinSattvaKnowledgeCitydoesnotincludecommonareamaintenancefor0.9msfofLeasableAreawhich iscarriedoutbythetenant.

(2) Propertywiserevenue(netofeliminations)fromtheseassetsincludesrevenuefromCAMserviceswhichiscollectedfromtenantsofsuchassets.TheseAssetSPVshave outsourcedtheirCAMservicestoourCAMEntities,BSPOMSPLorPSBPPL,pursuanttotherelevantcommonareamaintenanceagreements.See“Management Framework”onpage412.

(3) Propertywiserevenue(netofeliminations)ofCGDPL(theAssetSPVthatholdsCessnaBusinessPark)forFY2023andapartofFY2024(uptoJuly2023)doesnot includerevenuefromCAMservicesreceivedfromitstenants,whichwascollectedbyEBPPL(theAssetSPVthatholdsExoraBusinessPark).FromJuly2023onwards, revenuefromCAMserviceswascollectedbyCGDPL(theAssetSPVthatholdsCessnaBusinessPark),andaccordinglyCGDPL’spropertywiserevenue(netof eliminations)forFY2025andFY2024includesrevenuefromCAMservicescollectedsinceJuly2023.CAMservicesareoutsourcedtoourCAMEntity,PSBPPLasper footnote(2)above.Furthermore,revenuefromCAMservicesforCessnaBusinessParkdoesnotincludecommonareamaintenancefor2.8msfofLeasableAreawhich iscarriedoutbythetenant.

(4) Propertywiserevenue(netofeliminations)ofEBPPL(theAssetSPVthatholdsExoraBusinessPark)forFY2023andapartofFY2024(uptoJuly2023)includesrevenue fromCAMservicesfromCessnaBusinessPark.Seefootnote(3)above.

(5) Propertywiserevenue(netofeliminations)ofGVTPL(theAssetSPVthatholdsSattvaGlobalCity)includesrevenuefromCAMserviceswhichiscollectedfromtenants ofSattvaGlobalCity.

Accordingly, any adverse impact on the performance of such key Portfolio Assets, including occupancy rates, market value or market rental rates, may adversely affect our revenues. For instance, while certain of these Portfolio Assets, including Sattva Knowledge City and Cessna Business Park have high CommittedOccupancyof99.4%and97.4%respectivelyasofMarch31,2025,primarilyduetothequality of these assets which have attracted long-term leases, there can be no assurance that such assets will continue to sustain a high Committed Occupancy or be able to maintain or increase their rentals upon the expiry of existing leases. The renewal of existing leases is dependent on various factors beyond our control,includingexistingcompetitionandsupplyanddemandfactorsintheirrespectivesub-markets,and there can be no assurance that such key Portfolio Assets will be able to achieve tenant renewals or re-leasing at competitive rentals, or at all, which may in turn have a material impact on our business, results of operations, financial condition and cash flows, and our Manager’s ability to make distributions to Unitholders may be adversely affected. See “Risk Factors—Tenant leases across our Portfolio are subject to the risk of non-renewal, non-replacement, default, early termination, regulatory or legal 39proceedings or changes in applicable laws or regulations, thereby impacting leasing and other income.

Further, vacant properties could be difficult to lease, which could adversely affect our revenues.” on page 41.

11. A significant portion of our revenues is derived from a limited number of large tenants, multinational tenants, including global capability centers (“GCCs”), as well as tenants in the technology and banking, financial services and insurance (“BFSI”) sectors. Any conditions that impact these tenants or the respective sectors or cities in which they operate may adversely affect our business, results and financial condition.

Our revenue from operations is primarily generated from multinational tenants, including GCC tenants, and tenants in the BFSI and technology sectors in our PortfolioAssets. The following sets forth details of

our Gross Rentals based on the type of tenants and their sectors:

Month ended March 31, 2025 2024 2023 (% of Gross (% of Gross (% of Gross Gross Rentals ofTenants Rentals) Rentals) Rentals) Multinational/GCC and Domestic Tenants Multinational tenants 74.1% 76.9% 77.6% GCC tenants 43.6% 45.3% 49.9% Domestic tenants 25.9% 23.1% 22.4% Tenants by Sectors Technology 37.5% 38.2% 42.9% BFSI 23.4% 22.6% 22.6% Additionally, our top 10 tenants accounted for 28.4% of our Gross Rentals for the month ended March 31,

2025. As such, we are dependent on our top 10 tenants, as well as multinational tenants, including GCC tenants, for our Gross Rentals and revenue from operations. There is no assurance that demand for real estatebysuchtenantswillnotbeadverselyaffectedbychangesintheglobaleconomicconditionsorother factors beyond our control, which could affect their ability to service their lease agreements, expand their existing office spaces they have leased with us or renew their lease agreements. For instance, any tariffs, trade measures or other geopolitical or economic developments affecting the countries where our tenants operate,includingtheUnitedStates,maycreatemarketuncertaintyandimpactourmultinationalandGCC tenants. Furthermore, we also face concentration risk with respect to tenants in the technology and BFSI industries. According to the CBRE Report, as of CY2024, technology, co-working firms and BFSI firms held the highest shares of occupier demand at 23.3%, 20.4% and 15.3%, respectively. However, there can be no assurance that such trends will continue in the future, and any adverse developments affecting tenants in these industries, including a downturn in the businesses of one or more of these tenants, non-renewal or early termination of leases for any reason, economic and other factors that lead to a downturn in the technology and BFSI sectors or the city in which these assets are located, may have an adverse impact on our revenues. If we are unable to diversify our tenant base or expand into new cities, we may experience material fluctuations or decline in our revenue, as a result of which our business, financial condition, results of operations and cash flows could be materially and adversely affected.

Further, a number of our PortfolioAssets have a single or few tenants occupying the entire property or a substantial portion of the property for long durations. For instance, Sattva Cosmo Lavelle, Sattva Knowledge Capital and Sattva Horizon are fully leased to a single tenant (including their affiliated entities) as of the date of this Offer Document. Certain PortfolioAssets also have tenants who account for a significant portion of Gross Rentals of the asset. These include Cisco Systems India Private Limited, who contributed 57.0% of Gross Rentals at Cessna Business Park and J.P. Morgan Services India Private Limited, who contributed 54.5% of Gross Rentals at Prima Bay for the month ended March 31, 2025. In addition, Sattva Premia was occupied by a single anchor multinational office tenant as of March 31, 2025, 40and as of the date of this Offer Document, the tenant has vacated the premises following the end of the leaseterm.Anyinabilitytore-leasesuchvacantspaceatcompetitiverentalsupontheexitofthesetenants with large leases could result in a decrease in our revenues.

Some of our Portfolio Assets may also require us to lease a proportion of the relevant asset to tenants in specificindustries,underthetermoftheleasedeeds,grantdocumentsorsaledeedswithcertainregulatory authorities. For instance, One World Center, One International Center, and Prima Bay are registered as private IT/ITeS parks which require not less than 80% of our leases to be leased to tenants in the IT/ITeS sector. Further, the relevant regulatory approvals require us to lease One BKC towards business support services.Suchrequirementsmaylimitourabilitytoselecttenantsinothersectorsonmorefavorableterms and make our Portfolio more susceptible to fluctuations resulting from adverse economic or business conditions, including those affecting the technology and BFSI sectors.We may also not be able to comply with these requirements in certain instances, and any inability to do so could affect our ability to receive the benefits associated with being designated as an IT/ITeS park or result in penalties or financial losses.

12. Tenant leases across our Portfolio are subject to the risk of non-renewal, non-replacement, default, early termination, regulatory or legal proceedings or changes in applicable laws or regulations, thereby impacting leasing and other income. Further, vacant properties could be difficult to lease, which could adversely affect our revenues.

We derive a significant portion of our revenue from rental income and ancillary services in connection with the leasing of our real estate properties in India. Leases with tenants across our Portfolio may expire and may not be renewed for various reasons. For details of the key terms of our lease deeds see “Business—Lease Agreements and Lease Management” on page 364. Tenants may be late in rental payments or delay the commencement of the lease. The renewal process of the lease agreements with existing tenants may also involve delays in the execution and registration of such agreements, resulting inthetenantsbeinginpossessionofunitswithoutenforceablelegaldocumentsforalimitedperiod,which may limit our ability or the ability of our Manager to enforce the terms of such agreements in a court of law during such period. We may be subject to dispute or litigation on account of non-compliance by any partyofthetermsofsuchagreementswhichmayhaveanegativeimpactonourreputationandoperations.

We have in the past entered into, and may in the future enter into, pre-committed lease arrangements for our under-construction properties with prospective tenants and any changes to or delays in the execution ornon-executionofthefinalleaseagreementsmayadverselyaffectourbusiness,resultsofoperationsand cash flows. Further, as per the terms of some of the existing agreements, we may not be permitted to lease floorsinthesamepremisestocompetitorsofalessee.Asaresult,ifvacanciescontinueforalongerperiod than expected it will have an adverse effect on our results of operations and financial condition. There is also risk that in the event of a termination of a lease by the lessor, tenants may also seek statutory protection or take legal action against eviction.

Tenants with a presence across multiple assets in our Portfolio may also decide to move out of some of or all their rented units in our Portfolio. Our tenants’ decision to terminate or not renew their lease agreements could be based on a number of factors, including global macroeconomic trends or trends affecting specific industries or sectors. If our tenants are required to reduce operating costs or employee headcount, they may terminate or fail to renew their lease agreements. Further, CY2024 accelerated a ‘Return to Office’trend among many corporates, with a clear inclination towards “office-first” strategies as per the CBRE Report, however, there is no assurance that such trend will continue in the future. Any changes in the preferences of employers, including a shift to a hybrid or fully remote working model, could adversely affect the demand for office spaces. Further, in certain properties in which we have an interest that are a part of a larger commercial development, we have, and may in the future, enter into co-terminus lease arrangements with the lessors and the other owners. Accordingly, any adverse developments affecting such other owners which results in a termination of their lease arrangements with the lessors could also impact our lease arrangements with such lessors.

41Under the lease agreements, the tenants are generally required to furnish an interest free, refundable security deposit. Upon the expiry or termination of such agreements, the relevantAsset SPVs are required to refund such deposits to the tenants, subject to deductions in the past, as applicable. Further, tenants across our Portfolio may face credit defaults, which may result in delays or failures to make the required payments under their respective lease agreements.Any default by a tenant prior to the expiry of the lease agreement may also result in deductions in or forfeiture of its security deposit, termination of the lease agreement or other enforcement actions.While we have experienced certain tenant defaults, such defaults have not had a material adverse effect on our business, financial condition, results of operations or cash flows. However, we cannot assure you that such instances will not arise in the future.As a consequence, issuesmayarisewithourtenantsinrelationtodefaultsundertheleaseagreements,includingthequantum of deductions or forfeiture of the security deposits, which may result in our tenants refraining from handingoverpossessionofthepropertytous.Suchinstancesmaygiverisetolegaldisputesthatmaytake several years to resolve and involve considerable expense if they become the subject of court proceedings and their outcome may be uncertain. Our Asset SPVs and Investment Entities may also face delays in finding suitable tenants which could also have an adverse impact on the revenue of our Portfolio Assets and could impact our ability to comply with the investment conditions prescribed under the SEBI REIT Regulations. Typically, lease rentals from specific assets are charged to lenders towards repayment of amounts borrowed from such lenders. In case of termination of the lease deeds, the relevant Asset SPV or Investment Entity may be required to make alternate arrangements to pay the monthly instalments to the lenders, failing which we could be in breach of our loan facility agreements. See also, “Risk Factors—After the completion of the Issue and the listing of the Units, we may obtain external debt financing to repay a portion of the debt of our Portfolio and to finance our Portfolio’s business and financing requirements. The terms of this financing may limit our ability to make distributions to the Unitholders.” on page 34.

13. Compliance with, and changes in applicable laws, including but not limited to environmental, health and safety laws and regulations, could adversely affect the development of our properties.

Any inability to obtain, maintain or renew all regulatory approvals that are required may have an adverse impact on our business, financial condition, results of operations, cash flows and prospects.

Our business is subject to various covenants and local state laws and regulatory requirements, including permitting, licensing and zoning requirements, building codes, fire, health, life-safety, emission norms, green cover requirements and similar regulations, which are subject to change from time to time. Local regulations, including municipal or local ordinances, restrictions and restrictive covenants imposed by community developers may restrict our use of our assets and may require us to obtain approval from local officials or community standards organizations at any time with respect to our assets. Such local regulations may cause us to incur additional costs to renovate or maintain our properties in accordance with the particular rules and regulations. For instance, if we face any environmental concerns during the development of a property or if the Government introduces more stringent regulations, we may incur delays in our estimated timelines and may need to incur additional expenses. Failure to comply with these laws can result in penalties or other sanctions. We cannot assure you that all ongoing compliance or periodic filings which are required to be made in relation to our Portfolio or our Asset SPVs and Investment Entities have been made in a timely manner, or at all. Further, there may be certain instances where we may not be compliant with one or more conditions of our environmental licenses, including completion of construction within stipulated periods, ensuring maintenance of adequate rainwater percolation pits or sewage treatment plants with sufficient capacity. Further, there may be instances where we are not be compliant with the filing requirements prescribed under the CompaniesAct, 2013 or by the MCA. While necessary corrective steps including rectification, settlement and/or compounding of such non-compliances have been made by the relevant entities with the MCA, we cannot assure you that such instances will not occur in the future.

42CertainofourAssetSPVshavereceivednoticesfromtheOfficeoftheTahsildar,Bengaluru,inconnection with the recovery of environmental compensation aggregating to approximately ₹135.00 million. The notices have been issued in relation to an order passed by the National Green Tribunal in a matter involving an Associate of the Sattva Sponsor. However, while this order does not relate to the relevant Asset SPVs and their respective assets and the relevant PortfolioAssets have filed their responses to such notices, there can be no assurance that there will be no adverse action against ourAsset SPVs in relation to the above proceedings, which could have an adverse effect on our business and financial condition. For further details, see “Legal and Other Information—Material litigation and regulatory action pending against the Sponsors, their Associates and the Sponsor Groups of each of the Sponsors” on page 723.

Our Portfolio Assets also require various approvals, licenses, registrations, and permissions from the Government, local bodies, and other regulators, for the operation of their respective business by the relevant Asset SPV or Investment Entity. As part of our commercial understanding with tenants, certain approvals are required to be procured by the tenants and accordingly reflect the names of the relevant tenants. Further, in the case of certain assets in our Portfolio Assets, such as Fintech One, ongoing compliances under various environmental approvals are undertaken by third parties, over which the relevantAssetSPVorInvestmentEntitymayhavelittleornocontrol.Furthermore,certainapprovalsmay be untraceable and there may also be certain approvals for which an application has not been made and certain approvals for which an application has been made but the approval is awaited, as of the date of this Offer Document. Certain portions of our assets are also currently under construction and remain subject to obtaining regulatory approvals. There may also be approvals which we are in the process of applying for, that have expired or are subject to renewal on an ongoing basis. For example, we await the renewals of our consents to operate in respect of, Sattva Knowledge City, Sattva Premia, Sattva Knowledge Court, Sattva Magnificia, Sattva Touchstone and the consents to operate for Sattva Horizon, SattvaEndeavourandSattvaSouthAvenue.Wearealsointheprocessofobtainingcertainapprovalssuch as approvals for use of land, and there is no assurance that such approvals will be obtained or granted to us by the relevant authorities in a timely manner or at all. Further, with respect to One BKC, certain MMRDAapprovalsobtainedbyusaresubjecttotheoutcomeofongoinglitigationsbetweentheerstwhile owners of the asset and the MMRDA. Also see “Regulatory Approvals” and “Legal and Other Information” on pages 745 and 703. For certain blocks in some assets within our Portfolio Assets, the relevant entities may not have fully complied with sanctioned plans, development plans, building codes, conditions regarding land use/permitted use of the built-up areas (including parking areas), inclusion of common areas in sanctioned plans and conditions regarding the total area to be constructed/built, occupancy certificates, and/or building completion certificates. Some of the approvals in relation to certainAsset SPVs reflect names of the previous owners, the composite real estate projects of which our Portfolio Asset is a part of, and/or the former names of our Asset SPVs. Our Asset SPVs have either applied or are in the process of applying for transferring such approvals in its name or recording the change in name, as applicable. In certain instances, there may also be inconsistencies in the descriptions of the projects and extents of areas across different approvals. While we have not experienced any claims oractionstakenbytherelevantauthoritiesinrelationtoanyapprovalswhichhaveexpiredinthelastthree Financial Years, we cannot assure you that such instances would not occur in the future, which could subject us to fines and other penalties, and may adversely impact our ability to continue operating the relevant project in a profitable manner, or at all.

Additionally, compliance with new or more stringent applicable laws or regulations or stricter interpretation of existing laws may require material expenditure by us or limit the business activities we can undertake. We cannot assure you that future laws, ordinances or regulations will not impose any material liability or that we will not be subject to any liability in the future due to factors beyond our control. For instance, the current environmental condition of our assets may be adversely affected by existing conditions of the land, operations in the vicinity of the assets or the activities of unrelated third parties. Failure to comply with applicable laws and regulations could result in fines and/or damages, suspension of personnel, civil liability or other sanctions, which could result in a material and adverse effect on our business, financial condition, results of operations and cash flows.

4314. We have entered into and may in the future enter into material related party transactions, the terms of which may be unfavorable to us or could involve conflicts of interest. The Manager may face conflicts of interests in choosing our service providers, and certain service providers may provide services to the Manager, the Sponsors or the Sponsor Groups on more favorable terms than those payable by us.

We have entered into and will enter into transactions with several related parties, including with the Manager, the Sponsors and the Sponsor Groups, pursuant to the Initial PortfolioAcquisitionTransactions, ROFO Deed, Shareholder Debt Documentation, intellectual property licensing agreements, property management agreements, facility management agreements and other agreements, the terms of which may be deemed to not be as favorable to us as if they had been negotiated between unaffiliated third parties.

These transactions relate to, among others, the acquisition of our Portfolio, management and maintenance ofourPortfolio,licensingoftrademarks,relatedpartyloansand/oradvances.Anyfuturetransactionswith ourrelatedpartiescouldpotentiallyinvolveconflictsofinterest,anditmaybedeemedthatwecouldhave achievedmorefavorabletermshadsuchtransactionsnotbeenenteredintowithrelatedparties.Fordetails, see “Management Framework” and “Related Party Transactions” on pages 412 and 406, respectively.

Certainofourserviceprovidersortheiraffiliates(includingaccountants,administrators,lenders,brokers, attorneys, consultants, title agents, property managers and investment or commercial banking firms) may also provide goods or services to or have business, personal or other relationships with the Sponsors or the Sponsor Groups. Such service providers may be investors in us, affiliates of the Manager, sources of financing and investment opportunities, co-investors or commercial counterparties or entities in which the Sponsors or the Sponsor Groups has an investment, and payments by us may indirectly benefit the Sponsors or the Sponsor Groups. For instance, the facility management for certain Portfolio Assets is carried out by related parties to the Sattva Sponsor which may involve fees and/or servicing payments to affiliated entities of the Sattva Sponsor. The Valuer may also provide certain services to the Sponsors and/or the Sponsor Groups in connection with their other assets. In certain circumstances, service providers, or their affiliates, may charge different rates or have different arrangements for services

provided to the Sponsors or the Sponsor Groups as compared to services provided to us, which in certain circumstances may result in more favorable rates or arrangements than those payable by us. In addition, ininstanceswheremultiplebusinessesoftheSponsorsortheSponsorGroupsmaybeexploringapotential individual investment, certain of these service providers may choose to be engaged by other affiliates of theSponsorsortheSponsorGroupsratherthanus.Moreover,certainemployeesoftheManagermayhave family members or relatives employed by such advisors and service providers. These relationships may influence us and the Manager in deciding whether to select or recommend such a service provider to perform services for us or a portfolio property (the cost of which will generally be borne directly or indirectly by us or such portfolio property, as applicable).Additionally, in determining whether to invest in a particular property on our behalf, the Manager may consider the long-term relationships of our Sponsors with involved parties, which may result in certain transactions that the Manager will not undertake on our behalf in view of such relationships. Further certain properties owned by us may be leased out to the Manager, Sattva Sponsor Group, Sattva Group, the Blackstone Sponsor Group or Blackstone and their respective associates/affiliates which would give rise to a conflict of interest.

Also, it is likely that we will enter into additional related party transactions in the ordinary course of business, including with respect to potential acquisitions. We cannot assure you that such transactions, individually or in aggregate, will not have an adverse effect on our financial condition, cash flows and results of operations or that we could not have achieved more favorable terms if such transactions had not been entered into with related parties. We also cannot assure you that any dispute that may arise between us and related parties will be resolved in our favor. For more information regarding our related party transactions, see “Related Party Transactions” on page 406.

The SEBI REITRegulations specify the procedure to be followed for related party transactions. Specified policiesandproceduresimplementedbytheManagertomitigatepotentialconflictsofinterestandaddress certain regulatory requirements and contractual restrictions may from time to time reduce the synergies across the Manager’s, the Sponsor’s and the Sponsor Group’s various businesses that we expect to draw on for purposes of pursuing attractive investment opportunities.

4415. The title, leasehold rights and development rights or other interests over land where our Portfolio Assets are located may be subject to legal uncertainties and defects, which may interfere with our ownership and/or leasehold rights of our Portfolio Assets and result in us incurring costs to remedy and cure such defects.

We have relied on independent third parties to conduct a portion of due diligence in relation to title verification and valuation of our PortfolioAssets.To the extent that such third parties miscalculate or fail to identify risks and liabilities associated with the PortfolioAsset in question, the relevant PortfolioAsset may be affected by defects in title, or the valuation of the Portfolio Asset may not be an accurate representation of its value. Further, there may be various legal defects and irregularities in the title to the lands or development rights, right to use or other interests relating to our Portfolio Assets including non-compliance with the process of conversion of land parcels, failure to obtain the requisite consents from land development authorities during the process of devolution of title to land. Third parties may claim or seek to claim an interest in such land or development rights. In certain instances, while our projects are developed based on the plans sanctioned by relevant authorities, there may be discrepancies between the terms of the sanctioned plans and the local laws.

Further, there may be discrepancies in the description and extent of the assets as described in various title documents.These defects, irregularities or claims may not be fully identified or assessed. OurAsset SPVs may also be subject to claims by third parties in relation to land or property previously allotted to, or acquired by ourAsset SPVs. For further details, see “Legal and Other Information” on page 703. Our title to, or right to use, certain Portfolio Assets is subject to the completion of certain actions, including the receiptofconsentoftheMMRDAfortheassignmentof6unitsofOneBKCtousfromtheoriginallessor.

There can be no assurance that we will be able to acquire legal title to any land acquired which our assets are located. For further details, see “Legal and Other Information” on page 703.

The rights or title of our Asset SPVs and Investment Entities in respect of these lands may be adversely affected by incomplete, improperly executed, unregistered or insufficiently stamped or missing conveyance instruments in the property’s chain of title, non-compliance with the terms of the grants or leases by previous owners, irregularities in the process followed by the land development authorities and other third parties who acquired the land or conveyed or mutation of the land in favor of theAsset SPVs or Investment Entities, irregularities or mismatches or lacuna in record-keeping or title documents, non-issuance of public notice prior to acquisition or when the title report is issued or updated, the absence ofconveyancebyallrightholdersand/orabsenceofconveyanceovertheentireextentofunderlyingland, rights of adverse possessors, ownership claims of family members or co-owners or prior owners, non-payment of property taxes or other defects that we may not be aware of. For instance, we have received notice of a precept order and warrant of sale issued by the High Court of Judicature at Delhi, against a previous owner of One Qube, directing the attachment and sale of One Qube in connection with athirdpartylitigationinvolvingthepredecessorsintitle,unconnectedtous.WehavefiledanIntervention Application seeking to set aside such orders and as of the date of this Offer Document, the final order in respect of such application is still pending.There can be no assurance that we will be successful in setting aside such orders. However, pursuant to Regulation 11(4) of the SEBI REIT Regulations, the Sponsors undertake to take all necessary steps and actions as may be required vis-à-vis the InterventionApplication to ensure the validity of the OQRPL SAA to be consummated as part of the Initial Portfolio Acquisition Transactions.

Several of our PortfolioAssets are located on land leased from various governmental authorities and third parties. While we may have validly acquired or obtained such land on lease from the relevant governmental authorities and/or third parties or become assignees of such leases, we cannot assure you that the prior acquisition of land by the relevant lessor or the lease of land to the original lessees will not be questioned. For further details, refer to “Legal and Other Information” on page 703. Legal disputes in respect of land title in India can take several years and can entail considerable expense to resolve if they become the subject of court proceedings and their outcome can be uncertain. If such disputes are not resolvedbetweenourAssetSPVsorInvestmentEntitiesandtheclaimants,suchAssetSPVsorInvestment Entities may either lose their interest in the disputed land or may be restricted from further development 45thereon. The failure to obtain good title to a particular plot of land may impact the operations of the relevant asset, lead to write-off expenditures in respect of development and other adverse consequences.

The method of documentation of land records in India has not been fully computerized. Land records may be hand-written, in local languages, illegible or may not match with the approvals granted to us by regulatory authorities. Land records may also be untraceable or not always updated. The land updating process can take a significant amount of time and can result in inaccuracies or errors and increase the difficulty of obtaining property records and/or materially impact the ability to rely on them. Limited availability of title insurance, coupled with difficulties in verifying title to land, may increase the vulnerability of our Asset SPVs’and Investment Entities’title over the land that is part of our Portfolio.

This could result in a delay in our selling the property or even a loss of title to the property, affect valuationsoftheproperty,orotherwisemateriallyprejudicethedevelopmentofthepropertyandourAsset SPVs and Investment Entities may also face the risk of illegal encroachments on the land parcels owned by it or over which it has development rights which could in turn have a material and adverse effect on our business, financial condition, results of operations or cash flows.

16. We operate in a competitive environment and increasing competitive pressure could adversely affect our business and the ability of our Manager to execute our growth strategy.

We operate our businesses in an intensely competitive and highly fragmented environment. We face significant competition in our business from a large number of private players with comparable projects and REITs, who hold commercial office real estate assets, particularly Grade A office properties located within the vicinity of our Portfolio Assets.

The extent of the competition we face depends on a number of factors, such as the rent charged, location, services and amenities provided and the nature and condition of the premises to be leased. Competition from other developers in India could result in price and supply volatility which may adversely affect the ability of our Manager to lease the buildings in our Portfolio and continued development by other market participantscouldresultinasaturationoftherealestatemarketwhichcouldadverselyaffectourbusiness, financial condition, results of operations and cash flows.

Given the fragmented nature of the Indian real estate development industry and the business that the market has developed, we often lack adequate, accurate, or reliable information about our competitors’ projectsandaccordingly,wemayunderestimatesupplyinthemarket.Asweseektoexpandourpan-India presence, we face the risk that some of our competitors, who are also engaged in real estate development, may be better known in other markets and enjoy better relationships with tenants, and demand for our office space may not grow as anticipated in certain newer markets. If we are unable to grow our business in such markets effectively, our growth, business prospects, results of operations, cash flows and financial condition may be adversely affected. See “Risk Factors—We may be unable to successfully grow our business in new geographic markets in India, which may adversely affect our growth profile, business prospects, results of operations, cash flows and financial condition.” on page 52.

Some of our competitors in the commercial office real estate development business may have a greater land bank and financial resources. They may also benefit from greater economies of scale and operating efficiencies. Competitors may, whether through consolidation or growth, present more credible integrated projects. Any failure to compete effectively may have an adverse impact on our market share and profitability which in turn can have an adverse effect on our business, financial condition, results of operations and cash flows.

4617. There are outstanding litigations and regulatory actions involving certain of our Asset SPVs, the SattvaSponsorGroupandAssociatesoftheSattvaSponsorthatmayadverselyaffectourbusiness.

CertainofourAssetSPVsarecurrentlyinvolvedinanumberoflegalproceedings,includingcriminaland regulatory proceedings. These legal proceedings are pending at different levels of adjudication before variouscourtsandtribunals.Ifanynewdevelopmentsarise,forexample,achangeinIndianlaworrulings against us by the appellate courts or tribunals, we may face losses and may have to make provisions in our financial statements, which could increase our expenses and our liabilities.

The following table sets forth a summary of the proceedings involving us:

Aggregate amount involved Nature of Litigation Numberof Cases(1) (₹in million)(2) Knowledge Realty Trust (Asset SPVs and Investment Entities) Title litigation involving the Portfolio Assets 26(3) 203.76(3) Regulatory Proceedings 8 179.98 Criminal Litigation 1 Nil Other Material Litigation 3 Nil Direct Tax 66 1,231.07 Indirect Tax 15 1,672.49 Property Tax 5 272.08

Notes:

(1) Includescaseswhicharenotquantifiable

(2) Totheextentquantifiable

(3) Includesproceedingswherethereliefsoughthasbeenallowed/partlyallowedbytherelevantjudicialauthority.Fordetails,pleasesee“LegalandOtherInformation Titledisclosures(includingtitlelitigation)pertainingtothePortfolioAssetsandthePortfolioInvestment”onpage703.

For further details, see “Legal and Other Information—Material litigation and regulatory action pending against the Knowledge Realty Trust and its Associates” on page 719. Adverse decisions in such proceedings may have a material adverse effect on our reputation, business, results of operations, cash flows and financial condition.

The directors, promoters, key personnel and employees, as applicable, of our Sponsors, Sponsor Group, the Manager,Asset SPVs and the Investment Entities may also, from time to time, be involved in various legal proceedings. They may also hold board positions in other third-party entities, which could expose them to potential litigations unrelated to our business. Further, affiliates of our Sponsors and Sponsor Groups may be sponsors, promoters of other entities which could expose them to ongoing and potential litigations or regulatory proceedings. There are also outstanding legal and regulatory proceedings involving certain members of the Sattva Sponsor Group and certainAssociates of the Sattva Sponsor. For details, see “Legal and Other Information—Material litigation and regulatory action pending against the Sponsors, their Associates and the Sponsor Groups of each of the Sponsors—B. The Sattva Sponsor, its AssociatesandtheSattvaSponsorGroup”onpage723.Anyadversedecisionsinanysuchmattersbeyond ourcontrolandunrelatedtoourbusinesscouldresultinreputationaldamage,disqualificationofdirectors, or other parties to the REIT/Manager, which may in turn have a material adverse effect on our reputation.

There is no assurance that such legal matters will not arise or that they will be resolved favorably.

4718. We do not own the trademark or logo for “Knowledge Realty Trust” or “Sattva” and hence our inability to use or protect these intellectual property rights may have an adverse effect on our business, results of operations and cash flows.

We do not own the trademark or logo for “Knowledge Realty Trust” or “Sattva”. The trademark “Knowledge RealtyTrust” and “Sattva” and the associated logo are licensed to us by the Manager and the Sattva Sponsor, respectively, for an annual fee of ₹0.1 million under each agreement. The Trustee and the Manager, on our behalf, have been granted an exclusive, non-transferable and non-sub-licensable worldwide license to use the “Knowledge Realty Trust” trademark and logo. We cannot assure you that we will continue to have the uninterrupted use and enjoyment of the trademarks or logo. The license for the usage of “Knowledge Realty Trust” may be terminated by mutual consent of the Knowledge Realty Trust and the Manager in writing or if the Knowledge RealtyTrust ceases to be listed. Further, the license

provided by the Sattva Sponsor in connection with the usage of the “Sattva” trademark and logo may be terminated by mutual consent of the Manager and the Sattva Sponsor in writing and under certain circumstances, including at the option of the Sattva Sponsor if (a) the shareholding of the Sattva Sponsor and its affiliates (including any member of the sponsor group of the Sattva Sponsor and any of their respective affiliates), collectively, in the Manager falls below 10%; or (b) the Sattva Sponsor, or any of its affiliates, ceases to be a sponsor; or if the Knowledge Realty Trust ceases to be listed. Upon the termination of the license, we and the relevant Asset SPV or Investment Entity, as the case may be, will be required to cease the use of the “Sattva” and/or “Knowledge Realty Trust” trademarks within 60 days from the date of termination. For further details, please see “Related Party Transactions” on page 406.

Loss of the rights to use the trademark and the logo may affect our reputation, goodwill, business and our results of operations and cash flows. Further, the “Sattva” trademark and logo are used by other affiliates of the Sattva Sponsor and accordingly the value of the “Sattva” brand and consequently our goodwill, reputation and cash flows, and results of operations could be affected by the business and operations of such entities over which we have no control.

Further, the rights for the use of certain other trademarks have been licensed to the relevant Asset SPV by third parties. In the event that the trademarks used by our Portfolio are not registered or rejected or if thelicensesarenotrenewed,wemayberequiredtoundertakeadditionalexpendituretowardsarebranding exercise in respect of these assets. We may be required to resort to legal action to protect our trademark, logo, brand names and other intellectual property rights.Any adverse outcome in such legal proceedings may impact our ability to use such trademark, logo, brand names and other intellectual property rights in the manner in which it is currently used, or at all, which could have an adverse effect on our business and financial condition. For details, see “Our Business and Properties—Intellectual Property” on page 367.

19. There have been certain instances of delay in payment of statutory dues by the Knowledge Realty Trust,ourAssetSPVsandInvestmentEntitiesinthepast.Anyfailureordelayinpaymentofsuch statutory dues may expose the Manager, the Knowledge Realty Trust, our Asset SPVs and InvestmentEntitiestothestatutoryandregulatoryaction,aswellassignificantpenalties,andmay adversely impact our business, results of operations, cash flows and financial condition.

The Manager, the Knowledge Realty Trust, our Asset SPVs and Investment Entities are required to pay certain statutory dues including provident fund contributions and employee state insurance contributions under the Employees’Provident Funds and Miscellaneous ProvisionsAct, 1952 and the Employees’State Insurance Act, 1948, respectively, and professional taxes and labor welfare fund charges.

48The table below sets out details of statutory dues paid by the Manager, the Knowledge Realty Trust, our AssetSPVsandInvestmentEntitiesonaconsolidatedbasisinrelationtotheiremployeesduringtheyears

indicated: (₹ in millions) Nature of payment FY2025 FY2024 FY2023 Employee Pension 3.17 0.94 – Profession Tax 0.48 0.42 0.44 Provident Fund 20.74 17.17 15.20 Employee State Insurance 0.05 0.12 0.11 Labor Welfare Fund 0.00 0.03 0.06 Foreigncurrencystatutoryduesareconvertedataverageexchangerateduringtherespectiveyear

Note:AscertifiedbySainiPatiShah&CoLLP,CharteredAccountantsbywayoftheircertificatedatedJuly29,2025 The table below sets out the number of permanent employees for which such payments were applicable fortheManager,KnowledgeRealtyTrust,ourAssetSPVsandInvestmentEntitiesonaconsolidatedbasis during the Financial Years 2025, 2024 and 2023:

(₹ in millions) Nature of payment FY2025 FY2024 FY2023 Provident fund 266 250 189 Employee state insurance 7 17 19 Professional taxes 258 238 189 Labor welfare fund charges 72 70 74

Note:AscertifiedbySainiPatiShah&CoLLP,CharteredAccountantsbywayoftheircertificatedatedJuly29,2025 The table below sets out details of amounts of delays in payment of statutory dues by the Knowledge RealtyTrust,ourAssetSPVsandInvestmentEntitiesonaconsolidatedbasisduringFY2025,FY2024,and FY2023:

(₹ in millions) Delayed amounts during the year Nature of Payment FY2025 FY2024 FY2023 Employee Pension 0.06 – – Employee Withholding tax – – – Green Tax – – – Land Rental – – – Non Resident withholding tax – – – Profession Tax – 0.06 0.03 Tax Deducted at Source 11.95 7.53 3.89 Value Added Tax – – – Goods and Service Tax 0.02 1.48 1.32 Provident Fund 0.52 0.53 0.72 Employee State Insurance 0.00 0.01 0.02 Tax Collected at Source 0.00 0.06 – Labor Welfare Fund 0.00 – –

Note:AscertifiedbySainiPatiShah&CoLLP,CharteredAccountantsbywayoftheircertificatedatedJuly29,2025 Foreigncurrencystatutoryduesareconvertedataverageexchangerateduringtherespectiveyear 49The delays in payments were primarily on account of delays in reconciliation of the accounts of the Knowledge Realty Trust, our Asset SPVs and Investment Entities, respectively. While the Knowledge RealtyTrust,ourAssetSPVsandInvestmentEntitieshavesubsequentlymadeallpaymentsofthedelayed statutory dues and have since implemented various measures to ensure timely payment of statutory dues including setting up automated reminders, regular reconciliation of accounts, and continuous monitoring of accounts, we cannot assure that we will not incur delays in payment of statutory dues in the future.

Further, there have been delays in payments owed to MSMEs by the Knowledge Realty Trust, our Asset SPVs and Investment Entities in the last three Financial Years. However, in accordance with the requirements of the MSME Rules 2016, the Manager, the Knowledge Realty Trust, our Asset SPVs and Investment Entities may have to pay the requisite interest on such delayed payments.Any failure or delay in payment of such statutory dues may expose the Manager, the Knowledge Realty Trust, ourAsset SPVs and Investment Entities to statutory and regulatory action, as well as significant penalties, which may adversely impact our business, results of operations, cash flows and financial condition.

20. We may be subject to certain restrictive covenants and variable interest rates under our financing agreements that could limit our flexibility in managing our business, ability to use cash or other assets which could cause our debt service obligations to increase significantly.

As of March 31, 2025, our Total Borrowings were ₹197,921.74 million. As of July 2, 2025, our Total Borrowings were ₹208,276.75 million. For details, see “Financial Indebtedness—Proposed Financial Indebtedness” on page 620. While we intend to repay or prepay a part of the indebtedness availed by certain of our Asset SPVs and Investment Entities from banks and other financial institutions out of the Issue Proceeds, we have the ability to and will incur certain additional indebtedness in the future, and our Asset SPVs and Investment Entities may from time to time incur additional indebtedness, subject to the restrictions contained under our financing agreements. If new indebtedness is added to our current debt levels, the related risks that we now face could intensify, which may have a material adverse impact on our business, financial condition, results of operations, cash flows and prospects.

Typically, lenders may require our receivables as well as the receivables of the relevant Asset SPV and Investment Entity (including the cash flows) to be secured in their favor. Further, the assets of ourAsset SPVs and Investment Entities may be used as collateral security for any borrowings by otherAsset SPVs and Investment Entities. Our Asset SPVs, Investment Entities and we may also be subject to restrictive covenants, which could include, among others, the requirement to directly transfer lease rentals from specific tenants to the account of the lender until such time that the loan amounts are repaid, as well as restrictions that affect our, our Asset SPV’s and Investment Entities’ distribution and operating policies, including the ability to obtain additional loans. Furthermore, some of the financing arrangements which we and affiliates of our Sponsors have entered into, or may enter into in the future, may contain cross-acceleration or cross-default provisions, including for any defaults by affiliates of our Sponsors.As a result, any default under such financing arrangements may cause the acceleration of repayment of not only such debt but also our other debt or result in a default under other financing arrangements.While we have not encountered any instances of material breaches which have resulted in an event of default under our loan agreements in the past three Financial Years, we cannot assure you that such instances will not arise in the future and that we would be able to obtain waivers in respect of any breach or default by us under any of our existing or future debt agreements. In such case, the lenders could elect to declare outstanding amounts due and payable, terminate their commitments, require the posting of additional collateral and enforce their interests against existing collateral. There can be no assurance that our assets and our cash flows would be sufficient to repay in full all of the debts as they become due, or that we would be able to find alternative financing on terms that are favorable or acceptable to us, or at all.

5021. Our revenues, results of operations, cash flows and financial condition may be adversely affected by low occupancy and rent levels of our Portfolio Assets.

As we derive most of our revenue from the leasing of our Portfolio Assets, the success of our business depends on our ability to maintain high occupancy levels, which affects the amount that we receive from leases based upon the space we have leased, as well as the rental rates in respect such leased spaces. The rental rates of our Portfolio depend upon various factors, including but not limited to prevailing supply and demand conditions as well as the quality and design of our Portfolio.According to the CBRE Report, inanticipationofstrongdemandfromoccupiers,developerstendtolaunchmoreprojectsleadingtohigher stock of office space in the short to medium term, and if the market slows down, this over supply can lead to higher vacancies and a reduction in rental rates. We may be unable to maintain occupancy levels and receive rent at desired levels from our tenants as a result of a number of factors, including those that are beyond our control, such as competitive pricing pressure in our markets, changing market dynamics including demand and supply, a general economic downturn and the desirability of our properties compared to other properties in our markets. This may result in reduced tenant occupancy levels, cause tenants to cease operations or experience significant financial difficulties and therefore cause the actual rents we receive for the properties in our Portfolio to be less than estimated Market Rents for future leasing, which would adversely affect our business, results of operations and cash flows.

Accordingly, we cannot assure you that the demand for our properties will grow, or will remain stable, in the future. For instance, our Committed Occupancy as of March 31, 2025 at Sattva Touchstone, Sattva Eminence, Sattva Supreme, Sattva Premia, Sattva South Avenue, and One Unity Center were relatively lowercomparedtoourotherassetsinothersub-marketsprimarilyduetotenantexitsasaresultofbusiness headwinds and recent completions. There is no assurance that we will be able to procure new leases or renew existing leases at prevailing market rates. If vacancies continue for a longer period than we expect orindefinitely,wemaysufferreducedrevenues,whichmayhaveamaterialadverseeffectonourfinancial performance. Even if we do manage to secure new leases, the rental rates and rent escalations under such leases may not be comparable with prevailing market rates or sufficient for us to offset any increasing expenses. If we are unable to find new tenants or renew our leases promptly, or if the rentals upon such renewalsorre-leasingarelowerthanourexpectedvalueorreserves,ourresultsofoperations,cashflows, financial condition and the value of our real estate would be adversely affected. Additionally, we cannot assureyouthatwewillbeabletocontinuetochargeourtenantsfeesforthemaintenanceofcommonareas and other amenities, utilities or services at the prevailing or current rates. In the event that our tenants demandlowercharges,disputeexistingchargesorthemannerofcomputation/abilitytolevysuchcharges, or if there are changes in regulations affecting the amounts of such charges, our ability to charge and/or recover such sums in future may be impacted.

22. Recent disruptions in the financial markets and current economic conditions could increase our interest rates and finance costs, which could adversely affect our ability to service existing indebtedness.

The capital and credit markets have been experiencing volatility and disruption, owing to factors such as increase in interest rates, rising inflation, increasing commodity costs, and geopolitical factors including the ongoing Russia-Ukraine conflict, the Israel-Hamas and Israel-Iran conflicts and political and policy changesintheUnitedStates,includingtariffsandtrademeasures.Liquidityinthecreditmarketshasbeen constrained due to market disruptions, which may make it costly to obtain new lines of credit or refinance existing debt. As a result of any ongoing credit market turmoil or further increases in interest rates, we may not be able to refinance the existing indebtedness or obtain additional financing on acceptable terms.

As of March 31, 2025, our Total Borrowings was ₹197,921.74 million, of which, ₹174,738.30 million or

88.29% are on a floating rate basis.Accordingly, we may be impacted by increases in interest rates, which could increase our cost of financing for our projects and reduce our profitability. In FY2023, the Reserve Bank of India has increased its repo rate (i.e., the rate at which the RBI lends money to commercial banks inIndia)onseveraloccasions.Ourfinancecostsincreasedto₹17,462.35million,from₹16,927.13million and ₹15,331.76 million, for FY2025, FY2024 and FY2023, respectively.While the Reserve Bank of India has reduced the repo rate in 2025, any increases in interest rates in the future may adversely impact our business, financial condition, results of operations, cash flows and profitability.

5123. Certain agreements including lease deeds with some of our tenants are not adequately stamped or registered, and consequently, we may be unable to successfully litigate over the said agreements in the future and penalties may be imposed on us.

Certain of our documents, including lease deeds, are not adequately stamped or registered.

In terms of the agreements entered into with our tenants, the lease deeds and leave and license agreements whichareinadequatelystampedandunregisteredaccountforanaggregateoflessthan4.00%ofOccupied Area as of March 31, 2025. Further, in respect of certain other lease deeds which expire in the ordinary course, we are in the process of renewing, stamping or registering them. Additionally, certain new lease deeds entered into by us are in the process of being registered within prescribed timelines, in the ordinary course of business.

Additionally,inrespectofourPortfoliolocatedinKarnataka,followingtheintroductionofthemandatory e-khata system with effect from October 1, 2024, e-khatas have been made mandatory for registration of all agreements involving immovable properties in Karnataka. We are still in the process of obtaining e-khatas for some of the lease deeds for our Portfolio located in Karnataka and may accordingly experience delays in completing the registration of transaction documents (including new lease deeds) until such time. We have in the past received notices alleging shortfalls in the stamp duty paid in relation to certain transaction documents entered into by our Asset SPVs. For details see “Legal and Other Information” on page 703.

Failure to stamp a document may not affect the validity of the underlying transaction. However, it may renderthedocumentinadmissibleasevidenceinIndia(unlessstampedpriortoenforcementwithpayment of requisite penalties, which may be up to 10 times the stamp duty payable, and other such fees that may be levied by the authorities). Additionally, a lease deed which is compulsorily registrable under law but not registered may be inadmissible as evidence in Indian courts. Further, documents which are insufficiently stamped are capable of being impounded by a public officer. Consequently, should any disputeariseinrelationtoouruseoftherelevantproperties,wemaybeunableto,ormayincuradditional expenses to, enforce our rights in relation to such properties.

24. SomeoftheassetsinourPortfolioarelocatedonlandleasedfromdifferentlanddevelopmentand regulatory authorities and other third parties. We are also entitled to development rights from certain land development authorities with respect to certain Portfolio Assets. Further certain Portfolio Assets are located on land notified as SEZ. The relevant Asset SPVs are required to comply with the terms and conditions provided in the respective lease agreements/SEZ Act, as applicable, failing which the relevant land/SEZ authorities or other third parties as the case may be, may impose penalties, terminate the lease or take over the premises. We may also not able to renew such leases upon its expiry or premature termination.

One BKC and Fintech One are located on leasehold land. Further, One Qube and Kosmo One are located on land obtained from certain land development authorities subjecting the relevantAsset SPVs to certain terms and conditions of the relevant lessor/land development authority, which we may not be in compliance with and which may adversely affect our title to the underlying land and our ability to make distributions to Unitholders and to otherwise operate our business or monetize our assets.

52Theassetsarerequiredtocomplywithcertaintermsandconditions,suchaslanduseforspecificpurposes, utilizationofspaceasperFARnorms,andcompliancewithmilestonesforcompletionofconstruction.We are also required to obtain approvals for construction, certificates for occupancy and building completion, permission for sub-leasing/licensing of property, or mortgaging the property, among others. In certain instances,wemayberequiredtoprovideindemnitiesagainstanylossesorclaimsarisingfromanydamage to adjoining buildings, give preference in employment to persons from whom the land was initially acquired by the relevant authority or make payment of transfer fees in the event of any transfer of a plot/gala (after the first such transfer).

Separately, DRPL is entitled to leasehold rights over an 8.9 acre parcel of land adjoining Sattva Knowledge City, which is to be developed for such purposes as may be required by the Telangana State Industrial Infrastructure Corporation Limited (“TSIIC”). There can be no assurance as to the nature of development and other conditions that may be prescribed by TSIIC, which may result in additional expenses, including capital expenditure, being incurred by DRPL.

In addition, Cessna Business Park and a portion of Sattva Global City are located on land notified as SEZ and CGDPL and GVTPL are required to comply with the SEZ Act and the rules made thereunder. SEZs are subject to restrictions and conditions prescribed by the Ministry of Commerce and Industry, Government of India from time to time including restrictions on transfers of land and changes in shareholding. Failure to comply with the relevant restrictions and conditions could result in a denotification of the SEZ status of the underlying land and/or imposition of penalties which could adversely affect our business and financial condition. On December 6, 2023, the Ministry of Commerce and Industry, Government of India, issued the Special Economic Zones (Fifth Amendment) Rules, 2023 amending the SEZ regulations, permitting the demarcation and denotification of non-processing areas within an SEZ relating to complete floors with appropriate access control mechanisms subject to the repayment of tax benefits and certain other conditions. However, there is uncertainty in the manner of calculation of the quantum of duty benefit to be refunded to the relevant governmental authority, pursuant toanofficememorandumdatedApril9,2024,issuedbyMinistryofCommerceandIndustry,Government of India, which may result in the outflow of additional amounts from ourAsset SPVs in connection with the denotification of SEZ areas.As of the date of this Offer Document, we have obtained the approval for the denotification and demarcating of an aggregate of 0.9 msf of office space in Sattva Global City.

We cannot guarantee that the relevant Asset SPVs will be able to satisfy all or any of the conditions stipulated in the underlying lease agreements or whether they are currently in compliance with such conditions.Further,thereisnoassurancethatwehaveobtained,orwillbeabletoobtain,permissionsfrom relevant land development authorities, Directorate of Industries (DOI), SEZ or other authorities, as applicable for leases entered into by the relevantAsset SPVs. For instance, there have been delays in the past in obtaining such permissions from the HSIIDC pending the finalization of augmentation charges.

While the lease deeds executed with our tenants specifically include the purpose for which the premises can be utilized and any other requirements with which they must comply, we do not regularly monitor the premises to ensure that the tenant complies with the terms of the lease deeds executed with them and our Asset SPVs. Such non-compliance may result in investigation or action by the local, state or central government,includingrevocation/terminationoflease,demolitionoftheconstructionorpaymentoffines.

For details, see “Legal and Other Information” on page 703.

In the event that our land leases are revoked, not renewed or terminated prematurely or other adverse developments resulting from these matters or other matters described below occur, these could have a material and adverse effect on our Portfolio, and in turn impact our business, financial conditions, results of operations and cash flows. We cannot assure that we will be able to renew the lease with the relevant lessors on terms acceptable to them or at all or procure similar premises at existing rates and with alike benefits and this may in turn adversely affect our business, financial condition, results of operations and cash flows.

5325. IfweareunabletomaintainrelationshipswithotherstakeholdersinourPortfolio,ourcashflows, financial conditions and results of operation may be adversely affected.

The operation of certain of our assets depends on our relationships with other partners, shareholders and stakeholders. Some of the properties in which we have an interest are also part of a larger development which comprises other real estate components, such as residential, hotel or commercial units, or are adjacenttoorincorporatecommonorotherareaswhicharesharedwithownersofneighboringproperties.

For instance, Exora Business Park and Cessna Business Park are part of larger developments that include other buildings owned by third-party stakeholders. Additionally, certain of our Portfolio Assets, such as One Trade Tower, One BKC, Sattva Knowledge Court, One World Center, Sattva Supreme, Sattva Magnificia, SattvaTouchstone, Sattva Cosmo Lavelle, Sattva Horizon, Sattva Eminence, Sattva Spectrum and Sattva South Avenue, hold a portion of the undivided rights, title, and interest in the project and/or the land underlying the relevant projects, while the remaining portions are owned by third parties or third parties are entitled to the remaining portion of the undivided rights, title and interest (and we may provide CAM services for the entire asset). Some of our tenants are also entitled to the option to purchase their leased entitlement during the term of their lease and certain tenants are also entitled to pre-emptive rights if we propose to alienate, including any leasing of any portion of our entitlement to, certain assets within our Portfolio.

Additionally, the original developer of One BKC is required to register a condominium for One BKC in accordance with the Maharashtra Apartment Ownership Act, 1970, and the Real Estate (Regulation and Development) Act, 2016. For further details, see “Legal and Other Information” on page 703. Once established, the operation and maintenance of One BKC will be subject to the condominium’s by-laws.

Accordingly, any development or asset enhancement works that we propose for certain properties may require the consent and cooperation of the owners, co-owners or stakeholders, which may not be forthcominginatimelymanneroratall,orontermsacceptabletous.Whilewehavenotencounteredany instances where we have failed to obtain the required consents in the past three Financial Years, there is no assurance that we will be able to do so in future, which may adversely affect our ability to deal with our interests in some of our properties in a manner which achieves our objectives and in turn could have a material adverse impact on our business, financial condition, results of operations, cash flows and prospects.The rights of third parties to manage the shared or common areas at such properties means that wemaynotbeabletoameliorateanyshortcomingsordeteriorationof,orexecuteanyenhancementworks on, the shared or common areas. Further, while the CAM services are mostly managed in-house, certain management services for the larger development of which Exora Business Park is a part of, are managed and conducted by a third party. In certain instances, such as with respect to the area leased by Microsoft Group in Sattva Cosmo Lavelle, 1 block in Sattva Knowledge City leased by Novartis and the area leased by Cisco Systems India Private Limited in Cessna Business Park, the CAM services are undertaken by such tenants independently for areas leased by them. As such, we will also not be able to levy service charges and sinking fund contributions towards maintenance and upkeep of the shared or common areas in such asset. Our joint development partners may also encumber their undivided interest in the land underlying some of our assets. Any enforcement of such encumbrances could have an adverse impact on our business, results of operations, cash flows and prospects. Whilst, historically, the Sponsors have had good relationships with partners, minority shareholders and other stakeholders, we cannot assure you that the same level of relationship will be maintained post the Listing Date. Any deterioration of these relationships could have an adverse impact on the management of ourAsset SPVs and Investment Entities and on the operations and maintenance of our Portfolio, which could adversely affect our cash flows, financial condition and results of operations.

5426. The Valuation Report obtained for our Portfolio is only indicative in nature as it is based on various assumptions and may not be representative of the true value of our assets.

The valuation of real estate is inherently subjective due to, amongst other factors, the individual nature of the property, its location, the expected future rental revenues from that particular property and the valuation method adopted. The valuation report, dated July 12, 2025 issued by iVAS Partners, as the independent valuer(“Valuer”)settingoutitsopinionastothevalueofourPortfolioasofMarch31,2025isincorporated byreferenceinthisOfferDocumentandcanbeaccessedbyinvestors(asadocumentavailableforinspection

andonourwebsiteathttps://www.knowledgerealtytrust.com/investor-relation/valuation-report.pdf)andonly asummaryofmaterialtermsoftheValuationReport(the“SummaryValuationReport”)hasbeenincluded in this Offer Document, which is qualified by the details in the Valuation Report. For details on the assumptions, disclaimers and methodology used in the valuation report, see “Summary Valuation Report” beginning on page 1060. The valuation is an estimate and not a guarantee and is fully dependent upon the accuracy of the assumptions as to income, expense and market conditions. The assumptions made and conclusions derived will involve subjective judgments and projections that may turn out to be inaccurate, whichmayaffectthevaluation.Thevaluationmayalsoincludeassumptionsandopinionsaboutfutureevents (for instance, the tenants of our Portfolio will not default on their obligations under their lease agreements), whichmayturnouttobeincorrect.Further,theValuerhasfollowedparticularmethodologiestoarriveatthe valuation. There is no assurance that other methodologies would not have led to a different valuation.

Additionally, in the event that the Valuer does not continue to value our Portfolio subsequent to the listing of the REIT, and a new valuer is appointed by the REIT for the purpose of the ongoing valuation of our Portfolio, there can be no assurance that the methodology, assumptions and valuation will not be different from the valuation arrived at by the Valuer.

The Summary Valuation Report does not purport to contain all the information that may be necessary or desirable to fully evaluate our assets or an investment in the Units. The Summary Valuation Report contains forecasts, projections and other forward-looking statements that relate to future events that involve risks and uncertainties, which may cause the actual results or performance to be significantly different from any future results or performance expressed or implied by the forward-looking statements.

TheSummaryValuationReportdoesnotconferrightsorremediesuponinvestorsoranyotherperson,and does not constitute and should not be construed as any form of assurance as to our financial condition or futureperformanceorastoanyotherforwardlookingstatementsincludedtherein,includingthoserelating to macro-economic factors, by or on behalf of us, the Sponsors, the Manager, the Trustee, or the Lead Managers. Further, we cannot assure you that the valuations prepared by the Valuer in the Summary Valuation Report reflect the true value of the net future revenues of our Portfolio.

Additionally, the price at which we may be able to sell any of the assets in our Portfolio in the future may bedifferentfromtheinitialacquisitionvalueofsuchPortfolioAsset(s).Thevaluationdoesnotnecessarily represent the price at which a real estate asset would sell, since market prices of assets can only be determined by negotiation between a willing buyer and seller.As such, the value of an asset forming part of our Portfolio may not reflect the price at which such asset could be sold in the market, and the difference between value and the ultimate sales price could be material. The Valuation Report, including the Summary Valuation Report has not been updated since the date of its issuance, does not consider any subsequent developments and should not be considered as a recommendation by us, the Sponsors, the Manager, theTrustee, the Lead Managers or any other party, that any person should take any action based on such valuation. Accordingly, investors should not rely on the Valuation Report or the Summary Valuation Report in making an investment decision to subscribe to or purchase the Units.

5527. The audit report of our statutory auditor contains certain emphasis of matters.

The audit report to our Special Purpose Combined Financial Statements contains an emphasis of matter paragraph, describing that the Special Purpose Combined Financial Statements have been prepared by the Managerinaccordancewithbasisofpreparationasstatedthereinforinclusioninthedraftofferdocument, the offer document and the final offer document in connection with the proposed initial public offering of theunitsoftheTrust.Asaresult,theSpecialPurposeCombinedFinancialStatementsmaynotbesuitable for another purpose.

Whilesuchemphasisofmatterdidnothaveanadverseeffectonourfinancialcondition,wecannotassure that our financial information for future periods will not contain emphasis of matters or qualifications of a nature which may require us to make provisions in our financial statements if adversely determined, or otherwise result in a material adverse effect on our business, financial condition, results of operations, cash flows and prospects. Investors should consider such emphasis of matters while evaluating our financial position, results of operations and cash flows.

Furthermore, the Manager, being recently incorporated, had not maintained a back up of books of account and other records in electronic form for the period between May 19, 2023 to March 31, 2024 and the audit reportonthefinancialstatementsoftheManagerasatandfortheperiodfromMay19,2023toMarch31, 2024 has included modifications in the ‘Report on Other Legal and Regulatory Requirements’ in the Manager’s financial statements to this effect.

28. Our contingent liabilities as per Ind AS 37 could adversely affect our financial condition, results of operations and cash flows.

The table below sets forth our contingent liabilities as per Ind AS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’ and as a percentage of total equity as at the years indicated below:

As of March 31, 2025 2024 2023 Particulars (₹in millions, unless otherwise stated) In respect of Income Tax matters 1,218.39 1,142.94 1,050.98 In respect of custom duty matters 28.59 71.23 71.23 In respect of Value Added Tax (‘VAT’)/service tax/ Goods and Service Tax (‘GST’) matters 3,797.65 3,332.30 2,103.51 In respect of other matters 425.12 276.50 276.50 Total contingent liabilities (A) 5,469.75 4,822.97 3,502.22 Total equity (B) 21,157.15 24,417.49 14,610.90 Contingent liabilities as a percentage of total equity (%) (C = A/B) 25.85% 19.75% 23.97% If any of our contingent liabilities materialize, it could have an adverse effect on our financial condition, results of operations and cash flows. For further details on contingent liabilities as at March 31, 2025 as per Ind AS 37, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Off-Balance Sheet Arrangements and Contingent Liabilities” on page 526 and “Financial Information of the Knowledge Realty Trust” on page 831.

5629. We rely on third-party operators to successfully operate and manage certain Portfolio Assets and on contractors and third parties in developing our future development and construction projects.

Our results of operations and cash flows may be adversely affected if we fail to effectively oversee the functioning of third-party operators.

We rely on third-party service providers for certain aspects of our business. For instance, in relation to the CAM services conducted by our CAM Entities, we outsource the provision of certain services, such as housekeeping, security, repairs and maintenance to service providers, over whom the Manager has limited or no control. For details, see “Management Framework” on page 412. Additionally, the operations and management of our Solar Assets are also outsourced to third-party service providers. These service providers may further sub-contract some of the tasks assigned to them, and accordingly, our ability to direct and control the services that are outsourced to these third parties on a day-to-day basis may be limited.

Upon formation of the condominium, the operation and management of One BKC will be carried out according to specific by-laws, which allow a board of members, made up of representatives from entities that have purchased units or other interests in One BKC, to make decisions (including decisions on usage of common area). Further, while the CAM services are mostly managed in-house, certain management services for Exora Business Park are managed and conducted by a third party. In certain instances, our tenants may also undertake CAM services for areas leased by them independently. There is no assurance that such third parties will be able to operate and manage such assets in accordance with expectations and industry standards. See “Risk Factors—If we are unable to maintain relationships with other stakeholders in our Portfolio, our cash flows, financial conditions and results of operation may be adversely affected.” on page 54.

We also rely on third-party service providers for certain aspects of our business, including information systems, technology, administration and maintenance of corporate secretarial records.Any interruption or deterioration in the performance of these third parties, failures of their information systems and technology, or termination of these arrangements or other problems in our relationships with these third parties, could impair the quality of our operations and adversely affect our business and reputation.

Ifwedonotselect,manageandsuperviseappropriatethirdpartiestoprovidetheseservices,ourreputation and financial results may suffer. While we seek to implement and enforce policies and practices with regard to third-party service providers and have not encountered any instances of fraud, misconduct or theft by our third-party operators, there is no assurance that we will be able to successfully detect and prevent all such instances from occurring in the future. In addition, any removal or termination of third-party operators would require us to seek new operators, which could create delays and adversely affect our operations. Poor performance by such third-party operators will reflect poorly on us and could damage our reputation. In the event of fraud or misconduct by a third-party, we could also be exposed to material liability and be held responsible for damages, fines or penalties and our reputation may suffer.

Further, third-party service providers, sub-contractors and operators may decide to charge us higher rates for their services, and there is no assurance that we will be able to obtain alternative service providers, sub-contractors and operators, at terms acceptable to us, or at all, which may affect our profitability and ability to make distributions.

30. There can be no assurance that the Under ConstructionArea or Future DevelopmentArea will be completed in its entirety in accordance with anticipated timelines or costs or that we will achieve the results expected from such projects, which may adversely affect our business, financial condition, results of operations and cash flows and affect our ability to meet our Projections.

Our Portfolio has 1.2 msf of Under Construction Area and 8.0 msf of Future Development Area as of March 31, 2025. Completion of such projects involves incurring substantial time and costs and is subject to a number of factors, including shortages of resources, changes in the regulatory environment, adverse weather conditions, third-party performance risks, environmental risks, changes in market conditions, 57delays in obtaining the requisite approvals and permits from the relevant authorities and other unforeseeableproblemsandcircumstances.Forexample,ourprojectswhichareunderconstruction,Sattva Spectrum and Sattva Endeavour, have been delayed by a quarter due to delays in the construction process.

The expected completion date of our solar projects, namely One BKC Solar and Prima Bay Solar, have alsobeendelayedbyaquarterpendingthereceiptofcertainapprovals.KarnatakaSolar–IIhasalsobeen delayed from the fourth quarter of CY2025 to the second quarter of CY2026 due to certain delays in construction and site readiness. Additionally, according to the CBRE Report, construction costs may increase due to inflation and have an adverse impact on the profitability of new and under construction developments. Accordingly, we may face price increases in the construction of our projects due to inflationary pressures with respect to, construction materials (which may prove defective), equipment, technical skills and labor, acquisition of land, construction delays and other unanticipated cost increases.

We may also be required to purchase additional Floor-Space Index (“FSI”) or FloorArea Ratio (“FAR”) from third parties or governmental authorities in order to undertake the proposed construction.

Furthermore, our Future Development Area of 8.0 msf as of March 31, 2025 is located in a single asset, Sattva Global City, and any adverse developments affecting the asset may affect our ability to develop such future development project and increase our Completed Area to support our business plans. Any of these factors may lead to delays in, or prevent the completion of, a project and could result in any of the

following: (cid:129) disputes with contractors; (cid:129) costs substantially exceeding those originally budgeted for; (cid:129) the projected returns of such project not being met; (cid:129) negotiations with tenants in existing properties which are entitled to future development rights;

(cid:129) any change in the regulatory environment or relevant approvals and leases terminating or expiring; (cid:129) our incurring penalties for any delay in the completion of the undertaken property development;

(cid:129) our liability for penalties under the terms of agreements with tenants; and (cid:129) us being required to record significant changes to earnings in the future when we review our Portfolio for potential impairment. For further details, see “—We may be required to record significant charges to earnings in the future when we review our Portfolio for potential impairment ofproperty,plantandequipmentandinvestmentproperty,includingunderconstructionpropertyand goodwill.” on page 62.

Any of these circumstances could directly affect our business, financial condition, results of operations andcashflowsandmayresultinusnotmeetingtheProjectionssetoutinthisOfferDocument.Anydelays in the completion of the construction of our projects may adversely affect our reputation.

31. We require capital expenditure in connection with our operations, and any failure to secure funding for the required capital expenditure, working capital requirements and any acquisition financing, including through debt financing, on acceptable terms may have an adverse impact on our business, financial condition, results of operations and cash flows.

Weincurredcapitalexpenditureofanaggregateof₹23,735.94millionduringthelastthreeFinancialYears towards purchase of property, plant and equipment, capital work in progress, investment property, investment property under developments and intangible assets, including towards under construction projects and various asset repositioning and upgrade initiatives across certain of our PortfolioAssets. Our Portfolio will require capital expenditure periodically for refurbishments, renovation and improvements beyond our current estimates and we may not be able to secure funding for such capital expenditure, in a timely manner or at all. In addition, we also require funding for completion of construction of Under 58Construction Areas and Future Development Areas and capital upgradation projects, and in order to support our operations and growth strategy which may include developing or acquiring additional properties or assets. Our ability to raise funding is dependent on our ability to raise capital through fresh issue of Units and our ability to raise debt on acceptable terms.

Under the SEBI REIT Regulations, our Manager is required to distribute at least 90% of the NDCF to the Unitholders not less than once every 6 months in every financial year. In accordance with our distribution policy, such distributions are required to be declared once every quarter, in every Financial Year. Due to these distribution requirements, our Manager may not be able to fund future capital needs, including any necessary acquisition financing, from our operating cash flows. See “Risk Factors—We may not be successful in any future acquisitions, and there can be no assurance that we will be able to successfully manage any assets we may acquire in the future. Further, any of our acquisitions in the future may be subject to acquisition-related risks.” on page 62.

Our ability to raise additional debt is subject to our consolidated borrowings and deferred payments not exceeding 49% of the value of our assets, as required under the SEBI REIT Regulations. In addition, the funding of real estate projects and real estate business is subject to extensive regulation and supervision resultinginlimitedfund-raisingoptionsavailabletous.Forinstance,externalcommercialborrowingsand domestic debt from scheduled commercial banks cannot be utilized for making downstream investments in SPVs by way of subscribing for equity shares or compulsorily convertible securities of such downstream entity or for the acquisition of vacant parcels of land. Similarly, specific restrictions may be applicable to our Asset SPVs with respect to raising funds.

WearealsoconstrainedinourabilitytograntsecurityoverourlandandoverthesharesofourAssetSPVs, and Investment Entities in favor of our creditors in certain instances. For example, in order to create security over a Portfolio Asset located on leased premises, the consent of the relevant lessors will be required.SimilarlypriorconsentoftheSEZauthoritieswillberequiredforthecreationofsecurityinterest over shares in certain SPVs if invocation of such security interest will result in a change of control.

Further, debt raised by us may be subject to regulatory restrictions, which may make it more difficult to raise funds and increase our cost of borrowings. For instance, as we would be considered a foreign owned and controlled entity, we are not permitted to leverage debt from domestic markets in order to make downstream investments. For further details, see “Risk Factors—We may utilize a significant amount of debtintheoperationofourbusiness,andourcashflowsandoperatingresultscouldbeadverselyaffected by required repayments or related interest and other risks of our debt financing. Our inability to service debt may impact distributions to Unitholders.” on page 34.

Pursuant to the SEBI REIT Regulations, we are required to obtain a credit rating for further borrowings, if our consolidated borrowings (excluding cash and cash equivalents) exceed 25% of the value of our assets.Thereisnoguaranteethatwewillbeabletomaintainafavorablecreditrating,whichcouldimpact our ability to secure further borrowings. Additionally, borrowings from related parties is subject to unitholder approval above certain thresholds and we may not be able to obtain the necessary approvals, which could restrict our financial flexibility.

Ourabilitytoarrangeforfinancing,thecostsofsuchfinancingandtheavailabilityofcreditforrealestate developments are dependent on numerous factors, including general economic and capital market conditions, credit availability from financial institutions, investor confidence, results of operations and cash flows, the amount and terms of our existing indebtedness, our credit ratings, the continued success of our operational developments and Portfolio and laws that are conducive to raising debt and equity, which could impact our business. Factors such as decreases in the market rates for development projects, delays in the release of finances for certain projects in order to take advantage of future periods of more robust real estate demand; decreases in rental or occupancy rates for the commercial properties; financial difficulties of key contractors resulting in construction delays; and financial difficulties of key tenants in thecommercialandretailpropertiescouldimpacttheavailabilityofcredit.Whilewehavenotencountered any instances in the last three Financial Years where we have failed to obtain the required financing to 59meet our working capital or capital expenditure requirements, we cannot ensure you that we will be able todosointhefuture.Ourinabilitytoraisesufficientfinancesmayresultinourresultsofoperations,cash flows and business prospects being materially and adversely affected. Further, additional debt financing or the issuance of additional Units in order to support our operations may decrease distributable income and any issuance of additional Units may dilute existing Unitholders’ entitlement to distributions.

32. Our PortfolioAssets may be subject to increases in direct expenses and other operating expenses.

Renovation work, repair and maintenance or physical damage to our PortfolioAssets may disrupt our operations and collection of rental income or otherwise result in an adverse impact on our financial condition and results of operation.

Our ability to make distributions to Unitholders could be adversely affected if direct expenses and other operating expenses increase due to various factors including, without limitation, increases in property tax, changes in tax policies and other regulatory requirements and increases in repair and maintenance costs, bettermentchargesandenergycosts.Forinstance,certainofourPortfolioAssetsinthepasthavereceived notices in relation to the payment of revised betterment charges, ground rent, development fees, ring road surchargesandsimilarcharges.Whilewehavechallengedthesedemandnoticesandobtainedordersinour favor, these matters are currently pending. For further details, see “Legal and Other Information—Title disclosures (including title litigation) pertaining to the Portfolio Assets and Portfolio Investments” on page 703. Any withdrawal of tax benefits currently or subsequently enjoyed by us may also adversely affect our financial condition and results of operation.Additionally, new properties that may be acquired or redeveloped may not produce revenue immediately, and the cash flow from such properties may be insufficient to pay the operating expenses and principal and interest on debt incurred for the acquisition or development of such properties until they are leased.As a result, cash flows of the relevantAsset SPV or Investment Entity may be impacted due to increased debt servicing requirements until such time that the leasing operations of such newly developed or acquired properties are stabilized.

As our Portfolio Assets age, the costs of maintenance will increase and, without significant expenditure on refurbishment, the gross asset value may decline. Consequently, the net asset value per Unit may decline unless we successfully develop the Under Construction and Future Development portion of the Portfolio Assets or acquire new assets. The quality and design of the Portfolio Assets have a direct influence over the demand for space in, and the rental rates of, our Portfolio. In addition, due to the fact thatourPortfolioAssetsarepositionedasGradeAproperties,thecostsofmaintenancemaybehigher,and the need for rebuilding or refurbishment may be more frequent in order to maintain their market position.

Weincurredcapitalexpenditureofanaggregateof₹23,735.94millionduringthelastthreeFinancialYears towards purchase of property, plant and equipment, capital work in progress, investment property, investment property under developments and intangible assets, including towards under construction projects and various asset repositioning and upgrade initiatives across certain of our PortfolioAssets.The business and operations of our PortfolioAssets may suffer some disruption and it may not be possible to collectthefulloranyrentalincomeonspaceaffectedbysuchrenovationorredevelopmentworks,ifsuch works are extensive. We routinely undertake renovations and refurbishment of our assets and have faced disruptions in the rental of these assets from time to time. Such renovations and refurbishments may subject us to additional risks, including cost overruns, and there can be no assurance that such capital expenditure towards any renovations and refurbishments will generate the expected returns, which may adversely affect our business, financial condition, results of operations and cash flows. For details, please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on page

480. In addition, we may from time to time offer certain tenants built-to-suit premises or tenant improvementsolutionsincludingcapitalexpenditureandprojectmanagementconsultingandexecutionof fit-outs, which may also expose us to significant construction and development costs.

PhysicaldamagetoanyofourPortfolioAssetsresultingfromanearthquake,fireorothercausesmayalso lead to a significant disruption to the business and operation of the affected PortfolioAsset and, together with the foregoing, may impose unbudgeted costs on us and have an adverse impact on our financial condition, results of operations and cash flows and our ability to make distributions to the Unitholders.

6033. We are exposed to a variety of risks associated with safety, security and crisis management, and mayincurlossesasaresultofunforeseenorcatastrophicevents,includingbutnotlimitedtowars, emergence of pandemics, terrorist attacks, extreme weather events, natural disasters and other widespread health emergencies that could create economic and financial disruptions, which could lead to operational difficulties (including travel limitations) that impair/impact our ability to manage our businesses.

We are committed to ensuring the safety and security of our tenants, employees and assets against natural and man-made threats. These include, but are not limited to, exceptional events such as extreme weather, civil or political unrest, war, violence and terrorism, serious and organized crime, fraud, employee dishonesty, cybercrime, pandemics, fire and day-to-day accidents, incidents, health crisis and petty crime which impact tenant satisfaction, could cause loss of life, sickness or injury and result in compensation claims, fines from regulatory bodies, litigation and impact our reputation. For instance, certain of our Portfolio Assets, which are located in Bengaluru, have historically been subject to floods due to heavy rainfall.Additionally, in December 2024, a fire incident occurred at certain floors of ‘The Quorum’in the Elixir block in Sattva Knowledge City which has resulted in damage to related investment property and property,plantandequipment.Whilesuchlossesareexpectedtobecoveredbyafireinsurancepolicyand an insurance claim has been made, of which an interim amount of ₹50.00 million has been received as of March 31, 2025, there can be no assurance that we will not incur any material losses or damages in the future, or that we will be successful in claiming for all of such losses under our insurance.

Serious incidents or a combination of events could escalate into a crisis which, if managed poorly, could furtherexposeusandourassetstosignificantreputationaldamage.Whilesuchinstanceshavenotresulted in a material adverse impact on our business, financial condition, results of operations and cash flows, there can be no assurance that such instances will not arise in the future, and any serious incidents or a combination of events could escalate into a crisis which, if managed poorly, could further expose us to significant reputational damage. Any accidents or any criminal activity at our properties may result in personal injury or loss of life, substantial damage to or destruction of property and equipment and lead to a suspension of operations. Physical damage to any of the assets in our Portfolio resulting from any of the foregoing may impose unbudgeted costs on us and have an adverse impact on our results of operations, cash flows and financial condition and ability to make distributions to the Unitholders. Any of the foregoing could also subject us to litigation, which may increase our expenses in the event we are found liable and adversely impact our results of operation and financial condition.

We may also rely upon contract labor in relation to the development work undertaken at our under-construction properties. We, our Asset SPVs, our Investment Entities or our Manager may (as principal employers) become liable to persons working at our premises in case of any accidental death or grievous injury. While such instances have not occurred in the last three Financial Years, there can be no assurance that we will not be subject to liability in the future. Any of the foregoing could subject us to litigation, which may increase our expenses in the event we are found liable and could adversely affect our reputation, business, results of operation, financial condition and cash flows.

6134. We may be unable to successfully grow our business in new geographic markets in India, which may adversely affect our growth profile, business prospects, results of operations, cash flows and financial condition.

We seek to diversify our geographical footprint, to reduce our exposure to local and cyclical fluctuations and to access a more diversified tenant base across geographies. We intend to strengthen and expand our Portfolio to new geographies across India, including those where the ROFO Assets are located, which typically attract high quality domestic and multinational corporate tenants. We cannot assure you that we will be able to grow our business in these markets, or that we will not expand our presence in our existing markets in the future. Inability to access infrastructure, certain logistical challenges in these regions and our relative inexperience in certain of these new markets, may prevent us from expanding our presence in these regions. Further, we may be unable to compete effectively with the offering or services of our competitors who are already established in these regions. Demand for office space and our assets may not grow as anticipated in certain newer markets. If we are unable to grow our business in such markets effectively, our growth, business prospects, results of operations, cash flows and financial condition may be adversely affected.

35. We may be required to record significant charges to earnings in the future when we review our Portfolio for potential impairment of property, plant and equipment and investment property, including under construction property and goodwill.

As per Ind AS 36, we are required to assess (at the end of each reporting period) whether there is any indication that an asset may be impaired. If any such indication exists, we are required to estimate the recoverable amount of the asset and record impairment loss when the recoverable amount is higher than the carrying value of the asset to ensure that our assets are carried at no more than their recoverable amount. If the carrying amount of an asset exceeds the amount to be recovered through the use or sale of the asset, the asset is described as impaired, and an impairment loss is recognized. Various uncertainties, including deterioration in global economic conditions that result in upward changes in cost of capital, increases in cost of completion of such assets and the occurrence of natural disasters that impact our assets, could impact expected cash flows to be generated by such assets, and may result in impairment of these assets in the future.

36. We may not be successful in any future acquisitions, and there can be no assurance that we will be able to successfully manage any assets we may acquire in the future. Further, any of our acquisitions in the future may be subject to acquisition-related risks.

Our growth strategy may involve additional strategic acquisitions of commercial properties and other assets, including pursuant to the ROFO Deed with the Sattva Sponsor.

We may also not be able to identify or conclude appropriate or viable acquisitions in a timely manner or at all. Our ability to identify and acquire properties in suitable locations is dependent on factors that are beyond our control such as the price and availability of suitable assets, the willingness of owners of identified assets to sell on terms acceptable to us, the availability and cost of financing, the terms of the existingleasesoftenantsleasingspacewithinsuchassets,aswellasconsentsandapprovals.Wemayface activecompetitioninacquiringsuitableandattractivepropertiesfromotherpropertyinvestors,whichmay result in competitive pricing of the target property or the inability to acquire the target property. Even if we were able to successfully acquire properties or other investments, there is no assurance that we will be able to accurately judge applicable micro-market dynamics, growth potential and competitive environmentandachieveourintendedreturnonsuchacquisitionsorinvestments.Theperformanceofany assets that we acquire is also dependent on factors beyond our control, including the general economic conditions, the performance of the commercial real estate market in the city and the sub-market where the asset is located and other macroeconomic factors, and there is no assurance that any asset we acquire will perform in line with our expectations. See “Risk Factors—Our business, revenue and profitability are dependent on the performance of the commercial real estate market in India, particularly in our Portfolio Core Markets. Fluctuations in the general economic, market and other conditions may affect the 62commercial real estate market in India and in turn, our ability to lease our Portfolio Assets to tenants on favorable terms” on page 37. Further, future investments in holding companies and special purpose vehicles made by us may also be classified as downstream investments and acquisition and investment of assets will be subject to compliance with the downstream investment guidelines under the FEMA Rules if we continue to be classified as a REIT that is not Indian owned and controlled.

In addition, after the completion of any future acquisitions we undertake, we could have difficulty in assimilating the acquired asset’s personnel, operations and technology into our operations. We may also face difficulties in maintaining and complying with the necessary permits and approvals from regulatory authorities and we may not be able to receive the necessary approvals in the required time period or at all.

Newly acquired properties may require significant management attention that would otherwise be devoted to our ongoing business. While we may conduct pre-acquisition due diligence, there is no assurance that such efforts will enable us to integrate the newly acquired asset into our Portfolio in a seamless manner.

Transitioningtheseassetstoourbusinesscouldbeparticularlydifficultduetodifferentcorporatecultures and values, business practices and other intangible factors. These difficulties could disrupt our ongoing business, distract our management and current employee’s attention away from day-to-day operations and increase our expenses, including causing us to incur significant one-time expenses such as legal costs, impairment charges and write-offs. In addition, our acquisition selection process may not be successful and may not provide positive returns to Unitholders. While we believe that benefit, synergies or efficiencies would result from any future acquisitions we undertake, there is a risk that such benefit, synergies or efficiencies may take longer than expected to achieve or may not be achieved at all.

We may acquire properties subject to both known and unknown liabilities and without any recourse, or with only limited recourse to the seller.As a result, if a liability were asserted against us arising from our ownership of those properties, we might have to pay substantial sums to settle such claims, which could adversely affect our cash flows. Unknown liabilities with respect to properties acquired may include defects in title and inadequate stamping/registration of conveyance deeds and lack of appropriate approvals/licenses in place. We may also face higher than planned expenditure to preserve and grow the value of the acquired asset or if an acquisition is unsuccessful, we may lose the value of our investment, which could adversely affect our business, results of operations, cash flows and financial condition. In addition, given the lock-in restrictions under the SEBI REIT Regulations, we will be required to hold any completed and rent generating property, under construction property or completed but not rent generating property acquired by us, for a minimum period of 3 years from the date of purchase or completion of such property. Accordingly, our ability to divest from these projects will be limited.

We are also required to distribute at least 90% of our net distributable cash flows to Unitholders. Our ability to undertake any future acquisition will depend primarily on our ability to raise further funds, includingfrominvestorsthroughafreshissueofUnitsand/ortoraisedebtfinancing,whichwillbesubject to the leverage ratios prescribed under the SEBI REIT Regulations and applicable laws. For risks in relation to restrictions on sources of funding, see “Risk Factors—We require capital expenditure in connection with our operations, and any failure to secure funding for the required capital expenditure, working capital requirements and any acquisition financing, including through debt financing, on acceptable terms may have an adverse impact on our business, financial condition, results of operations and cash flows.” on page 58.

37. Inadequate facility management could reduce the attractiveness of our Portfolio and as a result, adversely affect our business, financial condition, results of operations and cash flows.

Our business depends on the effective and timely management of our Portfolio. For instance, tenants in our Portfolio depend on the quality and management of the properties they lease. Effective management encompasses daily operations, including traffic regulation, cleanliness, upkeep, security, and the availability of utilities and parking facilities. While we implement various strategies for managing our assets, such as appointing external operators, managers and management teams for projects, any ineffective or inefficient management by us or the third-party operators could adversely affect the attractiveness of our assets and as a result, adversely affect our business, financial condition, results of 63operations and cash flows. Furthermore, we outsource certain day-to-day-operations to third-party service providers, including the provision of certain CAM services. In certain Portfolio Assets, facility management and CAM services are also managed and conducted by third parties or by the tenants independently. See “Risk Factors—We rely on third-party operators to successfully operate and manage certain Portfolio Assets and on contractors and third parties in developing our future development and construction projects. Our results of operations and cash flows may be adversely affected if we fail to effectively oversee the functioning of third-party operators.” on page 57.Any inability by such parties to undertake facility management effectively, including in the common areas of our Portfolio Assets, could also have an adverse impact on the attractiveness of such asset.

38. The operations of our Solar Assets are dependent on the regulatory and policy environment affecting the renewable energy sector in India, and any such changes to any laws, rules and regulations to which we are subject may have a material adverse effect on our business, financial condition, cash flows, and results of operations.

We derive a portion of our revenue from operations from our Solar Assets. Income from generation of renewableenergyaccountedfor0.47%ofourrevenuefromoperationsforFY2025andnilforFY2024and FY2023, respectively. See “Our Business and Properties—Solar Assets” on page 360. The regulatory and policy environment in which we operate is evolving and subject to change. The operations of our Solar Assets are governed by various laws and regulations, including the Electricity Act, 2003, National Electricity Plan, 2023, National Electricity Policy, 2005 and National Tariff Policy, 2016, environmental and labor laws and other legislations enacted by the GoI and the Governments of Karnataka and Maharashtra. Our business and financial performance could be adversely affected by any unfavorable changes in or interpretations of existing laws, or the promulgation of new laws including any reductions inthestategovernmenttariffordersforgreenenergyoradditionalsurchargesortaxeswhichareimposed.

Any such changes and the related uncertainties in applicability, interpretation or implementation of any laws, rules and regulations to which we are subject may have a material adverse effect on our business, financial condition, cash flows, and results of operations. For instance, during FY2025, the Karnataka Electricity Regulatory Commission (KERC) issued the Combined Tariff Order 2025, revising the solar power tariff in Karnataka from the existing ₹8.00/kWh to ₹5.95/kWh for FY2026, ₹5.70/kWh for FY2027 and ₹5.40/kWh for FY2028. Such reduction and any future reductions in tariffs in the states in which our SolarAssets are located (i.e., Karnataka and Maharashtra) will have an adverse impact on the revenues of ourAssetSPVswithSolarAssets(namelySRPPL,theAssetSPVthatholdsKarnatakaSolar—Iwhichwas commissioned in July 2024, and NDPL, OBSEPL and PBSEPL which hold our under construction Solar Assets, Karnataka Solar—II, One BKC Solar and Prima Bay Solar, respectively), as well as the value of such Solar Assets.

We depend in part on government policies that support renewable energy and enhance the economic feasibility of developing renewable energy projects. If any of these incentives or policies are adversely amended, eliminated or not extended beyond their current expiration dates, or if funding for these incentives is reduced, or if governmental support of renewable energy development, particularly solar energy,isdiscontinuedorreduced,itcouldhaveanadverseeffectonourabilitytoobtainfinancing,affect the viability of new renewable energy projects constructed based on current tariff and cost assumptions or impact the profitability of our existing projects.

39. There may be conflicts of interests between the Lead Managers and/or their associates and affiliatesandtheManager,theSattvaSponsor,theSattvaSponsorGroup,theBlackstoneSponsor, the Blackstone Sponsor Group, the Trustee and/or their respective associates/affiliates.

The Lead Managers and/or their associates and/or affiliates may be current or past tenants or may have and may continue to provide investment banking, financial, advisory and/or other services to our Asset SPVs, Investment Entities, Sponsors, Manager, and/or the respective Sponsor Group and their associates and affiliates. The Lead Managers and/or its affiliates, the Sattva Sponsor, the Sattva Sponsor Group, the Blackstone Sponsor, the Blackstone Sponsor Group and their respective associates may also have participated in or will participate (including as arrangers) in financings by the Knowledge Realty Trust or 64ourAssetSPVsorInvestmentEntities.Inaddition,intheordinarycourseoftheircommercialbankingand investment banking activities, the Lead Managers and their respective associates and affiliates may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own account or the accounts of their customers, in debt or equity securities or Units, or related derivative instruments, of the Knowledge Realty Trust, our Asset SPVs, Investment Entities, Manager, Trustee, the Sattva Sponsor, the Sattva Sponsor Group, the Blackstone Sponsor, the Blackstone Sponsor Group and/or any of their respective group companies, affiliates or associates or any third parties.

40. A portion of the Net Proceeds may be utilized for repayment or prepayment of certain loan facilities availed by our Asset SPVs/Investment Entities from Axis Bank Limited, State Bank of India, ICICI Bank Limited and Kotak Mahindra Investments Limited which are affiliates ofAxis Capital Limited, SBI Capital Markets Limited, ICICI Securities Limited and Kotak Mahindra Capital Company Limited, respectively, who are our Lead Managers. Further, Axis Bank Limited is the holding company of our Trustee Axis Trustee Services Limited.

We propose to utilize a portion of the Net Proceeds to repay or pre-pay certain loan facilities availed by ourAssetSPVs/InvestmentEntitiesfromAxisBankLimited,StateBankofIndia,ICICIBankLimitedand Kotak Mahindra Investments Limited who are affiliates of Axis Capital Limited, SBI Capital Markets Limited, ICICI Securities Limited and Kotak Mahindra Capital Company Limited, respectively, who are our Lead Managers and are not associates of the Knowledge Realty Trust in terms of the SEBI Merchant Bankers Regulations. Further, Axis Bank Limited is the holding company of our Trustee Axis Trustee ServicesLimited.Furthermore,wealsoproposetoutilizeaportionoftheNetProceedstorepayorpre-pay certain loan facilities availed by our Asset SPVs from YES Bank Limited, an associate of State Bank of India which is the parent company of one of our Lead Managers, SBI Capital Markets Limited. The loan facilities sanctioned to our Asset SPVs/Investment Entities by Axis Bank Limited, State Bank of India, ICICI Bank Limited and YES Bank Limited were done as part of their lending activities in the ordinary course of business and we do not believe that there is any conflict of interest under the SEBI Merchant BankersRegulations,theSecuritiesandExchangeBoardofIndia(DebentureTrustees)Regulations,1993, or any other applicable SEBI rules or regulations. The Board of Directors of our Manager has chosen the loans and facilities to be repaid/prepaid based on commercial considerations. For details see “Use of Proceeds” on page 625. However, there can be no assurance that the repayment/prepayment of such loans from the Net Proceeds will not be perceived as a current or potential conflict of interest.

41. Any downgrading of India’s sovereign debt rating by a domestic or international rating agency couldmateriallyandadverselyaffectourabilitytoobtainfinancingand,inturn,ourbusinessand financial performance.

AnydowngradeinourorIndia’screditratingcouldalsoincreaseborrowingcostsandanysuchdowngrade could increase the probability that our lenders may impose additional terms and conditions to any financing or refinancing arrangements that are entered into in the future. India’s sovereign debt rating couldbedowngradedduetovariousfactors,includingchangesintaxorfiscalpolicyoradeclineinIndia’s foreign exchange reserves, inflation or COVID-19 or other public health crises, which are outside of our control. For instance, India’s sovereign rating decreased from Baa2 with a negative outlook to Baa3 with a stable outlook by Moody’s in October 2021 which was reaffirmed in August 2023 and from BBB with astableoutlooktoBBB-withastableoutlookbyFitchinJune2022whichwasreaffirmedinAugust2024.

Any adverse revisions to India’s credit ratings for domestic and international debt by domestic or internationalratingagenciesmaymateriallyandadverselyimpactourabilitytoraiseadditionalfinancing, andtheinterestratesandothercommercialtermsatwhichanysuchadditionalfinancingisavailable.This couldhaveamaterialadverseeffectonourbusinessandfinancialperformance,abilitytoobtainfinancing for capital expenditures and the price of the Units.

6542. We may not be able to maintain adequate insurance to cover all losses we may incur in our business operations.

We maintain insurance on the property, plant and equipment, capital work-in-progress, investment property, and investment property under development (collectively, the “Properties”) of our Portfolio Assets, in amounts believed to be consistent with industry practices and our insurance policies cover physicallossordamagetoourPropertiesarisingfromanumberofspecifiedrisksincludingburglary,fire, landslides, earthquakes, terrorism and other perils. As of March 31, 2025, the amount of insurance coverage for the Properties of our PortfolioAssets was ₹125,682.61 million, which accounted for 77.57% of the value of such assets.

Despite the insurance coverage that we carry, we may not be fully insured against some business risks and the occurrence of accidents that cause losses in excess of limits specified under our policies, or losses arisingfromeventsnotcoveredbyourinsurancepolicies,whichcouldmateriallyandadverselyaffectour financial condition, results of operations and cash flows. For instance, our existing insurance policies do not include coverage for war, invasions, and acts of foreign enemy hostilities. In addition, some of our insurance policy providers exclude events such as defective design or workmanship or use of defective materials,terrorism,naturalcalamities,actsoffraudordishonestyandnuclearweaponmaterialsunderour current insurance policies. For example, we may incur a loss of revenue on account of pandemics such as COVID-19 or cyberattacks and such loss may not be covered by our insurance policies.

Although we believe we have industry standard insurance for our Portfolio Assets, if a fire or natural disaster substantially damages or destroys some or all of our Portfolio Assets, the proceeds of any insurance claim may be insufficient to cover rebuilding costs. For instance, in the last three Financial Years, we have made insurance claims amounting to an aggregate of ₹109.40 million as a result of floods in Exora Business Park, for which we have recovered approximately ₹96.77 million. In relation to the fire incidentatSattvaKnowledgeCity,whilesuchlossesareexpectedtobecoveredbyafireinsurancepolicy and an insurance claim has been made, of which an interim amount of ₹50.00 million has been received asofMarch31,2025,therecanbenoassurancethatwewillbeabletorecoverallofourinsuranceclaims.

See “Risk Factors—We are exposed to a variety of risks associated with safety, security and crisis management, and may incur losses as a result of unforeseen or catastrophic events, including but not limited to wars, emergence of pandemics, terrorist attacks, extreme weather events, natural disasters and other widespread health emergencies that could create economic and financial disruptions, which could lead to operational difficulties (including travel limitations) that impair/impact our ability to manage our businesses.” on page 61.

While we have not experienced any material instances of delays or rejections in the honoring of our insurance claims in the last three Financial Years, there can be no assurance that any claim under our insurance policies will be honored fully, on time, or at all, or that we have taken out sufficient insurance to cover all of our losses. In addition, our insurance policies expire from time to time. We apply for the renewalofourinsurancecoverageinthenormalcourseofourbusiness,butwecannotassureyouthatsuch renewals will be granted in a timely manner, at acceptable cost or at all.

For some of our insurances, we may not have added a third-party as beneficiary/co-insured to our insuranceortakentheapprovalofsuchthirdpartiesforavailingsuchinsuranceasrequiredbyregulations or contractual obligations, which may have an impact on the amount of insurance claim to be paid out.To the extent that we suffer loss or damage, or successful assertion of one or more large claims against us for events for which we are not insured, or for which we did not obtain or maintain insurance, or which is not covered by insurance, exceeds our insurance coverage or where our insurance claims are rejected or where our insurance policies are not renewed in a timely manner, the loss would have to be borne by us and our results of operations, financial performance and cash flows could be adversely affected.

6643. Our business may be adversely affected by the illiquidity of real estate investments.

Our principal objective of owning income-producing real estate used as office properties in India involves ahigherlevelofriskascomparedtoaportfoliowhichhasamorediverserangeofinvestments.Realestate investments are relatively illiquid and such illiquidity may affect our ability to vary our investment portfolio or liquidate part of our assets in response to changes in economic, property market or other conditions. Investments made by a REIT that is not Indian owned and controlled, in the construction and development sector are subject to a lock-in prescribed under the extant foreign exchange regulations.

Under the SEBI REITRegulations, a REITis required to hold assets acquired by it for a period of 3 years from the date of purchase and in case of under construction properties or under construction portions of existing properties acquired by us, 3 years from the date of completion.Additionally, any sale of property or shares of Asset SPVs exceeding 10% of the value of the REIT assets will require the approval of Unitholders. We may also face difficulties in securing timely and commercially favorable financing in asset-basedlendingtransactionssecuredbyrealestateduetotheilliquidnatureofrealestateassets.These factors could have an adverse effect on our financial condition, results of operations and cash flows, with a consequential adverse effect on our ability to deliver expected distributions to Unitholders.

44. This Offer Document contains information from the CBRE Report.

The information in the section titled “Industry Overview” and in other sections in this Offer Document is basedontheCBREReportdatedJuly12,2025whichwehavecommissioned.TheManagercommissioned the CBRE Report for the purposes of inclusion of industry information in this Offer Document. Neither we, nor the Trustee, the Sponsors, the Lead Managers, the Manager nor any other person connected with the Issue has verified all of the information in the report. The report has been prepared based on informationasofspecificdatesandmaynolongerbecurrentorreflectcurrenttrends.CBREhasprepared the CBRE Report relying on and referring to information provided by us (in respect of the financial and operational data of our Portfolio), third parties, publicly available information as well as industry publications and other sources (“Information”). CBRE has assumed that the Information is accurate, reliable,andcompleteandithasnottestedtheinformationinthatrespect.Opinionsinthereportarebased on estimates, projections, forecasts and assumptions that may be proved to be incorrect.

Further,CBREisatenantofSattvaKnowledgeCityandSattvaKnowledgePark.CBREalsooffersfacility management services to someAsset SPVs in respect of our PortfolioAssets, as well as brokerage services toourSponsorsandtheSponsorGroups.Whileindustrysourcestakeduecareandcautionwhilepreparing their report, they do not guarantee the accuracy, adequacy or completeness of the data. Accordingly, investors should not place undue reliance on, or base their investment decision solely on this information.

45. Security and IT risks may disrupt our business, result in losses or limit our growth.

Our business is highly dependent on the financial, accounting, communications and other data processing systems of the Manager and Sponsors. While we have put controls in place, such systems may fail to operate properly or become disabled as a result of tampering or a breach of the network security systems or otherwise. In addition, such systems are from time to time subject to cyberattacks, which may continue to increase in frequency in the future. Breaches of our network security systems could involve attacks that areintendedtoobtainunauthorizedaccesstoourproprietaryinformation,destroydataordisable,degrade or sabotage our systems, often through the introduction of computer viruses and other malicious code, hacking, data theft, ransomware and other means and could originate from a wide variety of sources, includingunknownthirdparties.Ifsuchsystemsarecompromised,donotoperateproperlyoraredisabled, we could suffer financial loss (which is not covered under our insurance policies), a disruption of our business, legal liability, regulatory intervention or reputational damage.

Inaddition,wearehighlydependentoninformationsystemsandtechnology.Ourinformationsystemsand technology may not continue to be able to accommodate our growth, and the cost of maintaining such systemsmayincreasefromitscurrentlevel.Suchafailuretoaccommodategrowth,oranincreaseincosts related to such information systems, could have a material adverse effect on us.

67Risks Related to our Relationships with the Sponsors and the Manager

46. The Blackstone Sponsor has not entered into a deed of right of first offer in respect of any assets operated by the Blackstone Sponsor Group or other entities of the Blackstone Group which could lead to potential conflicts of interest.

The ROFO Deed relates only to certain assets of the Sattva Group and does not relate to the Blackstone Sponsor, the Blackstone Sponsor Group or other entities within the Blackstone group, which are typically financial investors/financial sponsors. The Blackstone Sponsor, the Blackstone Sponsor Group or other entities within the Blackstone group has not entered into a deed of right of first offer in respect of any assets operated by the Blackstone Sponsor, the Blackstone Sponsor Group or other entities of the Blackstone group. Several entities within the Blackstone Group are currently engaged in the business of investing in and managing commercial real estate assets in India as well as outside India and could invest in or acquire other commercial real estate assets in future. In such an event, there could be a potential conflict of interest as the other entities of the Blackstone Group including the existing, future or potential real estate investment trusts set up by them would compete with us. For further details, see “—Conflicts of interest may arise out of common business objectives shared by the Manager, the Sattva Sponsor, the Sattva Sponsor Group, the Blackstone Sponsor, the Blackstone Sponsor Group and us.” on page 70.

47. The ROFO Deed entered into with the Sattva Sponsor is subject to various terms and conditions, and there can be no assurance that we will acquire any of these assets.

AROFO Deed dated July 24, 2025 has been entered into among the Sattva Sponsor, the Manager and the Trustee in order to enable us to have a right to acquire certain specified assets under the ROFO Deed that are proposed to be disposed of by the Sattva Sponsor or its affiliates. While the Sattva Sponsor may undertake projects which are aligned with our business operations, pursuant to the ROFO Deed, only the specified projects set out under the ROFO Deed will be offered to us.

For details, see “—Conflicts of interest may arise out of common business objectives shared by the Manager, the Sattva Sponsor, the Sattva Sponsor Group, the Blackstone Sponsor, the Blackstone Sponsor Group and us.” on page 70.

The potential ROFO Assets described in this Offer Document are indicative only, and there can be no assurance that any of these assets will be considered pursuant to the terms of the ROFO Deed, and if considered, there can be no assurance that we will acquire any of these assets. Further, the Sattva Sponsor may undertake corporate restructuring exercises, including mergers and amalgamations with third-party entities, as a result of which the potential asset pipeline available to us under the ROFO Deed may be impacted.

48. There may be changes to the Parties to the Knowledge Realty Trust in the future subject to the framework under the SEBI REIT Regulations.

The SEBI REIT Regulations provide a framework for, inter alia, the entry of new or exit of existing sponsors. The Blackstone Sponsor and Sattva Sponsor will hold [●]% and [●]% respectively of the total issued and outstanding Units of the Knowledge Realty Trust upon the completion of the Issue. The sponsors and sponsor groups of a REIT are required to maintain mandatory minimum Unitholding requirements as prescribed under the SEBI REIT Regulations. Subject to the SEBI REIT Regulations and contractual arrangements, our Sponsors and Sponsor Group entities may decide to sell some or all of their Unitholdingaftertheexpiryofthemandatorylock-inperiodprescribedundertheSEBIREITRegulations.

For instance, certain Blackstone affiliated entities forming part of the respective sponsor group of previously listed REITs in India have, post serving the applicable lock-in periods and discharging their obligations as sponsor or sponsor group as required under SEBI REIT Regulations, reduced their unitholding over a period of time in (i) a commercial office parks REIT in India wherein their entire unitholding was sold over a period of 56 months from the date of listing (and 20 months from the date of 68expiry of the mandatory three year lock-in); and (ii) a retail mall REIT in India wherein their unitholding has been reduced from 43.13% to 22.30% within a period of 14 months from the date of listing.

Our Sponsors or Sponsor Group entities may also undertake corporate actions or other restructuring exercises in the future, as a result of which there may be changes to the associates and/or sponsor groups of the sponsors and/or the shareholding of the sponsors/sponsor group entities. Further, the SEBI REIT Regulations also provide a framework for change in sponsor, change in control of sponsor, change in the manager and change in the trustee. Accordingly, there may be changes to the Parties to the Knowledge Realty Trust and their respective associates subject to and in accordance with the SEBI REIT Regulations in the future.

49. We and parties associated with us are required to maintain the eligibility conditions specified under Regulation 4 of the SEBI REIT Regulations as well as the Certificate of Registration on an ongoing basis. We may not be able to ensure such ongoing compliance by the Sponsors, their respective Sponsor Groups, the Manager and the Trustee, which could result in the cancelation of our registration.

We are required to adhere to the eligibility conditions specified under Regulation 4 of the SEBI REIT Regulationsonanongoingbasis.Theseeligibilityconditionsinclude,inter-alia,that(a)theSponsors,the ManagerandtheTrusteeareseparateentities,(b)theSponsorshaveacollectivenetworthofnotlessthan ₹1,000 million, provided that each Sponsor has a net worth of not less than ₹200 million, (c) the Manager has a net worth of not less than ₹100 million, (d) the Trustee is registered with the SEBI under Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 and is not an associate of the Sponsors or the Manager, (e) the Trustee must be registered with SEBI under SEBI Debenture Trustee Regulations and must not be an associate of the Sponsors or the Manager, and (f) each of the Sponsors and their respective Sponsor Groups, the Manager, and theTrustee are “fit and proper persons” as defined under Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations 2008 on an ongoing basis. Further, the Sponsors and Sponsor Groups collectively are required to ensure compliance withcertainminimumunitholdingrequirementsundertheSEBIREITRegulationsforthelifeoftheREIT.

We may not be able to ensure such ongoing compliance by the Sponsors, their respective Sponsor Groups, the Manager and the Trustee, which could result in the cancelation of our registration.

50. Our Sponsors will be able to exercise significant influence over certain of our activities, and the interests of the Sponsors may conflict with the interests of other Unitholders, or the interest of the Sponsors may conflict with each other.

After the completion of the Issue, the Sattva Sponsor Group and the Blackstone Sponsor Group will own a majority of the issued and outstanding Units, and each of them will be entitled to vote severally as Unitholders on all matters other than matters where there are related party restrictions and in respect of which such parties are not permitted to vote under the SEBI REIT Regulations.

We will rely on the Sponsor Groups to comply with their respective obligations under the ROFO Deed, SponsorSupportAgreementandotheragreementsenteredintoandthatwillbeenteredintowithus,tothe extentapplicable.Inaddition,weexpecttorelyontheBlackstoneSponsorandSattvaSponsor’sexpertise in developing and constructing real estate projects in case of any additional work which we may be required to carry out for any of our Asset SPVs or other assets.

Additionally, certain members of the Sattva Sponsor Group and the Blackstone Sponsor Group, together hold 100.0% of the share capital of the Manager, and therefore will be able to exercise joint control over the Manager. For further details on the governance of the Manager, see “The Manager” and “Corporate Governance” on pages 372 and 384. Further, our Sponsors have entered into the Inter-seAgreement to set out certain terms and conditions governing the relationship between them with respect to the REIT from listing. For further details of the Inter-se Agreement, see “The Sponsors—Inter-se Agreement” on page 371.

69The interests of the Sattva Sponsor Group and the Blackstone Sponsor Group may conflict with the interests of other Unitholders or with each other and there can be no assurance that the Sattva Sponsor Group and the Blackstone Sponsor Group shall conduct themselves, for business considerations or otherwise, in a manner that best serves our interests or that of the other Unitholders.

51. Conflicts of interest may arise out of common business objectives shared by the Manager, the SattvaSponsor,theSattvaSponsorGroup,theBlackstoneSponsor,theBlackstoneSponsorGroup and us.

TheManagerisownedandjointlycontrolledbymembersoftheSattvaSponsorGroupandtheBlackstone Sponsor Group. The Sattva Sponsor Group and its affiliates (the “Sattva Group”) and the Blackstone Sponsor Group and its affiliates (collectively referred to as “Blackstone” in this and the following risk factors) engage in a broad spectrum of activities, including investments in the real estate industry. In the ordinary course of their activities, the Sattva Group and Blackstone may engage in activities where the interests of certain divisions of the Sponsors, respectively, their respective affiliates, or the interests of their tenants may conflict with the interests of our Unitholders. For details of the agreements relating to the Manager, see “The Manager” on page 372.

In particular, we may compete with existing and future private and public investment vehicles established and/or managed by the Sattva Group and/or Blackstone, which may present various conflicts of interest.

Certain of these divisions and entities have or may have an investment strategy similar to our investment strategy and therefore may compete with us. In particular, various real estate opportunistic and substantially stabilized real estate funds and other investment vehicles of Blackstone seek to invest in a broad range of real estate investments and in many instances, Blackstone has priority and/or exclusivity rights to offer investment opportunities to such investment vehicles. Blackstone has not granted any preemptive rights to the REIT vis-à-vis any such projects or opportunities. Blackstone may also receive fees as compensation for other advisory services, including the underwriting, syndication or refinancing of an investment or other additional fees, including loan servicing fees, special servicing fees, acquisition feesandadministrationfees.Blackstonemayalsoreceivefeesfromunconsummatedtransactionsandmay also serve as an advisor to a buyer or seller of an asset to us. Further, the Sattva Group, has developed and operates other commercial real estate projects, some of which are located in close proximity to, or in the same sub-market, as certain of our Portfolio Assets. As a result, conflicts of interest may arise in allocating or addressing business opportunities and strategies amongst the Manager, the Sattva Group, Blackstone and us, in circumstances where our interests differ from theirs. The Manager is not prohibited fromprovidingmanagementservicestoourcompetitorsandthereisnorequirementorundertakingforthe Manager, the Sattva Sponsor Group or the Blackstone Sponsor Group to decline any engagements or investments, nor conduct or direct any opportunities in the real estate industry only to or through us. The Manager may in the future provides property management services to assets of a similar type as our Portfolio. These assets may compete with our Portfolio to attract tenants and/or secure financing.

Consequently, there can be no assurance that all potentially suitable investment opportunities that come to the attention of the Sattva Group or Blackstone will be made available to us. The Manager may, and may be required, by contract or otherwise, to market these other assets in competition with our Portfolio, which may have a material adverse effect on our business, financial condition, results of operations, cash flows and our ability to make cash distributions to Unitholders.

In addition, the Trustee and/or Unitholders may not be aware of any such conflict, and even if made so aware,theTrusteeandtheUnitholders’abilitytorecoverclaimsagainsttheManagerandtheSponsorsare limited.Moreover,theManager’sliabilityislimitedundertheInvestmentManagementAgreementandthe Trustee has agreed to indemnify the Manager out of our assets against certain liabilities. As a result, we couldexperiencepoorperformanceorlossesforwhichtheManagerwouldnotbeliable.See“—Ourrights and the rights of the Unitholders to recover claims against the Manager or the Trustee are limited.” on page 81.

Members of the Sattva Group or Blackstone and employees of the Manager may provide services in the future beyond those currently provided. Unitholders will not receive a benefit from the services provided to other entities or share in any of the fees generated by the provision of such services.

70Any change in control of the Manager could cause uncertainties for the Unitholders, directors, executive officers and key employees of the Manager and us, and they may seek opportunities outside the Manager, which could impact our functioning. Such change in control may trigger certain requirements under the SEBI REIT Regulations. Change in control of the Manager may also trigger a termination or reversion of any secondments that the outgoing Sponsor might have made to the Manager.

Further,membersofBlackstonemayparticipateinunderwritingsyndicatesfromtimetotimewithrespect to us or may otherwise be involved in the private placement of debt or equity securities issued by us, or otherwise in arranging financings with respect thereto. Subject to applicable law, members of the Blackstone may receive underwriting fees, placement commissions, or other compensation with respect to such activities, which will not be shared with us or the Unitholders.

We also may from time to time dispose of all or a portion of an investment whereby member(s) of the Sattva Group or Blackstone may be involved as such a provider of debt financing in connection with a potentialacquisitionofassetsorinvestmentbytheiraffiliates,whichmaygiverisetoapotentialoractual conflict of interest.

Other present and future activities of the Manager, the Sattva Sponsor Group, Sattva Group, the Blackstone Sponsor Group or Blackstone, the Knowledge Realty Trust (including our Asset SPVs and Investment Entities), the Trustee and their respective associates/affiliates may also give rise to additional conflicts of interest relating to us and our investment activities. Further, the Manager may provide leasing management services to assets held by the Sattva Sponsor and/or the Blackstone Sponsor and may also provide property or leasing management services to third-party entities other than us in the future, which may lead to conflicts of interest with respect to similar services provided by the Manager to us.

Additionally, the Sattva Sponsor, pursuant to the Sponsor Support Agreement, has agreed to provide support services to the Manager in relation to, among others, technical support services, support in the annualauditofallbooks,accounts,andrecordskeptwiththeManager,liaisingwithregulatoryauthorities, marketing and communications services, recruitment, employment and human resource related compliances.Intheeventthatanysuchconflictofinterestarises,wewillattempttoresolvesuchconflicts in a fair and reasonable manner. Investors should be aware that conflicts will not necessarily be resolved infavorofourinterests.Fordetails,see“—Certainprincipalsandemployeesmaybeinvolvedinandhave a greater financial interest in the performance of other real estate investments, projects and businesses of the Sattva Group or Blackstone, and such activities may create conflicts of interest in making investment decisions on our behalf.” and “—We have entered into and may in the future enter into material related party transactions, the terms of which may be unfavorable to us or could involve conflicts of interest. The Manager may face conflicts of interests in choosing our service providers, and certain service providers may provide services to the Manager, the Sponsors or the Sponsor Groups on more favorable terms than those payable by us.” on pages 71 and 44, respectively.

52. Certain principals and employees may be involved in and have a greater financial interest in the performance of other real estate investments, projects and businesses of the Sattva Group or Blackstone, and such activities may create conflicts of interest in making investment decisions on our behalf.

Certain principals and employees of the Manager may be subject to a variety of conflicts of interest relating to their responsibilities to us and the management of our real estate portfolio. For details of the agreements relating to the Manager, see “Related Party Transactions” on page 406. Such individuals may serve in a non-binding advisory capacity to other real estate investments, projects and businesses of the SattvaGrouporBlackstone.Suchpositionsmaycreateaconflictbetweentheservicesandadviceprovided to such entities and the responsibilities owed to us. The other real estate investments, projects and businesses in which such individuals may become involved, may have investment objectives that overlap with ours. Furthermore, these individuals may have a financial interest in making and the performance of other investments, such as investments in projects and businesses. These investment opportunities may arise from the Sponsors or Sponsor Groups or third parties. The engagement in external investment activities may lead to potential liabilities or reputational costs and may create conflicts of interest in 71making investments on our behalf and such other investments, projects and businesses. Such principals and employees will seek to limit any such conflicts in a manner that is in accordance with their fiduciary duties, if any, to us and such organizations. We are also unable to ensure that no such potential conflicts of interest arise, nor ensure that these conflicts would not exert an influence on any of such individuals.

53. Blackstone Sponsor is a portfolio company of Blackstone real estate funds. Blackstone Inc. is an investment firms and a global alternative asset manager with diverse interests across the globe; any adverse impact on which could have a bearing on us and the performance of our Units.

Blackstone Inc., being an investment firm and a global asset manager, has a wide range of business interests and portfolio companies and investments across various sectors worldwide.Any matter, event or circumstance which has a material adverse impact on such portfolio investee entities, including those arising out of or in relation to financing arrangements, day to day operations, of such portfolio investee entities, could have a material adverse effect on us and/or the performance and the trading price of our Units.

54. We depend on the Manager and its personnel for our success. We may not find a suitable replacement for the Manager if the Investment Management Agreement is terminated or if key personnel cease to be employed by the Manager or otherwise become unavailable to us.

We are externally managed and advised by the Manager, pursuant to the terms of the Investment ManagementAgreement and in accordance with the SEBI REIT Regulations. For details, please see “The Manager” on page 372.

We rely on a small number of key personnel of the Manager to carry out our business and investment strategies, and the loss of the services of any of such key personnel, or the Manager’s inability to recruit and retain qualified personnel in the future, could have an adverse effect on our business and financial results.

Further,ourAssetSPVsandtheInvestmentEntitieshavedependedonkeypersonnelattheSattvaSponsor and Blackstone for their operations. Once these assets are transferred to the REIT, post completion of the Initial PortfolioAcquisition Transaction, if we were to be unable to retain such key personnel, there is no assurancethatwewillbeabletosatisfactorilyservicetenantsandrunthebusinessgenerallyintheabsence of such personnel. In addition, we may employ additional qualified personnel. Competition for highly skilled managerial, investment, financial and operational personnel is intense. We cannot assure our Unitholders that we will be successful in attracting and retaining such skilled personnel. If we are unable to hire and retain qualified personnel as required, our growth and operating results could be adversely affected.

Additionally, the Manager may delegate certain of its functions to third parties. Should the Manager, or any third-party to whom the Manager has delegated its functions, fail to perform its services, the value of our assets might be adversely affected, and this may result in a loss of tenants, general inefficiencies in our business and daily operations which will adversely affect distributions to Unitholders. Further, as the Manager is based in Maharashtra, the diverse geographical locations of our employees, including our senior management, and the locations of records of assets may reduce our operational efficiency.

In addition, we can offer no assurance that the Manager will remain our manager or that we will continue to have access to the Manager’s officers and key personnel. If the Investment ManagementAgreement is terminated or if the Manager defaults in the performance of its obligations thereunder, we may be unable to contract with a substitute service provider on similar terms or at all, and the costs and time of substitutingserviceprovidersmaybesubstantial.Forfurtherdetails,see“TheManager—KeyTermsofthe Investment Management Agreement” on page 376.

72The Manager is familiar with our assets and, as a result, the Manager has certain synergies with us.

Substitute service providers may lack such synergies and may not be able to provide the same level of service. If we cannot locate a service provider that is able to provide us with substantially similar services as the Manager provides under the Investment Management Agreement on similar terms, it would likely have a material adverse effect on our business, financial condition, results of operations, cash flows and our ability to make cash distributions to Unitholders.

55. WedependontheManagertomanageourbusinessandassets,andourresultsofoperations,cash flows, financial condition and ability to make distributions may be affected if the Manager fails to perform satisfactorily, for which our recourse may be limited.

The Manager is required to make investment decisions in respect of our underlying assets including any further investment or divestment of assets. For further details, see “The Manager” on page 372.

There is no assurance that the Manager will be able to implement its investment decisions successfully or that it will be able to expand our portfolio at any specified rate or to any specified size or to maintain distributions at projected levels. The Manager may not be able to make acquisitions or investments on favorable terms or within a desired time frame, and it may not be able to manage the operations of its underlying assets in a profitable manner. Factors that may affect this risk may include, but are not limited to, competition for assets, changes in the Indian regulatory framework or legal environment or macro-economic conditions. Even if the Manager is able to successfully grow the operating business of the underlying assets and to acquire further assets as desired, there can be no assurance that the Manager will achieve its intended return on such acquisitions or capital investments.

Additionally, there exists the risk that the management fees payable to the Manager may not create proper incentives or may induce the Manager and its affiliates to make certain investments, including speculative investments, that increase the risk of our portfolio.

Further, the Manager and its employees from time to time may undertake real estate activities for the Sponsors, in accordance with the relevant SEBI REIT Regulations.

Risks Related to India

56. Our business is dependent on the Indian economy, financial stability in Indian markets, policies and the political situation in India. Any slowdown in the Indian economy or in Indian financial markets could have a material adverse effect on our business.

Our business is primarily focused on commercial real estate projects. The Manager is incorporated in India, and we are registered, in India, and our Portfolio is located in India. As a result, we are highly dependent on the prevailing economic conditions in India and our results of operations and cash flows are significantly affected by factors influencing the Indian economy. Factors that may adversely affect the Indian economy, and hence our results of operations and cash flows, may include:

(cid:129) the macroeconomic climate, including any increase in interest rates or inflation in India; (cid:129) any exchange rate fluctuations, the imposition of currency controls and restrictions on the right to convert or repatriate currency or export assets;

(cid:129) any scarcity of credit or other financing in India; (cid:129) any downgrade of India’s sovereign debt; (cid:129) general economic conditions including the prevailing income, consumption and savings conditions among consumers and corporations in India;

73(cid:129) epidemic,pandemicoranyotherpublichealthissueinIndiaorincountriesintheregionorglobally, including in India’s various neighboring countries, such as the COVID-19 pandemic; (cid:129) volatility in, and actual or perceived trends in trading activity on, India’s principle stock exchanges;

(cid:129) changes in India’s tax, trade, fiscal or monetary policies; (cid:129) politicalinstability,terrorismormilitaryconflictinIndia,includingincreasedtensionsontheIndian borders, or in countries in the region or globally, including in India’s various neighboring countries;

(cid:129) the occurrence of natural or man-made disasters, epidemics or pandemics; (cid:129) prevailing regional or global economic conditions; (cid:129) balance of trade movements, including export demand and movements in key imports, including oil and oil products;

(cid:129) regulations governing taxes and duties in India, and the interpretation and application of such regulations; (cid:129) international business practices that may conflict with other customs or legal requirements to which we are subject, including anti-bribery and anti-corruption laws;

(cid:129) protectionist and other adverse public policies, including local content requirements, import/export tariffs, increased regulations or capital investment requirements; (cid:129) logistical and communications challenges;

(cid:129) difficulty in developing any necessary partnerships with local businesses on commercially acceptable terms or on a timely basis; (cid:129) being subject to the jurisdiction of foreign courts, including uncertainty of judicial processes and difficulty enforcing contractual agreements or judgments in foreign legal systems or incurring additional costs to do so; and (cid:129) other significant regulatory or economic developments in or affecting India or its real estate sector.

Additionally,presentorfuturegeopoliticaltensionsaroundtheworld,theoutcomesofwhichareuncertain and have the potential for escalation, could result in a significant impact on global trade and economies, according to the CBRE Report, which in turn may have an adverse impact on the Indian economy.

According to the CBRE Report, potential tariffs and trade measures by the United States and other countriesmayalsoleadtomarketuncertaintyandhaveanadverseimpactonglobalandIndianeconomies.

AnyslowdownorperceivedslowdownintheIndianeconomy,orinspecificsectorsoftheIndianeconomy, could have a material adverse effect on our business, financial condition, results of operations and cash flows, our ability to make distributions and the price of the Units.

Furthermore, the Indian economy and Indian financial markets are influenced by economic and market conditions in other countries. Financial turmoil in Asia, Europe, the United States and elsewhere in the world recently and in past years has affected the Indian economy. Although economic conditions are different in each country, investors’reactions to developments in one country can have a material adverse effect on the securities of entities in other countries, including India.Aloss in investor confidence in the financial systems of other emerging markets may cause increased volatility in Indian financial markets and, indirectly, in the Indian economy in general. Any global financial instability could also have a negative impact on the Indian economy. Financial disruptions may occur and could harm our results of operations, cash flows and financial condition.

7457. Significant differences exist between Ind AS and other accounting principles, such as IFRS and U.S. GAAP, which may be material to your assessment of our financial condition, results of operations and cash flows.

TheSpecialPurposeCombinedFinancialStatementshavebeenpreparedinaccordancewiththeGuidance Note on Combined and Carve-Out Financial Statements, Guidance note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (the “ICAI”) (the “GuidanceNotes”),totheextentnotinconsistentwithSEBI(RealEstateInvestmentTrusts)Regulations, 2014, SEBI Master Circular for Real Estate Investment Trusts dated July 11, 2025 (Reference No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99) (“SEBI Master Circular”) and other circulars issued thereunder (“SEBI REIT Regulations”), as amended and using the recognition and measurement principles of Indian Accounting Standards as defined in Rule 2 (1) (a) of the Companies (Indian Accounting Standards) Rules, 2015 (as amended) prescribed under Section 133 of the Companies Act, 2013 (“IndAS”) read with the SEBI REIT Regulations, consistently applied during the periods stated in those reports, except as otherwise provided therein, and no attempt has been made to reconcile any of the information given in this Offer Document to any other accounting principles or to base the information on any other accounting standards. IndAS differs from accounting principles with which persons from other countries may be familiar, such as IFRS, Indian GAAPand U.S. GAAP.Accordingly, the degree to which the Special Purpose Combined Financial Statements included in this Offer Document provide meaningful information is entirely dependent on your level of familiarity with Indian accounting practices.

IndAS differs from accounting principles with which persons from other countries may be familiar, such as IFRS and U.S. GAAP. Accordingly, the degree to which the Special Purpose Combined Financial StatementsincludedinthisOfferDocumentprovidemeaningfulinformationisentirelydependentonyour level of familiarity with Indian accounting practices.

58. It may not be possible for Unitholders to enforce foreign judgments.

The Knowledge Realty Trust is settled and registered in India. The Trustee, the Manager and the Sattva Sponsor are incorporated in India.All of our assets are located in India. Where investors wish to enforce foreign judgments in India, where our assets are or will be located, they may face difficulties in enforcing suchjudgments.Indiaisnotapartytoanyinternationaltreatyinrelationtotherecognitionorenforcement of foreign judgments. India exercises reciprocal recognition and enforcement of judgments in civil and commercial matters with a limited number of jurisdictions, including Singapore, being the jurisdiction where the Blackstone Sponsor is incorporated. In order to be enforceable, a judgment obtained in a jurisdictionwhichIndiarecognizesasareciprocatingterritorymustmeetcertainrequirementsoftheCode of Civil Procedure, 1908 (“Civil Code”). Furthermore, the Civil Code only permits enforcement of monetary decrees not being in the nature of any amounts payable in respect of taxes, or other charges of alikenatureorinrespectofafineorotherpenaltyanddoesnotprovidefortheenforcementofarbitration awards even if such awards are enforceable as a decree or judgment. Judgments or decrees from jurisdictions not recognized as a reciprocating territory by India cannot be enforced or executed in India except through a fresh suit upon judgment. Even if we or a Unitholder were to obtain a judgment in such a jurisdiction, we or it would be required to institute a fresh suit upon the judgment and would not be able to enforce such judgment by proceedings in execution. In addition, the party which has obtained such judgment must institute the new proceedings within three years of obtaining the judgment. It is unlikely that an Indian court would award damages on the same basis or to the same extent as was awarded in a judgmentrenderedbyaforeigncourtiftheIndiancourtbelievedthattheamountofdamagesawardedwas excessive or inconsistent with public policy in India. In addition, any person seeking to enforce a foreign judgment in India is required to obtain prior approval of the RBI to repatriate outside India any amount recovered pursuant to the execution of the judgment.

75Consequently, it may not be possible to enforce in an Indian court any judgment obtained in a foreign court,oreffectserviceofprocessoutsideofIndia,againstIndiancompanies,theirdirectorsandexecutive officers, and any other parties’resident in India.Additionally, there is no assurance that a suit brought in an Indian court in relation to a foreign judgment will be disposed of in a timely manner and on terms favorable to us.

59. We are subject to taxes and other levies imposed by the central and state governments in India, as well as other financial policies and regulations. Tax laws are subject to changes and differing interpretations, which may materially and adversely affect our operations and growth prospects.

WearesubjecttoanumberoftaxesandotherleviesimposedbythecentralandstategovernmentsinIndia, particularly Goods and Services Tax (“GST”), on lease and maintenance of properties, as well as certain other taxes, duties or surcharges introduced on a permanent or temporary basis. The central and state tax scheme in India is extensive and subject to change from time to time.Any adverse changes in any of the taxes levied by the central or state governments in India may adversely affect our business, financial condition, results of operations and cash flows.

The current tax laws and regulations in India provide certain exemptions to certain distributions/income received by business trusts from anAsset SPV or Investment Entity. These exemptions could be modified or removed at any time or clarified in a manner adverse to Unitholders, which could adversely affect the taxability of the Unitholders. Further, the Government of India has also introduced the Income-tax Bill 2025 (“IT Bill”) before the parliament on February 13, 2025 which, if approved by the parliament, may replace the current Income-tax Act, 1961 with effect from April 1, 2026. Once enacted, the IT Bill may modify or remove the exemptions mentioned above or clarify in a manner adverse to Unitholders, which could adversely affect the taxability of the Unitholders.

Tax laws and regulations are subject to differing interpretations by tax authorities. Differing interpretations of tax and other fiscal laws and regulations may exist within governmental ministries, including tax administrations and appellate authorities, thus creating uncertainty and potential unexpected results. The degree of uncertainty in tax laws and regulations, combined with significant penalties for default and a risk of aggressive action, including by retrospective legislation, by the governmental or tax authorities, may result in tax risks in the jurisdictions in which we operate being significantly higher than expected.Forexample,whileourManagerintendstotakemeasurestoensurethatitisincompliancewith allrelevanttaxlaws,wecannotassureyouthatthetaxauthoritieswillnottakeapositionthatdiffersfrom the position taken by our Manager with regard to tax treatment of various items.Any of the above events may result in an adverse effect on our business, financial condition, results of operations, cash flows and/or prospects and ability to make distributions to the Unitholders. Tax authorities in India may also introduce additional or new regulations applicable to our business, which could adversely affect our business and profitability.

We may incur increased costs relating to compliance with any new requirements, which may also require managementtimeandotherresources,andanyfailuretocomplymayadverselyaffectourbusiness,results of operations, cash flows and prospects. Uncertainty in the applicability, interpretation or implementation ofanyamendmentto,orchangein,governinglaw,regulationorpolicy,includingbyreasonofanabsence, or a limited body, of administrative or judicial precedent may be time consuming as well as costly for us to resolve and may affect the viability of the current business or restrict our ability to grow our business in the future.

7660. Investors may be subject to Indian taxes arising out of capital gains on the sale of Units.

Any gain exceeding ₹0.125 million realized on the sale of Units held for more than 12 months will be subject to capital gains tax in India at 12.5% (plus applicable surcharge and cess) if STT has been paid on the transaction. Further, gains realized on the sale of Units held for 12 months or less will be subject to capital gains tax in India at 20% (plus applicable surcharge and cess) if STT is paid on the transaction.

Such gains shall be computed on sale of units after reducing from their cost of acquisition any amount distributed to the Unitholders by the REIT which is not in the nature of dividends, interest or any other income.

STT will be levied on and collected by a domestic stock exchange on which the Units are sold.Any gain realized on the sale of the Units held for more than 12 months to an Indian resident, on which no STThas been paid, will be subject to long-term capital gains tax in India at 12.5% (plus applicable surcharge and cess). Further, any gain realized on the sale of Units held for a period of 12 months or less and on which STT is not paid will be subject to short-term capital gains tax in India at normal rates at which the unitholder would be subject to tax on his other incomes. Capital gains arising from the sale of the Units will be taxable in India in accordance with applicable laws, subject to a treaty between India and the country of which the seller is resident.The above statements are based on the current tax laws and subject to change as a result of the introduction of new laws or amendments to existing laws.

61. Land is subject to compulsory acquisition by the government and compensation in lieu of such acquisition may be inadequate.

The right to own property in India is subject to restrictions that may be imposed by the Government. In particular, the Government under the provisions of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (“Land Acquisition Act”) has the right to compulsorily acquire any land if such acquisition is for a “public purpose”, after providing compensation to the owner. However, the compensation may not adequately reflect the true value of the property lost.

Additionally,wemayhavealreadyexperiencedcompulsorylandacquisitionsinourportfolio,whichcould impact our financial performance.As central and state governments seek to acquire land for infrastructure projects such as roads, railways, airports, and townships, the likelihood of further acquisitions may increase.WemayalsoencounterchallengesininterpretingandcomplyingwiththeprovisionsoftheLand Acquisition Act due to limited jurisprudence on them or if our interpretation differs from or contradicts any judicial pronouncements or clarifications issued by the Government. In the future, we may face regulatory actions, or we may be required to undertake remedial steps.Any such action in respect of any of the projects in which we are investing or may invest in the future may adversely affect our business, financial condition, results of operations or cash flows.

62. WemaybesubjecttotheCompetitionAct,whichmayrequireustoreceiveapprovalsfromtheCCI prior to undertaking certain transactions.

The Competition Act, 2002, as amended (“Competition Act”), regulates practices having an appreciable adverse effect on competition in the relevant market in India. The Competition Act also prohibits abuse of a dominant position by any enterprise. The combination regulation (merger control) provisions under the Competition Act require acquisitions of shares, voting rights, assets or control or mergers or amalgamations that cross the prescribed asset and turnover based thresholds to be mandatorily notified to, and pre-approved by, the Competition Commission of India, or CCI. Any breach of the provisions of Competition Act may attract substantial monetary penalties.

77The Competition Act aims to, among other things, prohibit all agreements and transactions which may have an appreciable adverse effect on competition in the relevant market in India. Consequently, all agreements entered into by us could be within the purview of the Competition Act. Further, the CCI has extra-territorial powers and can investigate any agreements, abusive conduct or combination occurring outside India if such agreement, conduct or combination has an appreciable adverse effect on competition inIndia.Ifanyoftheassetsweproposetoacquireexceedtheprescribedthresholds,wemayneedtoapply to the CCI for approval. We cannot assure you that we will receive the necessary approvals from the CCI to consummate such transactions. Any prohibition or substantial penalties levied under the Competition Actcouldmateriallyandadverselyaffectourfinancialcondition,resultsofoperationsandcashflows.Any adverse impact on our financial condition or operations due to the Competition Act may have a material adverse impact on our business, financial condition, results of operations, cash flows, prospects and our ability to make distributions to the Unitholders.

Risks Related to the Ownership of the Units

63. Trustssuchasusmaybedissolved,andtheproceedsfromthedissolutionthereofmaybelessthan the amount invested by the Unitholders.

We are set up as an irrevocable trust registered under the Registration Act, 1908, and it may only be extinguished(i)iftheREITfailstomakeanyofferofUnits,bywayofpublicissuewithinthetimeperiod stipulated in the SEBI REIT Regulations or any other time period as specified by SEBI (whichever is earlier), in which case the REITshall surrender its certificate to SEBI and cease to operate as a real estate investment trust, unless the period is extended by SEBI; (ii) if it is impossible to continue with the REIT or if the Trustee on advice of the Manager deems it impracticable to continue the REIT; (iii) upon the liquidation of the REIT assets; (iv) if there are no projects or assets remaining under the REIT and the REIT does not propose to invest in any project for a period of 6 months thereafter and an extension from the unitholders is not received; (v) if the Units are delisted from the Stock Exchanges; (vi) if the REIT fails to maintain the minimum public shareholding for the Units and the breach is not cured within six months from the date of breach; (vii) in the event SEBI cancels, revokes or suspends the certificate of registration that has been granted to the REIT; or (viii) in the event the REITbecomes illegal. In the event of dissolution, the net assets remaining after settlement of all liabilities, and the retention of any reserves which the Trustee deems to be necessary to discharge contingent or unforeseen liabilities, shall be paid to the Unitholders. Should we be dissolved, depending on the circumstances and the terms upon which our assetsaredisposedof,thereisnoassurancethataUnitholderwillrecoveralloranypartofhisinvestment.

There may also be uncertainty around the interpretation and implementation of certain provisions in relation to insolvency of a trust under the IBC.

64. The reporting requirements and other obligations of real estate investment trusts post-listing are still evolving. Accordingly, the level of disclosures made to, and the protections granted to Unitholdersmaybemorelimitedthanthosemadetooravailabletotheshareholdersofacompany that has listed its equity shares upon a recognized stock exchange in India.

The disclosures made to Unitholders by a listed REIT under the SEBI REIT Regulations and the SEBI Master Circular may differ from those made to the shareholders of a company that has listed its equity shares on a recognized stock exchange in India, in accordance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Further, the applicability of certain SEBI regulations to us is unclear, as real estate investment trusts are not “companies” or “bodies corporate” within the meaning of various regulations issued by the SEBI.

The Trust Deed and various provisions of Indian law govern our operations. Legal principles relating to thesemattersandthevalidityofcorporateprocedures,fiduciarydutiesandliabilities,andtherightsofthe Unitholdersmaynotbeasextensiveastherightsoftheshareholdersofacompanythathaslisteditsequity shares upon a recognized stock exchange in India or a trust in another jurisdiction, and accordingly, the protection available to the Unitholders may be more limited than those available to such shareholders. For instance, shareholders of listed companies are entitled to an exit in case of any variation in the objects of 78a public issue. Unitholders of a REIT do not have such a right for a public issue of Units. Unitholders’ rights and disclosure standards under Indian law may also differ from the laws of other countries or jurisdictions. See “Rights of Unitholders” on page 698.

65. Fluctuations in the exchange rate of the Indian Rupee with respect to other currencies will affect the foreign currency equivalent of the value of the Units and any distributions.

Fluctuations in the exchange rates between the Indian Rupee and other currencies will affect the foreign currency equivalent of the Indian Rupee price of the Units. Such fluctuations will also affect the amount thatholdersoftheUnitswillreceiveinforeigncurrencyuponconversionofanycashdistributionsorother distributions paid in Indian Rupees by us on the Units, and any proceeds paid in Indian Rupees from any sale of the Units in the secondary trading market.

66. Unitholders may experience delay or failure in the redemption of their Units.

The allotment of Units in the Issue and the credit of such Units to the applicant’s demat account with depository participant and listing is expected to commence within the period as may be prescribed under applicable law. There could be a failure or delay in listing of the Units on the Stock Exchanges. We could also be required to pay interest at the applicable rates if allotment is not made, refund orders are not dispatched or demat credits are not made to investors within the prescribed time periods.

Further, Unitholders will not have the right to redeem Units or request or require the redemption of Units by the Manager while the Units are listed on the Stock Exchanges although the Trust Deed provides that the Trustee may cause the buyback or redemption of Units in accordance with applicable law.

67. TheUnitshaveneverbeenpubliclytradedandthelistingoftheUnitsontheStockExchangesmay not result in an active or liquid market for the Units.

ThereisnoexistingpublicmarketfortheUnitspriortotheIssueandanactivepublicmarketfortheUnits may not develop or be sustained after the Issue. Listing and quotation do not guarantee that a trading market for the Units will develop, or that if a market does develop, it will provide sufficient liquidity for theUnits.Ifanactivetradingmarketdoesnotdevelop,youmayfacechallengesinsellingyourUnits,and the value of your Units may be materially impaired. Accordingly, prospective Unitholders must be prepared to hold their Units for an indefinite length of time.

The determination of the Issue Price will be based on various factors and assumptions, and will be determined by our Manager, in consultation with the Lead Managers through the Book Building Process.

This Issue Price is based on certain factors, as described under “Basis for Issue Price” beginning on page 696 of this Offer Document and may not be indicative of the trading price of our Units, upon listing on theStockExchangessubsequenttotheIssue.ThetradingpriceofourUnitscouldbesubjecttosignificant fluctuations and may decline below the Issue Price. Consequently, you may not be able to sell our Units at prices equal to or greater than the price you paid in this offering.

68. The Units may experience price and volume fluctuations. There can be no assurance on the trading price of the Units, and the price of the Units may decline after the Issue.

The Issue Price will be determined by the Manager in consultation with the Lead Managers. The Issue PricemaynotbeindicativeofthemarketpriceoftheUnitsuponcompletionoftheIssue.Themarketprice of the Units will depend on many factors, including, among others:

(cid:129) the perceived prospects of our business and investments and the Indian real estate market; (cid:129) differences between our actual financial and operating results and those expected by investors and analysts;

79(cid:129) changes in research analysts’ recommendations or projections; (cid:129) actual or purported “short squeeze” trading activity; (cid:129) changes in general economic or market conditions; (cid:129) the market value of our assets;

(cid:129) the perceived attractiveness of the Units against those of other business trusts, equity or debt securities; (cid:129) the balance of buyers and sellers of the Units; (cid:129) the size and liquidity of the Indian REIT market;

(cid:129) any changes to the regulatory system, including the tax system, both generally and specifically in relation to Indian business trusts; (cid:129) the ability of the Manager to implement successfully its investment and growth strategies;

(cid:129) publication of research reports about our business, other business, the industry in general or other relevant sectors, or the failure of security analysts to cover the Units after the Issue; (cid:129) changes in the amounts of our distributions, if any, and changes in the distribution policy or failure to execute the existing distribution policy;

(cid:129) speculation in the press or investment community; (cid:129) adverse publicity in relation to us or the Parties to the REIT; (cid:129) foreign exchange rates; and (cid:129) significant market fluctuations, including increases in interest rates and weakness of the equity and debt markets.

The trading price of the Units might also decline in reaction to events that affect the entire market and/or other real estate investment trusts in the Indian REIT industry even if these events do not directly affect or are unrelated to our business, financial condition, cash flows or operating results. If the market price of the Units declines significantly, investors may be unable to resell their Units at or above their purchase price, if at all. There can be no assurance that the market price of the Units will not fluctuate or decline significantly in the future.

Totheextentthatweretaincashflowforinvestmentpurposes,workingcapitalreservesorotherpurposes, theseretainedfunds,whileincreasingthevalueofourunderlyingassets,maynotcorrespondinglyincrease the market price of the Units. Our failure to meet market expectations with regard to future earnings and cash distributions may materially and adversely affect the market price of the Units.

Where new Units are issued at less than the market price of the Units, the value of an investment in the Units may be affected. In addition, Unitholders who do not, or are not able to, participate in the new issuance of Units may experience a dilution of their interest in us.

In addition, the Units are not capital-safe products and there is no guarantee that Unitholders can regain theamountinvested,infullorinpart.Ifweareextinguishedordissolved,itispossiblethatinvestorsmay lose a part or all of their investment in the Units.

8069. AnyfutureissuanceofUnitsbyusorsalesofUnitsbysignificantUnitholdersmaymateriallyand adversely affect the trading price of the Units.

Any future issuance of Units by us could dilute investors’holdings of Units and may also materially and adversely affect the trading price of the Units and could impact our ability to raise further capital through an offering of our Units. There can be no assurance that we will not issue further Units. In addition, any perceptionbyinvestorsthatsuchissuancesbyusorsalesbyanysignificantUnitholdersmightoccurcould also adversely affect the trading price of the Units.

Upon the completion of the Issue, [●]% of the total number of outstanding Units will be held by the Sponsors and [●]% by our Sponsor Groups. The Units are tradable on the Stock Exchanges. Persons and entities, who hold or may hold Units in the Knowledge RealtyTrust, may pledge or sell their Unitholding.

We cannot assure you that the Unitholders, including the Sponsors, and that other significant Unitholders, will not dispose of, pledge or otherwise encumber their Units. Further, the Manager may adopt a Unit-based incentive plan for the employees of the Manager, which may result in a reduction of the sponsors’ holdings of Units and/or a dilution of public Unitholders unitholding. Further secondary offerings of Units by significant Unitholders, if undertaken, may also increase the aggregate number of Unitsbeingtraded,whichcouldhaveanadverseimpactonthemarketpricefortheUnits.Thesesalesmay also make it more difficult for us to raise capital through the issue of new Units at a time and at a price we deem appropriate.

Upon completion of this Issue, the Sattva Sponsor Group and the Blackstone Sponsor Group, will be subject to lock-in requirements in accordance with the SEBI REITRegulations.The total number of Units to be locked-in will vary in accordance with the requirements of the SEBI REIT Regulations.

70. Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Units or the Application Amount) after the Bid/Issue Closing Date.

Pursuant to the SEBI REIT Regulations and the SEBI Master Circular, investors are required to pay the fullApplicationAmount on submission of the Bid. Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Units or the Application Amount) after the Bid/Issue Closing Date, despite adverse developments in international or national monetary policy, financial, political or economic conditions, our business, results of operations, cash flows or otherwise, at any stage after the submission of their Bids.

71. Our rights and the rights of the Unitholders to recover claims against the Manager or the Trustee are limited.

Under the Investment Management Agreement, the Manager is not liable for, among other things, any action or omission, if it has carried out its duties and exercised its powers with reasonable skill and care expected of an investment manager (except in the case of fraud, negligence or willful misconduct).

Pursuant to the Trust Deed, the Trustee is not liable for anything done or omitted to be done or suffered bytheTrusteeingoodfaith.Further,theTrusteeisnotliableforanyactionoromissionthatresultsinany depletioninthevalueofthetrustfundandconsequentlossesoftheUnitholder,exceptinsituationswhere such depletion is a result of the gross negligence, willful misconduct or fraud on the part of the Trustee.

Also, under the Trust Deed, the liability of the Trustee is limited to the extent of the fees received by it except in case of any gross negligence, willful misconduct or fraud on the part of the Trustee as settled by a court of competent jurisdiction. The Investment Management Agreement provides that the Manager is entitled to be indemnified out of theTrust Fund against claims, costs, losses, damages, liabilities, suits, proceedings and expenses (including legal fees) (“Losses”) suffered or incurred by it by reasons of their activities on behalf of us, unless resulting from fraud, gross negligence, dishonest acts or commissions or omissions, willful misconduct, reckless disregard of duty or breach of duties under the Investment Management Agreement and applicable law. As a result, the rights of the Unitholders and our rights to recoverclaimsagainsttheManagerarelimited.Furthermore,recoursetotheTrusteemaybelimitedunder the Trust Deed. The Investment Management Agreement provides for the indemnification of the Trustee by the Manager for all Losses. The aggregate maximum liability of the Manager to indemnify the Trustee in each financial year is limited to the management fees payable to the Manager for the immediately 81preceding two financial years. However, such cap on liability shall not be applicable in the case of Losses incurredduetoanygrossnegligence,willfuldefault,ormisconductorfraudoftheManager.Accordingly, the liability of the Manager and the Trustee are limited under the terms of these agreements and the Unitholders may not be able to recover claims against the Trustee or the Manager, including claims with respect to any offer document relating to the Issue.

Further, pursuant to the Trust Deed, the Trustee is not under any obligation to institute, acknowledge the service of, appear in, prosecute or defend any action, suit, proceeding or claim, which in its opinion might involve it in expense or liability that exceeds the value of our Portfolio. The value of our Portfolio may not be sufficient to recover claims, including claims with respect to any offer document in relation to the Issue.

72. Theutilizationoftheproceedsfromoversubscription,ifany,willbedeterminedposttheBid/Issue Closing Date.

The proceeds from oversubscription that may be retained, if any, may be allocated towards the objects of Issue in accordance with the SEBI REIT Regulations. However, the Manager, in consultation with the Lead Managers, will decide whether or not to retain any proceeds from oversubscription in the Issue post the Bid/Issue Closing Date. The utilization of the proceeds from oversubscription, if any, will only be determined after the Bid/Issue Closing Date. Accordingly, only the Final Offer Document will contain detailsofthemannerinwhichtheproceedsfromoversubscriptionthatareretained,ifany,willbeutilized.

73. UnderIndianlaw,non-residentinvestorsorforeigninvestorsaresubjecttoinvestmentrestrictions that limit our ability to attract foreign investors, which may adversely affect the trading price of the Units.

UnderforeignexchangeregulationscurrentlyinforceinIndia,transferofunitsbetweennon-residentsand residents are freely permitted (subject to certain exceptions), if they comply with the valuation and reporting requirements specified by the RBI. If the transfer of units is not in compliance with such pricing guidelines or reporting requirements or falls under any of the exceptions referred to above, then a prior regulatory approval will be required. Further, unless specifically restricted, foreign investment is freely permitted in all sectors of the Indian economy up to any extent and without any prior approvals, but the foreign investor is required to follow certain prescribed procedures for making such investment. The RBI and the concerned ministries and/or departments are responsible for granting approval for foreign investment. Additionally, Unitholders who seek to convert Rupee proceeds from a sale of Units in India into foreign currency and repatriate that foreign currency from India require a no-objection or a tax clearance certificate from the Indian income tax authorities. Furthermore, this conversion is subject to the Unitshavingbeenheldonarepatriationbasisand,eitherthesecurityhavingbeensoldincompliancewith the pricing guidelines or, the relevant regulatory approval having been obtained for the sale of units and corresponding remittance of the sale proceeds.

Further, earning of rent/income on lease of property, not amounting to transfer, also does not amount to ‘real estate business’. As a real estate investment trust which is not Indian owned and controlled, the Knowledge Realty Trust is therefore only permitted to invest in under construction properties, industrial parks and specific types of completed projects, i.e., completed projects for operation and management of townships, malls, shopping complexes and business centers subject to the investment conditions set out undertheFEMARules,includingthelock-inrestrictions.Further,inthecaseofconstructiondevelopment projects, the projects are also required to conform to the norms and standards, including land use requirements and provision of community amenities and common facilities, as laid down in the applicable buildingcontrolregulations,bye-laws,rulesandotherregulationsofthestategovernment/municipal/local body concerned.

8274. ForeignAccount Tax ComplianceAct withholding may affect payments on the Units for investors.

If we are treated as a “foreign financial institution”, pursuant to Sections 1471 through 1474 of the U.S.

InternalRevenueCodeof1986,asamended,commonlyknownasFATCA,wemayberequiredtowithhold on certain payments we make (“foreign passthru payments”) to persons that fail to meet certain certification, reporting, or related requirements.Anumber of jurisdictions (including India) have entered into, or have agreed in substance to, intergovernmental agreements with the United States to implement FATCA (“IGAs”), which modify the way in which FATCA applies in their jurisdictions. Under the provisions of IGAs as currently in effect, a foreign financial institution in a jurisdiction that has entered into an IGA would generally not be required under FATCA or an IGA to withhold from foreign passthru payments that it makes. Certain aspects of the application of the FATCA provisions and IGAs to instruments such as our Units, including whether withholding would ever be required pursuant to FATCA or an IGA with respect to payments on instruments such as the Units, are uncertain and may be subject to change. Even if withholding would be required pursuant to FATCAor an IGAwith respect to payments on instruments such as the Units, such withholding would not apply prior to the second anniversary of the dateonwhichfinalU.S.Treasuryregulationsdefiningtheterm“foreignpassthrupayments”arepublished intheU.S.FederalRegister.Investorsshouldconsulttheirowntaxadvisorsregardinghowtheserulesmay apply to their investment in the Units. In the event any withholding would be required pursuant to FATCA or an IGA with respect to payments on the Units, no person will be required to pay additional amounts as a result of the withholding. For further information, see “Taxation—Certain U.S. Federal Income Tax Considerations—Foreign Account Tax Compliance Act”.

75. WemaybeclassifiedasaPFICforthecurrentand/orfuturetaxableyearsforU.S.federalincome tax purposes, which could result in materially adverse U.S. federal income tax consequences to U.S. investors in our Units.

In general, we will be classified as a PFIC for U.S. federal income tax purposes for any taxable year in which at least (i) 75% of our gross income is classified as “passive income” or (ii) 50% of the average quarterly fair market value of our assets produce, or are held for the production of, passive income. For thispurpose,passiveincomegenerallyincludes,amongotheritems,dividends,interest,gainsfromcertain commodities transactions, certain rents, royalties and gains from the disposition of passive assets.

However, certain rents received from an unrelated person and derived in the active conduct of a trade or business are not treated as “passive income.” There is a risk that our rent income may not satisfy these requirements and that we may be a classified as a PFIC for the most recently ended taxable year.We have not conducted the analysis necessary to determine our PFIC status for any taxable year and do not intend to do so in the future.

Moreover, because a determination of whether a company is a PFIC must be made annually after the end of each taxable year and our PFIC status for each taxable year will depend on facts, including the composition of our income and assets, the nature of our rental income and the value of our assets (which may be determined in part by reference to the market value of the Units) for the applicable taxable year, there can be no assurance regarding our PFIC status for the current or any future taxable year. The internationallegalcounselfortheLeadManagersexpressesnoopinionwithrespecttoourPFICstatusfor any of our past, current or future taxable years.

If we are a PFIC for any taxable year, U.S. investors may be subject to adverse U.S. federal income tax consequences, including increased tax liability on gains from dispositions of the Units and certain excess distributions, and a requirement to file annual reports with the U.S. Internal Revenue Service. Prospective U.S. investors should consult their own tax advisers regarding our PFIC status and the consequences to them if we are classified as a PFIC for any taxable year. For further information, see “Taxation—Certain U.S. Federal Income Tax Considerations—Passive Foreign Investment Company Rules.” 83IV. ABOUT THE KNOWLEDGE REALTY TRUST FORMATION TRANSACTIONS The Knowledge Realty Trust was settled on October 10, 2024, at Mumbai, Maharashtra, India as contributory, determinate and irrevocable trust under the provisions of the Indian Trusts Act, 1882, pursuanttoatrustdeeddatedOctober10,2024,asamendedandrestatedonJuly18,2025.TheKnowledge Realty Trust was registered with SEBI on October 18, 2024, as a real estate investment trust under Regulation 3(1) of the SEBI REIT Regulations having registration number IN/REIT/24-25/0006. The Knowledge Realty Trust has been settled by the Manager (on behalf of each of the Sponsors) for an aggregate initial sum of ₹0.1 million.As of the date of this Offer Document, BREPAsia SG L&THolding

(NQ)Pte.Ltd(the“BlackstoneSponsor”)andSattvaDevelopersPrivateLimited(the“SattvaSponsor”) are the sponsors of the Knowledge Realty Trust.

Knowledge Realty Office Management Services Private Limited has been appointed as the manager to the Knowledge Realty Trust. The Manager has been constituted in accordance with the SEBI REIT RegulationsandisheldbycertainentitiesoftheBlackstoneSponsorGroupandtheSattvaSponsorGroup in the ratio of 50:50. Axis Trustee Services Limited has been appointed as the Trustee to the Knowledge Realty Trust.

Pursuant to the Initial PortfolioAcquisition Transactions, the Portfolio is proposed to be held through the relevant Asset SPVs and Investment Entities, in accordance with the SEBI REIT Regulations.

The following chart illustrates the relationship between the Knowledge Realty Trust, the Trustee, the Manager and the Unitholders (which includes the Blackstone Sponsor, the Sattva Sponsor and their respective Sponsor Groups) on the Listing Date.

Unitholders (including Sponsors and Sponsor Groups) Units Distribution Holds the REIT assets in trust REIT management services for the benefit of unitholders Knowledge Manager Trustee Realty Trust REIT management fee Trustee fee Property management Property management Shareholder debt/equity/ Net Distributable services fees equity linked instruments Cash Flows Asset SPVs & Investment Entities For details in respect of the Sponsors, the Sponsor Groups, the Trustee and the Manager, please see “The Sponsors”,“TheManager”and“TheTrustee”onpages369,372and380,respectively.Further,fordetails inrespectofthePortfolio,pleasesee“OurBusinessandProperties”onpage158andfordetailsinrespect of the Asset SPVs and Investment Entities, please see “Initial Portfolio Acquisition Transactions” on page 432.

84Investment objectives TheobjectandpurposeoftheKnowledgeRealtyTrustistocarryontheactivityofarealestateinvestment trust, as permissible under the SEBI REIT Regulations and applicable law, to raise funds through the Knowledge Realty Trust, to make investments in accordance with the SEBI REIT Regulations and the investment strategy set out in the offer documents of the Knowledge Realty Trust, including the Offer Document, and to carry on the activities as may be required for operating the Knowledge Realty Trust, including incidental and ancillary matters thereto.

The investment objective of the Knowledge Realty Trust shall be to make investments as a real estate investment trust as permissible in terms of the SEBI REITRegulations.The investment of the Knowledge Realty Trust shall only be in accordance with the SEBI REIT Regulations, including in such holdcos, special purpose vehicles, investment entities or real estate properties (whether completed or otherwise), securities in India or transferable development rights as permitted under the SEBI REIT Regulations. The principal investment objective of the Knowledge Realty Trust is to own, operate and invest in rent or income generating real estate assets and any other assets in India in accordance with the SEBI REIT Regulations.

Without prejudice to the generality of the above, the investment objectives of the Knowledge RealtyTrust

include the following:

(i) to make investments or re-investments as a real estate investment trust as permissible in terms of the SEBI REIT Regulations. The investment of the Knowledge Realty Trust shall be in accordance with the SEBI REITRegulations, including in such holdcos, special purpose vehicles, entities engaged in real estate business, or real estate properties (whether completed or otherwise), securities, interest rate derivatives or transferable development rights in India, permitted infrastructure assets, other investments (including any business of operation and maintenance of any Assets, property management, property maintenance, housekeeping or other incidental services) as permitted under the SEBI REIT Regulations;

(ii) to hold amounts pending investment or REIT Distribution, or as a reserve of the anticipated obligations of the Knowledge Realty Trust, as permitted under the SEBI REIT Regulations;

(iii) to make REIT Distributions to the Unitholders in the manner set out in the SEBI REIT Regulations;

(iv) to do all other things necessary and conducive to the attainment of the investment objectives of the Knowledge Realty Trust; and

(v) to carry on generally such other activities as may be permitted under applicable laws.

As on the date of this Offer Document (in accordance with the SEBI REIT Regulations), the Knowledge Realty Trust is not permitted to undertake any activity which is prohibited under the SEBI REIT Regulations.

Subject to the restrictions and requirements of applicable law, the Knowledge Realty Trust may not carry on any other principal activity.

Certain investment conditions applicable to the Knowledge Realty Trust Under the SEBI REIT Regulations, the Knowledge Realty Trust is required to ensure compliance with, inter alia, the following investment conditions under Regulation 18 of the SEBI REIT Regulations:

(cid:129) invest not less than 80% of the value of its assets in completed and rent and/or income generating properties;

85(cid:129) not more than 20% of the value of its assets may only be invested in certain permitted forms of investments (whether directly or through a company or LLP) which include, among other things, under construction properties, completed but not rent generating properties, listed or unlisted debt of companies or body corporates in the real estate sector and specified securities, including unlisted equity shares of companies that provide property management, property maintenance or housekeeping and other incidental services subject to certain conditions prescribed under the SEBI REIT Regulations;

(cid:129) forprojectsimplementedinstages,theportionoftheproject(includinganylandwhichiscontiguous and an extension) that is not completed and rent or income generating is required to be counted as an “under construction” property; and (cid:129) not less than 51% of the consolidated revenues of the Knowledge Realty Trust, theAsset SPVs and the Investment Entities, other than gains arising from disposal of properties, must at all times arise from rental, leasing real estate assets or other income incidental to the leasing of such assets.

Further, the Manager is required to monitor these thresholds on a half-yearly basis and at the time of the acquisition of an asset and if these conditions are breached, the Manager must inform the Trustee and ensure that these conditions are satisfied within six months of any such breach (or within one year with Unitholder approval).

In addition to the investment conditions listed above, the SEBI REITRegulations also impose restrictions on certain investments including, among other things, investments in vacant land, agricultural land or mortgages other than mortgage backed securities, and assets located outside India.The Knowledge Realty Trust is also restricted from co-investing with any person(s) in any transaction if the investment by such other person(s) is on terms more favorable than those offered to the Knowledge Realty Trust. The properties (including under construction properties which are part of existing income generating properties) acquired by the Knowledge Realty Trust are also required to be held for a period of at least threeyearsfromthedateofcompletionorpurchase,asapplicable,pursuanttotheSEBIREITRegulations.

Under the extant FEMARules and the FDI Policy, FDI is prohibited in ‘real estate business’. ‘Real estate business’meansdealinginlandandimmovablepropertywithaviewtoearningprofittherefrom.However, the term ‘real estate business’ does not include development of townships, construction of residential/commercialpremises,roadsorbridges,educationalinstitutions,recreationalfacilities,cityand regional level infrastructure, townships and REITs registered and regulated under the SEBI REIT Regulations. Further, earning of rent/income on lease of property, not amounting to transfer, also does not amount to ‘real estate business’. As a real estate investment trust which is not Indian owned and controlled, the Knowledge Realty Trust is therefore only permitted to invest in under construction properties, industrial parks and specific types of completed projects, i.e., completed projects for operation and management of townships, malls, shopping complexes and business centres subject to the investment conditions set out under the FEMA Rules, including any applicable lock-in restrictions. Further, in case ofconstructiondevelopmentprojects,theprojectsarealsorequiredtoconformtothenormsandstandards, including land use requirements and provision of community amenities and common facilities, as laid down in the applicable building control regulations, bye-laws, rules and other regulations of the state government/municipal/local body concerned.

Details of credit ratings As on February 27, 2025, the Knowledge Realty Trust has been assigned an issuer rating of Provisional CrisilAAA/StablebyCRISILandasonFebruary18,2025,theKnowledgeRealtyTrusthasbeenassigned an issuer rating of Provisional [ICRA] AAA (Stable) by ICRA.

86CRISIL disclaimer A rating by CRISIL Ratings reflects CRISIL Ratings’current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by CRISIL Ratings. Our Ratings are based on information provided by the issuer or obtained by CRISIL Ratings from sources it considers reliable. CRISIL Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by CRISIL Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. CRISIL Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. CRISIL Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. CRISIL Ratings’ criteria are available without charge to the public on the web site, www.crisilratings.com. CRISILRatings or its associates may have other commercial transactions with the company/entity.

ICRA disclaimer ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

ICRA ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of theinformationprovidedbyit.Whilereasonablecarehasbeentakentoensurethattheinformationherein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information.Also, ICRAor any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.

87INDUSTRY OVERVIEW We commissioned the “India Commercial Office Industry Report” dated July 12, 2025, (the “CBRE Report”), prepared by CBRE South Asia Pvt Ltd (“CBRE”) for the purposes of confirming our understanding of the industry in connection with the Issue. The information contained in this “Industry Overview” section is derived in full from the CBRE Report which is available on

https://www.knowledgerealtytrust.com/investor-relation/industry-report.pdf and incorporated by reference in this Offer Document. The information in this section has been reviewed and confirmed by CBRE, including all information derived from the CBRE Report, except for other publicly available informationascitedinthissection.Noneofus,theSponsors,theManager,theTrustee,anyoftheBRLMs, oranyotherpersonconnectedwiththeIssuehaveverifiedanythird-partyorindustry-relatedinformation in this section, the CBRE Report. Furthermore, the CBRE Report and this section were prepared based on information as of specific dates, which may no longer be current or reflect current trends and opinions.

Forecasts,estimates,andotherforward-lookingstatementscontainedinthis“IndustryOverview”section areinherentlyuncertain,asanychangeinfactorsunderlyingtheirassumptions,oreventsorcombinations of events that cannot be reasonably foreseen, may have a significant impact. Actual results could differ materially from such forecasts, estimates, assumptions or such statements and may prove to be incorrect.

The CBRE Report is not a recommendation to invest in any company covered in the report. CBRE has prepared the Industry Report relying on and referring to information provided by us (in respect of the financial and operational data of our Portfolio) and third parties, publicly available information as well as industry publications and other sources (“Information”). CBRE assumes that the Information is accurate,reliableandcompleteandithasnottestedtheinformationinthatrespect.Prospectiveinvestors are advised not to unduly rely on the CBRE Report. See also, “Risk Factors—This Offer Document contains information from the CBRE Report.” on page 67.

References to “FY” are to the fiscal year ended March 31 of that year and references to “CY” are to a calendar year ended December 31 of that year. Unless otherwise stated, references to years shall refer to calendar years. Unless otherwise stated, references to absorption shall refer to gross absorption.

References to various segments in the CBRE Report and information derived therefrom are references to industry segments and in accordance with the presentation, analysis and categorization in the CBRE Report. Our segment reporting in our financial statements is based on the criteria set out in Ind AS 108, Operating Segments and we do not present such industry segments as operating segments. All figures should be read in conjunction with the respective footnotes/endnotes.

Forecasts: Forecasts for years CY2025, CY2026 and CY2027 have been projected based on the current market situation and information available regarding future supply and current absorption. Supply- absorption forecasts have been projected under the assumption that supply continues to grow at a similar pace compared to the last two years. Further, Rental forecasts have been projected under the assumption that rental continues to grow at a similar pace compared to the last two years and forecasted supply-absorption trends. It assumes that market conditions remain stable over the forecast period.

Forecasts are inherently uncertain and must not be considered a guarantee; all figures are an approximation. Kindly note that there are no official databases available for uniformed tracking. Further, analysis undertaken for this industry report may differ from the data and forecasts published elsewhere.

OVERVIEW OF THE INDIAN ECONOMY World’s Fastest-Growing Major Economy India has emerged as the world’s fastest-growing major economy1 with a Gross Domestic Product (GDP) growth rate of 6.5% in FY2025 and holds the position of the fourth-largest economy globally2. The country’s notable economic development has been underpinned by a strong service industry and a large domesticconsumerbase,whichhavebeenpivotalindrivingitsgrowth.AcomparisonwiththeglobalGDP growth of 2.8% in FY2025 reflects India’s strong economic resilience amid numerous geopolitical challenges.3 Looking ahead, the International Monetary Fund (IMF) has forecasted a 6.2% GDP growth rate for India in FY20263, with an estimated value of US$4.2 tn.

88India’s GDPgrowth has historically exhibited a CAGR of 7.7% between FY2009 and FY2025, compared to the global average growth rate of 3.4%4, thereby indicating its potential for sustained economic expansion and development. A snapshot of India’s GDP from FY2009 to FY2027P is provided below:

India GDP Size and Growth (FY 2009-2027P)

7.7% (CAGR: FY2009-25) 991,1 243,1 676,1 328,1 828,1 758,1 930,2 401,2 592,2 156,2 307,2 638,2 576,2 761,3 643,3 836,3 909,3 781,4 106,4 5,000 12.0%

9.7%

9.2% 4,500 7.9% 8.0% 7.6% 6.3% 10.0% 4,000 6.4% 6.8% 6.5% 6.2% 8.0%

8.5% 5.2% 8.3% 3,500 7.4% 6.0%

3.9% 3,000 5.5% 6.5% 4.0% 2,500 2.0%

3.1% 2,000 0.0% (5.8%) 1,500 (2.0%) 1,000 (4.0%) 500 (6.0%) 0 (8.0%) nb$SU 90YF 01YF 11YF 21YF 31YF 41YF 51YF 61YF 71YF 81YF 91YF 02YF 12YF 22YF 32YF 42YF 52YF P62YF P72YF )%( etaRhtworG GDP, currentprices (US$bn) RealGDPGrowthRate(%)

Source:IMFdatabaseasofApril2025;WorldEconomicOutlook,April2025;thevaluesforIndiaarepublishedinFiscalYear(FY)4 Robust Economic Indicators Economic Indicators forIndia Value GDP (FY2025) US$3,909 bn GDP Growth Rate (FY2024-FY2025) 6.5% Inflation (CY2025P) 4.2% Repo Rate (As of June 2025) 5.5% Foreign Direct Investments—FDI—FY2025* US$81 bn

Source:IMFdatabaseasofApril2025,MoSPI,RBI,June2025,DPIIT,2025;Note:*—ProvisionalFigure

Strong GDP Growth Outlook: India is expected to grow at 6.3% per annum during 2024-2027P, outperformingothermajoreconomies,withChinaexpectedtogrowat4.1%,andJapanat0.6%duringthe same period.

Major World Economies—Real GDP Growth Rates (2019-2024 & 2024-2027P, %)# %3.5 %3.6 %9.4 %1.4 %8.2 %0.3 %2.2 %1.2 %2.3 %1.2 %1.2 %0.2 %4.2 %8.1 %2.1 %4.1 %7.0 %3.1 %7.0 %9.0 %1.0 %8.0 %2.0 %6.0 India China World Brazil Singapore Australia United European United France Germany Japan States Union Kingdom 2019-2024 2024-2027P

Source:IMFdatabase,2025;#ForIndia,dataandprojectionsarepresentedonafiscalyear(FY)basisforforecastfigures5 89Stable Inflation Regime: The average annual inflation rate in India declined to 4.7% in CY2024 from

6.7% in CY2022, thus aligning with the Reserve Bank of India (‘RBI’)’s target range of 4.0% (+/-2.0%)6.

Further, it is forecasted to reduce to 4.2% in CY2025.

Inflation rate, average consumer prices in India (CY2020-CY2025P, Avg. % p.a.) %2.6 %5.5 %7.6 %4.5 %7.4 %2.4 CY2020 CY2021 CY2022 CY2023 CY2024 CY2025P

Source:IMFdatabase,2025

Stable Interest Rate Environment: India’s 10-year Government Securities (G-Sec) yields have remained stable compared to a few large economies which have witnessed a steep rise in the G-Sec yields post the pandemic. India’s G-Sec yield of 6.2% as of May 2025 is lower than its long-term average of 7.1%6.

Further, RBI in its meeting held on June 6, 2025, reduced the repo rate by 50 bps to 5.5%. The rate cut is expected to positively impact India’s growth and attractiveness.

Government Securities (G-Sec) Yields (CY2020-May 2025)

8.0%

7.2% 7.2%

7.0%

7.0% 6.2% 6.3% India, 6.2%

6.0%

5.0% UK, 4.6%

4.0% United States, 4.4%

3.0% Germany, 2.5%

2.0%

1.0% China, 1.7%

0.0% CY2020 CY2021 CY2022 CY2023 CY2024 May 2025 (1.0%) )%( sdleiY ceS-G 10 Year Average (2015-2024)

7.1%

1.9%

2.5%

0.6%

3.0% India China United States UK Germany

Source:OECD,CentralBankWebsites,2025 Significant Interest from Long-Term Foreign Investors: India has remained an attractive destination for long-term foreign capital inflows, also referred to as Foreign Direct Investments (‘FDI’). The total FDI inflowsfromApril2000toMarch2025amountedtoUS$1,072bn,withinflowsoverthepastdecadefrom FY2016-FY2025 amounting to approximately US$704 bn, representing more than a 100% increase from the preceding decade (FY2006-FY2015)7.

Stable Currency: Over the last decade, the Indian Rupee (₹) has outperformed most of its market peers due to the strong foreign exchange reserves (US$692 bn, as of May 30, 20258) and proactive monetary policies of the government.

90Depreciation against US$ (CAGR May 2015-May 2025, %)

30.5%

6.6%

4.8%

3.0% 2.1% 1.9% 1.5% 1.5% (0.0%) Turkey Brazil Russia India Australia Japan China UK EU

Source:CompiledfromCentralBanks,FederalReserve;Note:MarketPeersincludeemerginganddevelopingeconomiesasclassifiedbyIMF,2025 Favorable Demographic Profile

LargestYouth Population: Approximately 68.7% of India’s population is in the age group of 15-64 years, making it the world’s largest working age population as of December 31, 2024.9 Further, as of CY2025P, the expected median age for India is 28.8 years which is significantly lower when compared to 38.5 years for United States and 40.1 years for China.10

Availability of Skilled Labor: India has one of the largest pools of Science, Technology, Engineering and Mathematics (STEM) graduates in the world,11accounting for 31.0% of the total graduates as of February

2025.23 The large number of STEM program graduates benefits both the service and technology sectors by ensuring greater availability of skilled professionals, improving efficiency and competitiveness.

Urbanization: With the expansion in the economy, India has experienced steady urbanization resulting in the share of urban population increasing from 31.6% in CY2012 to 36.4% in CY2023. Further, as per World Bank Statistics, by CY2036, 40% of the country’s population is expected to live in urban areas, which is expected to contribute almost 70% to India’s GDP.12

Rising Per Capita GDP:As outlined by theWorld Bank, India’s per capita GDPgrew at a CAGR of 4.9% from US$1,958 in FY2017 to US$2,878 in FY2025. India is expected to witness a higher growth rate over the next few years that will enable it to become an upper-middle-income economy by the end of this decade.

Major Structural Reforms to Fuel Economic Growth in India Real Estate Regulation and DevelopmentAct, 2016 (‘RERA’): Since RERA’s introduction in 2016, it has played a pivotal role in protecting real estate buyers, enhancing transparency, and boosting investment.

Goods and Services Tax, 2017 (‘GST’): GST, a unified sales tax, was enacted in 2017, and replaced more than ten central13, state, and local taxes. It has eliminated cascading tax effects, enhanced cost efficiency and created a unified national market.

Corporate Tax Cut: Government reduced the tax rates for nonresident corporate taxpayers from 40.0% to

35.0% in 2024. The corporate tax for domestic companies was reduced from 25.0%-30.0% to 22.0% in 2019 and continues to be the same.

91Amendment to Special Economic Zone (SEZ) Rules, 2006; De-notification, 2023: The amended regulations allow floor-wise de-notification of processing areas in SEZs.This change aims to attract more firms and enable existing corporations to expand or relocate within these areas to serve domestic businesses, impacting new project launches and completions in the SEZ sector.

Production Linked Incentive (PLI): Launched in April 2021, the Production Linked Incentive (PLI) scheme is an Indian government initiative aimed at boosting manufacturing in 14 sectors, including electronics, pharmaceuticals, medical devices, automobiles, specialty steel, telecom, food processing, drones, textiles, and white goods. It provides financial incentives to manufacturers to increase production, promoting domestic manufacturing and demand for commercial office spaces.

SERVICES SECTOR—THE MAINSTAY OF OFFICE DEMAND IN INDIA India has emerged as a prominent destination for global corporations seeking services, due to a large pool of skilled professionals, and competitive cost advantages. This, in conjunction with the expansion of domestic companies, has fostered a robust demand for commercial office space and propelled growth across India’s key office markets.

The services sector, which is the mainstay of office demand, is a key driver of India’s economy and has contributed approximately 55% of GDP14 witnessing an annual growth rate of 7.3% in FY2025 and is expected to grow by 8.0% in FY2026P. The services sector is forecasted to further grow by 7.7% per annum until CY2030.15 Growth Rate—India GDP and Services Sector (FY2015-FY2025, %) CAGR (FY2015- FY2025)

6.4%

9.8% 9.4% 8.5% 9.2% 10.3% 9.0% 6.0%

7.2% 7.3%

6.3% 6.4% FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 (8.4%) GDP Services Sector

Source:MinistryofCommerceandIndustry,2025,MinistryofStatisticsandProgramImplementation,2025;IMF,2025

Note:FY2025numbersaresecondadvanceestimates.

The GVA (Gross Value Added) of the services sector has increased from approximately US$343 bn in FY2010 to US$1,104 bn in FY2025, reflecting a CAGR of 8.1% during the period.16 The pandemic expeditedthestructuralshiftthatwasalreadyunderway,significantlyboostingtheuseandimplementation of technology, particularly in the realm of artificial intelligence (‘AI’), machine learning (‘ML’), cloud computing, data analytics, and digital transformation.

92GVA of Services Sector (FY2010-FY2025, US$ bn) 1,104

CAGR: 8.1% 944 1,029 855 856 750 804 784 705 650 594 464 503 541 401 343 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Source:RBI&MOSPI,February2025;Note:AsperRBI,theexchangerateasofMarch31,2025,hasbeentakenas₹85.58perUS$foralltheyears

Note:FY2025aresecondadvanceestimates Drivers of Indian Services Industry India offers a conducive environment for multinational corporations due to its political stability, expandingeconomydrivenbydomesticconsumption,androbustfinancialregulatoryframework.Overthe last three decades, India has emerged as a leading technology and corporate services hub that has driven demand for commercial office space from both domestic and global corporations driven by ample availability of skilled and cost-efficient talent, the largest youth population of any country (as of December 31, 2024), the second largest English-speaking population and favorable government policies driving outsourcing competitiveness.17

Competitive Cost Advantage: India enjoys a significant cost advantage compared to its global counterparts. Several services companies have been attracted to India because of its low-cost intellectual capital, physical infrastructure18, and a vast pool of skilled English-speaking professionals.The operating cost in India is significantly lower compared with other parts of the world with the cost arbitrage in Bengaluru being as high as approximately 81% compared to a US Tier II city.

Operating Cost per FTE for BPM, FY2023 100 70 ~81% lower than a US Tier II city 43 35 25 19 US Tier II City Prague Shanghai Kuala Lumpur Manila Bengaluru

Source:NASSCOM,IndexedtoUSTierIICity=100;IncludesBPM—F&Aservices;FTE—FullTimeEmployee19 Large English-Speaking Talent Pool: India has the second largest English-speaking population in the world after the United States as of FY202420. Moreover, India has one of the largest pools of highly qualified Science, Technology, Engineering & Management (STEM) graduates in the world, with over

2.5 mm graduates in FY2023.21 Low Cost, High-Quality Office Infrastructure: India offers high-quality office space at affordable prices across major cities. Rentals in top Indian cities are over 50% cheaper than other competingAsian markets such as Tokyo, and Hong Kong as of March 31, 2025.

93Technology Sector: Key Growth Driver of Office Demand in India The services sector (led by the technology industry) continues to be the key driver of the Indian economy.

More multinationals are setting up their offices in the country as evidenced by revenue of technology industry in India growing from US$154 bn in FY2017 to US$190 bn in FY2020, implying a CAGR of

7.3%. Further, from FY2021 to FY2025E, the revenue growth is estimated to be 9.6% per annum. Earlier, the technology sector was largely focused in the US and over time it has geographically diversified to other parts of the world.

Technology Industry Snapshot (FY2025E)

Source:BeyondDisruptionStayingFuture-readyToday,TechnologySectorinIndia,StrategicReview2025,NASSCOM;Note:FY2025figuresareestimates.

Thepositiveoutlookofthissectorisfurtherreflectedinthehiringinthetechnologyindustry,with3.7mm direct employees in FY2016 growing to a projected 5.8 mm employees in FY2025, implying a CAGR of

5.2%.22 Indian Tech Industry Employees Revenue of Technology sector in India (FY2016-FY2025P, mm) (FY2017-FY2025P, US$ bn)

5.7 5.8

5.4 5.1

3.7 3.9 4.0 4.1 4.4 4.5 61YF 71YF 81YF 91YF 02YF 12YF 22YF 32YF 42YF E52YF

CAGR: 5.2% 269 283 245 227 190 196 167 177 154 71YF 81YF 91YF 02YF 12YF 22YF 32YF 42YF E52YF

CAGR:

9.6%

CAGR: 7.3%

Source:NASSCOM Source:NASSCOM GCC Charting a New Technology Era and Driving Growth India is one of the leading destinations for technology services tenants in the world and continues to be a leader in the global sourcing industry with an estimated ~58.0% market share in FY202522. While the first two decades of India’s growth in the technology industry were led by third-party service providers, thelastdecadehasseentheemergenceofGlobalIn-HouseCentres(‘GICs’),alsocalledGlobalCapability Centres (‘GCCs’). GCCs are offshore services hubs established by Multinational Corporations (MNCs) to perform strategic functions, leveraging knowledge based-talent, cost and operational efficiencies.

94With over 2,975 GCC units (which are the individual centers that make up a GCC and a single GCC can have multiple units) in the country and the highest share in the world as of February 2025, India reigns as the “GCC Capital of the World”.23 GCC operations in India have evolved significantly over time from providing support/backend services in FY2010 to transformative hubs and R&D functions presently.

In FY2010, India had 700+ GCC occupiers which grew by a 6.1% CAGR to 1,800+ GCC occupiers as of February202523andisexpectedtofurtherincreaseto2,100+GCCoccupiersbyFY2028.AsofDecember 2024, over 60% of Fortune 500 companies operate GCCs in India that are integral to their global innovation strategy.24 Further, as of FY2024, approximately 23% of the Forbes Global 2000 MNCs have established their presenceinIndiatherebyindicatingtheirsignificantgrowthinthecountry.28TheGCCexportrevenuehas increased from US$19.4 bn in FY2015 to US$64.6 bn in FY2024 and is further expected to grow to US$105 bn by FY2030 at a projected CAGR of 8.4%.25 GCCs in India (FY2010-FY2028P, No. of GCCs) GCC Revenues (FY2015-FY2030P, US$ bn) Avg. 100+ GCCs to Avg. 75+ GCCs enter India p.a CAGR:

8.4 % 105 entered India p.a 2,100+ Avg. 60 GCCs CAGR: entered India p.a 1,700+

14.3 % 65 1,000+ 40 700+ 19 FY10 FY15 FY24 FY28P FY15 FY19R FY24R FY30P

Source:NASSCOM;Note:GCCsRevenueestimatesforFY2019andFY2024havebeenrevisedaspertheNASSCOMreport,February2025 The Indian GCC ecosystem has become a sandbox for global companies driving organization-wide transformative initiatives. From decentralization and diversification of portfolios, to becoming innovation hubs, Indian GCCs are assuming a strategic role in fostering product innovation, driving technological advancements, and spearheading digital transformation initiatives for parent organizations outside India.

Transitioning from their origins as mere cost arbitrage centers, GCCs in India are now charting newer paths focused on value enhancement.26 India continues to be the preferred destination for global, emerging, and local, software testing firms due to the presence of large, skilled software testing talent available at a competitive cost. As of May 2025, more than 80% of the top 50 global R&D spenders have their centers in India.27 India is at the forefront of new generation technology business offering viable alternate for quality, English-speaking cost-effective resources, diverse technical talent with more than 8,100 digital solution providers housing

1.4 mm employees.28 Over the last two decades, the office market in India has undergone a structural shift in services provided byofficeoccupiers,transitioningfromback-endsupportfunctionstoGCCsfocusingonhigh-value-added, core business activities and new generation businesses (such as cloud services, analytics, robotics, digital solutions, AI and ML). A clear shift is being observed in India as most of the new GCCs entering the country are establishing multi-functional centers such as Engineering Research and Development (ER&D), IT, and Business Process Management (BPM). They are also co-piloting their HQ with transformation initiatives by building new products, creating technology breakthroughs, harnessing the strength of open innovation, and becoming a business excellence lighthouse for their parent organization.

95Wave 1.0| Pre-2010 Wave 2.0| 2011-2015 Wave 3.0| 2015-2023 Wave 4.0 | 2023 onwards GCC transitions to a GCC as on Outpost GCC primarily a Satellite GCC transitions to a Portfolio Hub Transformation Hub

1. Hub for ‘as-a-Service’

1. Digital Transformation & Transformation

1. Cost & Talent Arbitrage 1. Delivery Excellence Innovation 2. Customer-Centric Business

2. Innovation 2. Transition to GBS Development

3. Peer Collaboration 3. Accountability of Creating

4. Portfolio Expansion & ownership Newer Hubs

5. Global Roles 4. Monetizing Service Capability As of FY 2010 As of FY 2015 As of FY 2023 Total No. of GCCs: 700+ Total No. of GCCs: 1,000+ Total No. of GCCs: 1,600+

Revenues: US$11.5 bn Revenues: US$19.4 bn Revenues: US$46.0 bn

Total GCC Talent: 400K+ Total GCC Talent: 745K+ Total GCC Talent: 1,659K+ 53% of GCCs are in the Portfolio and Transformation Hub stages in FY2024, compared to 18% in FY2013

Source:NASSCOM While NorthAmerican MNCs continue to lead the GCC roster, EMEAandAPAC-based MNCs have made significant inroads in India over the last four years. Two-thirds of the MNCs that entered India from the EMEA region in the last two years are from UK, Germany, and France.

GCCs in India based on HQ Location (FY2019-FY2024, No. of GCCs) 840 30% Americas 1,090 330 46% EMEA 480 80 75% APAC 140 FY2019 FY2024

Source:NASSCOM,2024 96Talent availability, digital skills and the presence of a strong industry ecosystem are some of the key driversforGCCstosetupcentersinIndia.EmployeestrengthofGCCsinIndiahasrapidlyincreasedover the last decade and a half, registering a CAGR of 11.8% during the period.

GCCs Employees (FY2010-FY2030P, mm)

CAGR:

2.8

6.7%

CAGR:

1.9

11.8%

1.4

0.8

0.4 FY2010 FY2015 FY2019 FY2024 FY2030P

Source:NASSCOM,2024 Tier I cities remain the preferred destinations for GCCs in India, with approximately 90% of the installed talent housed in these cities. Bengaluru has remained the leader for GCCs in India, with a share of 42.7% of total space leased by GCCs from CY2022-Q1CY2025, driven by its dominant position as a talent hub and a successful technology and startup ecosystem. Hyderabad and Chennai are also major hubs for GCC expansion, led by their technology talent, enhanced infrastructure and cost efficiency.29 GCCsshareofleasingincreasedfrom30.1%inCY2022to35.8%bytheendofCY2024.Thishasmarked a growth of GCC leasing from 18.9 msf to 28.8 msf over the same period. Cumulative leasing by GCCs in the top seven cities in India for CY2022-Q1CY2025 is approximately 78.4 msf (34.3% of total area leased).

Year wise share of office space leasing by GCCs (CY2022-CY2024, % & msf)

28.8 msf

18.9 msf

35.8%

30.1% CY2022 CY2024

Source:CBRE;asofMarch31,2025 GCC demand in Knowledge Realty Trust (‘KRT’) Markets i.e. Bengaluru, Hyderabad, Chennai, Delhi-NCR, and MMR (Mumbai) accounted for 90.0% of total space leasing by GCCs between CY2022-Q1CY2025. GCC demand in KRT’s Portfolio Core Markets (Bengaluru, Hyderabad and MMR

(Mumbai))accountedfor66.8%ofthetotalGCCleasingfromCY2022toQ1CY2025.GCCsareexpected to scale up their leasing activity going forward and are expected to reach approximately 83-88 msf in CY2025P30. It is forecasted that diversification within the GCC space will occur, with demand/expansion coming from sectors such as Banking, Financial Services, and Insurance (BFSI), manufacturing, life sciences, and Research Consulting & Analytics (RCA) companies. Bengaluru and Hyderabad have emerged as preferred destinations for setting up transformation and innovation hubs by GCCs which accounted for 42.7% and 19.7% of total GCC office space leasing in India from CY2022 to Q1CY2025 respectively.

97City wise share of office space leasing Sector wise share of office space leasing by GCC (CY2022-Q1CY2025,%) by GCCs (CY2022-Q1CY2025,%) MMR Kolkata,

(Mumbai), Others,

0.9% Pune, 4.3% Automobile, 9.0%

9.1% 3.0% Bengaluru E-commerce, Technology,

42.7% 3.0% 27.0% Delhi-NCR, Life

10.3% sciences,

10.0% Research, consulting & Chennai, analytics,

12.9%

10.0% BFSI,

21.0% Engg. & Mfg., Hyderabad, 17.0%

19.7%

Source:CBRE;asofMarch31,2025;totalsmightvaryduetoroundingoff Other Services Sector Trends

The following trends are also driving the growth of the services sector in India: (cid:129) India’s banking and financial sectors showed strong performance in FY2025, with robust credit growth, minimal non-performing assets, and enhanced asset quality.14 (cid:129) Contact-intensive services, particularly trade, transport, real estate, and their related sectors, which were significantly affected by the pandemic, have now emerged stronger in the post-pandemic landscape. They have integrated more technology and digital content, transforming service delivery in India.

(cid:129) Companies are increasingly outsourcing non-core functions to specialized service providers, leading to growth in sectors like IT, customer support, and finance. Over 70% of aerospace and defense, logistics, transportation, manufacturing-process enterprises have outsourced digital services work to their own capability centres in India in CY2024 contributing to a consistent revenue for IT/ITeS sector.31 (cid:129) FormalizationofIndianeconomythroughinitiativessuchasGoodsandServicesTaxes(GST)which incentivizes service providers to formalize their operations by making compliance more accessible.

Resultantly, the total gross GST revenue witnessed a year-on-year (“y-o-y”) growth of 9.9% in FY2025.32 98OVERVIEW OF INDIA OFFICE MARKET India’s office real estate landscape has changed significantly over the past two and a half decades. Since the early 2000s, office stock has grown by more than 35 times from approximately 25 msf in CY2000 to approximately887msfasofMarch31,2025andisconcentratedintheTop7citiescomprisingBengaluru, Mumbai Metropolitan Region ‘MMR’ (Mumbai), Delhi National Capital Region ‘Delhi-NCR’ (which includes Delhi, Gurugram & Noida), Hyderabad, Chennai, Pune and Kolkata along with GIFT City, Ahmedabad. Indian real estate has emerged as a preferred investment asset class due to various factors such as the healthy growth of the economy, favorable demand-supply fundamentals, investor-friendly policies, rental growth opportunities, strong demographic profile and increased transparency.

India—Total Office Stock (CY2016-CY2027P, msf)

1061.6

997.4

939.4

877.1 887.3

829.7

775.2

728.8

680.4

640.8

590.6

556.2

524.8 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 2025P 2026P 2027P

Source:CBRE;asofMarch31,2025;AreamentionedisGrossFloorArea;Note:Includestop7cities(Bengaluru,MMR(Mumbai),Delhi-NCR,Hyderabad,Chennai,Pune andKolkata)+GIFTCity,Ahmedabad;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section One of the Largest Office Markets in the World Indiaisaleadingofficemarketintheworldintermsoftotalofficestock.33Bengaluru,Delhi-NCR,MMR

(Mumbai), and Hyderabad are amongst the leading markets in Asia.

Select Major Global Cities—Total Office Stock (Q1CY2025, msf)

412.7

290.6

245.8 234.0

200.7

175.2

139.8 123.8 116.9 115.3 114.4 103.2 89.0

67.0 65.0 64.4 57.1 kroY weN oykoT hcinuM nodnoL soL selegnA urulagneB iahgnahS gnijieB RCN-ihleD naS ocsicnarF RMM )iabmuM( dabaredyH gnoK gnoH iannehC eropagniS enuP yendyS Indian Markets Global Markets

Source:CBRE;asofMarch31,2025;34AllAsiaPacificmarketsarequotedinallGradesinNetFloorAreaexceptHongKongwhichconstitutesonlyGradeAstock India’s office market is also one of the largest office markets in the world in terms of cumulative net absorption from CY2016 to Q1CY2025. Further, KRT’s Portfolio Core Markets, namely Bengaluru, Hyderabad and MMR (Mumbai), collectively absorbed more office space than eleven global cities combined between CY2016 and Q1CY2025.

99Select Major Global Cities—Cumulative Net Absorption (CY2016-Q1CY2025, msf)

80.5

64.9

59.0 55.8

44.7 43.6

26.1 23.9 22.6

8.6 8.2 3.2 (1.3) (2.6) (3.0) (3.4) (5.6) urulagneB dabaredyH oykoT RCN-ihleD RMM )iabmuM( iahgnahS enuP gnijieB iannehC eropagniS hcinuM gnoK gnoH yendyS nodnoL kroY weN selegnA soL ocsicnarF naS KRT’s Portfolio Core Markets Indian Markets Global Markets

Source:CBRE;asofMarch31,2025;35CumulativenetabsorptionforglobalcitiesisinNetFloorArea(NFA) High-Quality Offices at Attractive Rentals and Capital Values The key office markets in India continue to offer significantly lower rentals (approximately US$1-2 psf pm avg.) compared to assets of similar scale and quality in global commercial hubs.

Select Major Global Cities—Rentals (Q1CY2025, US$ psf /year)

219.5

107.5

81.1 77.5 69.8 68.1

54.8 51.8

41.4 41.3

27.8

18.3 17.4 16.2 13.4 nodnoL eropagniS kroY weN oykoT hcinuM gnoK gnoH yendyS gnijieB naS ocsicnarF iahgnahS RMM )iabmuM( RCN-ihleD urulagneB iannehC dabaredyH Indian Markets Global Markets

Source:CBRE,asofMarch31,202536;Note:ClassArentalsusedforUS;APACmarketsincludeEffectiveGradeArentalvalueswhileprimerentalshavebeenusedfor Europeanmarkets.

100In line with competitive rentals, the key commercial office markets in India continue to offer significantly lower capital values compared to global commercial hubs.

Select Major Global Cities—Capital Values (Q1CY2025, US$ psf) 5,487 3,312 2,157 1,518 1,512 1,397 574 538 386 376 358 243 238 210 206 nodnoL oykoT eropagniS hcinuM yendyS gnoK gnoH kroY weN gnijieB iahgnahS naS ocsicnarF RMM )iabmuM( RCN-ihleD urulagneB iannehC dabaredyH Indian Markets Global Markets

Source:CBRE,asofMarch31,202537;CapitalvaluesofEuropeanmarketsincludeprimevalues;USmarketsincludeallgrades,whileAPACmarketsincludeGradeAvalues.

India continues to be an attractive office real estate market with 8.0%-8.5% capitalization rate as of March 31, 2025, representing a 150 to 500 bps spread compared to capitalization rates for other global office markets.

Large Global Office Markets—Capitalization Rate (Q1CY2025, %)

8.0%-8.5%

6.6%-7.1%

5.8%-6.3%

4.8%-6.5%

3.6%-4.1% 4.0%-5.8%

2.7%-3.2%

2.3%-2.8% Japan Hong Kong Singapore UK China Australia USA India

Source:CBRE;asofMarch31,202538 101Asian Office REITs Comparison Thereare12prominentofficeREITsinAsiathathavesignificantcommercialofficestock.EmbassyREIT has the largest portfolio in Asia by area admeasuring 51.1 msf. With 46.3 msf, the proposed Knowledge Realty Trust (KRT) would become the second largest office REIT inAsia by area, as of March 31, 2025, and one of the largest office REITs globally. As of March 31, 2025, more than 400 msf of the total completed office stock in India (excluding the proposed KRT) comprises REITquality assets and presents an opportunity for potential future acquisitions of such platforms.

Asian Office REITs—Total Area (msf)

4.8

6.0

3.3

3.8 8.5

4.5

5.3

40.3

37.1

30.0

24.5

21.1

12.8 10.5 10.4 9.5

5.8 4.8 4.4 2.9 TIER yssabmE )desoporP( TRK TIER ecapsdniM dnaLatipaC tsurT aidnI dlefikoorB TIER aidnI gnidliuB noppiN #*dnuF naP eertelpaM *laicremmoC aisA *TIER suxeD *TIER ERJ *TIER cetnuS dnaLatipaC #*tsurT laicremmoC *TIER leppeK #*TIER noipmahC

51.1

46.3

8.0 37.1

1.2 34.8

29.0

12.8

10.5 10.4 9.5

5.8 4.8 4.4

2.9 Completed Under Construction Future Development

Source:Alldata(exceptKRT)isbasedoninformationavailableinthepublicdomain.KRT(Proposed)dataisbasedonKRTinputs;Representsprominentoffice-focusedREITs inAsia.DataasofMarch31,2025;*Reflectiveofnetlettablearea;#DataasofDecember31,2024,Areatotalsmightvaryduetoroundingoff;BifurcationofUCandPlanned assetsforBrookfieldIndiaREITisnotavailable.39 India Office REITs Snapshot A snapshot of key attributes of Indian office REITS as of March 31, 2025 is outlined below Particulars EmbassyREIT MindspaceREIT BrookfieldIndiaREIT KRT(Proposed) Sponsor Blackstone & K Raheja Corp. Brookfield Blackstone & Sattva Embassy Total Leasable Area 51.1 37.1 29.0 46.3

(msf) Completed 40.3 30.0 24.5 37.1 Leasable Area (msf) Committed 87% 91.2% 88% 91.4% Occupancy (%) Cities* (cid:129) Bengaluru (cid:129) Mumbai (cid:129) Noida** (cid:129) Bengaluru (cid:129) Mumbai (cid:129) Hyderabad (cid:129) Mumbai (cid:129) Mumbai (cid:129) Noida** (cid:129) Pune (cid:129) Kolkata (cid:129) Hyderabad (cid:129) Pune (cid:129) Chennai (cid:129) Gurugram** (cid:129) Gurugram** (cid:129) Chennai (cid:129) Delhi** (cid:129) Chennai (cid:129) Ahmedabad NOI (₹mm) 32,834 20,616 19,528 34,323

(FY2025) (FY2025) (FY2025) (FY2025) 102Particulars EmbassyREIT MindspaceREIT BrookfieldIndiaREIT KRT(Proposed) GAV (₹mm) 611,632 366,473 379,542 619,989 % of GAV (cid:129) Bengaluru – 75% (cid:129) Mumbai – 33.9% (cid:129) Gurugram – 33% (cid:129) Bengaluru – 33.4% distribution (cid:129) Mumbai – 9% (cid:129) Hyderabad – 42% (cid:129) Mumbai – 28% (cid:129) Mumbai – 31.9% (cid:129) Pune – 7% (cid:129) Pune – 18.1% (cid:129) Kolkata – 8% (cid:129) Hyderabad – 30.4% (cid:129) Noida – 6% (cid:129) Chennai – 3.3% (cid:129) Delhi – 11% (cid:129) Gurugram – 1.5% (cid:129) Chennai – 3% (cid:129) Facility (cid:129) Noida – 19% (cid:129) Chennai – 2.2% Management (cid:129) Ludhiana – 1% (cid:129) Ahmedabad – 0.6% Division – 2.7% Net Debt to GAV 32.0% 24.3% 24.9%^^ 19.1%# City Center 3/1.2 1/0.1 1/1.5 6/5.5 Office Assets (Count/Leasable Area (msf)) City Center 41,421 5,058 42,026 181,797 Office Assets GAV (6.8%) (1.4%) (11.1%) (29.3%) (₹ mm, %) WALE 8.4 years 7.4 years 7 years 8.4 years SEZ share (msf) 20.0^ 13.8 16.3 6.9

Source:InvestorPresentationsofrespectiveREITs(EmbassyREIT,MindspaceREIT,BrookfieldIndiaREIT);Data(exceptKRT)isbasedoninformationavailableinthepublic domainforMarch31,2025,unlessstatedotherwise,KRT(Proposed)dataisbasedonKRTinputs;Werecommendthereadersofthereporttoreviewthesourceshighlighted abovefromtherespectiveREITsforanyadditionalunderstanding;**PartofDelhi-NCR;#projectedposttheIPOraise.^^NetDebttoGAVforBrookfieldIndiaREITexclude shareholdersinstruments.ConsolidatedLTVforBrookfieldIndiaREIT(asreported)is28.1%.

*BrookfieldIndiaREIThasapresenceinLudhianacitycomprisingofaretailmallasset.^EmbassyREITSEZdataisasofDecember2023 The KRT Portfolio comprises 6 city center office buildings* which cater to prominent front-office occupiers and 23 established business centers and parks.† The KRT Portfolio’s quality, prime locations, robust infrastructure, and wide-ranging amenities in assets such as Sattva Knowledge City, One BKC, Sattva Knowledge Park, and One World Center act as a differentiator which has resulted in some of its assets being best-in-class developments in their respective sub-markets and in the country. In relation to thelocationofofficeassets,uponlisting,KRTwouldbecomethemostgeographicallydiverseofficeREIT in India, with office Portfolio Assets located across 6 different cities. Further, only 14.9% of KRT’s Portfolio (by total leasable area) as of March 31, 2025 is currently notified as SEZ space.

KRT’s city-center office assets40 are strategically located in some of the most prominent sub-markets of Mumbai and Bengaluru, which serve as preferred locations for front-office tenants owing to their high visibility and enhanced connectivity to tenant employees as well as their visitors.

* Office developments located in city center locations which are typically the central business districts and extended business districtsofthecity;tenantprofileprimarilycompriseoffrontofficeoccupiersintheBFSI,Eng.&Manufacturing,Mediaand Communications,Research,ConsultingandAnalytics(RCA)amongstothersandmaynotbepreferredbytechnologytenants.

For Mumbai, city center includes CBD, BKC & BKC-O, and Ext-CBD. For Bengaluru, city center includes CBD and EBD. † Office developments located in technology hubs of the city located in a combination of emerging and established vectors. It comprises of both standalone buildings as well as integrated parks including multiple buildings. Tenant profile typically comprisesofIT/ITeStenantsincludingGCCsandKPOsthattypicallypreferlargerfloorplates,withscalabilityoptionsand comprises of several amenities for employee engagement.

103PROMINENT TRENDS IN INDIA OFFICE MARKET Long-Term Relevance of Office Spaces India’s office market benefits from robust demographic profile and availability of large-scale talent with requisite skills at affordable costs which helps in preserving the relevance and attractiveness of Grade A office spaces in the long term. The Indian office sector showed a strong growth and increased occupier activity in CY2023 and has continued to increase through CY2024. Office absorption for CY2024 grew by17.9%y-o-y,registeringthehighesteverleasingofapproximately80.3msfbyyearend,surpassingthe previous peak witnessed in CY2023. Building upon the sector’s strong growth trajectory, characterized by two years of record leasing activity, India’s office sector is anticipated to experience continued expansion in 2025.

CY2024 accelerated a ‘Return to Office’ (RTO) trend among many corporates, with a clear inclination towards ‘office-first’ approach. Major tech companies employing several thousands of employees in the country have implemented robust RTO policies, using both incentives and penalties to encourage employees to resume in person. As per CBRE India Occupier Survey (2024), 90% of respondents

(occupiers), prefer at least 3 days of working from office. Also, 75-80% of technology and BFSI sector occupiers (which constitute a large proportion of office occupiers in India) surveyed, indicated their preference of working from office.

Sector-wise occupancy rates across India illustrate improved occupancy levels which ranged from a high 85-95% for sectors such as E-Commerce and BFSI, to a more conservative 55-65% for the technology sector in H1CY2024.41 Sector-wise RTO in India

Note: Occupanciesaboveareindicative.Theycanvaryasperbusiness,employeestrength,location,growthplans,workplacestrategyandotherfactors Diversification of Occupier Demand Over the last few decades, the commercial office market in India has witnessed a major shift in activities undertaken by occupiers, transitioning from call centers/Business Process Outsourcing units to GCCs focused on high-value-add, and core business activities. Such high-value tenants tend to focus on asset quality, amenities and facility management and are less sensitive to costs compared to the call centres and Business Process Outsourcing units.

During CY2024, technology and co-working firms held the highest share followed by BFSI firms at

23.3%, 20.4% and 15.3% respectively.

104India: Absorption by Tenant Sector CY2019 CY2024 Others, Technology, Others, Technology,

23.8% 35.8% 25.1% 23.3% Engg. & Research, Mfg., Consulting &

7.3% Analytics,

7.4% Co-Working, Research, 20.4% Consulting & Engg. & Mfg., Analytics, 9.2% 8.6% Co-Working, BFSI, 13.5% BFSI,

10.4% 15.3%

Source: CBRE; Others include healthcare, aviation, industrial conglomerates, FMCG & retail; e-commerce, infrastructure, real estate & logistics; media & marketing, automobile,hospitality,telecommunication Co-working spaces have emerged as a vital part of modern work culture, catering to diverse working styles, and offering flexibility in leases. Co-working spaces are in high demand from start-ups to large corporations, supporting ‘Core + Flex’ strategies that optimize financial efficiency while maintaining consistent employee experience.

In terms of office absorption by domicile, domestic firms are emerging as a formidable force in the demand for office space accounting for 46.5% of commercial leasing in CY2024 compared to 30.0% in CY2015 and could be expected to expand in the future. The expansion of domestic firms is bolstered by strong economic growth, the government’s emphasis on infrastructure and the execution of several reform measures.

Office Absorption as per Domicile—CY2024 APAC

4.5% EMEA

15.2% Domestic

46.5% Americas

33.8%

Source:CBRE 105Increasing Demand for High-Quality Office Space

FlighttoQuality:Increasinglytenantspreferhigh-quality,well-amenitizedofficespaces.Thishasresulted inadistinctionintheperformanceofbetterquality,andwell-managedofficeportfolioscomparedtoother commercial developments.

Focus on Amenitized Office Spaces: Occupiers are drawn to modern integrated parks equipped with amenities such as F&B outlets, outdoor open spaces, fitness & wellness centers, and community events.

Some other facilities and amenities that occupiers look for include relaxation spaces, daycare centers, sportszones,supportinfrastructure(hotels,onsiteconveniencestores,retailfacilities)andmobile-enabled workspaces.

Sustainability Occupiershavebeenprioritizingsustainabilitythroughvariousmeasuressuchasgreen-certifiedbuildings, sustainable procurement, water & waste management, and energy efficiency. With benefits ranging from loweroperatingcosts,improvedemployeehealthandenhancedbrandimage,ahighernumberofoccupiers are likely to prefer green-certified buildings for new leases.42 Resultantly, in India, almost 50% of the newly completed office developments in CY2024 obtained green certifications such as LEED or IGBC.

Tenant Relationship Strategies Organized real estate developers in India have established tenant relationships by providing high-quality spaces coupled with modern day amenities and aligning their development plans in line with tenant demands.

Depending on the nature of the business activity and office location, domestic and prominent global tenants typically spend ₹2,500-5,500 psf which can go up to ₹8,000-12,000 psf (on Gross FloorArea) for front-end operations for fitting out the premises which typically takes 60-100 days. Owing to the high investments in fitting out the office premises most tenants occupy spaces well beyond the 3-5 years of lock-in period resulting in higher tenant retention.

TI Capex Comparison (% of NOI)

15.0%-20.0%

2.0%-5.0% India USA

Source:CBRE,USOfficeREITs,2024 106Further, leases in India are typically on a ‘warm shell’ basis, resulting in landlords incurring tenant improvement capital expenditure (‘TI capex’) of only 2.0%-5.0% of NOI for grade A office assets,

whereas tenants incur significant fit-outs costs, often equivalent to 3-6 years of rents. This compares favorably to other markets where landlords are expected to incur significant TI capex to attract and retain tenants(forexample,TIcapexintheUnitedStatesisexpectedtobeapproximately15%-20%oftheirNOI towardstenantimprovement,leasingcostsandredevelopmentreserves).Thisresultsintenant‘stickiness’ and also enhances the NOI to cash flow conversion for office developments in India.

Artificial Intelligence and Real Estate Artificial intelligence is transforming the job market. While generative AI has made jobs involving automatic routine tasks defunct, it has opened a wide array of opportunities in sectors related to data science&analytics,engineering,andmachinelearningshiftingthejobspectrumtowardshigh-skilledjobs acrosstheglobe.AspertheFutureofJobsReport,2023byWorldEconomicForum(WEF),AIisexpected to create 78 mm more jobs globally than it displaces by 2030.

OVERVIEW OF TOP 7 KEY OFFICE MARKETS & GIFT CITY, AHMEDABAD India’s top 7 cities comprise of Bengaluru, Delhi-NCR (which includes Delhi, Gurugram & Noida), MMR

(Mumbai), Hyderabad, Chennai, Pune, and Kolkata, and represent nearly the entire organized office market in the country and houses the political capital, financial hub and prominent technology centers.

Further, GIFT City, Ahmedabad is an emerging office hub and is forecasted to witness higher growth in commercial real estate in the upcoming years.

MMR GiftCity, Total Particulars Bengaluru (Mumbai) Delhi-NCR Chennai Hyderabad Pune Kolkata Ahmedabad /Average Population* ~14.4 ~22.1 ~34.7 ~12.3 ~11.3 ~7.5 ~15.8 NA ~118.2 (2025P, mm) Total Stock 233.7 152.5 155.9 89.3 137.6 85.9 27.7 4.8 887.3 Q1CY2025 (msf) Occupied Stock 196.3 127.2 120.8 77.3 103.7 65.4 23.4 4.1 718.2 Q1CY2025 (msf) Vacancy 16.0% 16.6% 22.5% 13.4% 24.7% 23.8% 15.4% 14.8% 19.1% Q1CY2025 (%) Effective 12.0% 10.8% 19.1% 9.3% 21.0% 22.8% 15.4% 10.7% 15.4% Vacancy43 Q1CY2025 (%) Annual Gross 16.0 7.5 11.0 6.1 9.2 5.5 1.8 0.4 57.4 Absorption Avg. CY2016- Q1CY2025 (msf) Market Rents 93.0 148.8 97.9 86.5 71.8 84.0 58.7 60.0 98.0 Q1CY2025 (₹psf pm) Tenant Sector Tech 33% BFSI 53% BFSI 31% Tech 32% Tech 23% BFSI 39% CW36% BFSI, BFSI 26%

(Q1CY2025) BFSI 24% CW10% Tech 24% FMCG Life Sciences CW22% RCA19% Tech Tech 23% & Retail 17% 19%

Source:CBRE;*WorldPopulationReview;44Note:BFSI—Banking,FinancialServices&Insurance,CW—Co-Working,RCA-Research,Consulting&Analytics;Tenantsector %sharenotavailableforGIFTCity,Ahmedabad 107Supply and Absorption Trends Over the past 9 years (CY2016-Q1CY2025), majority of overall office space absorption has been concentrated in Bengaluru, MMR (Mumbai), and Hyderabad contributing to 56.8% of the total gross absorption witnessed in India. After India experienced a record-breaking 66.4 msf of gross absorption in 2019, office demand slowed across all cities post-March 2020 due to the impact of the global pandemic and local lockdowns in 2020 and 2021.

Despite the pandemic and SEZ denotification related issues, leasing activity picked up in the subsequent years. India recorded the highest leasing activity in CY2024, with gross office absorption reaching

80.3msf,surpassingthepreviouspeakwitnessedinCY2023,witnessingay-o-ygrowthof17.9%vis-à-vis the previous year. This trend is forecasted to continue in CY2025 with first three months of the year witnessing absorption of 18.1 msf. Based on current trend, gross absorption has been forecasted to reach

89.6 msf at the end of CY2025, registering a y-o-y growth of 11.6%.

India—Supply, Absorption & Vacancy (CY2016-CY2027P) )fsm(noitprosbA/ylppuS

3.63 8.25 4.13 0.15 4.43 2.05 2.05 4.66 6.93 8.63 4.84 9.44 3.64 7.26 5.45 1.86 4.74 3.08

3.26

2.01

6.98

1.81 0.85 8.48 2.46 2.09

90.0 24%

20.8% 20.7% 21.1%

80.0 19.4% 19.1%

18.0% 17.6% 20%

70.0

15.9% 15.4% 15.0% 14.7% 16.1% 15.0%

60.0 16%

50.0 15.8% 15.4%%

13.7% 12%

40.0 12.3%

11.3%

30.0 8%

20.0 4%

10.0 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P )%( ycnacaV Average Absorption (2022- Q1CY2025): 70.5 msf Average Absorption (2016-2019):

55.1 msf – Supply Absorption Q12025 Effective Vacancy Effective Vacancy (%) Q12025 Vacancy Vacancy (%)

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section Sectors such as technology, Banking, Financial Services & Insurance (BFSI), Engineering & Manufacturing (Engg. & Mfg.), Research, Consulting andAnalytics (RCA) and co-working are expected to continue to drive demand for commercial office spaces in India.

108Rental Trends Key markets such as Bengaluru, Hyderabad and MMR (Mumbai) have consistently witnessed rental growth since CY2016, driven by constrained supply in prime locations coupled with robust demand from bothdomesticandinternationaltenantsespeciallywithintechnologyandBFSIsectors.Strongdemandand sustainedoccupierinterestcoupledwithlimitedvacancyinqualityofficestock,isexpectedtodrivesteady rental growth in the short-term.

Top 7 Cities—Rental Trends (CY2016-CY2027P) )001 ot dexednI( mp fsp tneR 180 160 140 120 100 80 60 6102 7102 8102 9102 0202 1202 2202 3202 4202 52021Q P5202 P6202 P7202

CAGR: CAGR:

CY2021- Q1CY2025- CY2024 CY2027P Bengaluru 3.6% 6.3% MMR 2.6% 4.3%

(Mumbai) Hyderabad 2.2% 4.3% Delhi-NCR 0.7% 2.6% Chennai 4.7% 3.3%

1.9% 1.3% Pune

3.6% 1.8% Kolkata

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section 109KNOWLEDGE REALTY TRUST (KRT) MARKETS Overview of KRT Sponsors KRTis sponsored by Sattva and Blackstone which is an affiliate of Blackstone, Inc. Sattva Group45is one of India’s leading real estate development groups, with experience of more than three decades in developing and operating assets across commercial, residential, co-living (Co-Live) and co-working

(Simpliwork), hospitality and design-build for data centers. Further, Blackstone is the world’s largest alternative asset manager, with an AUM of nearly US$1.2 tn including global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets and secondaries and hedge funds. Blackstone is headquartered in New York and has offices across 27 cities worldwide with nearly 4,900 professionals. Blackstone is listed on the New York Stock Exchange.

Blackstone is India’s largest office landlord owning an office portfolio of approximately 84 msf comprising of sole/joint ownership assets. (All data as of March 31, 2025).46 Overview of KRT Markets ‘KRT Markets’refers to the cities where the PortfolioAssets are located. The KRT’s PortfolioAssets are located in six key gateway office cities namely Bengaluru, Hyderabad, MMR (Mumbai), Delhi-NCR, Chennai, and GIFT City, Ahmedabad. KRT Markets collectively represented more than 86.5% of India’s office supply and gross absorption from CY2016 to Q1CY2025. KRT’s PortfolioAssets are considered to be of superior-quality due to their scale, accessible locations, infrastructure, amenities, sustainability, professional management and asset enhancement initiatives. Its portfolio is one of the leading office platforms in India and is difficult to replicate given the aforementioned factors, its multi-market presence and best-in-class assets in some of the most prominent sub-markets with favorable dynamics and high barriers to entry, particularly due to land acquisition complexities and lengthy development timelines for projects in India. This strategically positions it to capitalize on India’s rapidly growing commercial real estate market and leverage growth opportunities across diverse dynamic markets.The PortfolioAssets are located in some of the best performing sub-markets within the respective cities and are conveniently connected to key transport hubs, with advanced social infrastructure and are in close proximity to residential catchments.

Market Share of Indian Cities—Gross Market Share of Indian Cities—Supply Absorption (CY2016-Q1CY2025, %) (CY2016-Q1CY2025, %)

Total Absorption: 531.2 msf Total Supply: 398.8 msf Other Other Cities, Cities,

12.7% 13.4% Gift City, Bengaluru, Gift City, Bengaluru,

0.7% 27.8% 0.8% 27.1% Chennai, Chennai,

10.6% 6.6% MMR MMR

(Mumbai), (Mumbai),

13.0% 13.1% Delhi-NCR, Hyderabad,

19.2% Delhi-NCR, Hyderabad, 15.8% 23.2%

16.0%

Source:CBRE,asofMarch31,2025;Totalpercentagesmayvaryslightlyduetoroundingoff.

110Supply, Absorption and Vacancy Trends in KRT Markets KRT’s Portfolio Core Markets, namely Bengaluru, Hyderabad, and MMR (Mumbai) are the best performing office markets in India in terms of market size and absorption levels as of March 31, 2025.

Bengaluru recorded the highest absorption between CY2016-Q1CY2025 with an annual average of approximately 16.0 msf. Owing to higher absorption compared to supply, the overall vacancy rate across KRT Markets is forecasted to decrease by 270 bps from 17.5 % in CY2025P to approximately 14.8% by CY2027P, while the effective vacancy is projected to decline by 241 bps to 10.9% over the same period.

The supply and absorption trends for the KRT’s Markets from CY2016-2027P are provided below:

KRT Markets—Supply, Absorption & Vacancy (CY2016-CY2027P) )fsm( noitprosbA/ylppuS

5.72 0.54 7.72 5.44 6.92 2.34 9.44 6.65 7.53 2.23 2.24 3.93 9.14 8.55 0.94 6.06 1.04 1.07

1.25

9.6

1.77

5.61

8.94 9.27 3.05 2.57 24%

100.0 20.8% 20.8% 21.3% 19.4% 18.7% 20%

18.0% 17.5%

16.1%

80.0 14.8%

14.8% 14.6% 14.5% 14.6% 14.5% 16%

60.0 15.4% 12%

13.4%

12.1%

40.0 10.9% 8%

20.0 4% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P )%( ycnacaV – Supply Absorption Q12025 Vacancy Q12025 Effective Vacancy Vacancy (%) Effective Vacancy (%)

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section KRT Sub-Markets KRT has Portfolio Assets across 14 sub-markets in six cities. Its assets comprise both front office and integrated business parks and centers with tenant pool spread across global MNCs including GCCs and domestic occupiers. The Portfolio Assets are well-positioned to benefit from the positive market fundamentals in India, including its demographic tailwinds and dynamic corporate real estate markets.

Further, the KRT’s Portfolio Assets are amongst the superior-quality assets in India, due to their scale, infrastructure, accessible locations, amenities, sustainability, professional management and asset enhancement initiatives. The Portfolio reflects a broad proxy of the Indian office market.

Within KRT’s Portfolio Markets, few sub-markets, such as Bandra Kurla Complex and SurroundingAreas (‘BKC and BKC-O’) in Mumbai and Outer Ring Road (‘ORR’) in Bengaluru and IT Corridor — HITEC City in Hyderabad offer favorable real estate fundamentals and command rental premium due to limited availability of quality office stock, advanced social infrastructure, excellent connectivity and proximity to dense residential catchments.

Due to the flight-to-quality shift in the market with tenants increasingly preferring high quality office options, the KRT’s Portfolio Assets have become one of the preferred options for both domestic and multinational corporates in their respective sub-markets. KRT’s business parks/centers are constructed to Grade A standards and some of them are amongst the largest in their respective sub-markets, facilitating an attractive business ecosystem to the tenants. As of March 31, 2025, over 275,000 employees are estimated to work across the KRT’s Portfolio Assets.

111OVERVIEW OF HYDERABAD Hyderabad is the capital city of Telangana and is the third largest metropolis in the country by area. In FY2025, the city was also the largest contributor to the state’s GDPand state tax.47 The city is one of the fastest growing cities in India owing to the technology & pharmaceutical sectors and is home to some of the biggest multinational companies, multi-sector GCCs, as well as biotechnology and pharmaceutical firms. The growth and prevalence of GCCs in the city comes against the backdrop of ample talent availability, an improving standard of living and comparatively economic rentals.48 Hyderabad’s real estate market has experienced healthy growth over the last few years, particularly in the commercial, residential and data center sectors. Hyderabad is the fourth largest office market in India in terms of completed office stock accounting for 15.5% of India’s total stock as of March 31, 2025. Some of the key factors contributing to the office market’s growth is its availability of infrastructure development, quality tech talent, and a growing technology ecosystem.

The city has witnessed increased leasing activity from GCCs and other multinationals including a prominent e-commerce company — Amazon, establishing its world’s largest campus in the city.49 Many prominent multinational and technology companies have also established their largest offices in the city thereby reinforcing the city’s status as one of the leading destinations for IT/ITeS sector investments.

Other multinationals like Goldman Sachs, Cigna Health Solutions India Private Limited, and a UK based financial services company have also expanded their presence in this city with many of their maiden offices in Hyderabad in the KRT’s Portfolio Assets, along with Cigna Health Solutions India Private Limited’s first office in India. This has led Hyderabad to emerge as a preferred destination for the establishment of transformation hubs by GCCs, accounting for the second highest share of total GCC office space leasing in India of 19.7% from CY2022 to Q1CY2025. Between CY2016-Q1CY2025, Hyderabad recorded a cumulative net absorption of 64.9 msf, making it the second-largest office market among the top seven cities in India and globally, after Bengaluru.

WithHyderabadprovidingoneofthemostfavorableenvironmentsforcommercialrealestate,thereisalso a growing trend of startups, small and medium enterprises, and large corporations choosing to operate in the city. Grade A office spaces will continue to be essential for the technology, healthcare, co-working, Banking, Financial Services, and Insurance (BFSI), and consulting sectors due to positive growth prospects. The key demand drivers for the commercial segment in Hyderabad are as follows:

(cid:129) Superiorphysical infrastructure including the Multi-modalTransportation System (MMTS), Mass RapidTransit System (MRTS), Outer Ring Road (ORR), Inner Ring Road (IRR), and Strategic Road Development Plan (SRDP), and Hyderabad City Innovative and Transformative Infrastructure (H-CITI) program, ensures good connectivity to all major hubs within the city and to the Rajiv Gandhi InternationalAirport which has handled 29.0 mm passengers betweenApril 2024 and March

202550. Proposed extension of metro lines and development of the regional ring road (RRR) along the city’s periphery is further expected to augment its connectivity and support real estate growth. (cid:129) Relatively lower real estate costs: The real estate cost in the city is relatively cheaper vis-à-vis other Tier I cities of India such as MMR (Mumbai), Bengaluru, and Delhi-NCR for commercial and residential segments.

(cid:129) Availability of skilled resources: Hyderabad has a presence of several prominent educational institutions of national repute such as Indian School of Business (ISB), International Institute of Information Technology (IIIT), Aga Khan Academy, Birla Institute of Technology and Science

(BITS), Jawaharlal Nehru Technological University (JNTU) & Osmania University. Hyderabad is also ranked as India’s best city in terms of cost and quality of living as per Mercer’s Quality of Living City Rankings of 2024, thereby making the city an attractive destination for skilled workforce51.

112(cid:129) Governmentpolicypush:Since2016,therehasbeenanincreasinggovernmentfocusonfacilitating businesses and attracting investments. Conducive policy framework has been instituted to promote technology segment including initiatives such as Telangana Industrial Project Approval & Self Certification System (TG-iPASS) and Telangana State Building Permission Approval & Self Certification System (TS-bPASS).

(cid:129) Conducive Start-up ecosystem: Institutions such as the T-Hub, T-Works, WE-Hub, and Telangana State Innovation Cell (TSIC) offer incubation, mentorship, and resources to emerging entrepreneurs, driving innovation, and nurturing a culture of entrepreneurship.52

Hyderabad: Key Office Sub-Markets The Hyderabad office market consists of six sub-markets: IT Corridor—HITEC City, Extended IT Corridor—Financial District, Peripheral Extended IT Corridor, Central Business District (CBD), Secondary Business District (SBD), and Peripheral Business District (PBD) as described below:

ExtendedIT Peripheral ITCorridor-HITEC Corridor-Financial ExtendedIT Sub-market City District Corridor CBD SBD PBD Overall Locations HITEC City, Nanakramguda, Kokapet, Begumpet, Banjara Hills, Shamshabad, Madhapur, Raidurg (south Kukatpally, Somajiguda, Jubilee Hills, Pocharam, Kondapur, of Old Mumbai Hafeezpet Punjagutta, Ameerpet, Uppal, Gachibowli, Highway), Nagarjuna Hills, Himayath Nagar Nacharam Raidurg Manikonda, Khairatabad, Financial Saifabad, District, Nagarjuna Circle Puppalguda, Narsingi Total 73.8 38.4 10.2 6.0 5.7 3.6 137.6 completed office stock

(msf) Occupied 63.6 24.5 6.5 4.4 3.0 1.6 103.7 stock (msf) Vacancy (%) 13.8% 36.1% 36.5% 26.4% 46.6% 55.5% 24.7% Effective 8.3% 34.0% 36.5% 25.2% 44.7% 55.2% 21.0% Vacancy (%) Sattva Knowledge City Sattva Portfolio Knowledge Assets Sattva Capital Knowledge Park Portfolio 10.6 2.3 12.9 Asset Size

(msf) – C

Source:CBRE;asofMarch31,2025;Note:C—Completed;allfiguresareanapproximation.

113Commercial Office Sub-Markets—Hyderabad

Source:CBRE;asofMarch31,2025;RepresentativeMap,NottoScale

Hyderabad: Supply, Absorption and Vacancy Post the state bifurcation in 2014, Hyderabad witnessed a strong growth in office demand, achieving a peak gross absorption of 13.4 msf in CY2019. However, due to increased supply in the recent years, vacancy rate has risen from 8.5% in 2016 to 24.7% in Q1CY2025 with effective vacancy reaching 21.0% as of Q1CY2025. Future supply is forecasted to increase approximately 28.4 msf from Q2CY2025 to CY2027 with a gross absorption of 39.3 msf during the same period. The effective vacancy rate at city level is projected to decrease over the next few years from 19.2% in CY2025 to 16.0% in CY2027.

114Hyderabad—Supply, Absorption & Vacancy (CY2016-CY2027P) )fsm( noitprosbA/ylppuS

0.4 9.6 2.6 4.8 5.3 4.6 8.31 4.31 2.8 1.7 9.21 8.01 6.31 4.7 9.61 9.9 4.31 8.21 8.8

5.31

9.1

1.01 7.31 5.9 0.41

25.0

25.4% 25.2% 24.7% 28%

22.3%

20.0 21.2% 20.7% 24%

18.8% 20%

15.0 22.0% 21.0%

14.9% 19.2% 16%

17.7%

11.7% 16.0%

10.0 12%

8.5% 8.7% 8.5%

7.5% 8%

5.0 4% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P )%( ycnacaV – Supply Absorption Q12025 Vacancy Q12025 Effective Vacancy Vacancy (%) Effective Vacancy (%)

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section

Hyderabad: Absorption by Tenant Sector Hyderabad has a diverse tenant base across key services sector industries. The city’s absorption is dominated by the technology sector accounting for 30.1% of the total absorption in CY2024. Healthcare and BFSI sectors in particular have witnessed significant growth in the city over the past 4-5 years. The pie charts below highlight the tenant sector split of gross absorption witnessed in CY2019 & CY2024:

CY2019 CY2024 Others, Others, Healthcare, 6.6%

9.8%

2.6% Engg. & Mfg., Automobile, Technology,

5.8% 3.7% 30.1% BFSI, Technology, BFSI, 10.5%

6.7% 43.0% Research, Research, Consulting & Consulting & Analytics, Analytics, 11.0%

15.8% Healthcare, Co-Working,

20.8% Co-Working, 14.1%

19.5%

Source:CBRE;BFSI—Banking,FinancialServices,andInsurance;Engg.&Mfg.—EngineeringandManufacturing;allfiguresareanapproximation.

Hyderabad: Rental Trends Key sub-markets like IT Corridor—HITEC City have witnessed consistent rental growth since 2014 due to the political stability post the bifurcation of the state, established Technology (IT/ITeS) ecosystem and availability of quality supply of office stock. Rental outlook continues to be optimistic for IT Corridor—HITEC City on account of its preferred location with quality developments, presence of strong social & physical infrastructure coupled with limited future supply in the medium term.

115Sub-markets such as Extended IT Corridor—Financial District have witnessed rental correction owing to high supply and limited leasing activity post the pandemic. Rental in the sub-market is expected to moderately increase with potential growth in the established locations within the sub-market such as the Financial District, driven by an anticipated increase in leasing activity in the upcoming years and slowdown of new completions on account of existing supply in the sub-market.

Hyderabad—Rental Trends (CY2016-CY2027P) 100 CAGR 90 Q1CY2025- CY2027P 80 70

3.9% 60 50 40 30 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q120252025P 2026P 2027P IT Corridor - HITEC City Extended IT Corridor - Financial District Hyderabad mp fsp₹ CAGR CY2016- CY2019

11.0% 4.5%

10.7%

5.9% 4.3%

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section.

KRT Sub-Markets As of March 31, 2025, KRT owns three completed assets in Hyderabad totaling 12.9 msf which account for 9.4% of the total completed stock in Hyderabad. Two of the three assets are located in IT Corridor—HITEC City constituting 82.2% of the KRTassets in the city (by leasable area) while one asset is located in Extended IT Corridor—Financial District. The Portfolio Assets have a weighted average in-place rental of ₹73.4 psf pm as of March 31, 2025.53 IT Corridor—HITEC City Profile Locatedtowardsthewesternpartofthecity,itisamongstthemostpreferredlocationsfortenantsinIndia due to its established technology ecosystem and institutional grade offices by prominent developers. IT Corridor-HITEC City and KRT’s Portfolio Assets such as Sattva Knowledge City and Sattva Knowledge Park are well-connected to developed residential catchments, other social and physical infrastructure via major transport hubs such as the metro (Raidurg Metro Station), as well as arterial roads such as the Hi-Tech City Road and the Old Mumbai Highway. Additionally, Hi-Tech City Railway Station, and Hi-Tech City Flyover provide access to other economic hubs within the city and the Rajiv Gandhi International Airport. Further, the H-CITI program launched by the Government aims to ease traffic, provide signal-free junctions, and significantly reduce travel time for commuters to the IT Corridor and SBD.The Government is also developing infrastructure to support the sub-market’s growth, including the constructionofnewflyovers/roadstointegrateemergingITparksandextensionofthemetrorailservices.

KRT’s Portfolio Assets in IT Corridor—HITEC City are furnished with well-planned infrastructure and amenities and are strategically located within 40-45 minutes’ drive time from the Rajiv Gandhi International Airport with good connectivity to the rest of the city.

116IT Corridor—HITEC City: Supply, Absorption and Vacancy IT Corridor—HITEC City sub-market accounts for 53.6% of the total office stock in Hyderabad as of Q1CY2025. The sub-market accounts for the highest office demand in the city and continues to be the preferred sub-market for tenants. Post bifurcation of the state in year CY2014, the market witnessed a revival in the office leasing activity led by KRT’s Portfolio Assets pioneering some of the largest deals in the city. Sattva Knowledge City witnessed one of the largest leases in the city of approximately 0.9 msf in 2015 with Novartis at a time when the market was characterized by the presence of only a few prominent tenants.

Between CY2020-CY2023, the market has witnessed a gradual increase in vacancy, attributable to relatively higher supply introduction in the market as compared to absorption due to COVID. However, over CY2024-Q1CY2025, the market saw continued demand aided by limited supply additions, resulting in a decline in vacancy rates. With future supply rationalizing in the short term, vacancy is forecasted to furtherdeclineto5.5%byendofCY2027.Theeffectivevacancyisforecastedtodropto1.3%inthesame time period.

IT Corridor-HITEC City—Supply, Absorption & Vacancy (CY2016-CY2027P) )fsm( noitprosbA/ylppuS

4.2 0.4 0.5 7.5 6.0 1.2 8.8 4.9 3.5 2.5 3.3 1.4 9.5 3.5 3.01 6.7 5.6 0.9 3.2

4.7

2.1

8.4 2.8 2.4 1.8 20%

14.0

16.5%

12.0 14.2% 13.8% 16%

10.0 12.4%

9.7% 12%

8.0

8.8% 7.5%

6.0 6.3% 9.7% 5.5% 8%

8.3%

4.9% 4.0 4.5% 3.7% 3.2%

3.1% 4%

5.1% 2.0

1.3% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P )%( ycnacaV – Supply Absorption Q12025 Vacancy Q12025 Effective Vacancy Vacancy (%) Effective Vacancy (%)

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section KRT’s PortfolioAssets, Sattva Knowledge City and Sattva Knowledge Park, are located in Raidurg which is a part of ITCorridor — HITEC City in Hyderabad.These two developments are close to each other and formoneofthelargestprominentdevelopmentclustersinthecity.Together,theyhaveapproximately10.6 msfofcompletedstockresultinginthesecondlargeststockinthesub-marketasofMarch31,2025.Sattva KnowledgeParkwhichisanewlyconstructedhigh-qualityassethasbecomeapreferredofficedestination for tenants.

Overall, positive market dynamics, flight to quality and premium positioning are expected to continue to drive demand for office space in the sub-market and maintain high occupancies and rent growth in short—medium term. This sub-market is expected to continue to be a preferred location for prominent MNCs establishing their presence in the city in the near future.

117IT Corridor—HITEC City: Rental Trends IT Corridor—HITEC City commands the highest rentals in the city and is most preferred among tenants which is expected to drive healthy rental growth along with the lowest vacancy in Hyderabad.The quoted market rental rates for the month of March 2025 at Sattva Knowledge City and Sattva Knowledge Park command a premium compared to the IT Corridor—HITEC City sub-market rentals, likely attributable to the superior quality development, integrated product offerings, multi-cuisine F&B offerings, exclusive members-only club, modern amenities and the distinguished profile of its prominent tenants. It is one of the largest business parks in the sub-market featuring best-in-class infrastructure and amenities, housing over 50,000 working professionals as of March 31, 2025. It is expected to continue to maintain its premium positioning and high occupancy and achieve rental growth while continuing to be a preferred office destination for tenants in the medium term.

IT Corridor—HITEC City—Rental Trends (CY2016-CY2027P, ₹ psf pm)

96.0

93.0

90.0

85.0

80.0 CAGR CAGR

69.3 71.6 70.8 70.8 72.8 C CY Y2 20 01 16 9- Q C1 YC 2Y 02 20 72 P5-

65.5

61.4

11.0% 4.5%

50.7 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 2025P 2026P 2027P

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section Extended IT Corridor—Financial District Profile Geographically, it is a natural extension of IT Corridor-HITEC City and is well connected via Outer Ring Road and Old Mumbai Highway. This sub-market is home to some of the largest office developments by several GCCs, Fortune 500 companies and prominent domestic corporates, and also has the presence of reputable educational institutions like Indian School of Business (ISB), University of Hyderabad and International Institute of Information Technology.

Sattva Knowledge Capital is an asset located in the prominent Financial District of Hyderabad. The Portfolio Asset is strategically located in proximity to the Nehru ORR that offers good connectivity to other parts of the city. The asset is 100% leased to Google Connect Services India Private Limited and is thelargestcampusfortheminIndia.Itsconnectivityisalsoexpectedtobeenhancedthroughtheproposed Wipro Circle metro station which will be situated approximately 1.5-2 km away from the property.

Extended IT Corridor—Financial District: Supply, Absorption and Vacancy Extended IT Corridor—Financial District sub-market accounts for 27.9% of the total office stock in Hyderabad as of Q1CY2025. It is preferred by tenants due to competitive rentals along with the proximity to the IT Corridor—HITEC City. The Government is also developing infrastructure to support the sub-market’s growth, with the proposed extension of key metro rail services.

The sub-market also consists of a diverse range of developers & projects and a combination of landlord owned and strata sold properties, which further contributes to higher vacancy rates within the region.As of March 31, 2025, vacancy stood at 36.1% primarily due to increased supply and muted leasing activity prevailing in the peripheral regions of Extended IT Corridor such as Puppalguda, while effective vacancy during the same period is 34.0%. With limited supply in IT Corridor—HITEC City, the Extended IT Corridor-Financial District is expected to witness a spillover of demand resulting in higher office space 118offtake in future. Although the Extended IT Corridor—Financial District is expected to witness a steady supply of office stock, vacancies are projected to decrease as demand continues to increase in the sub-market.

Extended IT Corridor—Financial District—Supply, Absorption & Vacancy (CY2016-CY2027P) )fsm( noitprosbA/ylppuS

4.1 0.2 2.1 8.1 3.1 9.1 4.2 1.2 4.1 6.1 6.6 4.4 4.5 9.1 1.5 4.1 4.5 2.3 8.4

6.3

3.0

3.2 7.3 2.2 1.4

8.0 36.7% 36.1%36.0% 40%

7.0 34.9% 32.7% 36%

6.0 27.0% 34.6% 34.0% 34.1% 28.3% 32% 28%

30.8%

5.0 24%

26.3%

4.0 20%

17.3%

3.0 13.4% 16%

11.4%

9.0% 10.5% 10.3% 12%

2.0 8%

1.0 4% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P )%( ycnacaV – Supply Absorption Q12025 Vacancy Q12025 Effective Vacancy Vacancy (%) Effective Vacancy (%)

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section Extended IT Corridor—Financial District: Rental Trends Being an emerging hub, this sub-market commands lower rentals as compared to IT Corridor—HITEC City. Going forward, the rentals are estimated to moderately increase between Q1CY2025 to CY2027, led by established areas closer to IT Corridor—HITEC City. It is driven by an anticipated increase in leasing activity in the upcoming years and slowdown of new completions on account of existing supply in the sub-market.

Extended IT Corridor—Financial District—Rental Trends (CY2016-CY2027P, ₹ psf pm)

64.3 65.0

63.0 63.0 63.0

61.1 61.0 CAGR CAGR

58.1 59.1 58.5 58.5 CY2016- Q1CY2025-

54.2 CY2019 CY2027P

10.7% 3.9%

46.4 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 2025P 2026P 2027P

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section 119OVERVIEW OF MUMBAI METROPOLITAN REGION (MMR) MumbaiisthecapitalcityoftheIndianstateofMaharashtra.ThestatehasreceivedthehighestFDIequity inflows of US$88.7 bn between October 2019 to March 2025 accounting for 31% of FDI inflow into the country during the same period.54 Mumbai, encompassed within the Mumbai Metropolitan Region (‘MMR’)isthewealthiestcityinIndiaandhasthehighestconcentrationofmillionairesandbillionaires.55 As the financial capital of India56, Mumbai is home to various financial regulators, including the Reserve Bank of India and the Securities and Exchange Board of India. It also houses the two largest stock exchanges in India—National Stock Exchange, Bombay Stock Exchange and the largest commodity exchangeinthecountry—MultiCommodityExchange.Currently,Mumbaicontinuestobeoneofthemost populous cities in India and is expected to have an estimated population of 22.1 mm in CY2025. MMR

(Mumbai) contributed approximately US$140 bn to the GDP (accounting for approximately 3.9% of the country57) in FY2024 and is expected to generate US$300 bn by FY2030.58 Mumbai’s strategic location, talent pool, global connectivity and supportive infrastructure have positioned the city as a preferred location for several multinational corporations and large domestic conglomerates which have their headquarters or corporate offices in the city.

MMR (Mumbai) is the third largest office market in India by total stock, accounting for an approximately

17.2% share as of March 31, 2025 and commanded the highest rentals across key office markets in the country in Q1CY2025. In CY2023, gross absorption in the city was 8.5 msf, representing a growth of

12.2% compared to CY2022 and 17.4% growth compared to CY2019, thereby surpassing pre-COVID levels. This was driven by increased leasing activity by BFSI, Engg. & Mfg. and technology sectors, and growth was further augmented by the influx of high-quality supply from prominent developers. With a gross absorption of 13.3 msf in CY2024, this growth is forecasted to continue in near future as well.

Furthermore, owing to limited availability of land in a few sub-markets, supply has remained constrained and limited supply of 18.0 msf is expected until CY2027.

The key demand drivers for the commercial segment in MMR (Mumbai) are as follows: (cid:129) Financial capital and established services hub: Mumbai is India’s financial capital and is also a hub for legal services, global consulting and accounting firms.

(cid:129) Well-developed social and lifestyle infrastructure: Presence of renowned educational institutions, such as the Indian Institute of Technology (IIT Bombay), Indian Institute of Management (IIM Bombay), NMIMS University and SP Jain Institute of Management. In addition, the city has advanced social infrastructure comprising of hospitals, wellness centres, sports facilities, hotels, cafes and restaurants, retail malls, multiplexes, theatres and convention centers such as Nita Mukesh Ambani Cultural Centre- NMACC.

(cid:129) Transport infrastructure: MMR (Mumbai) is well-connected via road (such as Eastern Express Highway, Western Express Highway, Eastern Freeway, Bandra Worli sea link bridge and Mumbai TransHarbourLink,CostalRoadPhase1),rail(threeestablishedmainlinenetworks,Mumbaimetro, monorail—PhaseI)andair(ChhatrapatiShivajiInternationalAirport,secondbusiestairportinIndia withover55.1mmpassengersbetweenApril2024toMarch202559).Thecityalsobenefitsfromport connectivitythroughtheJNPTportwhichisoneofthemostprominentdeepseaportsinthecountry.

(cid:129) Ongoing/Planned infrastructure projects: Key initiatives include Navi Mumbai International airport, which is expected to be operational in CY202560, various road projects, monorail (Phase II) and multiple metro lines, and bullet train.

120MMR (Mumbai): Key Office Sub-Markets The MMR (Mumbai) office market consists of eight sub-markets: Extended Central Business District (Ext-CBD), Bandra Kurla Complex and Surrounding Areas (BKC and BKC-O), Peripheral Business District East (PBD East), Central Business District (CBD), Peripheral Business DistrictWest (PBDWest), Secondary Business District (SBD), Thane Business District (TBD) and Navi Mumbai Business District

(NMBD).

BKCand Sub-market Ext-CBD BKC-O PBDEast CBD PBDWest SBD TBD NMBD Overall Key Locations Lower BKC, Kurla, Nariman Malad, Andheri Thane Navi Parel,Worli, Bandra, Vikhroli, Point, Fort, JVLR, (E), Saki City Mumbai Parel, Kalina, Kanjurmar, Ballard Goregaon, Naka, Prabhadevi, Santacruz, Mulund & Estate, Jogeshwari, MIDC, Mahalaxmi Vile Parle Powai Cuffe Sahar Parade Total completed 18.8 14.4 23.6 6.7 22.2 26.9 9.2 30.7 152.5 office stock (msf) Occupied stock 15.8 13.6 19.7 6.4 18.1 21.8 7.6 24.3 127.2

(msf) Vacancy (%) 16.3% 5.4% 16.6% 5.0% 18.3% 19.2% 17.7% 20.7% 16.6% EffectiveVacancy 13.1% 3.6% 9.7% 5.0% 7.2% 12.5% 17.1% 14.3% 10.8% (%) PortfolioAssets One One BKC Prima Bay International Center One Unity Center OneWorld Center PortfolioAsset Size 4.5 0.7 0.8 6.0

(msf)—C

Source:CBRE;asofMarch31,2025;C:Completed;allfiguresareanapproximation KRT’s Portfolio Assets in MMR (Mumbai), namely One BKC in BKC & BKC-O sub-market;

One International Center, One Unity Center and One World Center, located in Ext-CBD sub-market (as illustrated in the table above). There are limited assets of comparable scale and quality with institutional ownership, sustainability initiatives and an extensive offering of amenities.

121Commercial Office Sub-Markets—MMR (Mumbai)

Source:CBRE;asofMarch31,2025;RepresentativeMap,NottoScale MMR (Mumbai): Supply, Absorption and Vacancy The overall market witnessed a recovery in demand post-COVID, with office absorption exceeding new supply since CY2022 resulting in vacancy declining to 16.6% as of Q1CY2025. However, the effective vacancyratewassignificantlylowerat10.8%.Goingforward,anticipatedhigherdemandlevelscompared to limited future supply completions in the city, is forecasted to reduce effective vacancy by 453 bps to

6.3% by the end of CY2027.

MMR (Mumbai)—Supply, Absorption & Vacancy (CY2016-CY2027P) )fsm( noitprosbA/ylppuS

9.7 9.9 5.7 0.6 7.6 0.7 2.4 3.7 6.4 8.2 9.5 0.4 5.3 6.7 0.5 5.8 8.6 3.31

4.4

4.0

5.11

0.3 7.6 0.21 2.7 6.21

30.0 30%

25.0 21.3% 22.0% 23.5% 25.2% 23.1% 22.3% 25%

20.4%

19.5%

18.2%

20.0 16.6% 20%

15.0%

13.2%

15.0 12.5% 11.8%15%

10.8%

10.0 9.2% 7.4% 6.3% 10%

5.0 5% – 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P )%( ycnacaV Supply Absorption Q12025 Vacancy Q12025 Effective Vacancy Vacancy (%) Effective Vacancy (%)

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section 122MMR (Mumbai): Absorption by Tenant Sector MMR (Mumbai) has a diverse tenant base across key services sector industries. Given that Mumbai is the financial capital of India, BFSI industry is the key occupier of office space, contributing to 32.3% of the space take-up in CY2024. Other key occupier categories include co-working, technology and research, consulting & analytics.These sectors are forecasted to remain the major contributors to growth in the city in the near term.

CY2019 CY2024 Others, Others, BFSI,

24.8% Technology, 28.1% 32.3%

24.9% Research, Consulting & Analytics,

6.3% Engg. & Mfg., BFSI, 7.3% Engg. & Mfg.,

21.6%

10.2% Research, Co-Working, Consulting &

14.6% Co-Working, Analytics, Technology,

12.3% 8.9% 8.9%

Source:CBRE;BFSI—Banking,FinancialServices,andInsurance;Engg.&Mfg.—EngineeringandManufacturing;allfiguresareanapproximation.

MMR (Mumbai): Rental Trends Rentsinmajorityofthesub-marketshavewitnessedmodestgrowthoverthepastfewyears.Rentalgrowth in select markets like BKC & BKC-O and Ext-CBD is forecasted due to favorable demand supply dynamics, presence of high quality buildings and modern infrastructure. Rental growth in the city is furtherexpectedtobedrivenbyinfrastructureupgradesandsustaineddemandforinvestment-gradeassets.

MMR (Mumbai)—Rental Trends (CY2016-CY2027P) 400 CAGR Q1CY2025- 350 CY2027P 300

4.4% 250 200 150 100 50 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q120252025P 2026P 2027P BKC & BKC-O Ext-CBD PBD East MMR (Mumbai) mp fsp₹ CAGR CY2016- CY2019

3.0% 4.7%

0.1%

2.2% 5.0%

0.6% 4.3%

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section 123KRT Sub-Markets As of March 31, 2025, KRTowns five completed assets in Mumbai totaling approximately 6.0 msf.Three ofthefiveassetsarelocatedinExt-CBD.Additionally,oneassetislocatedinBKC&BKC-Oandanother one in PBD East. The Portfolio Assets have a weighted average in-place rental of ₹198.2 psf pm as of March 31, 2025. Subsequent sections are focused on the current dynamics and trends in KRT’s sub-markets in MMR (Mumbai).

Extended Central Business District—(Ext-CBD) Profile Commercial office activity in this sub-market has been driven by a shortage of office space and the inherent locational advantages, such as proximity to the CBD, better transport infrastructure and availability of skilled professionals. The Ext-CBD sub-market, particularly Lower Parel, is home to numerous Indian-owned and domestic listed entities and serves as a hub for consulting and law firms, as well as media companies. It is located in central Mumbai, providing seamless connectivity to BKC and South Mumbai. The sub-market’s business ecosystem is supported by some of the city’s best residential catchments including Lower Parel, Worli, Prabhadevi, and Mahalaxmi, and comprehensive social infrastructure such as shopping malls, hospitals, and educational institutions.

KRT’s PortfolioAssets namely OneWorld Center, One International Center and One Unity Center located in Ext-CBD are amongst the prominent completed assets in Mumbai and are in close proximity to some of the prime residential neighborhoods such as Worli, Prabhadevi, and Mahalaxmi and is well connected to key nodes of the city. These assets are strategically located, featuring last-mile connectivity, with easy access to key motorways via the Bandra-Worli Sea link and is in close proximity to significant social and lifestyle infrastructure, including high-end retail and luxury hotels, and the Eastern, Western and Harbor local train stations. These assets collectively form the largest institutionally owned office in Mumbai City61 and are amongst the few investment-grade, institutionally owned, and professionally managed office buildings in the Ext-CBD sub-market. The Ext-CBD sub-market is also expected to benefit from upcoming infrastructure initiatives, including the development of multiple metro lines, road projects such as the Coastal Road Phase II and the extension of the Eastern Freeway toThane which is expected to ease traffic congestion and improve access to Lower Parel and other business destinations of South Mumbai.

Ext-CBD: Supply, Absorption and Vacancy Thesub-marketisprimarilycharacterizedbythepresenceofveryfewsingleinstitutionallyheldassetsand most developments in the sub-market are sold under strata ownership. Absorption in Ext-CBD is largely driven by tenants across BFSI, media & marketing, RCAsectors. One Unity Center witnessed the largest leasing transaction of approximately 410.0 ksf in CY2023 with Star India Pvt Ltd, a prominent media companythatrelocatedfromMumbaisuburbs.Withconsistentdemandinthesub-marketandmutedfuture supply,effectivevacancylevelsareexpectedtosignificantlyreducefrom13.1%asofQ1CY2025to2.8% bytheendofCY2027.Theongoingleasingmomentumisforecastedtocontinuetodrivedemandforoffice space in Ext-CBD.

124Ext-CBD—Supply, Absorption & Vacancy (CY2016-CY2027P) )fsm( noitprosbA/ylppuS

0.0 3.1 0.0 6.0 0.0 4.0 5.0 2.0 0.0 1.0 3.1 2.0 6.2 2.1 5.1 6.1 1.0 5.2 4.1

6.2

4.0

0.0 1.1

0.0

1.1

6.0 32.8%

30.6% 32%

5.0 27.1% 28%

4.0 24%

18.2%

17.1% 16.3% 20%

3.0

14.5% 13.9% 12.1% 16%

11.2% 11.7%

2.0 9.6% 13.1%8.9% 8.7%

6.2% 12%

5.3% 8%

1.0

2.8% 4% – 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P )%( ycnacaV Supply Absorption Q12025 Vacancy Q12025 Effective Vacancy Vacancy (%) Effective Vacancy (%)

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section Ext-CBD: Rental Trends The Ext-CBD sub-market experienced a muted rental adjustment during the pandemic and has rebounded from CY2022 to exceed pre-pandemic levels. This sub-market is regarded as a desirable location for various corporations due to its good connectivity, proximity to key local train stations in eastern and western railway lines, competitive rental rates, and the availability of high-quality real estate options.

Going forward, limited new supply addition in the sub-market coupled with demand momentum is expected to lead to decreasing vacancy and to allow existing properties to command higher rentals.

Ext-CBD—Rental Trends (CY2016-CY2027P, ₹ psf pm) CAGR CAGR

223.9 CY2016- Q1CY2025-

206.8 214.6 CY2019 CY2027P

195.0 198.7

172.7 0.1% 4.4%

163.3 163.4 163.6 163.6 161.2 158.7 160.1 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 2025P 2026P 2027P

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section Bandra Kurla Complex and Surrounding Areas (BKC & BKC-O) Profile The Bandra Kurla Complex (‘BKC’) and its neighboring areas—forming part of the MMR (Mumbai)’s BKC and BKC-O sub-market, have become one of the premier office hubs in MMR (Mumbai). BKC is well-connected to the rest of the city through road and two distinct suburban rail networks, and it is also conveniently located near the city’s domestic and international airports. The area is well established with the presence of premium residential projects, as well as advanced social and lifestyle infrastructure, including diverse F&B options, hotels, schools, hospitals, convention centers such as NMACC, multipurpose venue such as the Jio World Garden, a variety of retail choices, including luxury and high street options. This sub-market is also home to Apple’s first retail location in India.62 125The Government has undertaken several infrastructure projects aimed at improving connectivity in BKC & BKC-O, including multiple metro lines under the Mumbai Metro project, a high-speed bullet train to facilitateintercitytravelbetweenMumbaiandAhmedabad(expectedby2027),Metroline3(phaseII)and Metro Line 2B. Other major road infrastructure developments such as the Santacruz-Chembur Link Road connectorthatlinksthewesternandeasternsuburbs,andtheBKCChunabhattiConnector,amajorflyover thatlinksBKCtotheeasternsuburbswillstreamlinetrafficflowbetweenmajorresidentialhubsandBKC.

Further, key road initiatives such as the Worli-Sewri Connector and the Mumbai Trans Harbour Link

(MTHL), will indirectly improve connectivity of BKC to the proposed Navi Mumbai InternationalAirport planned to be operational in CY2025, thereby reducing traffic and commute time.

BKC & BKC-O: Supply, Absorption and Vacancy BKCandBKC-Osub-markethousesthefrontofficesofvariousbanksandseveralcorporateheadquarters.

The growth of the Bandra-Kurla Complex (BKC) as a central hub for numerous multinational companies, particularly in the BFSI sector, has made it a sought-after sub-market for both domestic and international tenants. The sub-market accounts for approximately 9.4% of the total office stock in MMR (Mumbai).

BKC & BKC-O—Supply, Absorption & Vacancy (CY2016-CY2027P) )fsm( noitprosbA/ylppuS

2.1 5.1 8.1 4.1 1.0 7.0 1.0 8.0 0.0 3.0 4.0 4.0 0.0 9.0 1.0 6.0 2.0 2.1 3.0 9.0

2.0

2.1 7.1 2.2 7.2

5.4% 2

19.8%

16.5% 16.8% 17.2% 17.9% 16.3%

14.3% 13.2%

6.6% %

4.3% 3.9% 3.1% 2.8%

3.6% 0

3.5 20%

3.0 16% 2.5

2.0 12%

1.5 8%

1.0 4%

0.5

2.5% 1.4% 1.2% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P )%(ycnacaV – Supply Absorption Q12025 Vacancy Q12025 Effective Vacancy Vacancy (%) Effective Vacancy (%)

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section Majority of the land in BKC is owned by the Mumbai Metropolitan Regional Development Authority (‘MMRDA’) and is only available on a leasehold basis. MMRDA is the nodal agency which is engaged in the strategic planning of entire BKC. Owing to limited number of land auctions conducted by the MMRDA, the supply of land, and consequently, commercial office buildings supply has remained constrained in BKC and BKC-O since CY2018. The sustained elevated demand in the sub-market has led to a y-o-y decrease in vacancy. It commands the highest rents in the city as of Q1CY2025 given it is a well-established sub-market with advanced infrastructure and positive demand and supply fundamentals.

This trend is expected to continue going forward in the short to medium term. BKC is expected to remain one of the most preferred markets and high-cost office sub-markets in the city especially for prominent front office occupiers.

There are several Grade A office buildings in Bandra Kurla Complex (BKC). One BKC is one of the prominent developments in the BKC sub-market with best-in-class infrastructure and amenities such as a fully automated robotic car parking spread across 6 levels, active asset management, efficient floorplates, andinstitutionalownership.Theassetissituatedinthemostprestigioussub-marketofIndia,hostingfront offices of reputed financial institutions and the headquarters of major corporations, due to its excellent connectivity, advanced physical and social as well as continued infrastructure initiatives. It witnessed one of the largest deals in MMR in FY2022, when it leased approximately 121.8 ksf to a leading technology firm.

126BKC & BKC-O: Rentals Trends BKC and BKC-O is one of the most expensive sub-markets in MMR (Mumbai) and broader India.As one of the most sought-after markets in both the city and the country, the sub-market continued to witness strong demand leading to an overall upward trend in rental values, especially post the global pandemic.

Rentals in the sub-market as of Q1CY2025 is ₹335.0 psf pm. Due to the high occupancy in existing Grade Astockandlimitednear-termsupplyadditions,OneBKC,GodrejBKC,MakerMaxityandFIFCamongst others are expected to experience stronger rent growth given the lack of high-quality alternatives for prominent office occupiers.

BKC & BKC-O—Rental Trends (CY2016-CY2027P, ₹ psf pm) CAGR CAGR CY2016- Q1CY2025-

380.0

350.0 365.0 CY2019 CY2027P

325.0 335.0

270.0 270.0 270.0 280.4 286.9 3.0% 4.7%

247.3 247.3 250.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 2025P 2026P 2027P

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section Peripheral Business District (PBD) East Profile PBDEastislocatedtowardstheeasternperipheryofthecityandischaracterizedbyamixoffrontoffices and support function of several BFSI companies and other GCCs. The key residential catchments in PBD East include Chembur, Powai, Ghatkopar, Vikhroli, and Wadala. The sub-market benefits from enhanced social infrastructure within the area, including residential infrastructure, schools and hospitals. Prima Bay

(PortfolioAsset) is located on Jogeshwari-Vikhroli Link Road in Powai, which is a prominent location in the sub-market where demand in the sub-market is primarily driven by GCCs and tech companies across investment grade developments. It is also conveniently located near upcoming Metro Line 6 (which is expected to be operational by December 2026) which will enhance its accessibility in the future. This sub-market is home to Mumbai’s maiden metro project (connectingAndheri in SBD to Ghatkopar in PBD East). The Government has introduced infrastructure enhancements in the PBD East sub-market to improve its connectivity, including the extension of metro lines 4 and 11 (connecting Kasarvadavali in Thane to Wadala and onwards to Chhatrapati Shivaji Maharaj Terminus), development of the Goregaon Mulund Link Road, implementation of monorail Phase II and theAiroli Katai Naka Connector, which are expected to reduce travel times and ease congestion.

Peripheral Business District (PBD) East: Supply, Absorption and Vacancy Demand in the sub-market is primarily driven by GCCs and tech companies across investment-grade developments in locations such as Powai and Vikhroli.As of March 31, 2025, vacancy levels have fallen to 16.6% primarily due to the uptick in leasing activity in CY2024 which is the highest since CY2016, while effective vacancy as of the same period is 9.7%. Going forward, anticipated higher demand levels as compared to expected supply completions by the end of CY2027 is expected to result in a drop in effective vacancy by 405 bps to 5.6%.

127PBD-East—Supply, Absorption & Vacancy (CY2016-CY2027P) )fsm( noitprosbA/ylppuS

5.1 4.1 0.1 2.1 3.2 4.1 4.0 6.1 2.1 7.0 1.0 5.0 3.0 3.1 4.0 4.1 6.1 0.2 9.0

8.1

6.0 1.1 9.1 7.0 9.1

2.5

26.5% 28%

24.9% 26.0%

2.0 22.5% 22.6% 24%

21.4%

18.8%

1.5 16.8%

18.0% 16.6%%%%16.1% 20%

14.0% 16%

12.3%

1.0 12%

12.9% 7.4%

9.7% 9.4% 5.6% 8%

0.5 4% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P )%( ycnacaV – Supply Absorption Q12025 Vacancy Q12025 Effective Vacancy Vacancy (%) Effective Vacancy (%)

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section

PBD East: Rental Trends The sub-market has witnessed gradual increase in rental values over the last few years. Being a prominent destination in the commercial capital of India, the sub-market is well positioned and enjoys good connectivity via different modes of transport with the Western Suburbs, South Mumbai, and Eastern Suburbs. Resultantly, the sub-market is expected to witness increasing levels of occupancy and rental growth in the medium to long term.

PBD-East—Rental Trends (CY2016-CY2027P, ₹ psf pm) CAGR CAGR

153.4 CY2016- Q1CY2025-

146.7 CY2019 CY2027P

140.5

134.0 134.0

121.8 122.5 125.0 130.0 129.8 128.0 129.5 130.0 2.2% 5.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 2025P 2026P 2027P

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section 128OVERVIEW OF BENGALURU Bengaluru, also known as India’s ‘Silicon Valley’, is located in Karnataka and is the largest technology hub in Asia and the fourth largest in the world63. Karnataka represents 41% of India’s total technology exports in FY2024. With more than 5,500 technology companies and nearly 750 multinational corporations, the state accounted for US$73 bn in software exports in H1FY202564. Bengaluru is often referred to as the Startup Capital of India, accounting for almost 50% of the total Indian Startup funding since 201465. Bengaluru hosts approximately 1,900+ startups, making up 22% of India’s total startups66 as of May 2024. Further, the city has the largest number of Indian Unicorn Startups (approximately 42% share)67 valued over US$1 bn as of June 2025. The city also houses approximately 42% of the total Engineering Research and Development (ER&D) talent present in tier-I cities in India in FY202468.

Bengaluru is the largest office market in India accounting for a 26.3% share of the total office stock as of March 31, 2025. Occupiers prefer Bengaluru given its quality office offering at competitive rentals along with the availability of a talented and affordable workforce. Bengaluru has been leading in terms of absorption between CY2016 to Q1CY2025, with approximately 27.8% share among the top 7 cities in the country. The city has also emerged as the GCC leader in India, backed by a large talent pool, a mature technology ecosystem, and a strong start-up landscape. Bengaluru held a 42.7% share of total pan-India GCC leasing during CY2022—Q1CY2025. The city is home to the world’s second largest AI talent pool as of January 2025.69 While technology, Engg. & Mfg., and BFSI sectors remain the primary demand drivers, retail, aerospace, semiconductor, and life sciences companies are also establishing niche GCCs.

The city is well-connected via extensive transportation infrastructure which is undergoing a comprehensive upgrade, including construction of upcoming metro lines and road projects aiming to provide better access to commercial zones. The key demand drivers for the commercial segment in

Bengaluru are as follows: (cid:129) Established technology hub: Bengaluru’s reputation as India’s leading technology destination and Asia’s fastest growing technopolis70 has been a significant driver of demand in the commercial real estatesector.Thecityattractscompaniesandstart-upsinvarioushighvalueandhighgrowthsectors.

(cid:129) Skilled talent pool: The presence of a large, diversified pool of skilled and technologically adept professionals makes Bengaluru a prime location for commercial activity. The city’s educational ecosystem,anchoredbytopinstitutionsliketheIndianInstituteofScience(IISc)andIndianInstitute of Management (IIM-Bengaluru) amongst others ensures a steady supply of talent.

(cid:129) Scale and quality office parks: The scale and quality of office parks spread across various sub-markets offering state-of-the-art amenities has emerged as a key driver. (cid:129) Established transport infrastructure: Bengaluru’s well-connected transport network via road, rail and air (domestic and international connectivity) has played a critical role in supporting its commercial real estate market.

(cid:129) Ongoing/planned infrastructure improvements: Bengaluru’s expanding network of upcoming metro lines (blue, yellow, and pink) would target key pressure points across the city, including Electronic City, Silk Board Junction, and the Outer Ring Road (ORR), improving connectivity and reducing traffic congestion.

(cid:129) Well-developed social and lifestyle infrastructure: The city has presence of high-quality residential developments and townships, education institutions, hospitals, wellness centers, hotels, cafes, entertainment hubs, sports facilities and retail malls.

(cid:129) Availability of high-quality and cost-effective office infrastructure: Access to cost effective manpower, and competitive rentals for quality office spaces.

129Bengaluru: Key Office Sub-Markets The Bengaluru office market consists of seven sub-markets, Outer Ring Road (ORR), Peripheral Business District—Others (PBD-O), Extended Business District (EBD), Peripheral Business District—Whitefield (PBD-W), North Bengaluru (NBD), Central Business District (CBD), and South Bengaluru (SBD) as

tabulated below:

Sub-market ORR PBD-O EBD PBD-W NBD CBD SBD Overall Locations Bellandur Electronic Inner Ring Whitefield, Nagawara MG Rd, Banashankari, to KR City, Hosur Rd, Brookfield, ORR, Residency Bannerghatta Puram Rd, Sarjapur Koramangala, off ITPL Yeshwantpur, Rd, Road, JP Stretch Road, Old Madras Road, EPIP Bellary Rd Richmond Nagar, Hosur Mysore Road Rd, CV Zone Rd, St. Road Raman Nagar Marks Rd Total 75.0 18.4 28.3 50.0 36.4 16.3 9.3 233.7 completed office stock

(msf) Occupied stock 66.8 14.1 26.1 40.2 26.6 14.6 7.8 196.3

(msf) Vacancy (%) 10.9% 23.3% 7.7% 19.6% 26.9% 10.5% 15.9% 16.0% Effective 9.8% 13.3% 4.7% 13.2% 21.5% 9.3% 9.8% 12.0% Vacancy (%) Exora Business Sattva Park Infozone Cessna Sattva Global Business City Park Sattva South Sattva Avenue Sattva OneTrade Softzone Techpoint Sattva Tower Sattva Sattva PortfolioAssets Knowledge Sattva Endeavour Sattva Horizon Court Sattva Cosmo Touchstone (UC) Magnificia Lavelle (I & II) Sattva Sattva Premia Spectrum

(UC) Sattva Eminence Sattva Global City (Future Sattva Development) Supreme PortfolioAsset 8.1 4.9 0.5 0.9 0.6 0.3 – 15.2 Size (msf)—C PortfolioAsset 9.2 9.2 Size (msf)— Upcoming Supply*

Source:CBRE;asofMarch31,2025;C:Completed;UC:Under-construction;*includingfuturedevelopment;allfiguresareanapproximation 130Bengaluru Commercial Office Sub-Markets

Source:CBRE;asofMarch31,2025;RepresentativeMap,NottoScale

Bengaluru: Supply, Absorption and Vacancy Bengaluru has experienced an unprecedented level of occupier interest, with office demand in the city consistently being higher than supply (CY2016-2019) which led to low vacancy levels. Bengaluru has recorded the highest cumulative net absorption of 80.5 msf globally during CY2016-Q1CY2025. It has alsoabsorbedmoreofficespacethantenglobalcities(Shanghai,Beijing,Munich,Singapore,HongKong, Sydney, London, Los Angeles, San Francisco, and New York) during CY2019 to Q1CY2025. With consistent high demand coupled with moderating supply from Q1CY2025 till CY2027, overall vacancy is expected to reduce by 353 bps to 12.5%, while the effective vacancy rate is anticipated to fall to 8.6%.

131Bengaluru—Supply, Absorption & Vacancy (CY2016-CY2027P) )fsm( noitprosbA/ylppuS

2.01 7.31

5.8

8.61 1.21 7.61 4.11 6.61 2.11 0.11 3.11 6.11 9.01 5.71 4.51 4.61 7.31 5.22

1.61

4.3

4.42

9.4

1.51 5.22 1.71 4.42

25.0 20%

16.4% 16.3% 16.0%

20.0 14.6% 16%

13.4%

13.3% 12.5% 12.0% 13.6% 12.5%

15.0 10.4% 10.4% 9.5% 12%

8.6%

10.0 5.9% 5.4% 6.4% 8%

4.4%

5.0 4% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P )%( ycnacaV – Supply Absorption Q12025 Vacancy Q12025 Effective Vacancy Vacancy (%) Effective Vacancy (%)

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section

Bengaluru: Absorption by Tenant Sector The overall tenant profile has shifted towards a more balanced and diversified occupier segmentation for the commercial office sector, thereby reducing its dependency on the technology segment alone.

CY2019 CY2024 Others, Others,

28.5% Technology, 23.0%

34.4% Technology,

29.9% E-commerce, Research, 6.1% Consulting & Analytics, BFSI,

5.6% 7.9% Engg. & Mfg.,

7.8% BFSI, Engg. & Mfg., Co-Working, Co-Working, 14.3% 13.7% 19.4%

9.4%

Source:CBRE;OthersincludeTelecom;Healthcare&Pharmaceuticals;Media;allfiguresareanapproximation 132Bengaluru: Rental Trends Backed by strong market fundamentals, Bengaluru office market witnessed steady rental growth with a CAGRof6.5%betweenCY2016-CY2019.AveragerentsasofQ1CY2025is₹93.0psfpm.Goingforward, office rentals at a city level are forecasted to witness a CAGR of 6.3%, between Q1CY2025-CY2027 with key sub-markets of PBD-W, CBD, EBD and PBD-O expected to lead the growth.

Bengaluru Rental Trends (CY2016-CY2027P)

180.0

160.0

140.0

120.0

100.0

80.0

60.0

40.0

20.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q120252025P 2026P 2027P mp fsp₹ CAGR CAGR CY2016- Q1CY2025- CY2019 CY2027P

5.5% 5.7%

9.1% 5.0%

6.1% 4.4%

4.9% 4.4%

11.0% 5.9%

3.5% 4.7%

6.5% 6.3% CBD EBD NBD ORR PBD-W PBD-Others Bengaluru

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section KRT Sub-Markets AsofMarch31,2025,theportfoliocomprisesofsixteencompletedassets(includingoneassetwithfuture development potential) and two under-construction assets, spread across almost all the sub-markets, with the highest concentration in the ORR sub-market (7 assets). The portfolio holds a total stock of 24.5 msf in Bengaluru, out of which 15.2 msf (62.3%) is completed stock (by leasable area). This also constitutes

6.5%ofthetotalcompletedstockinBengaluruhavingaweightedaveragein-placerentalof₹73.6psfpm.

Subsequent sections elucidate the current dynamics and trends in KRT’s sub-markets.

Outer Ring Road (ORR) Profile With approximately 75.0 msf of completed stock as of March 31, 2025, ORR is the largest office sub-market in India. ORR is the most sought-after office sub-market in Bengaluru, accounting for more than one-third of the average annual gross absorption from CY2016 to Q1CY2025. The market is driven by premium office stock, proximity to residential catchments, well-planned social and lifestyle infrastructure, and superior connectivity to other established sub-markets along with the upcoming metro network (under-construction blue line which is expected to be operational by CY2027) which is expected to further reduce commute time and cost for occupiers. It has a significant presence of multinational corporations, predominantly from the technology, and BFSI sectors and is considered as the commercial hub of the city, with a significant concentration of Fortune 500 companies in India. The sub-market accounted for almost 45.0% share of total city’s GCC leasing during CY2022-Q1CY2025. The seven KRT’s PortfolioAssets in ORR are situated along the arterial road and benefiting from direct connectivity from the upcoming metro and easy ingress and egress to and from the properties.

133The Bellandur stretch of ORR where Sattva Softzone (Portfolio Asset) is located has experienced a significantsurgeinbothresidentialandcommercialrealestatedevelopments,establishingitasapreferred destination by corporates in Bengaluru. The asset has good accessibility from well-developed road infrastructure and is located less than 1 km away from under-construction Bellandur and Iblur stations of blue metro line (expected to be operational by CY2027), which is expected to enhance connectivity to the rest of the city. Similarly, Sattva Supreme will be conveniently accessible by the proposed Marathahalli metro station located less than 4.0 km away. Additionally, Karnataka government’s proactive policies, such as its GCC policy, is expected to incentivize establishment of more GCCs, making ORR a strategic choice for expanding firms.

Sattva Eminence, Sattva Premia, Cessna Business Park, Sattva Touchstone and Exora Business Park are located along the ORR stretch of Kadubeesanahalli, connected through various transportation modes, whichisexpectedtofurtherimprovewiththeupcomingdevelopmentofanearbymetrostation,providing last mile connectivity. The assets are located in close proximity to other IT parks, office buildings, an establishedresidentialcatchmentandvarioussocialandlifestyleamenitiessuchasnotablehotels,schools, hospitals, and malls, and are designed to cater to the multitude of BFSI, technology companies which operate in this sub-market.

ORR: Supply, Absorption & Vacancy ORR, being one of the most prominent sub-markets in the city, has historically recorded higher office demand compared to supply completions resulting in low vacancy levels, not exceeding 7.0% between CY2016-CY2020. A gradual increase in vacancy was observed from CY2021 onwards attributable to higher supply completions compared to lower absorption. Going forward, effective vacancy is forecasted to drop to 6.1% by the end of CY2027 from 9.8% as of Q1CY2025, an anticipated decline of 366 bps, due to the sub-market’s mature ecosystem, relatively lower future supply, proximity to residential zones, availability of talent, and the upcoming metro connectivity that make it attractive for businesses.

ORR—Supply, Absorption & Vacancy (CY2016-CY2027P) )fsm( noitprosbA/ylppuS

5.4 0.5 8.4 8.6 2.6 9.8 7.3 2.5 3.2 8.2 6.3 7.4 9.5 4.6 8.4 1.5 4.3 1.7

3.5

4.1

5.8

4.2 4.4 8.7 6.3 8.7

10.0 13.7% 16%

11.7% 12.2%

8.0

10.5% 12%

8.8% 9.2%

6.0 7.0% 11.4% 7.2%

9.4% 8%

5.5%

4.0 3.7% 3.6% 4.2% 8.2%

6.1% 4%

2.0 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P )%( ycnacaV

10.9%

9.8% – Supply Absorption Q12025 Vacancy Q12025 Effective Vacancy Vacancy (%) Effective Vacancy (%)

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section

ORR: Rental Trends Rentals in ORR have grown at a healthy CAGR of 6.1% for the period CY2016-CY2019. As of Q1CY2025, the sub-market commands average rental of ₹103.8 psf pm and is forecasted to grow at 4.4% per annum from Q1CY2025 to CY2027. This forecasted rental growth is attributable to the limited future supply and good connectivity being further enhanced with ongoing construction of metro phase 2A (expected to be operational by the end of CY2027). The improved connectivity and reduced commute times is expected to further boost demand in the sub-market, resulting in low vacancy. Portfolio Assets such as Exora Business Park is expected to benefit from the sub-market’s increasing occupancy, rental growth and from its ongoing placemaking and asset repositioning initiatives.

134ORR—Rental Trends (CY2016-CY2027P, ₹ psf pm)

117.0 CAGR CAGR

112.0 CY2016- Q1CY2025-

107.0 CY2019 CY2027P

103.0 103.8

6.1% 4.4%

93.2

90.6

87.8

86.0 86.0

83.0

78.0

72.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 2025P 2026P 2027P

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section Peripheral Business District Others (PBD-O)—Profile PBD-Others comprises of the peripheral locations in southwest and southeast Bengaluru such as Mysore Road, Electronic City, and Sarjapura Road as discussed below:

PBD-O: Mysore Road The southwest zone in Bengaluru is characterized by limited commercial office developments due to peripheral and industrial nature of the location. Growth in real estate activity was witnessed with developments related to the NICE corridor and some of the renowned educational institutions in the city.

KRT’s PortfolioAsset Sattva Global City is one of the largest business parks (by land area) in Bengaluru, spread across 78.3 acres. As of March 31, 2025, the asset is the largest in its sub-market in terms of leasable area and is located along Bengaluru-Mysore 10 Lane Expressway.

Since commencing operations, it offers a business ecosystem, and leisure facilities with a wide range of infrastructure and amenities. It offers multiple transport options to tenants, with the Pattenegere Metro StationlocatedrightatthemainentranceandislocatedincloseproximitytotheKengeribusterminaland Kengeri railway station. It is surrounded by some of the renowned educational institutions in the city and is accessible to social and lifestyle infrastructure within an 8-10 km radius.

PBD-O: Electronic City Electronic City is a designated development corridor focused on electronics and IT industry promoted by KEONICS (Karnataka State Electronics Development Corporation Limited). Spread over more than 700 acres,thecorridorisdividedintothreephases(PhaseI,IIandIII).PhasesIandIIareoperationalandhave a presence of over 158 companies including 100 IT/ITeS companies and a substantial workforce. KRT’s Portfolio Assets Sattva Infozone is located in Phase I, Sattva South Avenue, and Sattva Endeavour are located in Phase II. They are well-connected via the Electronic City flyover, Bannerghatta Road, NICE RingRoad,andHosurRoad,providingeasyaccesstootherkeyareasofthecity.Inaddition,SattvaSouth Avenue benefits from direct access to the highway. Connectivity is expected to be further enhanced with the upcoming yellow metro line that is expected to be operational by the second half of CY2025.

135PBD-O: Sarjapur Road Sarjapur Road’s real estate activity was catalyzed by its proximity to ORR, NICE Road, emerging social infrastructure, and planned infrastructure enhancements. The region is characterized by presence of residential catchment and large mixed-use development. KRT’s Portfolio Asset Sattva Spectrum, located offSarjapurRoadnearITtenantsinORR,issurroundedbyresidentialandcommercialhubs.Theproperty benefits from frontage along the Ambalipura-Sarjapur Road network and is expected to further benefit from the proposed phase 3 metro line along the access road.

Particulars PBD-O:MysoreRoad PBD-O:ElectronicCity PBD-O:SarjapurRoad Total Completed Stock Approximately 4.1 msf Approximately 11.2 msf Approximately 3.0 msf

(Q1CY2025) Current Occupied Stock Approximately 2.6 msf Approximately 9.0 msf Approximately 2.5 msf

(Q1CY2025) Average Annual Future Nil Approximately 0.8 msf Approximately 0.3 msf Supply* (Q1CY2025-CY2027) Current Vacancy 38.1% 19.8% 16.4%

(Q1CY2025) Current Effective 18.8% 10.1% 16.3% Vacancy (Q1CY2025) Current Quoted Rentals ₹55-60 psf pm ₹50-55 psf pm ₹70-75 psf pm

(Q1CY2025)

Source:CBRE;asofMarch31,2025;allfiguresareanapproximation;*FutureSupplyisbasedonthecurrentunder-constructionsupplyexpectedtobecompletedbetween Q2CY2025-Q4CY2027 PBD-O: Supply, Absorption & Vacancy Average annual absorption in the sub-market of PBD-O has been marginally higher when compared with the average annual supply of 1.0 msf during CY2016 to Q1CY2025. Going forward, higher gross absorption with limited supply addition projected until CY2027 is expected to bring down the effective vacancy from current levels of 13.3% to 12.0%, a decline by 136 bps from Q1CY2025.

PBD-O—Supply, Absorption & Vacancy (CY2016-CY2027P) )fsm( noitprosbA/ylppuS

8.1 7.1 0.1 8.1 6.0 2.0 7.0 1.1 4.2 8.1 2.0 2.0 9.0 1.1 2.1 9.0 5.0 7.1 7.0

1.1

2.0

5.1 7.1 7.0 3.1

3.0

28.1% 30%

2.5 24.6% 23.3%23.1%

22.1%

20.5% 21.6% 20.7% 24%

2.0 18.4% 18%

1.5 11.6% 12.4% 11.1% 19.2% 13.3% 13.2% 12.0% 12%

1.0 7.1% 13.5%

0.5 6% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P )%( ycnacaV – Supply Absorption Q12025 Vacancy Q12025 Effective Vacancy Vacancy (%) Effective Vacancy (%)

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section 136PBD-O: Rental Trends Given the peripheral and emerging locations, average rent in the PBD-O sub-market is ₹53.7 psf pm as of Q1CY2025. Rents grew at a CAGR of 3.5% between CY2016-CY2019, before stagnating due to lower demand and high vacancy levels.As vacancy levels are projected to decline by CY2027, rentals are likely to see an average annual growth of 4.7% on account of low base effect.

PBD-O—Rental Trends (CY2016-CY2027P, ₹ psf pm)

61.0

58.0 CAGR CAGR

55.0 CY2016- Q1CY2025-

53.7 CY2019 CY2027P

52.0 52.0

51.0

50.0 50.0 50.0

48.0 49.0 3.5% 4.7%

46.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 2025P 2026P 2027P

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section North Bengaluru (NBD) Profile North Bengaluru has emerged as a prominent commercial hub over the last few years due to its proximity to the international airport, ongoing infrastructure development including the metro, advanced physical and social infrastructure initiatives (with the presence of schools, hospitals, luxury dining, hotels in vicinity) and accessibility to key residential areas in the city. Historically, the sub-market has attracted tenants for both SEZ and non-SEZ space including multinational corporations and technology firms amongst others.

Sattva Horizon, located in NBD is in proximity to residential developments and is approximately a 25-minute drive away to the Kempegowda International Airport. An upcoming metro station (Bagalur Cross) situated within 200 meters from the property is also expected to enhance accessibility and provide excellent last mile connectivity. It is 100% pre-leased by Amazon and is the largest lease in CY2024 in the sub-market.

NBD: Supply, Absorption & Vacancy NBD ranks as the third largest office sub-market in the city, comprising approximately 15.6% of the total office stock as of Q1CY2025. The growing demand in the sub-market on account of proximity to the airport, competitive rentals and manpower availability is expected to lower the effective vacancy from

21.5% as of Q1CY2025 to 17.6% by the end of CY2027.The sub-market continues to attract high-quality tenantsfromthetechnology,engineering,andtele-communicationssectorsseekingtoestablishlarge-scale operations in the city.

137NBD—Supply, Absorption & Vacancy (CY2016-CY2027P)

4.1 2.2 9.0 7.1 2.2 3.2 5.0 4.1 5.1 8.0 6.3 1.2 5.1 1.2 2.3 6.3 5.5 1.5 0.4

5.5

6.0

6.4 2.5 8.6 5.6 36%

28.0% 26.9%% 30%

24.5%

23.2% 22.4%

22.2% 21.5% 24% 21.2%

19.6%

17.6% 17.6% 21.5% 18%

13.4% 12.2% 18.3%

10.0% 10.3% 12%

7.4% 6% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P )fsm( noitprosbA/ylppuS )%( ycnacaV

7.0

6.0

5.0

4.0

3.0

2.0

1.0 – Supply Absorption Q12025 Vacancy Q12025 Effective Vacancy Vacancy (%) Effective Vacancy (%)

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section

NBD: Rental Trends Rentals in NBD grew at a CAGR of 4.9% between CY2016-CY2019, post which the rentals growth remained muted (owing to the slowdown in demand due to the pandemic), consistent with the overall city trend.AsofQ1CY2025,theNBDsub-marketcommandsanaveragerentalof₹80.0psfpm.Theupcoming supply and projected vacancy levels are expected to grow market rentals at a CAGR of 4.4% with higher growth for key locations closer to Hebbal.

NBD—Rental Trends (CY2016-CY2027P, ₹ psf pm)

90.0

86.0 CAGR CAGR

82.0

79.1 80.0 CY2016- Q1CY2025-

77.6 77.7 CY2019 CY2027P

75.0 76.1 75.9

72.0 4.9% 4.4%

69.0

65.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 2025P 2026P 2027P

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section Peripheral Business District—Whitefield (PBD-W) Profile Whitefield (PBD-W) sub-market gained prominence as one of Bengaluru’s most established technology suburbs,followingtheestablishmentoftheExportPromotionIndustrialPark(EPIP)Zonein1996andthe International Technology Park Ltd. (ITPL) in 1998. Whitefield attracts interest from various MNCs and prominent Indian technology firms, driven by factors good connectivity to the city, availability of grade A office spaces, multiple scalable options with large floor plates, and competitive rentals compared to other established sub-markets in the city. The rapid growth of social infrastructure, including residential developments, shopping malls, hospitals, and schools, has significantly increased the demand for commercial spaces in the market. Sattva Knowledge Court is accessible by major road as well as metro (Kundalahalli metro station which is approximately 800m from the property).The sub-market is expected to witness positive market dynamics, and a healthy rental growth attributable to high tenant demand and recent infrastructure upgrades like metro connectivity (Whitefield-KR Puram line) is expected to drive occupancy in the medium term.

138PBD-W: Supply, Absorption & Vacancy Whitefield is the second largest office market in the city after ORR, with a completed stock of 50.0 msf as of Q1CY2025, constituting almost 21.4% share of the overall stock in the city. As of Q1CY2025, effective vacancy in the sub-market stands at 13.2%. Effective vacancy in the sub-market is forecasted to continueadownwardtrajectory,reducingby546bpsbytheendofCY2027recordinganeffectivevacancy of 7.7% from Q1CY2025.

PBD-W—Supply, Absorption & Vacancy (CY2016-CY2027P) )fsm( noitprosbA/ylppuS

1.1 0.2 0.0 3.2 7.1 0.2 5.4 1.4 8.2 9.2 4.3 2.2 7.0 4.3 7.5 9.3 2.2 9.3

5.3

0.2

7.4

1.1 6.2 5.4 4.4 9.4

6.0 24%

19.5% 19.6%

18.5% 5.0 17.6% 20%

15.7% 16.4%

4.0 14.4% 14.2% 13.6% 16% 11.7% 13.2%

3.0 10.0% 9.9% 12% 7.8% 7.7%

2.0 4.9% 5.3% 8%

3.5%

1.0 4% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P )%( ycnacaV – Supply Absorption Q12025 Vacancy Q12025 Effective Vacancy Vacancy (%) Effective Vacancy (%)

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section PBD-W: Rental Trends The sub-market achieved the highest rental growth in the city, with a CAGR of 11.0% during CY2016 to CY2019 on account of base effect and steady demand. While the impact of pandemic related slowdown was observed in CY2020 and CY2021, healthy rental appreciation has been witnessed from CY2022 onwards. As of Q1CY2025, the average sub-market rental is approximately ₹64.9 psf pm.

PBD-W—Rental Trends (CY2016-CY2027P, ₹ psf pm)

76.0 CAGR CAGR

71.0 CY2016- Q1CY2025-

63.0 64.9 66.0 CY2019 CY2027P

54.6 56.6

52.0 52.0 51.1 11.0% 5.9%

46.0

43.0

38.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 2025P 2026P 2027P

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section 139Extended Business District (EBD) Profile EBD continues to be a preferred office destination, due to its proximity to the CBD regions, presence of major technology parks, high-end residential catchments and well-planned physical & social infrastructure. It is a preferred location for front office tenants in the financial services, e-commerce, and professional services sectors. Sattva Techpoint is located in Koramangala, which is considered an upmarket residential and commercial neighborhood in Bengaluru known for its cosmopolitan vibe and is one of the city’s preferred localities, with multiple social offerings. Located along Old Madras Road, Sattva Magnificia (I & II) is a notable development that benefits from easy access via Benniganahalli Metro Station (which is located within 100m radius) and connectivity is further expected to be enhanced following the completion of the upcoming blue line of metro in CY2027. It is also situated in proximity to other advanced social and lifestyle infrastructure including the upscale residential area of Indiranagar, being approximately a 5-minute drive away, as well as schools, malls and hospitals.

EBD: Supply, Absorption & Vacancy Due to its proximity to the CBD and the availability of institutional-grade office parks, EBD provides a preferred expansion option to CBD tenants. Owing to its central location, the sub-market has limited availability of land parcels for future development. For the period CY2016-Q1CY2025, the average gross absorption in EBD has been 2.0 msf per annum, almost 2.4 times the average level of new supply addition over the same period resulting in low vacancy levels, with effective vacancy at 4.7% as of Q1CY2025.

Going forward, considering the supply completion estimated until CY2027, effective vacancy levels are expected to decrease to 2.0%.

EBD—Supply, Absorption & Vacancy (CY2016-CY2027P)

8.0 5.1 8.0 8.2 1.1 8.1 4.0 3.2 0.2 2.2 0.0 4.1 7.0 2.2 2.0 2.1 7.1 8.2 4.1

2.2

4.0

4.0 3.1 6.1 5.2

3.0

2.5 7.4% 7.7% 8% 7.3% 6.7%

2.0 6.3% 5.6% 5.2%

1.5 4.4% 4.7%

4.2%

3.5% 4%

1.0 2.2% 2.2%

2.0% 2.2% 3.9% 2.0%

3.3%

0.5

0.0 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P )fsm( noitprosbA/ylppuS )%( ycnacaV – Supply Absorption Q12025 Vacancy Q12025 Effective Vacancy Vacancy (%) Effective Vacancy (%)

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section

EBD: Rental Trends RentalsinEBDgrewataCAGRof9.1%duringCY2016-CY2019,outperformingthecityaveragegrowth of 6.5% during the same period. As of Q1CY2025, the sub-market commands average rental of approximately ₹126.0 psf pm.

140EBD—Rental Trends (CY2016-CY2027P, ₹ psf pm)

144.0 CAGR CAGR

138.0 CY2016- Q1CY2025-

140.0 132.0 CY2019 CY2027P

126.0

124.0

117.0 117.0 117.0 117.0 117.0 9.1% 5.0%

120.0

106.0

103.0

100.0 90.0

80.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 2025P 2026P 2027P

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section Central Business District (CBD) Profile The central region of Bengaluru has served as the core around which the city’s real estate landscape has evolved. As the heart of the city, the Central Business District (CBD) encompasses major government offices, luxury hotels, private corporate office complexes, and prime retail high streets such as Commercial Street, Brigade Road, and MG Road. This market is characterized by low-rise, high-density mixed-use developments. Few prominent commercial developments in the sub-market include Kingfisher Towers,BrigadeTowers,SattvaCosmoLavelle,OneTradeTowerandNiteshTimeSquareamongstothers.

Further,onaccountofbeinganestablishedactivityhub,theregioniswellsupportedbylifestyleandsocial infrastructure.

KRT’s PortfolioAsset, One Trade Tower is conveniently located near the Cubbon Park Metro Station and Sattva Cosmo Lavelle (PortfolioAsset) is located at Lavelle Road, one of the city’s well established and prime retail, commercial and residential destinations. It is accessible by multiple modes of transportation offering seamless connectivity.

CBD: Supply, Absorption & Vacancy CBD sub-market recorded an average annual gross absorption of 1.0 msf during CY2016-Q1CY2025, compared to an average annual supply of 0.5 msf during the same period. While CBD sub-market fundamentals remained strong with vacancy levels lower than 5.0% up until CY2019, the vacancy rose by 561 bps between CY2019 to Q1CY2025, mirroring the trend observed across the city. With a projected gross absorption of 2.8 msf by end of CY2027 in a supply-constrained market, effective vacancy in the sub-market is expected to drop to 2.8% by the end of CY2027 from 9.3% in Q1CY2025, a decline by 656 bps.

CBD—Supply, Absorption & Vacancy (CY2016-CY2027P)

6.0 5.0 9.0 2.1 2.0 2.1 6.0 5.1 1.0 2.0 3.0 7.0 5.0 3.1 5.0 1.1 4.0 4.1 4.0

4.1

1.0

2.0 0.1 –

5.0

10.5%

9.3%

3.9%

3.3% 22

2.0 16%

13.1%

1.5 10.9% 11.6% 11.0% 12%

8.7% 8.6% 8.2%

1.0 7.0% 8%

7.8% 4.4%

4.9%

0.5 2.8% 4%

2.2% 5.0%

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section 141CBD: Rental Trends TherentalsinCBDgrewataCAGRof5.5%duringCY2016-CY2019.AsofQ1CY2025,theaveragerents inthissub-marketareapproximately₹145.0psfpm.Rentalsareexpectedtocontinuetogrowatover5.7% with healthy demand from tenants.

CBD—Rental Trends (CY2016-CY2027P, ₹ psf pm)

169.0 CAGR CAGR

162.0 CY2016- Q1CY2025-

155.0 CY2019 CY2027P

145.0 145.0

135.0 135.0 135.0 135.7 135.7 5.5% 5.7%

132.0

125.0

115.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 2025P 2026P 2027P

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section OVERVIEW OF CHENNAI Thecityisalsoknownasthe‘DetroitofIndia’owingtothepresenceofprominentautomobilecompanies.

The city has a strong workforce across sectors, which reflects the education infrastructure present in the city. The state also contributes a share of approximately 11.0% to the total IT investments in India.

The key demand drivers for the commercial segment in Chennai are as follows: (cid:129) Availability of Manpower and Social Infrastructure: Prominent educational institutions like IIT Madras, Anna University and is well known for availability of quality manpower.

(cid:129) Location Advantage: Being a coastal city, Chennai houses two major ports viz. Chennai Port & Ennoreport.Itisalsothecountry’ssecondlargestcablelandingcitywithsixunderseacablelanding stations. (cid:129) Emerging Data Center Hub: Tamil Nadu government’s data centers policy along with cost advantage provided by the city’s coastal line which facilitates direct submarine routes has helped Chennai emerge as a major data center hub in India. Chennai has the second highest data centers capacity in India, after Mumbai.72 (cid:129) Established Physical Infrastructure System: Mass Rapid Transit System (MRTS), rail network thatconnectsthesuburbstothecityandringroads(OuterRingRoad,InnerRingRoad&Peripheral Ring Road) have provided connectivity to & within the city. The city enjoys good air connectivity through the Chennai International Airport.

(cid:129) Ease of Doing Business: Tamil Nadu ranks third in the country71 in the ease of doing business as a result of the state’s sustained policy reforms, integration of several procedures and amendments to the Insolvency and Bankruptcy act. Benefits from proactive government initiatives such as master planning for the extended region and industry/sector specific policies to attract industrial investments and enhance economic growth.

Chennai’s office market has witnessed healthy growth in recent years, emerging as one of the top cities in terms of office space absorption in CY2024, driven by quality supply introduction and consolidation activitybyexistingoccupiers.Supportedbyproactivegovernmentpoliciesanditsreadilyavailableskilled workforce, Chennai is gradually establishing its position as a viable alternative to larger gateway markets such as Bengaluru, MMR (Mumbai), Delhi-NCR, and Hyderabad.

142Over the past few years, Chennai has emerged as a GCC hub in India, distinguished by a dominant talent pool, a mature technology ecosystem, and a conducive policy environment. Chennai held approximately

12.9% share of total pan-India GCC leasing during CY2022-Q1CY2025.

Chennai: Key Office Sub-markets The office market consists of six sub-markets: Ambattur, Central Business District (CBD), Mount PoonamalleeRoad(MPH),OffCentralBusinessDistrict(OffCBD),GSTRoad,OldMahabalipuramRoad

(OMR) as described below:

Sub-market Ambattur CBD MPH OffCBD GSTRoad OMR Overall Locations Ambattur, Anna Salai, Mount Guindy, GST Taramani to Ambattur RK Salai, Poonamallee Ekkaduthangal, Road—Airport Perungudi Industrial Nungambakkam, High Road Vadapalani, towards Toll, Estate and TNagar and Santhome & Chengelpet Perungudi toll Padi Alwarpet MRC Nagar up to Sholinganallur, Sholinganallur to Kelambakkam Total completed 5.1 10.8 12.2 10.3 4.6 46.3 89.3 office stock (msf) Occupied stock 4.0 8.9 11.2 9.3 2.7 41.2 77.3

(msf) Vacancy (%) 21.1% 17.7% 7.7% 10.1% 41.4% 11.0% 13.4% Effective 5.1% 11.7% 7.7% 7.9% 34.1% 7.5% 9.3% Vacancy (%) PortfolioAssets Kosmo One PortfolioAsset 1.9 Size (msf)—C

Source:CBRE;asofMarch31,2025;C:Completed;allfiguresareanapproximation.

143Commercial Office Sub-Markets—Chennai

Source:CBRE;asofMarch31,2025;RepresentativeMap,NottoScale

Chennai: Supply, Absorption and Vacancy Chennai has consistently witnessed higher gross absorption levels than supply addition since CY2016 depicting the city’s preference by occupiers. Notably, CY2022 recorded higher gross absorption than pre-COVID levels and in CY2023, the city recorded peak gross absorption of 9.9 msf, resulting in a marginal decline in vacancy which increased during the pandemic phase.

Going forward, the office market in the city is forecasted to further expand with an expected gross absorption of approximately 26.9 msf against an anticipated supply addition of approximately 16.3 msf, resulting in a decline in vacancy from 13.4% as of Q1CY2025 to 9.0% by the end of CY2027, a 442-bps decline. Similarly, the effective vacancy is forecasted to decline from 9.3% to 5.2%, a decline of 411 bps during the same period.

144Chennai—Supply, Absorption & Vacancy (CY2016-CY2027P)

7.2 8.5 9.0 5.4 5.1 8.3 4.3 7.5 8.3 3.5 5.1 8.3 1.4 2.6 4.6 9.9 6.1 9.8

7.7

7.0

9.01

6.2 4.5 8.9 9.3 8.8

12.0 18.4% 20%

18.2%

17.5%

15.7%

10.0 14.1% 16%

13.4%

8.0 12.0% 12.3% 10.8% 11.8% 13.1%11.2% 12%

6.0 9.3%% 9.3% 7.5% 9.0%

10.0% 8%

4.0 5.2% 4%

2.0

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section

Chennai: Absorption by Tenant Sector Chennai’s office market, primarily dominated by technology corporates, has in recent years witnessed increasing leasing activity levels from the co-working and BFSI sectors. Co-working and BFSI firms cumulatively accounted for about ~36% of the annual leasing activity in the city in CY2024.

CY2019 CY2024 Others,

16.0% Others, Research,

21.0% Consulting & Technology, Analytics, Technology, 24.6%

2.1% 50.1% BFSI,

6.6% Healthcare,

8.9% Engg. & Mfg.,

11.6% Engg. & Mfg.,

9.1% Co-Working,

20.3% Co-Working,

13.7% BFSI, 16.2%

Source:CBRE;BFSI—Banking,FinancialServicesandInsurance;Engg.&Mfg.—EngineeringandManufacturing;allfiguresareanapproximation.

Chennai: Rental Trends Chennai’s high absorption levels have led to strong rental growth of approximately 7.2% between CY2016-CY2019. Rentals stagnated and declined across sub-markets with the onset of COVID-19, however, with robust leasing in CY2022-CY2024, an uptick in rentals was witnessed with average rents asofQ1CY2025atapproximately₹86.5psfpm.Goingforward,thecityisforecastedtowitnessahealthy rental growth of 3.3% per annum.

145Chennai—Rental Trends (CY2016-CY2027P) 120 90 60 30 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 2025P 2026P 2027P mp fsp ₹ CAGR CAGR CY2016- Q1CY2025- CY2019 CY2027P

5.3% 4.8%

7.2% 3.3% – Ambattur Chennai

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section KRT Sub-Market Kosmo One (Portfolio Asset) is located in Ambattur sub-market, which has a total stock of 1.9 msf and vacancyof5.3%,asofMarch31,2025.ThePortfolioAssetaccountsfor2.1%ofthetotalcompletedstock in Chennai (by leasable area) and it has an in-place rental of ₹42.7 psf pm for March 2025.

Ambattur Profile Ambattur has emerged as one of the preferred IT destinations in the city due to its proximity to CBD, competitive rentals, availability of physical and social infrastructure along with availability of large developable land parcels.

Due to its location, well-developed infrastructure and proximity to industrial areas, this sub-market has attracted demand from large technology, Engg. & Mfg. and BFSI firms, for their commercial operations.

As of March 31, 2025; the sub-market accounts for 5.1 msf of commercial office stock (5.7% of the city stock) predominantly in the non-SEZ segment. Prominent developments in the region includes Kosmo One, Prince Infopark, GKS Technology Park and Ambit Tech Park.

Ambattur: Supply, Absorption & Vacancy Ambattur has witnessed an average annual absorption of 0.2 msf compared with an average annual supply of 0.04 msf for the period CY2016-Q1CY2025.As of Q1CY2025, the effective vacancy of the sub-market stands at 5.1%, significantly lower than the city’s effective vacancy of 9.3%. Proximity to the established parts of the city and dense residential catchment along with competitive rentals drive demand in this sub-market largely by BFSI and BPO companies. The effective vacancy is forecasted to drop to 0.1% by theendofCY2027asthereisnegligiblesupplyandincreasedleasingactivityexpectedduringthisperiod.

146Ambattur—Supply, Absorption & Vacancy (CY2016-CY2027P)

0.0 0.0 0.0 1.0 0.0 1.0 4.0 3.0 0.0 2.0 0.0 1.0 0.0 4.0 0.0 5.0 0.0 2.0 0.0

2.0

1.0

1.0 3.0 0.0 4.0

1.0 27.9% 30%

25.1% 25.5% 26.3% 25.7%

23.8% 23.8% 23.2% 21.7% 21.1%% 25%

0.8 19.6%

18.6%

16.7% 20%

0.6 15%

0.4 6.0% 5.1% 10%

3.4% 2.4% 5%

0.2 0.1% 0%

0.0 -5% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P )fsm( noitprosbA/ylppuS )%(ycnacaV – Supply Absorption Q12025 Vacancy Q12025 Effective Vacancy Vacancy (%) Effective Vacancy (%)

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section

Ambattur: Rental Trends Rents in Ambattur have grown at a CAGR of 5.3% between CY2016-CY2019. Rentals have surpassed pre-COVID levels on account of higher demand in recent years and stands at ₹51.0 psf pm as of Q1CY2025.

Ambattur—Rental Trends (CY2016-CY2027P, ₹ psf pm)

58.0 CAGR CAGR

56.0 CY2016- Q1CY2025-

53.0

51.0 CY2019 CY2027P

48.0

5.3% 4.8%

42.0 41.3

40.0

38.0 38.0 38.5

36.0 36.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 2025P 2026P 2027P

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section 147OVERVIEW OF GURUGRAM Gurugram, a part of the Delhi-NCR, is located to the southwest of Delhi. The city is an extension of the national capital and the largest contributor to Haryana’s GDP and state tax revenues, making it a key economic hub in the region. Emerging as a base for the knowledge industry, Haryana is the third-largest exporter of software in the country73. Gurugram is often referred to as the BPM (Business Process Management) capital of the world, housing over 450 IT/ITeS units and employing 0.25 mm people74.

Gurugram has evolved as a prominent regional hub for the IT/ITeS industry, preferred by global and domestic corporates looking at setting up large-scale operations in the National Capital Region (NCR).

The city’s commercial office market is characterized by a mix of Non-IT, IT parks, and mixed-use developments. Sectors such as life sciences, EdTech, FinTech, electrical and electronics, technology, Engg. & Mfg., and RCA sectors prominently contribute to the city’s commercial demand.

Majority of the commercial activity has been witnessed in the established vectors of NH-48, DLF Cybercity, MG Road, and Golf Course Road in the past. However, over the last few years, the emerging sub-markets are also witnessing demand in upcoming locations such as Extended Golf Course Road.

The key demand drivers for the commercial office segment in Gurugram are as follows: (cid:129) Strategic geographical location: Proximity to Delhi and good connectivity to Indira Gandhi International (IGI) Airport.

(cid:129) Physical infrastructure: Major infrastructure projects such as the Delhi Metro Rail Corporation

(DMRC) network, Rapid Metro Gurugram, and major arterial roads like Golf Course Extension Road, Dwarka Expressway, and the Gurugram-Jaipur Expressway (NH-8) provides good connectivity within the city and to key locations in the NCR.

(cid:129) Availability of skilled workforce: Proximity to leading educational institutions like the Management Development Institute (MDI Gurugram), Indian Institute of Foreign Trade (IIFT), and premier institutions in neighboring Delhi such as the Indian Institute of Technology (IIT Delhi), Delhi University (DU), Jawaharlal Nehru University (JNU), and Faculty of Management Studies

(FMS) Delhi. (cid:129) Corporate ecosystem: One of India’s leading corporate hubs, with a high concentration of Fortune 500 companies, major IT firms, and financial services organizations. (cid:129) Techandstartupecosystem:Complementedbyitsstartup-friendlyenvironment,Gurugramattracts venture capital and innovation-driven enterprises. With a conducive regulatory framework and adequate co-working and flexible office space options, the city has become a magnet for tech startups.

148Gurugram: Key Office Sub-markets The office market consists of five sub-markets: NH-8 (Before Rajiv Chowk), Cybercity & Surrounding Areas, Secondary Business District, Peripheral Business District, and Others as tabulated below:

NH-8(BeforeRajiv Cybercity& Secondary PeripheralBusiness Sub-market Chowk) SurroundingAreas BusinessDistrict District Others Overall Locations Properties DLF Cybercity Golf Course Sectors 58-68 NH-8 beyond Rajiv located at either Sectors 14, 15, Road, MG and Gurugram- Chowk, Northern side of NH-8 21, 34, Udyog Road, South Faridabad Road, Peripheral including areas Vihar, Palam City Road, Sectors 41-50 Gurugram (Dwarka of UdyogVihar Vihar, Sikanderpur and 68,Tikri Expressway), Phase I-IV, Dundahera, and Sushant Village, Peripheral Sectors 15, 30, Sector 24, 25, Lok I Southern Gurugram (Beyond 34 DLF Phase III Peripheral Road ManesarToll) Total completed office 17.7 19.7 14.8 36.5 4.9 93.7 stock (msf) Occupied stock (msf) 15.7 17.3 12.6 22.5 1.2 70.1 Vacancy (%) 11.4% 12.1% 14.9% 38.5% 74.5% 25.2% EffectiveVacancy (%) 6.4% 10.8% 9.1% 34.9% 16.8% 19.4% PortfolioAssets One Qube PortfolioAsset Size 0.6

(msf)—C

Source:CBRE;KRTInputsasofMarch31,2025;C:Completed;allfiguresareapproximation The Gurugram sub-markets are depicted in the map below:

Commercial Office Sub-Markets—Gurugram

Source:CBRE;asofMarch31,2025;RepresentativeMap,NottoScale 149Gurugram: Supply, Absorption and Vacancy Gurugram is the fourth largest office market in the country (after Bengaluru, MMR (Mumbai), and Hyderabad) with a total completed stock of approximately 93.7 msf as of Q1CY2025. The city is characterized by a large share of strata sale developments constituting nearly 36.1% of the total stock.

Future supply is estimated to increase by approximately 14.4 msf by the end of CY2027 compared with a gross absorption of 20.8 msf during the same period which is expected to result in a drop in overall vacancy level to 21.6%. Concurrently, the effective vacancy rate is forecasted to decline to 16.4% in the same period.

Gurugram—Supply, Absorption & Vacancy (CY2016-CY2027P)

8.1 7.4 3.3 6.5 0.4 8.5 3.7 7.8 0.4 2.3 3.3 2.4 9.6 0.9 9.2 5.8 4.2 7.7

8.5

0.2

5.8

6.2 3.5 3.7 3.5 6.7

10.0 32.7% 31.8% 36%

29.4% 28.6%

8.0 27.2% 26.7% 26.5% 26.1% 26.0% 25.2% 30%

23.6%

22.4% 21.6% 24%

6.0 20.1% 19.4%

17.9% 16.9%

16.4% 18%

4.0 12%

2.0 6%

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section

Gurugram: Gross absorption by Tenant Sector Gurugram continues to attract a healthy and diversified demand from various sectors such as co-working, technology, research, consulting & analytics, BFSI, Fast-moving Consumer Goods (FMCG) and retail amongst others.

CY2019 CY2024 Research, Consulting & Analytics, Others, Others, 20.4% 21.4%

41.4% Co-Working,

36.2% FMCG & retail,

4.8% BFSI,

5.4% Technology,

19.1% Research, Consulting & Co-Working,

5.0% Engg. & Mfg., BFSI, Analytics, 14.6% Technology,

9.1%

5.0% 17.5%

Source:CBRE;Othersincludehealthcare,aviation,industrialconglomerates,FMCG&retail;E-commerce,Infrastructure,RealEstate&Logistics;media&marketing, automobile,hospitality,telecommunication 150Gurugram: Rental Trends The commercial market in Gurugram witnessed a steady rental growth between CY2016 to CY2019, led by established sub-markets such as NH-8 (Before Rajiv Chowk) and Cyber City & surrounding areas, attributable to the presence of quality supply and a robust IT/ITeS ecosystem. Increasing vacancy levels and slowdown in leasing activity due to the pandemic led to a marginal correction in citywide rentals in CY2021. Going forward, rental outlook continues to be steady in the medium term with relatively higher growth expected in the core IT hubs of DLF Cyber City, NH-8, and Golf Course Road. The city rentals are forecasted to grow at a CAGR of 3.3% until CY2027.

Gurugram—Rental Trends (CY2016-CY2027P) 140 120 100 80 60 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q120252025P 2026P 2027P mp fsp₹ CAGR CAGR CY2016- Q1CY2025- CY2019 CY2027P

5.3% 5.8 %

3.8% 3.3% NH-8 (Before Rajiv Chowk) Gurugram

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section KRT Sub-Market As of March 31, 2025, One Qube (portfolio Asset), with an area of 0.6 msf, is located in the sub-market ofNH-8(BeforeRajivChowk).Itaccountsfor0.6%ofthetotalcompletedstockinGurugram(byleasable area) and it commands an average in-place rental of ₹96.9 psf pm as of March 31, 2025.

NH-8 (Before Rajiv Chowk) Profile The NH-8 (Before Rajiv Chowk) market’s origins coincide with the establishment of DLF Cyber City in theearly2000s.RealtyprojectsalongNH-8extendovera15kmstretchthroughGurugram,whichishome to large developments and IT SEZs by reputed national and international corporates. This sub-market is characterized by the presence of well-established social and physical infrastructure and enjoys good connectivity to other parts of NCR. One Qube, the PortfolioAsset, is in proximity to the MG Road metro station and is close to key areas such as DLF Cybercity and both domestic and international airports. The newly developed Dwarka Expressway further enhances connectivity by offering an alternative route between Delhi and Gurugram. It is strategically located near dense residential areas, landmark hotels like Trident, Leela and Oberoi, and vibrant F&B hubs like Cyber Hub.The property is also close to prominent retail destinations like Ambience Mall.

NH-8 (Before Rajiv Chowk): Supply, Absorption & Vacancy NH-8 (Before Rajiv Chowk) is the third largest sub-market in the city, with a total completed stock of approximately17.7msfasofQ1CY2025,constitutingapproximately18.9%shareofthecity’stotalstock.

The sub-market has witnessed an average annual absorption of 1.5 msf compared with average annual supply of 1.1 msf per annum during the period CY2016-Q1CY2025. Being one of the more sought-after sub-markets by tenants, the overall vacancy stood at 11.4% (with an effective vacancy of 6.4%) as of Q1CY2025, considerably lower than the city average of 25.2%. The overall vacancy rate is projected to decline to 8.4% by the end of CY2027, while the effective vacancy rate is anticipated to fall to 4.4%.

151NH-8 (Before Rajiv Chowk) - Supply, Absorption & Vacancy (CY2016-CY2027P)

0.0 5.0 0.1 9.0 1.0 7.0 3.3 1.3 0.0 6.0 7.0 7.0 8.2 4.2 0.0 9.1 0.0 2.1

1.4

0.2

1.4

9.1 0.1 9.1 6.0 7.1

5.0 30.6% 31.1%

26.6% 30%

4.0 21.7% 22.2% 22.3% 25%

19.3% 3.0 20%

12.4% 12.9% 11.4% 11.4% 15%

2.0 9.5%

8.3% 8.4%

6.1% 6.4% 10%

5.5%

1.0 4.4% 5%

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section NH-8 (Before Rajiv Chowk): Rental Trends Rentals in this sub-market have grown at a CAGR of 5.3% during the period CY2016-CY2019, compared to the average city level rental growth of CAGR 3.8% during the same period. In the short term, rentals are forecasted to grow annually by 5.8%, as vacancy levels are anticipated to decrease through CY2027.

NH-8 (Before Rajiv Chowk)—Rental Trends (CY2016-CY2027P, ₹ psf pm)

131.5

127.0

121.4 CAGR CAGR

111.5 112.6 CY2016- Q1CY2025-

102.1 101.7 104.6 107.3 CY2019 CY2027P

97.2

83.3 85.5 89.4 5.3% 5.8% 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 2025P 2026P 2027P

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section 152OVERVIEW OF GIFT CITY, AHMEDABAD Strategically located between Ahmedabad and Gandhinagar, GIFT City is India’s first operational smart city (IGBC Platinum rated) and International Financial Services Centre

(IFSC). It is operational under a unique regulatory framework that offers tax incentives, single-window clearances, and regulatory exemption offering high-quality office spaces, data centers, and residential facilities, designed to meet the needs of global businesses and poised to become a major financial service hub in the region.

To cater to diverse business needs, GIFT consistsoftwozones,theDomesticTariffArea

(DTA) and the Multi-Services Special EconomicZone(SEZ)withIFSCstatus.SEZis a multi-service special economic zone (with a status of IFSC) wherein financial services institutions, as notified by the International Financial Services Centres Authority (IFSCA), canbesetup.Keybusinesssectorspermittedin the IFSC include banking, capital markets, fund management, insurance, aircraft leasing, Source:CBRE;asofMarch31,2025,RepresentativeMap,NottoScale ship leasing, and Fintech.

The key demand drivers for the commercial real estate segment in GIFT City,Ahmedabad are as follows: (cid:129) Tax Incentives and Regulatory Benefits: Exemptions on various taxes, including Goods and Services Tax (GST), stamp duty, and electricity duty.

(cid:129) Existing and Upcoming Infrastructure Initiatives: Equipped with world-class infrastructure, including high-quality office buildings, 24/7 utility services, and integrated transport systems.

Infrastructure projects, such as the upcoming bullet train project between Ahmedabad and Mumbai expected to be operational by end of 2027, the Ahmedabad Metro’s Line 3, connecting GIFT City with key locations across Ahmedabad., and the proximity to the Sardar Vallabhbhai Patel International Airport, is expected to enhance accessibility, making the city a preferred location for businesses.

(cid:129) Skilled Manpower: With presence of several renowned educational institutions in proximity, such as the Indian Institute of ManagementAhmedabad (IIM-A), National Institute of Design (NID), and Gujarat University amongst others, (cid:129) Real-Estate Costs: Grade-A office spaces are available at competitive prices, combined with modern amenities and infrastructure.

(cid:129) Financial Services Ecosystem:As GIFT City,Ahmedabad is the only IFSC in India, it has become a focal point for the financial services industry.

153KRT Sub-Market Fintech One (Portfolio Asset) is located in the DTA of GIFT City, Ahmedabad has a leasable area of

0.5 msf and a vacancy of 2.0% as of March 31, 2025. It has an in-place rental of ₹46.7 psf pm. Fintech One constitutes 9.5% of the total completed stock in GIFT City, Ahmedabad (by leasable area).

GIFT City, Ahmedabad: Supply, Absorption & Vacancy As of Q1CY2025, GIFTCity,Ahmedabad has a total stock of approximately 4.8 msf (2.8 msf in DTAand

2.0 msf in SEZ), spread across 12 towers. GIFT City, Ahmedabad is characterized as a supply-driven market. During CY2016 to Q1CY2025, the market witnessed a total gross absorption of approximately

3.5 msf, and supply addition of 3.2 msf during the same period. The market witnessed a y-o-y drop in vacancylevelssinceCY2021,withabsorptionsurpassingsupplyadditioninthelastthreeyears,indicating a steady demand for quality supply. As of Q1CY2025, the overall vacancy rate stood at 14.8%, with the effective vacancy rate significantly lower at 10.7%.

Most of the operational developments have achieved full occupancy within 1-3 quarters post-completion.

Futuresupplyisestimatedtoincreasebyapproximately3.8msfbytheendofCY2027,alongwithagross absorption of approximately 3.6 msf during the same period. The overall vacancy rate is forecasted to decline by approximately 411 bps to 10.7% by the end of CY2027, while the effective vacancy rate is anticipated to fall to 8.3%.

GIFT City, Ahmedabad—Supply, Absorption & Vacancy (CY2016-CY2027P)

0.0 2.0 4.0 1.0 0.0 3.0 3.0 2.0 9.0 6.0 5.0 2.0 5.0 6.0 1.0 3.0 6.0 6.0 9.0

2.1

4.0 3.1 3.1 6.1 5.1

2.0 55.6% 60%

49.8% 50%

1.5 39.1% 37.1% 35.2% 38.0% 40% 31.2%

1.0 26.2% 30%

22.4%

14.8%

18.8% 14.1% 20%

0.5 11.3% 10.7%

10.7% 10.7% 8.4% 8.3% 10%

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section.

154GIFT City, Ahmedabad (DTA): Rental Trends The rentals in GIFT City, Ahmedabad grew at a CAGR of 4.6% during the period CY2016-CY2019.

RentalshaveappreciatedinCY2021withanuptickincommercialactivityposttheestablishmentofIFSC.

As of Q1CY2025, rentals in GIFT City,Ahmedabad is ₹60.0 psf pm (DTAzone). With the demand levels growing until CY2027 with quality supply introduction, the rentals are forecasted to witness healthy annual growth of 4.7%.

GIFT City—Rental Trends (CY2016-CY2027P, ₹ psf pm)

68.0

65.0

62.0

60.0 60.0 CAGR CAGR CY2016- Q1CY2025-

45.0 45.0 45.0 CY2019 CY2027P

40.0 40.0

35.0 35.0 35.0

4.6% 4.7% 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 2025P 2026P 2027P

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsandassumptionsonpage88ofthis“IndustryOverview”section Potential Threats and Challenges associated with the Commercial Office Sector The commercial office sector has experienced significant expansion in recent years. However, there are inherent risks that must be carefully considered when making any investment decision. These crucial risk factors can potentially impact the performance of the segment and the general market.

Economic Uncertainty:There is a strong correlation between the demand for commercial office segment andmacroeconomics,bothinaglobalandanIndiancontext.EventslikeCOVID-19mayforcecompanies to impose work-from-home protocols and reduce their usage of office spaces which may impact the revenues and occupancies of the office spaces. Global uncertainty increases the risk that economic challenges may transition to the Indian market.

Inflation: While the inflation levels are decreasing gradually around the globe, potential increase in inflation may pose as a challenge for the sector. Higher inflation results in higher construction costs, placing strain on the profitability of new and under-construction developments.

Over Supply Risk: In anticipation of strong demand from the occupiers, developers tend to launch more projects leading to higher stock of office space in the short to medium term. If the market slows down, this over-supply can lead to higher vacancy and reduction in rental rates.

Leasing Risk due to Competition: The Indian commercial office market is becoming increasingly competitive, with new entrants and established players expanding with high-grade office supplies. This can pose a threat to market share and profitability of existing players.

Regulatory Policy Changes: Government regulatory changes, such as alterations in tax laws, building codes, zoning regulations, and environmental standards, can significantly influence the profitability and value of commercial office properties. These changes can increase development costs, limit the types of businesses allowed, and raise operating expenses.

Geopolitical Tension: There are currently numerous geopolitical tensions across the world such as Russia-Ukraine war, conflicts in the Middle East etc., the outcomes of which are uncertain, with a potential for rapid escalation which could produce a significant impact on global trade and economies.

These factors have created significant risk to global economic conditions. How these events may impact the Indian economy is unknown, and there is an increased risk to all forecasts outlined within the Industry Report.

155Trade Tariffs: Potential trade tariffs introduced by the US across the globe have created market uncertainty and could delay decision making. It is uncertain how future trade tariffs will eventuate, and the impact on both the global and Indian economies in the near future.

Political Instability: Political instability can significantly impact the commercial office market. It can erodeinvestorconfidence,deterringinvestorsanddevelopersawayfromrealestateprojects.Additionally, political turmoil often leads to economic disruptions, such as currency fluctuations, inflation, and limited private investment.These economic downturns can reduce demand for office space and negatively impact the sector.

TechnologicalDisruption:Technologicaldisruptionsarereshapingthecommercialofficemarket.Virtual meeting tools such as Zoom and Teams are promoting hybrid/remote working. Additionally, automation andAI are transforming the workplace, potentially changing the nature of work and may reduce the office space requirement in medium to long term.

Interest Rate Fluctuations: Rising interest rates increase the cost of financing for commercial real estate projects.Thiscanmakeitmoreexpensivefordeveloperstoacquireland,constructbuildings,orrefinance existing properties leading to lower profit margins. Conversely, falling interest rates can make financing more affordable. Currently, the interest rates have witnessed reduction in several economies including India.

Exchange Rate Risk: High fluctuations in exchange rate vis-à-vis global currencies such as US dollar may have an impact on the revenues of IT companies especially in case of significant appreciation of Indian rupee. This will have a direct impact on the demand for office space. Conversely, any significant deprecation of Indian rupee may have a positive impact on the revenues. However, it may negatively impact the asset values in dollar terms.

156Endnotes syntheticvalues(valuesderivedfromacombinationofdatapointsandmarket 1 PIB,April2025 trends,ratherthandirectlybasedontheactualvaluesbasedontransactions);

2 IMF,April2025 1US$=₹85.58 3 WorldEconomicOutlookApril2025,IMF,April2025 38 DatapertainstoQ1CY2025.JapanincludesTokyo(Central5wards);China 4 IMF,2025;Forforecastfigures,IMFhasassumedthatrealeffectiveexchange includesBeijing;AustraliaincludesSydneyCoreCBD,Melbourne,Brisbane& ratesremainedconstantattheiraveragelevelsduringMarch06,2025-April Perth; UK represents London Central, London Central City, and London 03,2025 Central Westend; Singapore represents Core CBD, APAC markets include 5 IMFhasassumedthatrealeffectiveexchangeratesremainedconstantattheir GradeAvalues.Indiarepresentstop7cities.UKincludesprimeyieldwhileUS averagelevelsduringMarch06,2025-April03,2025,exceptforthoseforthe includesclassAcaprates.APACandEuropemarketsincludeYield(%).Note:

currenciesparticipatingintheEuropeanexchangeratemechanismII Borrowingcostsdifferfordifferenteconomies;Highyield/capratedoesnot 6 RBI,GovernmentofIndia,May2025 implypositivespreadagainsttheborrowingcost 7 Department for Promotion of Industry and Internal Trade—DPIIT, March 39 AreaforMapletreePanAsiaCommercialREIT,SuntecREITandChampion 2025;FY2025figuresareprovisional REITincludesretailarea;AreaforCapitaLandIndiaTrustREITincludesarea 8 RBIBulletin,June2025 underdatacentersandindustrialcomponents 9 WorldPopulationDashboard—India,UNFPA 40 City Center Office Assets considered for the analysis for Embassy REIT 10 UNWorldPopulationProspects,2025 includes Embassy One (Bengaluru), Express Towers (Mumbai) & First 11 WorldEconomicForum(WEF);Note:UNESCO’sanalysisdoesnotinclude International Financial Center (Mumbai). Mindspace REIT includes The Chinaowinglackofcomparabilityofdata. SquareBKC(Mumbai),andBrookfieldREITincludesWorldmark(Delhi).KRT 12 WorldBank,2024 includesSattvaCosmoLavelle(Bengaluru),OneTradeTower(Bengaluru), 13 MinistryofInformationandBroadcasting OneBKC(Mumbai),OneUnityCenter(Mumbai),OneInternationalCenter 14 EconomicSurveyofIndia2024—2025,MinistryofFinance (Mumbai),OneWorldCenter(Mumbai)whileBusinesscentersforKRTinclude 15 OxfordEconomics,June2025basedonestimationsfromGDP,services,real, SattvaTechpoint,SattvaHorizon,SattvaTouchstone,SattvaInfozone,Sattva LCUdatasets. MagnificiaI&II,SattvaSouthAvenue,SattvaEminence,SattvaPremia,Sattva 16 RBI&MoSPI,2025 Endeavour,SattvaSupreme,SattvaSpectrum,FintechOneandBusinessparks 17 IndiaSkillsReport2025,AICTE,CII for KRT include Sattva Knowledge City, Sattva Knowledge Park, Sattva 18 RewiringGrowthintheChangingTechLandscape,TechnologySectorinIndia, KnowledgeCapital,PrimaBay,CessnaBusinessPark,ExoraBusinessPark, StrategicReview2024,NASSCOM SattvaGlobalCity,SattvaSoftzone,SattvaKnowledgeCourt,KosmoOne,and 19 Thesecitieshavebeenshortlistedastheyaretypicaloutsourcinghubsinthe OneQube world 41 IndiaOccupierSurvey,CBRE,June2024 20 India Skills Report 2024, AICTE, CII; CBRE India Report—India’s Global 42 IndiaOffice&FlexOutlook,April2024,CBRE CapabilityCentres—ChartingaNewTerritories,2023;CBRE(andthesources 43 EffectiveVacancyiscalculatedonnetvacantspacewhichrepresentstheoffice therein) spaceeffectivelyavailableformarketingforleasingduringthequarter/year 21 NASSCOM,2023 post factoring pre-leases in completed supply (but not occupied yet) and 22 BeyondDisruption—StayingFuture-readyToday,TechnologySectorinIndia, excludesstandalonebuildingswithlessthan100,000sfinthemarket(except StrategicReview2025,NASSCOM(FY2025figuresareestimates) developmentswhicharepartofITParksandCBDmicromarket).Inaddition, 23 TheTransformationalJourneyofGlobalCapabilityCenters(GCCs)inIndia, developmentshavingissuessuchaslitigation,redevelopmentplans,building Inductus,2025(DataasofFebruary2025) design issues, inferior specifications currently not preferred by tenants, 24 2024AnnualReport—AGCCCompendium—Inductus,December2024 site-specific location challenges based on our in-house intelligence and 25 IndiaasthepreferredGCCdestination—NASSCOM,February2025 buildingswhicharesubjecttochangeofcurrentusearealsoexcludedfromthe 26 NASSCOM, India GCC Landscape Report, The 5 Year Journey, Zinnov, totalstock.

September2024 44 WorldPopulationReview 27 CBREanalysis,May2025 45 Amongthetop10developersinIndiaintermsofcompletedofficestock 28 IndiatheDigitalSolutionsHubforTheWorld,NASSCOM 46 BlackstoneEarningsPresentation,2025 29 CBRE;NASSCOM 47 TelanganaSocioEconomicOutlook2025 30 ForecastforGCCleasingactivityisbasedonasetofassumptionsincluding 48 TelanganaGoingGlobal,CBRE,2025 a)historicaltrendofoverallofficeandGCCleasingb)NASSCOMestimates 49 InvestTelangana,2024 ongrowth,revenueofGCCsc)hiringannouncementsofGCCsForecastarean 50 AAI,March,2025 estimateonlyandthereforeinherentlyuncertainandmustnotbeconsidereda 51 QualityofLivingCityRanking2024Mercer,InvestTelanganaWebsite guarantee. The time period considered for this forecast is from 52 StartupTelanganaWebsite,May2025 CY2022—CY2025 53 KRTInput 31 NASSCOM Report ‘Digital Enterprise 2025: Advancing to an AI-first 54 DPIIT,MinistryofCommerceandIndustry,December2024 Enterprise’,May2025 55 MumbaiCityWebsite,GovernmentofMaharashtra 32 GSTWebsite,GovernmentofIndia 56 MaharashtraProfile,InvestIndia,2024 33 BasedondatatrackedbyCBRE 57 EstimatedfromDatapublishedbyMMRDAandRBI,2024 34 London includes Central London; Office stock for Indian cities has been 58 MMRDA,MaharashtraGovernment,September2024 convertedtoNetFloorAreaconsideringanefficiencyfactorof75%onthe 59 AirportAuthorityofIndia,March2025 GrossFloorArea;LatestdataforSydneyisasofCY2024anditincludesonly 60 AdaniInvestorPresentationandWebsite,2024 theCBD 61 Excludingsuburbs/sub-marketssuchasNaviMumbai(NMBD),Thane(TBD) 35 NFAisindicativeofcarpetarea.ValuesforIndiancitiesareinGFA(Gross 62 Apple,April2023,TheIndianExpress FloorArea).LatestdataforSydneyisasofCY2024.LondonincludesCentral 63 MinistryofMSME,GovernmentofIndia London;SydneyincludesSydneyCBD;HongKongincludesonlyGradeAstock 64 KarnatakaEconomicSurvey2024-25 while Shanghai, Beijing, Sydney includes only CBD, Singapore and Tokyo 65 DraftKarnatakaGCCPolicy,2024-2029 includeallgrades 66 ZinnovReport:APACCOEHotspotsoftheWorld—CountryDeepDives2024 36 New York represents Manhattan, London represents Central London, Tokyo 67 Tracxn,June2025|UnicornStartupsarestartupcompaniesvaluedatover representsCentral5wards;SingaporeandSydneyincludecoreCBD;MMR US$1bnwhichisprivatelyownedandnotlistedonasharemarket

(Mumbai),Pune,Delhi-NCRandBengalururepresentsGradeArentsonNet 68 India’sER&DEdge:TalentandTechforInnovation,NASSCOMAugust2025 Floor Area assuming an efficiency factor of 75% on Gross Floor Area. 69 CBREGlobalTechTalentGuidebook,April2025 (calculatedontheaverageexchangerateinMarch2025,1US$=₹85.58) 70 KarnatakaBiotechnologyPolicy2017-22 37 Manhattan is representative of New York Data, Tokyo represents Central 5 71 TamilNaduGuidanceBureau wards;LondonincludesCentralLondon;SingaporeandSydneyincludecore 72 IndiaDataCenterMarketUpdate,CBRE,2024 CBD values; Shanghai, Beijing, Singapore, and Hong Kong represent 73 IBEF,December2024 indicative values based on transactions while Tokyo and Sydney represent 74 DraftHaryanaIT&ITeSPolicy,2024,IBEF,December2024 157OUR BUSINESS AND PROPERTIES The following description of our business should be read together with the Special Purpose Combined Financial Statements, which appear elsewhere in this Offer Document.

The discussion below may contain forward-looking statements, including information with respect to our business plans and strategies, and reflects our current views with respect to future events and financial performance, which are subject to numerous risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements. As such, you should also read “Projections”,“RiskFactors”and“ForwardLookingStatements”onpages532,29and12,respectively, which discuss a number of factors and contingencies that could affect our business, financial condition and results of operations.

References herein to “we”, “our” and “us” are to the Knowledge Realty Trust, together with the Asset SPVs and, as the context requires, the Investment Entities.

The financial information and operational data presented in this section is subject to certain corporate actionsandevents,includingtheOneQubeInterventionApplication.See“PresentationofFinancialData andOtherInformation—FinancialandOperationalData”onpage11and“RiskFactors—TheKnowledge Realty Trust has a limited operating history and we may not be able to operate our business successfully or generate sufficient cash flows to make or sustain distributions. Further, the Special Purpose Combined Financial Statements are prepared for this Offer Document and may not necessarily be representative of our actual consolidated financial position, results of operation and cash flows for such periods.” on page

36.

Industry, macro-economic and market data and all industry-related statements in this section have been extracted from the CBRE Report, or the Valuation Report, as the case may be, commissioned and paid for by us. The CBRE Report has been prepared and issued by CBRE for the purpose of understanding the industry in which we operate exclusively in connection with the Issue. For further details, see “Industry Overview” on page 88 and “Presentation of Financial Data and Other Information—Valuation Data” on page 5. Any reference to the CBRE Report must be read in conjunction with the full CBRE Report, which

2025.

158Overview We own and manage a high-quality office portfolio in India, and upon listing, we will be the largest office REIT in India based on GrossAsset Value (“GAV”) of ₹619,989 million as of March 31, 2025 as well as by Net Operating Income (“NOI”) for FY2025 of ₹34,322.67 million.1 We will also be the second largest officeREITinAsiaandoneofthelargestofficeREITsgloballyintermsofLeasableAreaasofMarch31,

2025. Our Portfolio comprises 29 GradeAoffice assets totaling 46.3 msf as of March 31, 2025, with 37.1 msfofCompletedArea,1.2msfofUnderConstructionAreaand8.0msfofFutureDevelopmentArea.We expecttobethemostgeographicallydiverseofficeREITinIndiauponlistingwithPortfolioAssetsspread across 6 cities which collectively represent more than 86.5% of both of India’s office supply and gross absorptionfromCY2016toQ1CY2025.Withamulti-marketgeographicalpresenceandassetscomprising both front offices and integrated business parks, our Portfolio reflects a broad proxy of the Indian office market. (Source: CBRE Report) Our Portfolio comprises 6 city-center offices and 23 business parks/centers, with some of our assets being best-in-class developments in their respective sub-markets and in the country according to the CBRE Report. We will have the largest city-center office portfolio upon listing compared to other listed Indian office REITs as of March 31, 2025, both in terms of LeasableArea and number of assets, as per data from the CBRE Report. Our PortfolioAssets house a diversified tenant mix of prominent multinational tenants, including Fortune 500 companies and Global Capability Centers (“GCCs”), as well as leading domestic corporates. The size and scale of our Portfolio enables us to offer comprehensive space solutions with robust infrastructure and wide-ranging amenities that support tenant expansion within these assets. Our geographic diversity also provides flexible leasing options to tenants seeking expansion across multiple locations. With a diverse tenant base of more than 450 tenants as of March 31, 2025, we cater to both categoriesofofficeoccupiersinIndia,namelydomestictenantsfocusingontheIndianmarket(‘Officefor India’) and multinational and GCC tenants catering to the global markets (‘Office for the World’).

2 Including GAVof our CAMAssets and SolarAssets.

159Our Portfolio has a Committed Occupancy of 91.4% as of March 31, 2025, which will be the highest compared to other listed Indian office REITs, as per data from the CBRE Report. Our Portfolio Assets serveadiversifiedtenantbasewith74.1%ofGrossRentalsfrommultinationaltenants,43.6%fromGCCs and 38.2% from Fortune 500 companies for the month ended March 31, 2025. Our city-center office buildings are strategically located in some of the most prominent sub-markets of Mumbai and Bengaluru and serve as preferred locations for front-office tenants, as per the CBRE Report. Our city-center office buildingsprovidehigh-qualityinfrastructuretoprominentmultinationalcorporatessuchasAmazon,Cisco and Franklin Templeton Asset Management (India) Private Limited, and house distinguished domestic organizations such as HDFC Bank Ltd and Aditya Birla. Most of our business parks/centers are located inBengaluruandHyderabadandservenotableGCCtenantssuchasApple,GoogleConnect,Novartisand Goldman Sachs. Our Portfolio’s 61.7% Retention Rate from FY2023 to FY2025 is a reflection of our superior infrastructure and focus on providing a comprehensive ecosystem to our tenants, supporting over 275,000 employees working across our PortfolioAssets as of March 31, 2025. Our PortfolioAssets offer a wide range of amenities, such as multi-cuisine food courts, exclusive members-only clubs, indoor and outdoor sports facilities, medical clinics, creche, and other health and recreation facilities.As a testament to our ability to cater to our tenants’ requirements, we have also provided customized Build-to-Suit (“BTS”) solutions which help foster long-term relationships. We also selectively provide other value-added solutions to tenants including coordination and execution of fit-outs and managed office space solutions. We believe that our high-quality tenant base, along with long-term contracted rentals (with a WALE of 8.4 years as of March 31, 2025, which will be the highest among Indian office REITs post-listing, based on data from the CBRE Report) provides stability to our Portfolio through consistent and predictable cash flows.

Weaimtodeliverattractive,risk-adjustedreturnstoourUnitholdersthroughacombinationofstableyield from contracted long-term cash-flows and income growth through rent escalations, re-leasing at market rents (average Market Rent of our Portfolio is 22.6% above average In-place Rent as of March 31, 2025), lease-up of vacant area, delivery of Under Construction Area and Future Development Area as well as 160potential acquisitions including identified ROFO Assets. We believe our positioning as a brand-agnostic platform serves as a competitive advantage and will enable us to selectively pursue inorganic acquisitions of assets from a wide range of third-party asset owners, particularly those who prefer to retain their branding on the assets.

Additionally,overathirdofourPortfolioAssets(includingallofourassetsinMumbai)havereceivedthe GRESB 5-star rating, ranking first in India in their peer group. Our Portfolio Asset, One Trade Tower, received the LEED Zero Carbon and Zero Energy certifications in CY2023, and was the first developer-owned project to receive these certifications in India. Our sustainability initiatives are supportedbyourSolarAssetswhichhaveanaggregateannualcapacitytotaling63.0MW(AC)(including

Over the last three Fiscals, we have: (cid:129) Leased15.8msf;achieveda19.3%averagere-leasingspreadon6.5msfofareare-leasedandleased

161TheManagerteamcomprisesseasonedprofessionalswithvastexperienceinIndiancommercialrealestate across leasing, operations, development and acquisitions. The Manager is held by certain entities of the Blackstone Sponsor Group and the Sattva Sponsor Group in the ratio of 50:50. The Blackstone Sponsor and the Sattva Sponsor, collectively, have deep knowledge of India’s corporate real estate market along with global expertise in investments, development and asset management and a proven track record of value creation. The Blackstone Sponsor is an affiliate of Blackstone Inc., which is the world’s largest alternative asset manager, with an AUM of nearly US$1.2 trillion, according to the CBRE Report. As of March31,2025,Blackstone’sglobalinvestmentsincludeanofficeportfolioofapproximately170msfand a logistics portfolio of approximately 1.2 bn sf. Blackstone has previously listed 3 real estate investment trusts in India, being Embassy Office Parks REIT, Mindspace Business Parks REIT and Nexus Select Trust. The Sattva Sponsor is part of the Sattva Group, one of India’s leading real estate development groups, as per the CBRE Report, with experience of more than 3 decades in developing and operating assets across commercial, residential, co-living (Co-Live), co-working (Simpliwork), hospitality and design-build for data centers. As of May 31, 2025, the Sattva Sponsor and its affiliates (the “Sattva Group”) have constructed an area of approximately 78 msf of real estate in India across 7 cities (Bengaluru, Mumbai, Hyderabad, Kolkata, Pune, Goa and Jaipur).

Portfolio Overview The following sets forth a map illustrating the breakdown of the LeasableArea and GAV of our Portfolio (including GAV of our CAM Assets and Solar Assets) across India as of March 31, 2025:

Area (msf) % of GAV # Assets Gurugram

0.6 1.5% 1 GIFT City

(Ahmedabad)

0.5 0.6% 1 Mumbai Hyderabad

6.0 31.9% 5 12.9 30.4% 3 Bengaluru Chennai

24.5 33.4% 18

1.9 2.2% 1 162The following table sets out information about our Portfolio as of and for the year indicated:

OurPortfolioasofandfortheyearindicated(1):

Notes: * RepresentsdataasofMarch31,2025.

(3) MarketvalueofourPortfolioasofMarch31,2025,(derivedfromtheValuationReportundertakenbyiVASPartners).See“PresentationofFinancialDataandOther Information—ValuationData”onpage11.PleasenotethatthevaluationhasbeenundertakenforeachindividualassetanddoesnotrepresenttheMarketValueofthe propertyportfolio.Noconsiderationhasbeenaffordedtowhethertherewouldbeapremium/discountattributabletothecollectiveorportfolioofassetsifsoldinone transaction.Inaddition,theMarketValuesoftheassets(asassessedbytheValuer)havebeenassessedinclusiveofCAM.TheMarketValueofeachPortfolioAssetin 164thistablerepresentstheMarketValuethathasbeenallocatedtotherelevantproperty(excludingCAM).TheMarketValueofCAMrepresentstheaggregateoftheMarket ValueallocatedtoCAMforeachPortfolioAsset.Inaddition,whiletheMarketValuesoftheassetspresentedintheValuationReport(asassessedbytheValuer)have beenassessedinclusiveofCAM,thevaluesshownrepresenttheallocatedMarketValuebetweenthepropertyanditsCAManddonotrepresenttheindividualMarket Valueofeachcomponent,ifvaluedortransactedindependently.See“SummaryValuationReport”onpage1060.

(4) WeightedagainstBaseRentalsassumingtenantsexercisetheirrenewaloptionspriortotheexpiryoftheirinitialcommitmentperiod.

Furthermore,revenuefromCAMservicesforCessnaBusinessParkdoesnotincludecommonareamaintenancefor2.8msfofLeasableAreawhichiscarriedoutby thetenant.

(9) Propertywiserevenue(netofeliminations)ofExoraBusinessParkforFY2023andapartofFY2024(uptoJuly2023)includesrevenuefromCAMservicesfromCessna BusinessPark.Seefootnote(8)above.

(10) Propertywiserevenue(netofeliminations)ofSattvaGlobalCityincludesrevenuefromCAMserviceswhichiscollectedfromtenantsofSattvaGlobalCity.

(11) Propertywiserevenue(netofeliminations)ofSattvaCosmoLavelledoesnotincludeanyrevenuefromCAMservices,whichiscarriedoutbythetenant.

The following sets forth a breakdown of the market value of our Portfolio by asset type and construction status, as of March 31, 2025:

Market Value by Asset Type Market Value by Construction Status CAM, 5.2% Solar, 0.5% Others, 5.7% Under Construction,

2.7% City-Center Office Buildings,

29.3% Business Parks and Centers,

65.0% Completed, 91.6% 165Our Competitive Strengths We believe that our position as one of the leading office platforms in India (as per the CBRE Report) is

attributable to the following competitive strengths: (cid:129) Largest office REIT in India by GAV and NOI and the most geographically diverse, with several best-in-class assets located in the best performing office markets of India (cid:129) Located in India—the world’s fastest growing major economy with the services sector continuing to be the key driver (cid:129) High quality assets with robust infrastructure and a wide-range of amenities, supported by well-established in-house asset maintenance services (cid:129) Diversified tenant base with an increasing focus on leading GCCs and domestic corporates (cid:129) Robustbusinessmodelwithstrongembeddedgrowth,stablecashflows,anestablisheddevelopment and acquisition track record and a brand-agnostic platform (cid:129) Renowned sponsors with global experience and local knowledge (cid:129) Fully integrated platform with a highly experienced management team, allowing for seamless coordinationacrossallaspectsofthebusiness,fromacquisitionanddevelopmenttopropertyleasing and management (cid:129) Sustainability remains a core ethos of our business, with a commitment to a long-term sustainability roadmap Largest office REIT in India by GAV and NOI and the most geographically diverse, with several best-in-class assets located in the best performing office markets of India We are a leading office platform in India and upon listing, we will be the largest office REIT in India in terms of GAV of ₹619,989 million as of March 31, 2025 and by NOI for FY2025 of ₹34,322.67 million.4 With 46.3 msf of LeasableArea, comprising 37.1 msf of CompletedArea, 1.2 msf of Under Construction Area and 8.0 msf of Future Development Area as of March 31, 2025, we will also be the second largest office platform in Asia and one of the largest office REITs globally in terms of Leasable Area. (Source:

CBRE Report) The following table illustrates our GAV and NOI as compared to other listed Indian office REITs, as per

data from the CBRE Report:

GAV as of Mar’25—Listed NOI as of FY25—Listed Indian Office REITs (₹ bn) Indian Office REITs (₹ bn)

34.3

32.8

620.0

611.6

20.6

366.5 379.5 19.5 KRT Embassy REIT Mindspace REIT Brookfield REIT KRT Embassy REIT Mindspace REIT Brookfield REIT

Source:DataaspertheCBREReport.

4 NOIisanon-GAAPmeasure.Fordetailsonreconciliation,see“Management’sDiscussionandAnalysisofFinancialCondition and Results of Operations—Non-GAAPMeasures” on page 526.

166The following sets forth a comparison between us and certain office REITs in Asia by Leasable Area, as of March 31, 2025:

Asian Office REITs—Total Area (msf)

4.8

6.0 8.0

1.2

3.3

3.8 8.5

4.5

40.3

37.1

30.0

24.5

21.1 12.8 10.5 10.4 9.5 2.9

5.8 4.8 4.4 2.9 TIER yssabmE )desoporP( TRK TIER ecapsdniM dlefikoorB TIER aidnI gnidliuB noppiN #*dnuF naP eertelpaM *laicremmoC aisA *TIER suxeD *TIER ERJ *TIER cetnuS *TIER leppeK #*TIER noipmahC

51.1

46.3

37.1

34.8

29.0

12.8

10.5 10.4 9.5

5.8 4.8 4.4 Completed Under Construction Future Development dnaLatipaC tsurT aidnI

5.3 dnaLatipaC #*tsurT laicremmoC

Source:CBRE.Alldata(exceptKRT)isbasedoninformationavailableinthepublicdomain.KRT(proposed)dataisbasedonKRTinputs;Representsprominentoffice-focused REITsinAsia.DataasofMarch31,2025;*Reflectiveofnetlettablearea;#DataasofDecember31,2024,AreaforMapletreePanAsiaCommercialREIT,SuntecREITand ChampionREITincludesretailarea;AreaforCapitaLandIndiaTrustREITincludesdatacentersandindustrialcomponents;Areatotalsmightvaryduetoroundingoff;

BifurcationofUCandPlannedassetsforBrookfieldIndiaREITisnotavailable.

Strategically located in India’s top-performing markets OurPortfolioAssetsarespreadacross6cities,whichwillmakeusthemostgeographicallydiverseIndian officeREITuponlisting.These6cities(namelyHyderabad,Mumbai,Bengaluru,Chennai,Gurugramand GIFTCity,Ahmedabad)accountedformorethan86.5%ofIndia’sofficesupplyandgrossabsorptionfrom CY2016 to Q1CY2025. (Source: CBRE Report)The following illustrates the supply and absorption trends in the 6 cities where our Portfolio Assets are located:

KRT Markets—Supply, Absorption & Vacancy (CY2016-CY2027P) 24%

100.0 20%

80.0 16%

60.0 12%

40.0 8%

20.0 4% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2027P )fsm(noitprosbA/ylppuS )%(ycnacaV – Supply Absorption Q12025Vacancy Q12025EffectiveVacancy Vacancy(%) EffectiveVacancy(%)

5.72 0.54 7.72 5.44 6.92 2.34 9.44 6.65 7.53 2.23 2.24 3.93 9.14 8.55 0.94 6.06 1.04 1.07

1.25

9.6 177

5.61

8.94 9.27 3.05 2.57

20.8% 20.8% 21.3% 19.4% 18.7%

18.0% 17.5%

16.1%

14.8%

14.8% 14.6% 14.5% 14.6% 14.5%

15.4%

13.4%

12.1% 10.9% 2026P

Source:CBRE;asofMarch31,2025;Refertodisclaimersonforecastsonpage88ofthe“IndustryOverview”section.

167Asignificant portion of our Portfolio (approximately 95.6% of GAV as of March 31, 2025), is located in Bengaluru, Hyderabad and Mumbai, the best performing office markets in India in terms of market size and absorption levels, which form our Portfolio Core Markets. These Portfolio Core Markets have collectively absorbed more office space than 11 global cities (Tokyo, Shanghai, Beijing, Singapore, Munich, Hong Kong, Sydney, London, New York, Los Angeles and San Francisco) combined from CY2016 to Q1CY2025, as per the CBRE Report.

Select Major Global Cities—Cumulative Net Absorption (CY2016-Q1CY2025, msf)

80.5

64.9

59.0 55.8

44.7 43.6

26.1 23.9 22.6

8.6 8.2

3.2 (1.3) (2.6) (3.0) (3.4) (5.6) urulagneB dabaredyH oykoT RCN-ihleD iahgnahS enuP gnijieB iannehC hcinuM gnoK gnoH yendyS nodnoL kroY weN ocsicnarF naS KRT’s Portfolio Core Markets Indian Markets Global Markets RMM )iabmuM( eropagniS selegnA soL

Source:CBREReport,asofMarch31,2025.Absorptionfiguresforallcitiesarereflectiveofcumulativenetabsorption.CumulativenetabsorptionforglobalcitiesisinNet FloorArea(NFA),whichisindicativeofcarpetarea.ValuesforIndiancitiesareinGrossFloorArea(GFA).LatestdataforSydneyisasofCY2024.HongKongincludesonly GradeAstockwhileShanghai,Beijing,SydneyincludesonlyCBD,SingaporeandTokyoincludeallgrades.

Strategically located assets within prime sub-markets of our Portfolio Core Markets Our Portfolio Assets are located in prime sub-markets, and these sub-markets have outperformed their overall markets, with a 70 bps higher 3-year average Market Rent CAGR through FY2025 and 167 bps lower vacancy as of March 31, 2025, based on data from the CBRE Report. The following illustrates the performance of selected sub-markets within our Portfolio Core Markets:

Occupancy and Market Rent growth of IT Corridor—HITEC-City vs Hyderabad Rentals (₹ psf pm) Occupancy (%) 3-year CAGR through 85.0 FY25 = 6.3%

91.1%

90.1% 172 bps

72.8 74.6 86.8% 86.2%

71.6

70.8

83.3%

86.5%

71.8

84.2% 1,093 bps

63.8

61.3 62.8 61.8 3-year CAGR 78.7% through FY25 = 4.6% 74.9% 75.3% Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 IT-Corridor—HITEC-City Rentals psf pm Hyderabad Rentals psf pm IT-Corridor—HITEC-City Occupancy (%) Hyderabad Occupancy (%) 168Occupancy and Market Rent growth of BKC and BKC-O (“BKC”) vs MMR Rentals (₹ psf pm) Occupancy (%) 3-year CAGR through FY25 = 6.1% 335.0

94.6%

280.4 280.4 286.9

270.0 259 bps 88.3% 1,122 bps

84.7%

80.7% 80.6%

83.4%

148.8

136.5 134.2 133.0 135.0

78.7% 3-year CAGR 77.5% through 76.5% FY25 = 3.5% 75.0% Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 BKC Rentals psf pm MMR Rentals psf pm BKC Occupancy (%) MMR Occupancy (%) Occupancy and Market Rent growth of ORR vs Bengaluru Rentals (₹ psf pm) Occupancy (%) 3-year CAGR 103.8 through 91.4% FY25 = 5.0%

90.5% 168 bps

95.5 89.1%

88.7%

92.6

89.6

93.0 88.1%

85.8% 512 bps

86.6

86.9%

89.4 86.4%

87.3

84.3

84.0%

82.8 3-year CAGR 83.3% through FY25 = 3.3% Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 ORR Rentals psf pm Bengaluru Rentals psf pm ORR Occupancy (%) Bengaluru Occupancy (%) Our assets are located in some of the best performing sub-markets within the respective cities and are conveniently connected to key transport hubs, with advanced social infrastructure and in close proximity to residential catchments, as per the CBRE Report, including as described below:

Hyderabad, IT Corridor—HITEC City (2 assets with 10.6 msf Leasable Area and 24.3% of GAV) We have 2 completed Portfolio Assets, Sattva Knowledge City and Sattva Knowledge Park, which are located in IT Corridor—HITEC City and collectively form the second largest stock in the sub-market as of March 31, 2025, according to the CBRE Report. IT Corridor—HITEC City is amongst the most preferred locations for tenants in Hyderabad due to its established technology ecosystem, institutional grade offices by prominent developers and excellent connectivity via metro and major arterial roads, according to the CBRE Report. Our PortfolioAssets in IT Corridor—HITEC City are positioned close to each other and offer a comprehensive ecosystem with well-planned infrastructure and amenities.

169Some notable metrics of our Portfolio Assets in IT Corridor—HITEC City include: (cid:129) SattvaKnowledgeCityisoneofthelargestbusinessparksinthesub-market,accordingtotheCBRE Report, with a Leasable Area of 7.3 msf spanning over 30 acres. It is one of the best performing assets in our Portfolio, consistently outperforming its sub-market with a high Committed Occupancy of99.4%(ascomparedto86.2%Occupancyforthesub-market)asofMarch31,2025,basedondata from the CBRE Report. It achieved a 3-year Marginal Rent CAGR of 8.9% through FY2025, significantly outperforming the Market Rent CAGR of 6.3% over the same period, based on data from the CBRE Report. The park’s best-in-class infrastructure, campus-like ecosystem and wide-rangingamenitieshaveenabledittoattractandretainmultinationaltenantswhooccupy90.7% of the LeasableArea in the asset, including GCC tenants who accounted for 72.7% of the Leasable Area as of March 31, 2025.

(cid:129) Sattva Knowledge Park is a recently completed, high-quality Grade A office park with 3.3 msf of LeasableArea.85.0%oftotalLeasableAreawasleasedwithin12monthsofreceivingitsOccupancy Certificate, and the asset has a Committed Occupancy of 95.8% as of March 31, 2025, surpassing the 86.2% sub-market Occupancy. This aesthetically designed asset features a range of new-age infrastructure and amenities which has resulted in its premium positioning.

Mumbai, BKC and BKC-O (“BKC”) and Extended Central Business District (“Ext-CBD”) sub-markets (4 assets with 5.2 msf Leasable Area and 28.1% of GAV) Our PortfolioAsset, One BKC, is located in Mumbai’s BKC sub-market, one of the most sought-after and expensive sub-markets in India, according to the CBRE Report. It serves as the primary hub for several multinational corporates especially in the Banking, Financial Services, and Insurance (“BFSI”) sector given its excellent connectivity and advanced physical and social infrastructure evidenced by a presence of hotels, luxury dining, schools and hospitals in the vicinity, as per the CBRE Report. One BKC is a Grade A office building with a Leasable Area of 0.7 msf that houses prominent multinational corporates such as Amazon5, Trafigura Global Services Private Limited and Cisco6. It has consistently maintained Committed Occupancy of over 90% for the last 5 years while successfully re-leasing 0.1 msf (12.5% of Leasable Area) and achieving re-leasing spreads of 26.3% from FY2023 to FY2025. One BKC has outperformed the BKC sub-market in terms of Committed Occupancy of 98.8% (compared to 94.6% Occupancy for BKC) as of March 31, 2025 and 3-year Marginal Rent CAGR of 7.5% through FY2025 (as compared to Market Rent CAGR of 6.1% over the same period), based on data from the CBRE Report.

Additionally, we have 3 Portfolio Assets, One World Center, One International Center and One Unity Center, located in the Ext-CBD sub-market. These assets collectively form the largest institutionally ownedofficeassetsinMumbaiCity7andareamongstthefewinvestment-grade,institutionallyownedand professionally managed office buildings in the Ext-CBD sub-market, according to the CBRE Report.

Bengaluru, Outer Ring Road (“ORR”) sub-market (7 assets with 8.1 msf Leasable Area and 16.6% of GAV) We have 7 business parks/centers located in the ORR sub-market, the largest office sub-market in India with a stock of 75.0 msf as of March 31, 2025. The ORR sub-market has historically recorded higher demand compared to supply resulting in low vacancy levels and positive rent growth. It is characterized by premium office stock, proximity to residential catchments, well-planned social and lifestyle infrastructure,andsuperiorconnectivitytootherestablishedhubs.Theupcomingmetrowhichisexpected to be operational by CY2027 is also anticipated to enhance connectivity. As a result, ORR has attracted asignificantpresenceofmultinationalcorporations,predominantlyfromthetechnologyandBFSIsectors.

(Source: CBRE Report) 5 Amazon Seller Services Private Limited andAmazon Development Centre India Private Limited 6 Cisco Commerce India Private Limited 7 Excluding suburbs/submarkets such as Navi Mumbai (NMBD), Thane (TBD) 170These positive tailwinds have contributed to the strong performance of our Portfolio Assets in this sub-market. Some notable metrics of our Portfolio Assets in this sub-market include:

(cid:129) Cessna Business Park is a 4.2 msf high-quality SEZ business park that has consistently maintained aCommittedOccupancyofmorethan97%fromFY2021toFY2025.Ithasalong-termcommitment from its anchor tenant, resulting in a WALE of 14.8 years as of March 31, 2025 and stable and predictable cash flows.

(cid:129) Sattva Softzone is a 1.0 msf Grade A business park with a 91.0% Committed Occupancy as of March 31, 2025, outperforming the ORR sub-market’s Occupancy of 89.1%, based on data from the CBREReport.Wehavebeenabletoattainahighoccupancyduetotheasset’squalityandourability to meet the expansion requirements of existing tenants, notably PhonePe. PhonePe had expanded its presence space within the property from approximately 0.1 msf in FY2022 to 0.6 msf in FY2025 (including 0.1 msf of CommittedArea). The asset achieved a 3-year Marginal Rent CAGR of 6.2% through FY2025 (compared to Market Rent CAGR of 5.0% over the same period).

Difficult to replicate platform with high barriers to entry Our Portfolio is difficult to replicate given factors such as its scale, multi-market presence and best-in-class assets in some of the most prominent sub-markets with favorable dynamics and high barriers to entry, particularly due to land acquisition complexities and lengthy development timelines for projects in India. (Source: CBRE Report). For example, within our Portfolio Core Markets:

(cid:129) We established our presence in the IT Corridor—HITEC City in 2014 with Sattva Knowledge City, and later expanded to the adjacent Sattva Knowledge Park in 2017. Our presence in IT Corridor—HITEC City has grown from less than 1.0 msf of CompletedArea in 2015 to 10.6 msf as of March 31, 2025. We believe these assets form a difficult to replicate cluster given their strategic location and proximity to each other that collectively offer an attractive business ecosystem to tenants through a wide range of amenities, diverse F&B offerings and advanced social and physical infrastructure.

Across Sattva Knowledge City and Sattva Knowledge Park, we have leased an aggregate of 6.4 msf fromFY2021toFY2025andhaverecordeda98.3%averageCommittedOccupancyasofMarch31,

2025. We have grown our average Base Rents from ₹49.0 psf/month for the month ended March 31, 2016 to ₹75.0 psf/month for the month ended March 31, 2025 implying a 4.8% Base Rents CAGR. (cid:129) Select Portfolio Assets in Mumbai, namely One BKC, One World Center, One International Center and One Unity Center are present in sub-markets where there are few assets with comparable scale and quality, institutional ownership, sustainability initiatives and an extensive amenity offering.

Furthermore, owing to limited availability of land in few sub-markets, supply has remained constrained and is expected to be limited until CY2027. (Source: CBRE Report) (cid:129) We have 7 PortfolioAssets with a total LeasableArea of 8.1 msf as of March 31, 2025 in the ORR sub-market,whichisthelargestandthemostsought-afterofficesub-marketinBengaluru.Allofour ORR assets in Bengaluru are located along the arterial road and will benefit from direct connectivity to the upcoming metro expected to be operational by CY2027. (Source: CBRE Report) 171Limited SEZ exposure As of March 31, 2025, we had 6.9 msf of Completed Area across 2 Portfolio Assets notified as SEZs, representing only 14.9% of total Leasable Area, the lowest compared to other Indian office REITs (prior to any denotification efforts), as per data from the CBRE Report. Cessna Business Park, which accounted for 4.2 msf of the total 6.9 msf of SEZ area is highly occupied (Committed Occupancy of 97.4% as of March31,2025).TheGovernmentofIndiahasintroducedamendmentstotheSEZrulesin2023topermit part denotification enabling SEZ developers to attract firms serving the domestic economy.Additionally, Sattva Global City, the other SEZ asset in our Portfolio has 1.4 msf (35.1% of its Completed Area) of non-SEZ area, including 0.9 msf which was recently denotified.

Located in India—the world’s fastest growing major economy with the services sector continuing to be the key driver Our Portfolio is located in India, the fastest-growing and the fourth-largest major economy in the world as of FY2025. India recorded a GDP growth of 6.5% in FY2025 and is forecasted to grow at 6.2% in FY2026 with an estimated value of US$4.2 tn. (Source: CBRE Report) Major World Economies—Real GDP Growth Rates (2019-2024 & 2024-2027P, %)* %3.5 %3.6 %9.4 %1.4 %8.2 %0.3 %2.2 %1.2 %2.3 %1.2 %1.2 %0.2 %4.2 %8.1 %2.1 %4.1 %7.0 %3.1 %7.0 %9.0 %1.0 %8.0 %2.0 %6.0 India China World Brazil Singapore Australia United European United France Germany Japan States Union Kingdom 2019-2024 2024-2027P

Source:IMFdatabase,2025;*ForIndia,dataandprojectionsarepresentedonafiscalyear(FY)basis.Forforecastfigures,IMFhasassumedthatrealeffectiveexchange rates remained constant at their average levels during March 6, 2025—April 3, 2025, except for those for the currencies participating in the European exchange rate mechanismII.

The services sector, which is the mainstay of office demand in India, contributed approximately 55% of India’s GDP in FY2025. The sector witnessed an annual growth rate of 7.3% in FY2025 and is expected togrowby8.0%inFY2026(Source:CBREReport).ServicessectortenantsinourPortfolioaccountedfor

73.9% of Gross Rentals for the month ended March 31, 2025.

Key services sector growth drivers as per the CBRE Report include: (cid:129) Largest youth population: India has the world’s largest working-age population as of December 31, 2024withitsmedianageforCY2025expectedtobe28.8years,ascomparedto40.1yearsforChina and 38.5 years for the United States.

(cid:129) Large English speaking and skilled talent pool: India has the second largest English-speaking population in the world after the United States as of FY2024. India has one of the largest pools of STEM graduates in the world, accounting for 31.0% of the world’s STEM graduates as of February

2025.

172(cid:129) Competitive cost advantage: The operating cost in India is significantly lower compared to other parts of the world, with the cost arbitrage in Bengaluru being as high as 81% compared to a Tier II cityintheUnitedStates.ThekeyofficemarketsinIndiacontinuetooffersignificantlylowerrentals of approximately US$1 to US$2 psf per month as compared to assets of similar scale and quality in other global commercial hubs.

Operating Cost per FTE for BPM, FY2023 100 70 ~81% lower than a US Tier II city 43 35 25 19 US Tier II City Prague Shanghai Kuala Lumpur Manila Bengaluru

Source:NASSCOM,IndexedtoUSTierIICity=100;IncludesBPM—F&Aservices;FTE—FullTimeEmployee.Thesecitieshavebeenshortlistedastheyaretypicaloutsourcing hubsintheworld Select Major Global Cities—Rentals (Q1CY2025, US$ psf/year)

219.5

107.5

81.1 77.5 69.8 68.1 54.8 51.8 41.4 41.3

27.8 18.3 17.4 16.2 13.4 nodnoL eropagniS kroY weN oykoT hcinuM gnoK gnoH yendyS gnijieB naS ocsicnarF iahgnahS RMM )iabmuM( RCN-ihleD urulagneB iannehC dabaredyH Indian Markets Global Markets

Source:CBREReport,asofMarch31,2025.Note:ClassArentalsusedforUS;APACmarketsincludeEffectiveGradeArentalvalueswhileprimerentalshavebeenusedfor Europeanmarkets;NewYorkrepresentsManhattan,LondonrepresentsCentralLondon,TokyorepresentsCentral5wards;SingaporeandSydneyincludecoreCBD;MMR

(Mumbai),Pune,Delhi-NCRandBengalururepresentsGradeArentsonNetFloorAreaassuminganefficiencyfactorof75%onGrossFloorArea.(calculatedontheaverage exchangerateinMarch2025,1US$=₹85.58). (cid:129) GCC expansion led by transition to value-add services: Over the last 2 decades, the services sector in India has undergone a structural shift transitioning from back-end support functions to GCCs focusing on high value-add, core business activities and new generation businesses (such as cloud services, analytics, robotics, digital solutions, Artificial Intelligence (“AI”) and Machine Learning (“ML”)). GCCs in India are assuming a strategic role in fostering product innovation, driving technological advancements, and spearheading digital transformation initiatives.

173GCCs in India are increasingly focused on high value-add sectors:

India GCC Sector Mix (% Share) Traditional HighValueAdd 42% 35% 30% 20% 18% 16% 15% 11% 6% 6% IT-BPM Engg.&Mfg. BFSI Healthcare Others CY14&Before CY15-CY23

Source:Cushman&Wakefield While NorthAmerican MNCs continue to lead the GCC roster, EMEAandAPAC-based MNCs have made significantinroadsinIndiasinceFY2019.Two-thirdsoftheEMEA-basedGCCsinIndiainthelast2years are from UK, Germany, and France. (Source: CBRE Report) GCCs in India based on HQ Location (FY2019-FY2024, No. of GCCs) 840 30% Americas 1,090 330 46% EMEA 480 80 75% APAC 140 FY2019 FY2024

Source:NASSCOM,2024 174AsofDecember2024,over60%ofFortune500companiesoperateGCCsinIndiathatareintegraltotheir global innovation strategy. Additionally, as of FY2024, approximately 23% of the Forbes Global 2000 MNCs have established their presence in India, indicating their significant growth in the country. GCC demand in 5 of our Portfolio markets (Bengaluru, Hyderabad, Chennai, Delhi-NCR, and MMR (Mumbai)) accounted for 90.0% of the total GCC leasing from CY2022 to Q1CY2025. Of this, 66.8% of total GCC leasing was in our Portfolio Core Markets. (Source: CBRE Report) GCCs in India (FY2010-FY2028P, GCC Revenues (FY2015-FY2030P, No. of GCCs) US$ bn) Avg. 100+ GCCs to CAGR:

Avg. 75+ GCCs enter India p.a 8.4% 105 entered India p.a 2,100+ Avg. 60 GCCs CAGR: entered India p.a 1,700+ 14.3% 65 1,000+ 40 700+ 19 FY10 FY15 FY24 FY28P FY15 FY19R FY24R FY30P

Source:NASSCOM;Note:GCCsRevenueestimatesforFY2019andFY2024havebeenrevised(R)asperthelatestNASSCOMreport,February2025 High quality assets with robust infrastructure and a wide range of amenities, supported by well-established in-house asset maintenance services Our Portfolio Assets are considered to be of superior-quality due to their scale, accessible locations, infrastructure, amenities, sustainability, professional management and asset enhancement initiatives, which help to create one of the leading and difficult to replicate office platforms in India, according to the CBRE Report.These factors have contributed to a Committed Occupancy of 91.4% as of March 31, 2025.

Some of our Portfolio Assets command a rent premium compared with other assets in the respective sub-markets, based on data from the CBRE Report. We have leased 15.8 msf from FY2023 to FY2025 including 6.5 msf of re-leasing wherein we achieved a 19.3% average re-leasing spread, 4.6 msf of newly completed area (including pre-leasing and committed) and 4.7 msf of vacant area.

Internationalstandardinfrastructureandamenitiesatsignificantlowercapitalvaluescomparedtoglobal cities Ourbusinessparks/centersareconstructedtoGradeAstandardsandsomeofthemareamongstthelargest in their respective sub-markets, facilitating the provision of an attractive business ecosystem for our tenants, according to the CBRE Report. The size and scale of our business parks enable us to provide a wide range of amenities including recreation facilities (such as gyms, indoor and outdoor sports zones) to promote physical and mental wellness, medical clinics, creches as well as open areas equipped with aesthetic green spaces and break-out zones. Our Portfolio Assets collectively provide over 100 F&B options including fine dining restaurants, multi-cuisine food courts, cafes and food trucks which are intended to curate a diverse culinary experience for our tenants and their visitors.

SattvaKnowledgeCityinHyderabadisaprominentexampleoftheamenityofferingsthathastransformed this asset from a location to a destination. Its significant scale is supported by a wide range of amenities, including a dedicated 0.2 msf amenity hub featuring a multi-purpose hall, a 500-seater open amphitheater andanauditorium.Additionally,theassetoffersa600-seaterfoodcourt,37F&Boutletsandcafes,aswell as support retail shops and serves as an attractive lifestyle destination for tenants and the public. It also includes “The Quorum”, a members’ only urban lifestyle club, “District150”, a 25.2 ksf premium banqueting venue for social gatherings, cultural performances, corporate events and exhibitions and a

17541.0 ksf sports and fitness club. Sattva Knowledge City has won a series of awards, including the Economic Times—Real Estate Conclave Award South for Commercial Project—Office Building (Completed Metro) in 2022.

Wehavealsoundertakenvariousaccretivecapitalexpenditureinitiativestodriverentalgrowthandattract and retain tenants with the ultimate goal of our Portfolio’s value maximization. For the last three Fiscals, we incurred capital expenditure of more than ₹1,000 million towards various asset repositioning and upgrade initiatives including food court and lobby refurbishments. In order to enhance connectivity and maximize the value of One World Center, One International Center and One Unity Center in Mumbai, we undertook an infrastructure and sustainability initiative “One Green Mile” in partnership with the local authorities in 2022. One Green Mile employed “tactical urbanism” aimed at reducing traffic congestion, enhancing accessibility for pedestrians, and creating a community space by transforming a 1.8 km arterial road in Central Mumbai which also serves as the primary access for these assets.

Average capital values for our completed Portfolio Assets are ₹16,108.3 psf/US$188.2 as of March 31, 2025 based on the GAV of the relevant assets (including CAM). Despite the high quality infrastructure, prime locations and diverse amenity offerings of our PortfolioAssets, the average capital values are at an approximately 67% to 97% discount to GradeAproperties in London, Tokyo, Hong Kong, Singapore and New York, based on data from the CBRE Report.

Select Major Global Cities—Capital Values (Q1CY2025, US$ psf) 5,487 3,312 2,157 1,518 1,512 1,397 574 538 386 376 358 243 238 210 206 Indian Markets Global Markets nodnoL oykoT eropagniS hcinuM yendyS gnoK gnoH kroY weN gnijieB iahgnahS naS ocsicnarF RMM )iabmuM( RCN-ihleD urulagneB iannehC dabaredyH

Source:CBREReport,asofMarch31,2025.Note:CapitalvaluesofEuropeanmarketsincludeprimevalues;USmarketsincludeallgrades,whileAPACmarketsinclude GradeAvalues;NewYorkrepresentsManhattan,TokyorepresentsCentral5wards;LondonincludesCentralLondon;SingaporeandSydneyincludecoreCBDvalues;Shanghai, Beijing,Singapore,andHongKongrepresentindicativevaluesbasedontransactionswhileTokyoandSydneyrepresentsyntheticvalues(valuesderivedfromacombination ofdatapointsandmarkettrends,ratherthandirectlybasedontheactualvaluesbasedontransactions).1US$=₹85.58 High-quality assets in key micro-markets drives premium rentals and low vacancy Our Portfolio’s quality, prime locations, robust infrastructure and wide range of amenities differentiates us and have led some of our Portfolio Assets to become best-in-class developments in their respective sub-marketsandinthecountry,accordingtotheCBREReport.OurPortfoliohasbenefittedfromelevated Committed Occupancy levels (91.4% as of March 31, 2025, 842 bps higher than the average Occupancy in our Portfolio’s sub-markets), superior Base Rent growth (5.8% 3-year CAGR through FY2025 as compared to a 4.2% CAGR for our Portfolio’s sub-markets over the same period) and a high tenant Retention Rate (61.7% from FY2023 to FY2025), based on data from the CBRE Report.

176Relative performance of our Portfolio vs Sub-markets Committed Occupancy Base Rent 3-year CAGR as of March 31, 2025 (%) through FY25 (%)

91.4% 5.8% 842 bps 1.4x

4.2%

83.0% Portfolio Sub-markets KRT Assets Portfolio Sub-markets KRT Assets (Sourceformarketdata:CBREReport) Examples of Marginal Rent growth in certain Portfolio Assets (3-year CAGR % through FY2025) Sattva Knowledge City (Hyderabad) One BKC (Mumbai)

8.9%

7.5%

6.3% 262 bps 1 3 9 bps

4.9% 6.1%

5.6% Asset Base rent Marginal rent Asset Base rent Marginal rent Sub-market growth growth Sub-market growth growth Kosmo One (Chennai) Sattva Softzone (Bengaluru)

14.9%

6.2% 4 6 0 b p s 123 bps

5.0%

10.3%

4.3%

2.9% Asset Base rent Marginal rent Asset Base rent Marginal rent Sub-market growth growth Sub-market growth growth (Sourceformarketdata:CBREReport) 177Well-established in-house asset maintenance services Asapartofourtenant-centricapproach,weaimtoprovideholisticsolutionstoaddressourtenants’needs, including through the provision of in-house common area maintenance (“CAM”) services.These services include housekeeping, maintenance and upkeep of all common areas within the assets. While certain services, such as cleaning and security are outsourced to external parties, we expect to have a dedicated team overseeing the provision of CAM services through regular performance audits, stringent vendor selection processes, and quality assurance checks, to ensure that the maintenance activities meet our standards of excellence. The in-house CAM services gives us a competitive advantage as it enables us to control and maintain the quality of services being provided in order to provide a more consistent and reliable tenant experience, as well as optimize expenses and achieve economies of scale to enhance our margins.Wealsomaintainopencustomerservicechannelstoaddressanyconcernsorfeedbackfromthem expeditiouslytoenhancetenantsatisfactionandbrandloyalty.Additionally,wehave9assets,namelyOne BKC, One World Center, One International Center, One Unity Center, Prima Bay, Cessna Business Park, Exora Business Park, One Trade Tower and Kosmo One, which have been awarded with Leadership in Energy and Environmental Design (“LEED”) Building Operations and Maintenance v4.1: Existing Buildings Platinum and/or Gold certifications on a monthly basis since 2022, which is a reflection of our commitment to sustainable practices, operational efficiency, and environmental responsibility. For more information on our CAM service arrangements, see “Management Framework” on page 412.

Diversified tenant base with an increasing focus on leading domestic corporates and GCCs As of March 31, 2025, we have more than 450 tenants with a mix of Indian corporates (Aditya Birla, PhonePe, HDFC Bank Ltd and Go Digit) and prominent multinationals (Amazon, Cisco, Google Connect, Novartis and Siemens Limited). In terms of Gross Rentals for the month ended March 31, 2025, 74.1% is attributable to multinational corporates, 43.6% to GCCs, and 38.2% to Fortune 500 companies. Our WALE of 8.4 years as of March 31, 2025 provides stability and predictability of cash flows from our Portfolio.

Diverse Tenant Mix We have a well-diversified tenant mix across more than 20 sectors, which further contributes to the stability and resilience of our Portfolio and enhances its attractiveness. 37.5% of our Gross Rentals are derived from tenants in the technology sector, which has been one of the key drivers of India’s services sector growth, as per the CBRE Report and 23.4% is derived from our tenants in the BFSI sector for the month ended March 31, 2025. The balance is spread across various sectors including engineering and manufacturing, pharma and healthcare, research and consulting as well as infrastructure, real estate and logistics.

Our diversified portfolio across various city-center office buildings and business parks/centers enables us to leverage demand from both domestic firms and multinational corporations, including GCCs. In

particular: (cid:129) Multinational Corporates: 74.1% of our Gross Rentals are from multinational tenants, and 43.6% were from GCCs for the month ended March 31, 2025.According to the CBRE Report, India reigns as the “GCC Capital of the World” as of February 2025 and is expected to continue as a prominent growth market for GCCs, and benefit from sectoral and geographical diversification. Our Portfolio Assets have attracted prominent GCCs over the years, such as Harman, Thomson Reuters, HSBC, Cigna Health Solutions India Private Limited and Colgate Global Business Services Pvt Ltd, which has allowed us to gain valuable insights into their requirements, enabling us to capitalize on the positive GCC momentum in India.

178(cid:129) Domestic Corporates: 25.9% of our Gross Rentals for the month ended March 31, 2025 are attributable to domestic tenants, positioning us to benefit from the strength of the Indian economy and its growing businesses. Domestic tenants accounted for 46.5% of commercial leasing in India in CY2024, and are expected to expand in the future, according to the CBRE Report. Our Portfolio Assets house distinguished domestic corporates such asYes Bank Limited, Bajaj Electricals Limited and Khaitan & Co.

Portfolio Gross Rentals for March 2025 (by Tenant Type)

25.9%

43.6%

56.4%

74.1% MNCs Domestic GCCs Non-GCCs Portfolio Sectoral Split (Gross Rentals for March 2025) Others, 11.1% Telecommunications,

3.2% FMCG & retail, 3.2% Infrastructure, real estate & logistics, 3.4% Technology, 37.5% Research, consulting & 450+ Tenants analytics, 5.4% 20+ Sectors Pharma & healthcare, 6.1% Engineering & manufacturing, 6.7% BFSI, 23.4% 179Our top 10 tenants contributed to 28.4% of our Gross Rentals for the month ended March 31, 2025 with no single tenant contributing more than 5.9% of Gross Rentals:

TotalArea Gross Leased Rentals WALE Rank Tenants Sector PortfolioAssetsLeased (msf) (%oftotal) (years) 1 Cisco Technology Cessna Business Park, 2.8 5.9% 18.6 One BKC 2 Google Connect Technology Fintech One, Sattva 2.3 5.2% 19.5 Knowledge Capital 3 J.P. Morgan Services Banking, financial Prima Bay, Sattva 1.3 4.0% 12.2 India Private Limited services, insurance Knowledge City 4 Star India Pvt Ltd Media & marketing One Unity Center 0.4 2.2% 7.7 5 PhonePe Banking, financial Sattva Softzone 0.6 2.2% 4.6 services, insurance 6 Amazon Technology One BKC, One Trade 0.7 2.1% 12.4 Tower, Sattva Horizon 7 Novartis Pharma & healthcare Sattva Knowledge City 0.9 1.9% 5.5 8 ‘Big 4’accounting Research, consulting One Trade Tower, One 0.3 1.8% 1.7 firm & analytics International Center 9 ServiceNow Technology Sattva Knowledge City 0.7 1.6% 8.8 10 Juniper Networks Telecommunications Exora Business Park 0.6 1.6% 7.5 Total top 10 tenants 10.8 28.4% Long-standing tenant relationships driving tenant retention and growth Our wide geographic presence, comprehensive offerings and active asset management, combined with a customer-centric approach have resulted in mutually-beneficial outcomes.

Over the years, we have built long-standing relationships with our tenants which has resulted in a high tenant Retention Rate of 61.7% from FY2023 to FY2025. Our dynamic leasing strategy enables us to provide solutions which are customized to meet our tenants’ requirements, thereby fostering long-term relationships. This includes the development of 2 BTS buildings for J.P. Morgan Services India Private Limited and Novartis in Sattva Knowledge City.

Ourabilitytoretaintenantsacrossmultiplesectorsisattributabletoourextensivegeographicreach,scale and quality of our integrated business parks/centers as well as city-center office buildings, enabling us to provide flexible leasing solutions to tenants seeking expansion within our Portfolio Assets and across multiple cities/markets.

180The following illustrates some examples of tenant expansion within our Portfolio Assets over time:

Select examples of tenant expansion within our Portfolio Assets (Area Leased, ksf) Amazon

712.5

637.1

477.6

9.9x 4.3x

286.5

1.7 x

149.8

71.8 Mar’22 Mar’25 Mar’22 Mar’25 Mar’22 Mar’25 Apple

269.8

111.8

128.4

2.1x

67.4

1.7 x

2.1x

117.0

55.4 Mar’22 Mar’25 Mar’22 Mar’25 Mar’22 Mar’25 Additionally, we have curated a year-long tenant engagement calendar aimed at promoting the health, well-being and social interactions with our tenants and their employees which has resulted in elevated tenant satisfaction and retention levels. We have also demonstrated our commitment to tenants by implementingassetupgradesandinfrastructureenhancements,basedonfeedbackreceived.Asatestament to our customer satisfaction and tenant-first approach, 34.4% of our Portfolio’s CompletedArea obtained CSAT scores of 95% from 2023 to 2024 which is a reflection of elevated tenant satisfaction. These measures have contributed to tenant loyalty and translated to growth in leasing activity in our Portfolio aswitnessedbyleasingtoexistingtenantsaccountingfor7.6msf(or48.0%)outofthe15.8msftotalarea leased from FY2023 and FY2025.

181New leases signed (FY2023-FY2025) Split of leased area between new Total leased area (msf) and existing tenants

5.1 15.8

7.0

15.8 msf

8.2 msf / 7.6 msf / Total 52% 48% Leasing

3.7 Existing Tenants New Tenants FY23 FY24 FY25 Total Significant tenant improvement capital expenditure by tenants which drives retention Leases in India are typically on a “warm-shell” basis, resulting in landlords incurring tenant improvement capital expenditure (“TI capex”) of only 2.0% to 5.0% of NOI for GradeAoffice assets, whereas tenants incur significant fit-out costs, often equivalent to 3 to 6 years of rents. This compares favorably to other markets where landlords are expected to incur significant TI capex to attract and retain tenants. For example, TI capex in the USA is expected to be approximately 15% to 20% of their NOI towards tenant improvement, leasing costs and redevelopment reserves. Consequently, this results in tenant ‘stickiness’ and also enhances the NOI to cash flow conversion for office developments in India. Depending on the natureofthebusinessactivityandofficelocation,tenantstypicallyspend₹2,500to₹5,500psfonTIcapex and,thiscangoupto₹8,000to₹12,000psf(onGrossFloorAreabasis)forfront-endoperationsforfitting out the premises which typically takes 60 to 100 days. Owing to the high investments in fitting out the office premises, most tenants occupy spaces well beyond the 3 to 5 years of lock-in period resulting in higher tenant retention. (Source: CBRE Report) Further, we selectively offer TI solutions including project management consulting and execution of fit-outsfortenantslookingtominimizetheirinitialexpensesoroutsourcetheirfit-outworks.Thisenables ustocreateamutuallybeneficialarrangementandgenerateaccretiveyieldsasthecapexisamortizedover the tenant’s lease term. This leasing strategy enables us to provide “plug-and-play” options that house small tenants and serve as incubators, facilitating larger space leasing and deepening tenant relationships.

As of March 31, 2025, 4.6 msf of LeasableArea in our Portfolio was provided through this fit-out model and includes area leased to Goldman Sachs in Sattva Knowledge City, Bosch in Sattva Knowledge Park and Go Digit in Sattva Techpoint.

182Robustbusinessmodelwithstrongembeddedgrowth,stablecashflows,anestablisheddevelopmentand acquisition track record and a brand-agnostic platform Our Portfolio has 37.1 msf of CompletedArea with a 91.4% Committed Occupancy as of March 31, 2025, and an 8.4 year WALE as of March 31, 2025. We have demonstrated strong growth from FY2023 and FY2025 with 15.8 msf of new leasing, achieving a 19.3% average re-leasing spread on 6.5 msf of area re-leased and leased 4.6 msf of newly completed area (including pre-leasing and committed) and 4.7 msf of vacant area. We have a strong cash flow growth profile with contractual growth, vacant area lease up, re-leasing and mark-to-market potential.

Stable cash flow with contracted rent growth We typically enter into long-term leases with our tenants.The leases in our Portfolio generally range from 5 to 10 years, with a 3 to 5 year initial commitment and subsequent renewal options, which provides visibility on the growth of future cash flows. Majority of our leases have typical rent escalations of 15% every 3 years, however, more recently we have successfully created a new standard for our Portfolio with more aggressive annual escalations of 4.5% to 5.0%. The contractual escalations are intended to provide stable cash flow growth and provide a natural hedge against inflation.

Demonstrated track record of achieving mark-to-market AsofMarch31,2025,theaverageIn-placeRentsforourPortfoliois₹91.2psfascomparedtotheaverage Market Rent of ₹111.9 psf, implying a 22.6% mark-to-market potential. We have a demonstrated a track record of driving rent growth by re-leasing at market rents to either existing or new tenants.

Area re-leased (FY2023-FY2025)

0.7% 19.0% 28.8% 19.3%

6.5

3.0

2.6

0.9 FY23 FY24 FY25 Overall Areare-leased(msf) Re-leasingspread(%) 183Select re-leasing examples from our Portfolio Sattva Knowledge City One World Center Exora Business Park (49 ksf) (44 ksf) (197 ksf)

200.0

120.0(1) 90.3 % +45 + 2 5 % % 72.0 4 138.0 5 +

78.1 Tenant 1 Tenant 2 Multiple Tenants Tenant 2 Tenant 1 Multiple Tenants Expiring Rent per sf New Rent per sf

Note:

(1) Includesfit-outrent.

Approximately 7.4 msf (or 23.7% of total Occupied Area) is expected to expire between FY2026 and FY2030whichhasanembeddedaveragemark-to-marketpotentialof23.1%.See“—BusinessandGrowth Strategies—Capitalize on our Portfolio’s embedded organic growth—Mark-to-market potential” on page 191.

Our leasing teams are expected to actively engage with existing and potential tenants and we aim to lease/re-lease such areas at a premium.

Established acquisition and development track record We have a proven track record in undertaking greenfield and brownfield developments, supported by our Sponsors’extensive experience.As of May 31, 2025, the Sattva Group has constructed approximately 78 msfofrealestateinIndiaacross7cities(Bengaluru,Mumbai,Hyderabad,Kolkata,Pune,GoaandJaipur).

Of this, the Sattva Group has completed approximately 46 msf across 74 commercial projects and approximately 32 msf across 50 residential projects. Blackstone, through its various real estate funds, owns and operates office space of approximately 170 msf globally as of March 31, 2025. Blackstone is India’slargestofficelandlordowninganofficeportfolioofapproximately84msfcomprisingofsole/joint ownership assets as of March 31, 2025, according to the CBRE Report.

SinceApril 2020, we have completed 7.4 msf of acquisitions across 5 projects. Over the same period, we havealsocompletedtheconstructionof9.7msfacross8projects,8including1.6msfwhichwereacquired as brownfield developments.As of March 31, 2025, our Portfolio included 1.2 msf of Under Construction Area and 8.0 msf of Future Development Area.

8 Such projects comprise 3.3 msf of Sattva Knowledge Park, 1.7 msf of Sattva Knowledge City, 1.3 msf of Sattva Knowledge Capital,0.9msfinSattvaKnowledgeCourt,0.6msfofSattvaHorizonand0.3msfofSattvaSouthAvenue,aswellas1.6msf of brownfield acquisitions (1.0 msf of One Unity Center and 0.6 msf of One Qube).

184Portfolio Evolution (msf)

46.3

8.0

1.2

5.0

7.4

19.7

3.1

12.3

17.4

9.3 Pre-FY20 FY21-FY22 FY23-FY25 Total Development Acquisition Under Construction Future Development WehavegrownourPortfolioovertimethroughacombinationofgreenfielddevelopmentsandacquisitions ofassetsfrommultipledevelopers.Wehavealsocompletedon-campusandstandalonedevelopmentsover the last few years. For instance:

(cid:129) Sattva Knowledge City: Sattva Knowledge City started out as a greenfield development, and since then we have gradually developed it into an award-winning integrated business park with 7.3 msf of Completed Area as of March 31, 2025. It is one of the largest business parks located in IT Corridor—HITEC City, according to the CBRE Report.

(cid:129) Sattva Global City: Since its acquisition in 2020, we have undertaken extensive asset enhancement initiatives and refurbishments including revamping the glass facade, introducing a visitor center to enhance the arrival experience and created a large well-amenitized breakout zone with F&B outlets, to reposition the asset into a Grade A marquee development. We undertook infrastructure improvement measures to enhance connectivity around the asset, including expanding the external accessibility via a bridge connecting the park to a metro station and the highway as well as constructing an internal pedestrian ring road around the property. See “—Sattva Global City, Bengaluru” on page 304.

(cid:129) Exora Business Park: We acquired Exora Business Park in 2021 and implemented an asset repositioning program to enhance its marketability. Our targeted customer-centric capital expenditure program included lobby upgrades and the introduction of a food court and sports and wellness amenities. Such measures have enabled us to re-lease 0.5 msf of vacant area at a 38.5% re-leasing spread from FY2023 to FY2025.

We follow a disciplined approach for developments in order to de-risk our projects with a focus on budgeting, planning and limiting financing risk. We undertake new construction based on tenant demand and market supply conditions, which has resulted in our new developments being significantly pre-leased and 72.5% of total LeasableArea being leased within 12 months of completion from FY2021 to FY2025.

185Renowned sponsors with global experience and local knowledge We are co-sponsored by the Blackstone Sponsor, which is an affiliate of Blackstone, Inc., and the Sattva Sponsor, part of the Sattva Group, which is one of India’s leading real estate development groups, as per the CBRE Report. Our Sponsors collectively have deep knowledge of India’s corporate real estate market along with international standards and best practices in investments, development and asset management.

Overview of the Blackstone Group Established in 1985, Blackstone is the world’s largest alternative asset manager with an AUM of nearly US$1.2 tn, as per the CBRE Report, including global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets and secondaries and hedge funds.

BlackstonehasbeeninvestinginIndiafornearly20years,andsince2005hasinvestedinexcessofUS$12 bn in the country across a multitude of sectors including regulated sectors such as asset reconstruction companies and housing finance companies. In the Indian real estate sector, Blackstone has, since 2007, invested approximately US$ 5 bn across asset classes, including offices, retail, logistics, hotels and data centers. Blackstone is India’s largest office landlord owning an office portfolio of approximately 84 msf comprising of sole/joint ownership assets as of March 31, 2025, according to the CBRE Report.

186With the affiliate of Blackstone as a co-Sponsor of the Knowledge Realty Trust, we believe we are able to benefit from Blackstone’s extensive experience in real estate investment trusts in India and leverage their vast network and global expertise, to access invaluable knowledge, a broader strategic outlook and early insights on emerging market trends.

Fully integrated platform with a highly experienced management team OurManageroperatesafullyintegratedplatformledbyahighlyexperiencedteam,whoisresponsiblefor overseeing all aspects of our business. Our senior management team is comprised of 11 individuals with an average experience of over 16 years and strong capabilities across development, leasing, operations, finance and management of real estate assets in India. The senior management team is expected to be supported by over 80 employees across 6 offices in 5 cities. Our management team has a proven track record of delivering value and is well-regarded within the real estate community with long-standing relationships with industry stakeholders including brokers, owners, tenants and lenders. This has enabled us to secure quality tenants on attractive terms and presents potential acquisition opportunities. From FY2023 to FY2025, we have leased 15.8 msf, out of which 7.6 msf (or 48.0%) was leased to existing tenants. Since April 2020, we have completed 7.4 msf of acquisitions across 5 projects. We have also completed the construction of 9.7 msf across 8 projects, including 1.6 msf which were acquired as brownfield developments over the same period. We have upgraded our Portfolio Assets and incurred capitalexpenditureofover₹1,000millionduringthelastthreeFiscalstowardsvariousassetrepositioning and enhancement initiatives across certain of our Portfolio Assets. Our senior management team has extensive operating and investment experience gained through multiple real estate cycles, and provide valuable insight and perspectives into the management of our existing Portfolio as well as new investments.Thediversityanddepthofthemanagementteamalsoenablesustoprovidedifferentiatedand high-quality service offerings to our tenants and a superior office experience for their employees.

187Awards and Certifications Wehavereceivedseveralawardsandaccoladesinrecognitionofourefforts.AsofMarch31,2025,72.7% of our Portfolio by GAV have achieved various environmental, health and safety certifications including the WELL Gold certification, GRESB 5-star rating, British Safety Council Sword of Honor and the USGBC LEED Platinum or Gold certifications. For instance, as of March 31, 2025, over a third of our Portfolio Assets (including all of our assets in Mumbai) received the GRESB 5-star rating, ranking first in India in their peer group. As per the CBRE Report, tenants prefer occupying green-certified buildings andasofMarch31,2025,12ofourPortfolioAssetshaveobtainedvariousLEEDcertifications,including LEED Zero Carbon and Zero Energy certifications received by One Trade Tower in 2023, which makes us the first developer-owned building to receive these certifications in India. We have also achieved the LEED Zero Energy certification for 22.4% of LeasableArea (2 towers) of Cessna Business Park in 2025.

Some of our key sustainability initiatives include:

Environment We sourced 55.0% of our energy requirements via renewable sources in our Portfolio9 for FY2025. This includes energy sourced from our solar plants aggregating 63.0 MW (AC) in Karnataka and Maharashtra (including 32.2 MW (AC) which is under construction) as of March 31, 2025 which supply green power to certain of our PortfolioAssets located in Bengaluru and Mumbai.All our PortfolioAssets have sewage treatment plants with a combined capacity of 9,517 kL per day as of March 31, 2025, to treat wastewater from our assets which is then repurposed for various uses to conserve freshwater resources.

Social We are focused on creating a sustainable community for our employees, tenants, vendors and the markets in which we operate. One example is the construction of “One Green Mile” in Lower Parel, Mumbai. It is a 1.8 km urban connector in the vicinity of One World Center, One International Center and One Unity Center, that transformed the Senapati Bapat Marg flyover into a community space. It improved accessibility by creating 2.5 km of dedicated pedestrian pathways and a cycling track and employed tactical urbanism to improve traffic congestion, enhance connectivity and de-clutter the street. Through this initiative, we have reclaimed 20.0 ksf of social spaces under the flyover used as a play area, breakout zone and planted more than 18,000 trees, shrubs and plants.

9 Excluding(a)SattvaCosmoLavellewherepowerissourcedbythetenant(b)SattvaEndeavourandSattvaSpectrumwhichwere under construction in FY2025 (c) Sattva Supreme and (d) Sattva Horizon.

188The following illustrates our “One Green Mile” initiative:

Additionally,ourcustomerengagementprogramsincludeseveraleventsfocusedonwomenempowerment and overall well-being of our tenants.

Governance The conduct of our business is underpinned by a commitment to international best practices and a high standard of corporate governance taking into account the interests of our Unitholders and other stakeholders.Ourfocusongovernanceisall-encompassingandincludesa50%independentboard,regular financial and statutory audits by leading audit firms as well as the implementation of SAPand other tools for regular monitoring compliance and a dedicated sustainability professional whom we intend to appoint to spearhead our sustainability initiatives. We have included our tenants as a part of our sustainability journeybyincludinggreenleaseclausesincertainnewtenantleasesandrenewalsinsomeofourPortfolio Assets. As a testament to our corporate governance standards, over a third of our Portfolio Assets (including all of our assets in Mumbai) has received a 20 score on the ‘Governance’pillar of the GRESB Real Estate assessment in 2024 (as compared to the peer group average of 18).

189Business and Growth Strategies Our primary objective is to maximize total returns for our Unitholders through a combination of growth in distributions and NAV per unit.As the largest office REIT in India by GAV as of March 31, 2025 and by NOI for FY2025 and the most geographically diverse office REIT in India upon listing based on data from the CBRE Report, we believe we are well-positioned to benefit from India’s positive market fundamentals and grow organically as well as via inorganic acquisitions.

The operating and investment strategies we intend to execute to realize our objective are as follows:

Capitalize on our Portfolio’s embedded organic growth We believe our Portfolio is well-positioned to achieve high organic growth through a combination of built-in contractual growth, re-leasing at market rents and lease-up of existing vacancy. As illustrated below from FY2025 to FY2029, 57% of the projected increase in NOI is expected from contracted growth and 25% from lease up of vacant area. Moreover, we have limited dependence on development, with only 7% of the increase in NOI expected from under construction assets from FY2025 to FY2029.

NOI Growth (FY2025A to FY2029P, ₹ Mm) NOI Bridge

1.6x/13% CAGR 1,351 250 55,035 2,103 5,245 11,763 34,323 FY2025A Contracted Vacant MTM New Others(4) FY2029P Growth(1) Lease-up(2) Potential Construction(3) % of Growth 57% 25% 10% 7% 1%

Notes:

1. IncludesimpactfromleaseswhicharecontractedasofMarch31,2025,butdidnotyieldrentalsforthefullyearduringFY2025

2. Lease-upofvacantareaisprimarilydrivenbynewleasesinSattvaGlobalCity,ExoraBusinessPark,OneInternationalCenter,OneUnityCenter,SattvaSouthAvenue, OneWorldCenter,SattvaKnowledgePark,SattvaSoftzoneandSattvaTouchstone

3. LeasingofareapursuanttonewlyconstructedareaisdrivenbySattvaEndeavourandSattvaSpectrumandFutureDevelopmentinSattvaGlobalCity

4. OthersincludeimpactonNOIfromSolarAssets,vacancyallowance,NOIfromCAMservices,Ind-ASadjustments,directexpenses,impactofdowntimeandinterproperty eliminations Forfurtherdetailsonourprojections,pleasesee“Projections”onpage480and“RiskFactors—Ouractual results may be materially different from the expectations expressed or implied, or Projections, included in this Offer Document. Accordingly, investors should not place undue reliance on, or base their investment decision solely on this information” on page 31.

190Contracted growth Our Portfolio has 37.1 msf of Completed Area, with a Committed Occupancy of 91.4% as of March 31,

2025. We also have a WALE of 8.4 years as of March 31, 2025. Majority of our leases have typical rent escalationsof15%every3years,however,morerecentlywehavesuccessfullycreatedanewstandardfor ourPortfoliowithmoreaggressiveannualescalationsof4.5%to5.0%.Additionally,weexpectsignificant growth in NOI from leased out areas which are contracted as of March 31, 2025 but have not contributed to rental income for the full year of FY2025. Over our Projections Period, contracted growth is expected to contribute ₹11,763 million or 57% of the increase in NOI from FY2025 to FY2029.

Lease-up of vacant space As of March 31, 2025, our Portfolio had a Committed Occupancy of 91.4% and the 8.6% vacancy was concentrated in 6 assets, primarily driven by recent completions and transitional factors such as ongoing asset repositioning programs and strategic upgrades. We expect the vacant area to be leased in the near-term through our focused asset management initiatives, dedicated leasing team and dynamic leasing strategy wherein we employ a customized approach for each asset. We have fostered long-standing tenant relationships over the years, which have enabled us to lease 48.0% of our total area leased to existing tenants between FY2023 and FY2025. Some of our decade-long tenant relationships include Cisco, who has been an anchor tenant in Cessna Business Park since 2007, HSBC, who has been a tenant of Sattva Softzone since the property’s inception 17 years ago, and Harman, who has been our tenant since 2015, initially leasing at Sattva Supreme, before relocating to Sattva Eminence and subsequently expanding to Sattva Knowledge Court in 2021.

WehaveatrackrecordofincreasingCommittedOccupancyandhaveleased15.8msfacrossourPortfolio Assets, notably in Sattva Knowledge Park, One World Center, Kosmo One and Sattva Knowledge Court, from FY2023 and FY2025, highlighting the effectiveness of our leasing strategies.The lease-up of vacant area is projected to generate aggregate additional NOI of ₹5,245 million or 25% of the total increase in our NOI from FY2025 to FY2029.

Mark-to-market potential Giventhestrongmarketrentgrowthandupcomingleaserenewals,weexpecttobenefitfromourPortfolio Assets’ average Market Rents being 22.6% above average In-place Rents as of March 31, 2025.

191The following sets forth certain of our Portfolio Assets with MTM potential in the charts below:

Mark-to-Market Potential for Select Portfolio Assets (as of March 31, 2025, ₹ psf/month for In-Place Rent and Market Rent)

80.7% One BKC (0.7 msf) 98.9% One International Center (1.8 msf) 10.0% Cessna Business Park (4.2 msf)

413.4

200.0 95.0

317.3 +30.3%

170.2 +17.5% +36.6%

69.5 In-Place Rent Market Rent In-Place Rent Market Rent In-Place Rent Market Rent

11.2% Sattva Knowledge City (7.3 msf) 100.0% Sattva Cosmo Lavelle (0.1 msf) 51.4% Kosmo One (1.9 msf)

225.0

55.0

100.0 % % % +28.7 +35.1 +53.1

42.7

74.0

146.9 In-Place Rent Market Rent In-Place Rent Market Rent In-Place Rent Market Rent % of area expiring from FY26 to FY30 Approximately 7.4 msf (or 23.7% of total Occupied Area) is expected to expire between FY2026 and FY2030 which has an embedded average mark-to-market potential of 23.1%, driven by the strong fundamentals in our markets and rents at expiry being at a discount to market rents.

192Area (’000 sf) and Base Rentals Expiring Across the Portfolio over FY2026-FY2030 1,783.3 1,714.5 1,452.1

1.5 msf Average Area Expiring 1,300.9 1,155.6 FY2026 FY2027 FY2028 FY2029 FY2030 FY2026 FY2027 FY2028 FY2029 FY2030 % of Base Rentals expiring 7.8% 7.3% 7.1% 7.2% 6.0% MTM Potential 17.0% 27.1% 30.0% 23.6% 17.9% Under construction projects As of March 31, 2025, our Portfolio had 1.2 msf of Under Construction projects and 8.0 msf of Future Development projects. The following sets forth details of our Under Construction projects as of the date

of this Offer Document:

UnderConstructionArea Asset Location (msf) Expected Completion Date* Sattva Endeavour Bengaluru 0.7 Q4FY2026 Sattva Spectrum Bengaluru 0.5 Q4FY2026 Total 1.2 * Indicativeonly Our Under Construction projects are located in Bengaluru which is the top office market in India in terms of cumulative net absorption and accounted for 42.7% of GCC office space leasing in India from CY2022 to Q1CY2025, according to the CBRE Report.

Additionally, we have 8.0 msf of Future DevelopmentArea in Sattva Global City in Bengaluru, which is expected to provide on-site growth potential to support large-scale tenant expansions and BTS opportunities. Sattva Global City is located in the PBD-O Mysore Road sub-market with positive market dynamics (with no upcoming supply expected in the PBD-O Mysore Road sub-market from Q1CY2025 to CY2027), and is surrounded by some of the renowned educational institutions in the city and is accessible to social and lifestyle infrastructure within a 8 km to 10 km radius, according to the CBRE Report. These factors are expected to drive rental growth and demand for office space in Sattva Global City.

The development pipeline, comprising Sattva Endeavour and Sattva Spectrum, is expected to contribute additional NOI of ₹1,351 million or 6% of the total increase in our NOI from FY2025 to FY2029.

193Leverage our brand-agnostic platform to implement an accretive acquisition strategy supported by our robust balance sheet Our Sponsors have a demonstrated track record of executing value accretive acquisitions, as evidenced by

7.4 msf of acquisitions across 5 projects since April 2020. We intend to continue our core strategy of acquiring, owning and managing high quality office assets within sub-markets that have favorable market fundamentals. We aim to leverage our extensive geographic presence, knowledge of local markets, asset management capabilities and deep tenant relationships to expand our Portfolio in India’s top sub-markets and generate strong cash flow growth and stable long-term yields. According to the CBRE Report, as of March 31, 2025, more than 400 msf of the total completed office stock in India comprises REIT quality assets (excluding our Portfolio), presenting an opportunity for potential future acquisitions for such platforms.

Ourbrand-agnosticplatformenablesustoacquireassetsfromawiderrangeofdevelopers,includingthose who wish to retain their branding and preserve their legacy within a larger platform. According to the CBRE Report, the early phase of India’s commercial real estate market growth was characterized by BTS, campuses of various domestic technology and financial services companies, typically developed by local players undertaking one-off projects.As the commercial real estate sector continues to consolidate, these individual developers prefer to collaborate with REITs or larger platforms for new opportunities as well asdivesttheirexistingassetswhichenablethemtorealizemaximumvalue,gainaccesstowiderresources and retain their brand identity, as per the CBRE Report.

Post listing of our Units, our indebtedness at the Asset SPV level is expected to continue, and in future, subject to market conditions, we may consider optimizing the debt structure of our Portfolio, including refinancing all or part of the debt at the Asset SPVs, to help bring efficiencies in cost of financing and improving the net distributable cash flows and its mix. We plan to reduce our leverage by utilizing a significant portion of Net Proceeds from the Fresh Issue to repay certain indebtedness incurred by the Asset SPVs. Our Total Borrowings as of March 31, 2025 was ₹197,921.74 million, and following the consummationoftheIssueandtherepaymentofaportionofourindebtednessfromtheNetProceedsfrom the Fresh Issue, we expect our total indebtedness on listing to be approximately 19% of our initial GAV at the time of listing of Units pursuant to the Issue. This is expected to be the lowest compared to other listed Indian office REITs, according to data from the CBRE Report. See “Use of Proceeds” on page 625.

Reducing the leverage in our balance sheet will enable us to undertake value-accretive acquisitions to drive growth in the future, both through third party add-ons as well as ROFO Assets. A conservative leverage profile provides us with financial flexibility to fund future acquisitions with an optimized mix of debt and equity depending on market conditions. Further, our strong relationships with lenders, investors, and other capital providers, coupled with our demonstrated financing track record, will facilitate access to capital sources to fund future growth.

ROFO Assets to drive growth We stand to benefit from the asset base of the Sattva Sponsor as we have entered into a ROFO Deed with the Sattva Sponsor under which we will have a right of first offer on certain identified assets owned by the Sattva Sponsor and/or its affiliates if they seek to sell them, particularly any assets which will enable us to expand our presence in new and existing markets. Please see “Initial Portfolio Acquisition Transactions—Acquisition of Future Assets” on page 475 for more details on the ROFO arrangements.

194The list of assets that could be offered as ROFO Assets as on the date of this Offer Document is set out

below:

Expected Development Potential Asset(1) Location Sub-market (msf)(2) Sattva Texonic Bengaluru Electronic City 1.9 Sattva Verve Pune Kharadi 0.7 Sattva Knowledge Hub Chennai OMR 2.7 Sattva Knowledge Center Bengaluru North Bengaluru 1.4

(1) Indicativenamesoftheproposedprojects;subjecttochange.Alsosee“RiskFactors—TheROFODeedenteredintowiththeSattvaSponsorwillbesubjecttovarious termsandconditions,andtherecanbenoassurancethatwewillacquireanyoftheseassets.”onpage68.

(2) Subjecttoupdatesbasedonapplicablelawandapprovals.

Leverage on our Sponsors’ and Managers’ operating experience for proactive asset and property management We intend to leverage on a combination of our Sponsors’reputation and deep global relationships and the Manager’s extensive asset management capabilities, to unlock value within our Portfolio through high occupancy levels and increased rentals. The Manager team and its strong asset management track record, along with its proactive and service-intensive approach, enable us to prioritize tenant satisfaction and attract and retain tenants. We also benefit from our Sponsors’ reputation and relationships with marquee tenants, which enhances our ability to negotiate attractive lease terms and meet the evolving requirements of both existing and prospective tenants.These synergies enable us to benefit from a combination of local knowledge and expertise as well as international experience and global relationships through our Sponsors.

We are committed to continuously enhancing our assets to provide premium infrastructure and facilities forourtenants.OurcommitmenttoareaenhancementisreflectedinourSponsors’strategicinitiativesand a focus on high-quality office spaces that incorporate sustainability principles with modern amenities.

Leasing Strategy and Tenant Retention The success of our business depends on our ability to maintain a high occupancy across our Portfolio, by attracting new tenants and retaining existing tenants. We intend to continue pursuing a dynamic asset management and leasing strategy wherein we tailor the approach for a particular asset based on factors such as the type/nature of asset, tenant profile, market trends, and property location to maintain a high occupancy and elevated retention rates with premium rents across our Portfolio Assets. Our extensive geographic presence and strong local teams have helped us drive platform-level leasing synergies and establish deep relationships with tenants and brokers. We continue to monitor our rent roll and maintain regular communications with our tenants through tenant engagement programs and an open channel communication/feedback loop that fosters deep relationships which is expected to improve our operating results by reducing leasing and marketing costs as well as tenant churn. We intend to leverage on the premium positioning of our Portfolio Assets to capture the demand from GCCs for quality office space.

Further,wealsoselectivelyprovidefit-outandmanagedofficespacesolutionstotenantsseekingtoreduce their initial capex out-go and outsource their administrative activities.

195Undertaking strategic capital expenditure and development projects We aim to continue to improve our properties to provide advanced infrastructure and state-of-the-art facilities for our occupiers. During the last three Fiscals, we have incurred over ₹1,000 million towards various asset repositioning and upgrade initiatives across certain of our Portfolio Assets. The asset upgrades are customized based on the anticipated requirements of tenants which drives valuations and attractiveness of our Portfolio, ultimately resulting in a higher occupancy, premium rents and tenant retention. In line with the growing focus on sustainability in corporate real estate, we also intend to widen the scope of our green initiatives across our Portfolio.

Portfolio Overview Key Portfolio Information The table below sets forth key information for the Portfolio, as of March 31, 2025, unless otherwise specified.

Particulars Leasable Area (msf) 46.3 Completed Area (msf) 37.1 Under Construction Area (msf) 1.2 Future Development Area (msf)(1) 8.0 Occupancy (%) / Committed Occupancy (%) 87.1% / 91.4% MTM Potential (%) 22.6% WALE (years) 8.4 Number of City-Center Offices 6 Number of Business Parks/Centers 23 Number of Tenants(2) 466 Market Value (₹ mm)(3) 619,989

(1) FutureDevelopmentAreaisindicativeandmaychangebasedonapplicablelawandfinalapprovals.

(2) IncludesF&B,retailand/orotheramenitytenants.

(3) IncludestheMarketValueofourancillaryassets(SolarandMaintenanceServices).

196The GAV of our Portfolio as of March 31, 2025 as per the Valuer is ₹619,989 million. The following map setsforthabreakdownoftheLeasableAreaandGAVofourPortfolio(includingGAVofourCAMAssets and Solar Assets) across India as of March 31, 2025:

Area (msf) % of GAV # Assets Gurugram

0.6 1.5% 1 GIFT City

(Ahmedabad)

0.5 0.6% 1 Mumbai Hyderabad

6.0 31.9% 5 12.9 30.4% 3 Bengaluru Chennai

24.5 33.4% 18

1.9 2.2% 1 Tenant Profile Our Portfolio has a tenant roster of more than 450 tenants comprising multinationals and domestic corporates as of March 31, 2025. Our top 10 tenants contribute 28.4% of our Gross Rentals for the month ended March 31, 2025.

Gross TotalArea Rentals(% WALE Rank Tenants Sector PortfolioAssetsLeased Leased(msf) oftotal) (years) 1 Cisco Technology Cessna Business Park, 2.8 5.9% 18.6 One BKC 2 Google Connect Technology Fintech One, Sattva 2.3 5.2% 19.5 Knowledge Capital 3 J.P. Morgan Services BFSI Prima Bay, Sattva 1.3 4.0% 12.2 India Private Limited Knowledge City 4 Star India Pvt Ltd Media & marketing One Unity Center 0.4 2.2% 7.7 5 PhonePe BFSI Sattva Softzone 0.6 2.2% 4.6 6 Amazon Technology One BKC, One Trade 0.7 2.1% 12.4 Tower, Sattva Horizon 7 Novartis Pharma & healthcare Sattva Knowledge City 0.9 1.9% 5.5 197Gross TotalArea Rentals(% WALE Rank Tenants Sector PortfolioAssetsLeased Leased(msf) oftotal) (years) 8 ‘Big 4’accounting Research, consulting One Trade Tower, One 0.3 1.8% 1.7 firm & analytics International Center 9 ServiceNow Technology Sattva Knowledge City 0.7 1.6% 8.8 10 Juniper Networks Telecommunications Exora Business Park 0.6 1.6% 7.5 Total top 10 tenants 10.8 28.4% Rent and Occupancy Analysis Our Portfolio Assets are of superior-quality due to their scale, accessible locations, amenities, infrastructure,sustainability,professionalmanagementandassetenhancementinitiatives,accordingtothe CBRE Report. These factors have contributed to the strong performance of its average Base Rent growth, which increased at a 3-year CAGR of 5.8% through FY2025, outpacing the average Market Rent growth of 3.5% over the same period.

Historical Average Base Rents and Market Rents Growth

118.3 3-year CAGR through FY25 = 5.8%

113.7 238 bps 3-year CAGR

104.1 109.7 through FY25 = 3.5%

100.0 99.8

102.0

100.0 100.3

99.1 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Base Rents (Indexed) Market Rents (Indexed)

Source:MarketdatafromCBREReport;FiguresforBaseRentsandMarketRentshavebeenindexedto100forillustrativepurposesanddonotrepresentactualBaseRent andMarketRentfigures.

Our Portfolio’s Commitment Occupancy has consistently outperformed the Market Occupancy from March 31, 2021 to March 31, 2025. Our Committed Occupancy was comparatively lower as of March 31, 2021 and 2022 due to tenant exits following business headwinds as a result of COVID-19 mainly in One International Center, One World Center, and Sattva Softzone, as well as new completions in One Qube, OneUnityCenter,SattvaKnowledgeCourtandSattvaKnowledgePark.Duetoouractiveleasingstrategy, wewereabletoincreaseourCommittedOccupancyto91.4%asofMarch31,2025(comparedtoaMarket Occupancy of 81.3%).

198Committed Occupancy and Market Occupancy (March 31, 2021 - March 31, 2025)

91.4%

86.2%

84.7% 1,009 bps

83.4%

81.8%

81.3%

80.5%

79.4% 79.7%

79.2% Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Portfolio Committed Occupancy (%) Market Occupancy (%) Mark-to-Market Opportunity The average monthly In-place Rents is ₹91.2 psf as compared to the average Market Rent of ₹111.9 psf, resulting in a mark-to-market upside of 22.6% on Base Rentals, for the month ended March 31, 2025.The following illustrates the average Base Rentals and Market Rentals for the month ended March 31, 2025:

₹ mm/month 3,612.4 % + 2

2.6 2,945.3 Base Rentals Market Rentals 199Lease Expiry Profile As of March 31, 2025, the WALE of the Portfolio is 8.4 years(1), with 7.4 msf (23.7% of total Occupied Area) of OccupiedArea expiring between FY2026 and FY2030 and an embedded average mark-to-market potential of 23.1% as shown in the table below.

Area (’000 sf) and Base Rentals Expiring Across the Portfolio over FY2026-FY2030 1,783.3 1,714.5

1.5 msf Average 1,452.1 Area Expiring 1,300.9 1,155.6 FY2026 FY2027 FY2028 FY2029 FY2030 FY2026 FY2027 FY2028 FY2029 FY2030 Area Expiring (in ’000 sf) 1,300.9 1,714.5 1,452.1 1,783.3 1,155.6 % Base Rentals Expiring 7.8% 7.3% 7.1% 7.2% 6.0% Expiring Base Rents 173.8 126.5 156.5 136.0 180.9 (₹ psf/month)(2) Market Rents 203.4 160.8 203.4 168.2 213.3 (₹ psf/month) MTM Potential 17.0% 27.1% 30.0% 23.6% 17.9%

Notes:

(1) WeightedaccordingtoBaseRentalsassumingtenantsexercisetheirrenewaloptionspostexpiryoftheirinitialcommitmentperiod

(2) Weightedbyareaexpiring 200KNOWLEDGE REALTY TRUST SELECTED PORTFOLIO ASSETS

Set forth below are certain details of our Portfolio:

201OUR PORTFOLIO Hyderabad Overview Hyderabad, the capital of the state ofTelangana, is the third largest metropolis in the country by area.The city was the largest contributor to the state’s GDP and tax in FY2025. It is one of the fastest growing economies in India owing to the increasing technology and pharmaceutical sectors. Hyderabad is the second largest office market among the top 7 cities in India in terms of cumulative net absorption from CY2016 to Q1CY2025 and the fourth largest in terms of completed office stock accounting for 15.5% of the total share as of March 31, 2025. Drivers of its office market growth include availability of infrastructure development, quality technology talent, and a growing technology ecosystem. The city has witnessed increased leasing activities amongst GCCs, with a prominent e-commerce player—Amazon, establishing its world’s largest campus in the city (Source: Invest Telangana, 2024). Many prominent multinational technology companies have also established their largest offices in the city thereby reinforcing the city’s status as one of the leading destinations for IT/ITeS sector investments. Other multinationals such as Goldman Sachs, Cigna Health Solutions India Private Limited, and a UK-based financial services company have also expanded their presence in this city with their maiden offices in Hyderabad in our PortfolioAssets, along with Cigna Health Solutions India Private Limited’s first office in India. This has led Hyderabad to emerge as a preferred destination for setting up transformation hubs byGCCs,accountingforthesecondhighestshareoftotalGCCofficespaceleasinginIndiaof19.7%from CY2022 to Q1CY2025. Hyderabad is also ranked as India’s best city in terms of cost and quality of living as per Mercer’s Quality of Living City Rankings of 2024, which makes the city an attractive destination for skilled workforce. Key sub-markets like IT Corridor—HITEC City have witnessed consistent rental growth since 2014 due to political stability post the bifurcation of the state, an established technology (IT/IteS) ecosystem and availability of quality supply of office stock. Hyderabad’s well-developed physical infrastructure, including the Multi-modal Transportation System (“MMTS”), metro connectivity via Mass Rapid Transit System (“MRTS”) and Outer Ring Road (“ORR”), Inner Ring Road (“IRR”) Strategic Road Development Plan (“SRDP”), and Hyderabad City Innovative and Transformative Infrastructure (“H-CITI”) programme, has played a crucial role in enabling its commercial real estate sector, ensuring good connectivity to major activity hubs within the city and to the Rajiv Gandhi InternationalAirport.With Hyderabad providing one of the most favourable environments for commercial real estate, there is growing trend of startups, small and medium enterprises, and large corporations choosing to operate in the city including tenants in the technology, BFSI, and the engineering and industrial sectors. (Source: CBRE Report).

IT Corridor—HITEC City Profile Our Portfolio Assets, Sattva Knowledge City and Sattva Knowledge Park, are located in Raidurg which is a part of ITCorridor—HITEC City in Hyderabad.They are positioned close to each other and form one of the largest prominent development clusters in the city, offering furnished and well-planned infrastructure and amenities. With 10.6 msf of completed stock collectively, Sattva Knowledge City and Sattva Knowledge Park provide the second largest stock in the sub-market as of March 31, 2025.They are a 40 to 45 minutes’drive away from the Rajiv Gandhi InternationalAirport with good connectivity to the rest of the city.The ITCorridor—HITEC City is amongst the most preferred locations for tenants in India due to its established technology ecosystem and institutional grade offices by prominent developers.With

53.6% of the total office stock in Hyderabad as of Q1CY2025, IT Corridor—HITEC City accounted for thehighestofficedemandinthecityandcontinuestobethepreferredsub-marketfortenants.HITECCity isconnectedviathemetro(RaidurgMetroStation)andmajorarterialroadssuchastheHi-TechCityRoad and the Old Mumbai Highway. In addition, Hi-Tech City Railway Station, and Hi-Tech City Flyover provide access to other economic hubs within the city. (Source: CBRE Report).

202The following map illustrates the location of our assets in the IT Corridor—HITEC City sub-market:

LifestyleInfrastructure SocialInfrastructure CommercialDevelopments KRT PortfolioAssets The surrounding social and lifestyle infrastructure and key office developments in IT Corridor—HITEC

City are as follows: # Lifestyle Infrastructure # Social Infrastructure # Key Office Developments 1 Inorbit Mall 1 AIG Hospital Sattva Knowledge City 2 Sarath City Mall 2 Medicover Hospitals Sattva Knowledge Park 3 SLN Terminus 3 KIMs Hospital 1 RMZ Nexity 4 Radisson Hyderabad 4 Yashoda Hospital 2 Raheja Commerzone 5 PVR Atrium 5 Meridian School 3 RMZ Skyview 6 IKEA 6 Chirec International School 4 Mindspace 7 The Westin Hyderabad 7 Nasr School 5 International Tech Park Hyderabad 8 Trident Hotel Hyderabad 6 Meenakshi Deloitte Phase I, II & III 9 ITC Kohenur 7 aVance Business Hub 8 Cyber Towers 9 IMAGE Tower (UC)

Source:CBRE;asofMarch31,2025;RepresentativeMap,NottoScale 203Extended IT Corridor—Financial District Profile Our Portfolio Asset, Sattva Knowledge Capital, is located in the prominent Financial District in Hyderabad, home to some of the largest office developments occupied by several GCCs, Fortune 500 companies and prominent domestic corporates. The Extended IT Corridor—Financial District sub-market accounted for 27.9% of the total office stock in Hyderabad as of Q1CY2025, and is an emerging sub-market offering competitive rentals and close proximity to the IT Corridor—HITEC City sub-market.

The sub-market is well connected via ORR and Old Mumbai Highway and is located near residential catchments and other social infrastructure such as reputable education institutions including the Indian SchoolofBusiness(“ISB”).TheGovernmentisalsodevelopinginfrastructuretosupportthesub-market’s growth, and the proposed extension of key metro rail services. (Source: CBRE Report) The following map illustrates the location of our asset in the Extended IT Corridor sub-market:

Lifestyle Infrastructure Social Infrastructure Commercial Developments KRT Portfolio Assets 204The surrounding social and lifestyle infrastructure and key office developments in Extended IT Corridor—Financial District are as follows:

# Lifestyle Infrastructure # Social Infrastructure # Key Office Developments 1 Sheraton Hyderabad 1 Continental Hospital Sattva Knowledge Capital 2 Hyatt Hyderabad 2 Care Hospital 1 WaveRock 3 Lemon Tree 3 Indian School of Business 2 Infosys Campus International Institute of Information 4 Boulder Hills Golf Club 4 3 Wipro Campus Technology Hyderabad 5 Fairfield by Marriott 5 Keystone International School 4 ICICI Towers 5 Accenture Campus 6 Phoenix Aquila 7 Amazon Campus 8 Microsoft Campus

Source:CBRE;asofMarch31,2025;RepresentativeMap,NottoScale 205SATTVA KNOWLEDGE CITY, HYDERABAD Asset Description Sattva Knowledge City is one of the largest business parks in IT Corridor—HITEC City, featuring best-in-class infrastructure and amenities, according to the CBRE Report. The development of the project started in 2014, and since then, we have delivered 7.3 msf of LeasableArea across 7 blocks as of March 31, 2025. The asset boasts excellent connectivity to social and physical infrastructure, such as residential catchments, and major transport hubs, and is a 40 to 45 minutes’ drive away from the Rajiv Gandhi InternationalAirport, according to the CBRE Report.The asset features a marquee roster of multinational tenants,includingGCCsaswellasIndiancorporates,fosteringavibrantsocialandlifestyleecosystemfor both tenants and the public. It is one of our top performing assets, with a high Committed Occupancy of

99.4% as of March 31, 2025.

As a testament to the attractiveness of this asset, 83.7% of total LeasableArea was pre-leased prior to the issuance of its various Occupancy Certificates between 2015 and 2023. It is home to prominent multinational tenants, including GCCs, who have expanded their presence in this city with their maiden offices in the Portfolio Asset such as Goldman Sachs and a UK-based financial services company, according to the CBRE Report. It also has 2 BTS buildings developed for J.P. Morgan Services India Private Limited and Novartis, offering a ‘campus within campus’ experience, supporting long-term occupancy and cash flow stability. We have successfully leased 2.6 msf of Leasable Area across the property between FY2023 and FY2025.

The campus-style property has been designed to provide an integrated work, leisure and lifestyle ecosystem, offering a wide-range of modern amenities to serve as a one-stop destination for tenants and itsmorethan50,000modernworkforceasofMarch31,2025.Thisincludesadedicated0.2msfamenities hub featuring a multi-purpose hall, a 500-seater open amphitheater, an auditorium, a business center and healthandwellnessareas.Tofacilitatesocialinteractions,thepropertyfeaturesa0.7msfcentralcourtyard with specialized roofing designed to lower ambient temperatures, along with lounge lobbies that offer ample seating, mini cafes, and digital screens, to facilitate client engagement and community activities.

206Sattva Knowledge City also offers a vibrant retail hub which serves as an attractive lifestyle destination for tenants, visitors and the wider community. At the heart of the business park lies a central ‘people’s hub’,featuringa600-seaterfoodcourt,37F&Boutletsandcafes,banks,acrèche,amedicalclinic,aswell as retail and grocery shops. These amenities cater to the diverse lifestyle needs of both tenants and other patrons, positioning it as a lively and dynamic office destination in the city of Hyderabad. The park is well-connected by an internal spine road with 16 entry/exit points and includes pedestrian pathways throughout. It also provides essential facilities such as parking for over 10,500 vehicles and valet service.

Sattva Knowledge City has received a suite of accolades due to its outstanding features and amenities,

including the following: (cid:129) Economic Times—Real Estate Conclave Award South for Commercial Project—Office Building (Completed Metro) in 2022; (cid:129) ConstructionWorldArchitect&BuilderAwardforBestDeveloper—ResidentialOutstandingProject in 2020; and (cid:129) ET Now CSR Leadership Award for Best Project of the Year in 2018.

In line with our focus on sustainability, sustainability initiatives have been implemented across the asset, including the installation of rooftop solar panels with a capacity of 0.9 MW(AC) and EVcharging points.

Theasset’ssustainabilityfeaturesanddesignshaveenabledittoachievetheIGBCPlatinumCertifications between 2017 and 2024, as well as the USGBC LEED Gold Certification in 2022. As part of our efforts to transition to clean energy, we are exploring the procurement of solar power from solar power plant(s) to be set up / operated by, or acquired from, the Sattva Sponsor (including its affiliates) or a joint venture amongst both Sponsors (including their affiliates), subject to compliance with applicable laws.

The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Devbhumi Realtors Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2015(1) Asset Type Business Park Sub-market IT Corridor—HITEC City Site Area (Acres) 30 acres Land Title Freehold Leasable Area (msf) 7.3 Completed Area (msf) 7.3 Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 97.9% Committed Occupancy (%) 99.4% WALE (Years) 10.2 Number of Tenants 108(2) Market Value (₹ mm) 103,828 Percentage of Gross Portfolio Market Value (%) 16.7%

Notes:

(1) BlockAwascompletedin2015,BlockBwascompletedin2023,BlockCwascompletedin2019,BlockDwascompletedin2017,BlockE1-Magmawascompletedin 2020,BlockE1-Elixirwascompletedin2022andBlockE2-Octavewascompletedin2019.

(2) IncludesF&B,retailand/orotheramenitytenants.

207Tenant Profile WebelievethatSattvaKnowledgeCity’shighquality,integratedandwell-amenitizedcampushasenabled it to emerge as a preferred office destination for multinationals such as ServiceNow, Apple and Intel, amongst others. As of March 31, 2025, Sattva Knowledge City had 108 tenants, and 90.5% of Gross Rentals from multinational corporates and 71.5% were from GCC tenants.

Our top 10 tenants accounted for 56.8% of Gross Rentals of Sattva Knowledge City for the month ended March 31, 2025, as illustrated below:

Percentage of Rank Tenant Tenant Sector Gross Rentals 1 Novartis Pharma & healthcare 9.7% 2 J.P. Morgan Services India Private BFSI 9.2% Limited 3 ServiceNow Technology 8.3% 4 Goldman Sachs BFSI 7.1% 5 AMD Technology 4.5% 6 Apple Technology 4.1% 7 American telecommunications Telecommunications 3.7% company 8 UK-based financial services BFSI 3.6% company 9 Chubb BFSI 3.5% 10 American financial services BFSI 3.1% company Top 10 Total 56.8% StrategicallypositionedintheITCorridor—HITECCitywithanestablishedtechnologyecosystem,Sattva Knowledge City has attracted a large pool of tenants in the technology sector, which accounted for 37.8% of Gross Rentals for the month ended March 31, 2025. The BFSI sector has also witnessed significant growth in terms of absorption in Hyderabad from 6.7% in CY2019 to 10.5% in CY2024 according to data from the CBRE Report. This has enabled Sattva Knowledge City to host a range of prominent multinational BFSI tenants including J.P. Morgan Services India Private Limited and Goldman Sachs, which accounted for 32.1% of Gross Rentals for the month ended March 31, 2025. The remaining tenants are diversified across various sectors, including pharmaceuticals and healthcare, telecommunications and engineering and manufacturing.

208Sector Mix by Gross Rentals (%) Others, 11.8% Engineering & manufacturing, 3.5% Telecommunications, Technology,

3.7%

37.8% Pharma & healthcare,

11.1% BFSI, 32.1% Rent and Occupancy Trends With a strong tenant roster, Sattva Knowledge City has consistently outperformed the IT Corridor—HITEC City sub-market with a Committed Occupancy of more than 90.0% from FY2021 to FY2025. Its Committed Occupancy was 99.4% (as compared to the Market Occupancy of IT Corridor—HITECCitysub-marketof86.2%)asofMarch31,2025,basedondatafromtheCBREReport.

ItsMarginalRentsgrewata3-yearCAGRof8.9%throughFY2025,ascomparedtothe6.3%MarketRent CAGRoverthesameperiod,basedondatafromtheCBREReport.Italsosecureda4.9%CAGRincrease in Base Rents during the same period. The quoted Market Rents at Sattva Knowledge City for the month ended March 31, 2025 command a premium compared to its sub-market, attributable to factors such as its superior quality development, integrated product offerings, multi-cuisine F&B offerings, exclusive members-only club, modern amenities and the distinguished profile of its prominent tenants, according to the CBRE Report.

Positive tailwinds including market dynamics, premium positioning and flight to quality are expected to continue to drive demand for office space in the sub-market. Sattva Knowledge City is expected to maintain its premium positioning and high occupancy, and achieve rental growth while continuing to be a preferred office destination for tenants in the short-medium term, according to the CBRE Report.

209The charts below set out the historical Base Rents at Sattva Knowledge City and Market Rents at the IT Corridor sub-market from March 31, 2021, to March 31, 2025, along with details of the Committed

Occupancy levels:

Historical Rents Historical Occupancy (March 31, 2021—March 31, 2025) (March 31, 2021—March 31, 2025)

118.7

98.6% 99.4%

96.9% 97.2%

93.6%

110.6

113.9

106.3

91.1%

90.1%

86.8% 86.2%

100.0 98.6 104.2 83.3%

101.6

100.0

98.8 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Base Rents (Indexed) Market Rents (Indexed) Asset Committed Occupancy (%) Market Occupancy (%)

Source:CBREReport;FiguresforBaseRentsandMarketRentshavebeenindexedto100forillustrativepurposesanddonotrepresentactualBaseRentandMarketRent figures.

Mark-to-Market Opportunity The average monthly In-place Rent at Sattva Knowledge City is ₹74.0 psf with a Market Rent of Sattva Knowledge City of ₹100.0 psf, resulting in a mark-to-market upside of 35.1% on Base Rentals, for the month ended March 31, 2025. The following illustrates the Base Rentals and Market Rentals at Sattva Knowledge City for the month ended March 31, 2025:

₹ mm/month

713.1 % +35.1

527.7 Base Rentals Market Rentals 210Lease Expiry Profiles Sattva Knowledge City had aWALE of 10.2 years as of March 31, 2025, due to the presence of long-term leases with marquee tenants, including in respect of its BTS buildings. It has 11.2% of the OccupiedArea expiring between FY2026 and FY2030, as illustrated in the chart below:

Occupied Area Expiring (FY2026 —FY2030, sf)

288.8 Area expiring (’000 sf) 253.6

133.3

84.6 – FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) 4.6% – 4.3% 1.3% 2.1% Base Rent at Expiry (₹psf/Month) 88.6 – 96.1 79.0 96.2 Mark-to-Market Potential (%) 18.5% – 20.4% 53.8% 32.6% Key Placemaking Initiatives and Planned Upgrades We have undertaken several asset enhancement and upgrade initiatives which have led Sattva Knowledge Citytoemergeasoneofthepreferreddestinationsfortenantsinthissub-market,aspertheCBREReport.

These include: (cid:129) As part of our strategy to create an integrated ecosystem, we have introduced various amenity offerings to elevate the property’s status as a prominent work, leisure and lifestyle destination for tenants and members of the public.

211Some of our amenities are as follows: (cid:129) The property offers a range of lifestyle facilities, such as: (cid:2) “The Quorum”, a members’only urban lifestyle club, used by C-suite executives and high-net worth individuals for hosting curated events.

(cid:2) “District150”, a 25.2 ksf premium banqueting venue, for social gatherings, cultural performances, corporate events, exhibitions, and other lifestyle events. (cid:2) VybActivePvtLtd,asportsandfitnesscenter/gymthatspansover41.0ksfofferinghealthand fitness/gym options to tenants.

(cid:129) To reduce our carbon and emissions footprint, we have installed rooftop solar panels with a capacity of 0.9 MW (AC). (cid:129) To add to the vibrant F&B offerings, we are introducing a new food street, Khau Gali, which will provide several multi-cuisine street food and economical dining options and is expected to be completed by Q3FY2026.

Key Milestones and Achievements Through our disciplined operations and investment expertise and hands-on asset management initiatives,

we have: (cid:129) Pre-leased 83.7% of Leasable Area prior to the issuance of its various Occupancy Certificates between 2015 and 2023 to tenants such as ServiceNow, AMD, and an American software company and pre-leased 100.0% of 0.9 msf of Block A to Novartis.

(cid:129) Successfully leased 2.6 msf between FY2023 and FY2025, comprising 0.6 msf in FY2025, 1.1 msf in FY2024 and 0.9 msf in FY2023. (cid:129) Maintained average Committed Occupancy of more than 90.0% from FY2021 to FY2025. Our Committed Occupancy was 99.4% as of March 31, 2025.

(cid:129) Re-leased 1.8 msf (24.6% of Leasable Area) and achieved re-leasing spreads of 18.9% between FY2023 and FY2025. (cid:129) Achieved an 8.9% 3-year CAGR in Marginal Rents and a 4.9% 3-year CAGR in Base Rents through FY2025.

(cid:129) Undertaken various initiatives to provide tailored solutions to our tenants to meet their evolving needs, which has contributed to strong tenant relationships and high occupancies. For instance:

212(cid:2) We developed BTS solutions for marquee tenants, which have enabled us to develop long-term relationships with them, supporting their business expansions over the years: ▪ J.P. Morgan Services India Private Limited, our tenant since 2017, expanded almost 10 times from 0.1 msf in 2017 to nearly 1.0 msf in 2023.

▪ Novartis has been our tenant since 2015, having leased 0.9 msf, which was one of the largest leases in the city, according to the CBRE Report. (cid:2) Due to our client-first approach, we have managed to foster significant tenant expansion in the property.Forinstance,CBREexpandedover8.2timesbetweenFY2020andFY2024andApple expanded over 2.1 times between FY2022 and FY2025.

(cid:2) As part of our leasing strategy, we selectively provide fit-out solutions to our tenants as per theirrequirements.AsofMarch31,2025,approximately1.9msfor25.9%oftheLeasableArea has leveraged this model, which includes contractual fit-out escalations. This includes prominent GCC and multinational tenants such as Goldman Sachs, Chubb and a UK-based financial services company. This has enabled us to provide “plug-and-play” options with a shorter “go-live” time, fostering tenant retention.

(cid:2) We also provide managed office space solutions to our tenants, where we offer small office spaces on a flexible basis as an alternative to traditional office leasing. These office spaces typically include a range of amenities, developed and managed by us, including dedicated meeting rooms, reception services, pantry or cafeteria services and office administrative support.As of March 31, 2025, we provided managed office solutions for 0.2 msf of Leasable Area. This serves as part of our strategy to augment the property’s revenue, which enables us to enhance our NOI.

213SATTVA KNOWLEDGE PARK, HYDERABAD Asset Description Sattva Knowledge Park is a newly constructed modern business park in IT Corridor—HITEC City which was fully completed in 2023. Spread across 10 acres with 3.3 msf of LeasableArea, the asset features an iconic2.4msf105-metertallarcshapedtoweranda0.9msfcuboid-shapedtower.85.0%oftotalLeasable Area was leased within 12 months of receiving its Occupancy Certificate. As a testament to the attractivenessoftheassetanditsstrategiclocation,itstenantrosterisdominatedbymultinationaltenants, particularly from the pharmaceutical and healthcare and technology sectors, such as Bosch, Cigna Health Solutions India Private Limited, Sandoz Private Limited and Nation Benefits. Sattva Knowledge Park is well-connected to developed residential catchments, other social and physical infrastructure via major transporthubssuchasthemetro(RaidurgMetroStation),aswellasarterialroadssuchastheHi-TechCity Road and the Old Mumbai Highway, as per the CBRE Report.

The property is aesthetically designed, highlighted by an arc-shaped tower with an atrium and glazed rooftops.This architectural feature facilitates the flow of natural light within the lobby, providing a grand arrival experience. The property features well-planned break-out zones and collaborative spaces, decorated with lush landscapes and water bodies to provide outdoor lung spaces for tenants. Tenants and visitorsalsohaveaccesstoa0.2msfdedicatedamenitieszonewitharangeofamenitiessuchasa500-seat food court, F&B outlets and cafes, multi-purpose court, tennis court and an indoor badminton court. The property also includes a creche, banks and ATM, medical clinic and general stores to cater to tenants’ essential needs.

The property was awarded the ET Real EstateAward for Commercial Project—Business/IT Parks in 2025 and the Best Commercial Project of the Year at the BAM Awards in 2025, and is also in the process of renewing its IGBC Platinum pre-certification. As part of our efforts to transition to clean energy, we are exploring the procurement of solar power from solar power plant(s) to be set up / operated by, or acquired from,theSattvaSponsor(includingitsaffiliates)orajointventureamongstbothSponsors(includingtheir affiliates), subject to compliance with applicable laws.

214The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Worldwide Realcon Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2022(1) Asset Type Business Park Sub-market IT Corridor—HITEC City Site Area (Acres) 10 acres Land Title Freehold Leasable Area (msf) 3.3 Completed Area (msf) 3.3 Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 81.9% Committed Occupancy (%) 95.8% WALE (Years) 10.6 Number of Tenants 56(2) Market Value (₹ mm) 46,637 Percentage of Gross Portfolio Market Value (%) 7.5%

Notes:

(1) Tower1wascompletedin2022andTower2wascompletedin2023.

(2) IncludesF&B,retailand/orotheramenitytenants.

215Tenant Profile SattvaKnowledgePark’smodernandaestheticallyappealinginfrastructurehasenabledittoattractseveral high-profile multinational tenants. As of March 31, 2025, Sattva Knowledge Park had 56 tenants, and

90.8% of Gross Rentals were from multinational corporates and 46.0% was from GCC tenants.

Our top 10 tenants in Sattva Knowledge Park accounted for 69.3% of our Gross Rentals for the month ended March 31, 2025, as illustrated below:

Percentage of Rank Tenant Tenant Sector Gross Rentals 1 Cigna Health Solutions India Pharma & healthcare 13.6% Private Limited 2 American healthcare facilities Pharma & healthcare 13.0% company 3 Bosch Technology 12.0% 4 UK-based financial services BFSI 10.1% company 5 Sandoz Private Limited Pharma & healthcare 4.2% 6 Nation Benefits Pharma & healthcare 3.8% 7 Swiss Re Global Business Solutions BFSI 3.7% India Pvt. Ltd.

8 Indian software solutions company Technology 3.0% 9 Visco Information Technology Technology 3.0% Services Pvt Ltd 10 Analog Devices Technology 2.7% Top 10 Total 69.3% As a high-quality asset positioned in Hyderabad, one of the fastest growing cities owing to the growing IT and pharmaceutical sectors, as per the CBRE Report, Sattva Knowledge Park has attracted several tenants in the pharmaceutical and healthcare and technology sectors including Cigna Health Solutions India Private Limited, Sandoz Private Limited, Bosch andAnalog Devices, which collectively accounted for 70.2% of its Gross Rentals for the month ended March 31, 2025.The remaining tenants are diversified across sectors such as BFSI, engineering and manufacturing, and infrastructure, real estate and logistics.

216Sector Mix by Gross Rentals (%) Others, 6.4% Infrastructure, real estate & logistics, 3.3% Engineering & manufacturing,

5.1% Pharma & healthcare, 39.1% BFSI, 15.0% Technology, 31.0% Rent and Occupancy Trends Sattva Knowledge Park is a brand-new asset which was fully completed in 2023. Since FY2024, its Committed Occupancy has outperformed the sub-market, and it recorded a high Committed Occupancy of

95.8%, surpassing the Market Occupancy of 86.2% as of March 31, 2025, based on data from the CBRE Report. Vacancy levels in the city are expected to decline due to continued demand and future supply rationalizing in the short-term, according to the CBRE Report. These positive market dynamics and the high quality of the asset are expected to continue to drive occupancy and rent growth for Sattva Knowledge Park in the short-medium term.

The charts below set out the increase in Base Rents at Sattva Knowledge Park and Market Rents at the IT Corridor sub-market from March 31, 2023, to March 31, 2025, along with details of the Committed

Occupancy levels:

Historical Rents Historical Occupancy (March 31, 2023—March 31, 2025) (March 31, 2023—March 31, 2025)

116.7

95.8%

102.5

86.8%

84.9%

100.0 105.6

86.2%

83.3%

104.3

100.0

70.2% Mar’23 Mar’24 Mar’25 Mar’23 Mar’24 Mar’25 Base Rents (Indexed) Market Rents (Indexed) Asset Committed Occupancy (%) Market Occupancy (%)

Source:CBREReport;FiguresforBaseRentsandMarketRentshavebeenindexedto100forillustrativepurposesanddonotrepresentactualBaseRentandMarketRent figures 217Mark-to-Market Opportunity The average monthly In-place Rent at Sattva Knowledge Park is ₹77.6 psf with a Market Rent at Sattva Knowledge Park of ₹100.0 psf, resulting in a mark-to-market upside of 28.9% on Base Rentals, for the month ended March 31, 2025.The following illustrates the Base Rentals and Market Rentals at Sattva Knowledge Park for the month ended March 31, 2025:

₹ mm/month

270.4 % +28.9

209.7 Base Rentals Market Rentals Lease Expiry Profiles SattvaKnowledgeParkhadaWALEof10.6yearsasofMarch31,2025,onaccountofrecentleaseswhich were entered into starting from FY2023 onwards and no Occupied Area expiring between FY2026 and FY2030.

Key Placemaking Initiatives and Planned Upgrades Designed to cater to the new age workforce, we have implemented several strategic initiatives to enhance the asset’s appeal, including the following: (cid:129) Weintroduceda0.2msfdedicatedamenitieszoneequippedwith22F&Boutletsandacafé,banquet hall, multi-purpose court, and an amphitheater.

The following illustrates our dedicated amenities zone: (cid:129) We also incorporated sustainable design initiatives during the construction process, such as EV charging points and a proposed installation of rooftop solar panels with a capacity of 0.3 MW (AC).

(cid:129) To cater to the specific needs of our larger tenants, such as NESS and an American management service provider company, we created compact spaces with leases of 10.0 ksf to 14.0 ksf on a single floor. We believe our ability to deliver tailored solutions enables us to foster deeper relationships with tenants and increases the possibility of future expansions.

218Key Milestones and Achievements Through our disciplined operations and investment expertise and key placemaking initiatives, we have: (cid:129) Leased 85.0% of total Leasable Area within 12 months of receiving its Occupancy Certificate to prominent multinational and GCC tenants, such as Bosch, CBRE, DSM, and Nation Benefits.

(cid:129) Increased the Committed Occupancy from 70.2% as of March 31, 2023 to 95.8% as of March 31,

2025. (cid:129) Successfully leased 3.2 msf between FY2023 and FY2025, comprising 0.4 msf in FY2025, 2.2 msf in FY2024 and 0.6 msf in FY2023. (cid:129) Leveraged the strategic location of Sattva Knowledge City and Sattva Knowledge Park, as assets whicharepositionedcontiguoustoeachother,toprovideexistingtenantswithconvenientexpansion options, thereby strengthening tenant relationships. For example, Nation Benefits expanded more than5timesfromSattvaKnowledgeCitytoSattvaKnowledgeParktomeettheirincreasingbusiness needs, growing from 15.0 ksf in 2021 to 78.4 ksf in 2023.

(cid:129) Catered to the requirements of prominent companies such as Cigna Health Solutions India Private who has chosen Sattva Knowledge Park to house its first office in India, according to the CBRE Report, which is a testament to the quality infrastructure and strategic location of the asset.We have also successfully handed a fully fit-out space to Cigna Health Solutions India Private Limited within a short span of 39 days (as compared to the general timeframe of 60 to 100 days for fit-outs according to the CBRE Report) to meet their immediate operation requirements.

(cid:129) Provided fit-out solutions to tenants as required. For Bosch, one of our top tenants (by Leasable Area), we connected 3 consecutive floors through slab core cut and developed the space as an amphitheater/social area for employees. The following illustrates the developed area:

(cid:129) We offer managed office solutions to our tenants, such asAlignTech, on an as-required basis, where we offer small office spaces on a flexible basis as an alternative to traditional office leasing. This includesprovidingarangeofamenities,suchasdedicatedmeetingrooms,receptionservices,pantry or cafeteria services and office administrative support, within the leased properties.As of March 31, 2025, we provided managed office solutions for 0.2 msf of LeasableArea.This serves as part of our strategy to augment the property’s revenue, which enables us to enhance our NOI.

219SATTVA KNOWLEDGE CAPITAL, HYDERABAD Asset Description Sattva Knowledge Capital is a business park located in the prominent Extended IT Corridor—Financial District sub-market in Hyderabad and is fully leased to Google Connect. It is strategically located in proximitytotheNehruORR,andoffersgoodconnectivitytootherpartsofthecity.Itsconnectivityisalso expected to be enhanced through the proposed Wipro Circle Metro Station which will be situated approximately 1.5 km to 2 km away from the property. (Source: CBRE Report). The park comprises 3 towers connected by a central zone and spans approximately 8.5 acres with a total of 2.3 msf of Leasable Area. DIPL, an Asset SPV of the Knowledge Realty Trust, holds 1.7 msf of Leasable Area of Sattva Knowledge Capital, and the remaining 0.6 msf of Leasable Area of Sattva Knowledge Capital is held by SKCPL.

The property serves as the largest campus for Google Connect in India, as per the CBRE Report. Even thoughthiswasnotaBTSbuilding,GoogleConnecthadpre-leased100.0%oftheLeasableAreafortheir campus, demonstrating the property’s strong appeal and our deep industry knowledge of the requirements of marquee multinational tenants.

The façade of the building features recessed vertical and horizontal lines along the glazing to enhance its attractiveness. The property is designed to serve as a new-age corporate destination. Each tower features lounge lobbies with ample seating and outdoor screening areas.

As part of our sustainability initiatives, the property received the IGBC Platinum certification in April 2019 and also offers EV charging points. In line with our efforts to transition to clean energy, we are exploring the procurement of solar power from solar power plant(s) to be set up / operated by, or acquired from,theSattvaSponsor(includingitsaffiliates)orajointventureamongstbothSponsors(includingtheir affiliates), subject to compliance with applicable laws 220The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity 1. Darshita Infrastructure Private Limited

2. Sattva Knowledge Centre Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2018(1) Asset Type Business Park Sub-market Extended IT Corridor Site Area (Acres) 8.5 acres Land Title Freehold Leasable Area (msf) 2.3(2) Completed Area (msf) 2.3(2) Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 100.0% Committed Occupancy (%) 100.0% WALE (Years) 20.6 Number of Tenants 4(3) Market Value (₹ mm) 25,039 Percentage of Gross Portfolio Market Value (%) 4.0%

Notes:

(1) Block1wascompletedin2018,Block2wascompletedin2020andBlock3wascompletedin2021.

(2) Ofthetotal2.3msfofLeasableArea,1.7msfisheldbyDIPLand0.6msfisheldbySKCPL.

(3) Includesamenityandtelecomtenants.

Tenant Profile Sattva Knowledge Capital is fully leased to Google Connect.

Rent and Occupancy Trends With a Committed Occupancy of 100.0%, Sattva Knowledge Capital has consistently outperformed the Extended IT Corridor Occupancy, which has decreased from FY2021 to FY2025, as per data from the CBRE Report. Its Base Rents also grew at a 3-year CAGR of 4.8% through FY2025, significantly outpacing the Market Rent performance, which has decreased at a CAGR of 2.5% over the same period, as per data from the CBRE Report. Although the sub-market is expected to witness a steady supply of office stock, vacancies are expected to decrease as demand continues to increase in this sub-market, according to the CBRE Report. Further, Sattva Knowledge Capital benefits from a long-term lease arrangement (of an initial term of 5 years, with the right to renew for 4 additional periods of 5 years each) with Google Connect, which contributes to a high occupancy and contracted rentals for steady cash flows.

221The charts below set out the historical Base Rents at Sattva Knowledge Capital and Market Rents at the Extended IT Corridor sub-market from March 31, 2021 to March 31, 2025, along with details of the

Committed Occupancy levels:

Historical Rents Historical Occupancy (March 31, 2020—March 31, 2025) (March 31, 2020—March 31, 2025)

123.4

100.0% 100.0% 100.0% 100.0% 100.0%

111.5

107.3 107.3

100.0 87.3%

83.5%

100.0 74.6%

98.1

91.9 91.0 66.2% 63.9%

88.7 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Base Rents (Indexed) Market Rents (Indexed) Asset Committed Occupancy (%) Market Occupancy (%)

Source:CBREReport;FiguresforBaseRentsandMarketRentshavebeenindexedto100forillustrativepurposesanddonotrepresentactualBaseRentandMarket Rentfigures.

Premium In-place Rent The average monthly In-place Rent at Sattva Knowledge Capital is ₹66.7 psf with Market Rent at Sattva Knowledge Capital of ₹64.0 psf, which is at a 4.0% premium compared to the Market Rent, for the month endedMarch31,2025.ThefollowingillustratestheBaseRentalsandMarketRentalsatSattvaKnowledge Capital for the month ended March 31, 2025:

₹ mm/month

153.1 (4.0%)

147.0 Base Rentals Market Rentals Lease Expiry Profiles The WALE of Sattva Knowledge Capital is 20.6 years as of March 31, 2025, with no Occupied Area expiring between FY2026 and FY2030.

222Key Milestones and Placemaking Initiatives ThroughourinitiativestoenhancetheattractivenessofSattvaKnowledgeCapitaltomeettheneedsofour tenant, we have: (cid:129) Achieved a 4.8% 3-year CAGR of Base Rents through FY2025.

(cid:129) Developed lobbies with ample seating with the potential to create additional amenities around them to enhance the overall tenant experience. (cid:129) Implemented energy conservation and sustainability measures tailored to the needs of the tenant, including installation of a white roof, rooftop solar panels with a capacity of approximately 0.2 MW

(AC).

223Mumbai Overview Mumbai, the capital city of the Indian state of Maharashtra, is part of the Mumbai Metropolitan Region (“MMR”) and is one of the most populous cities in India and is expected to have an estimated population of 22.1 mm in CY2025. It is the financial capital of India, home to various financial regulators (such as the Reserve Bank of India and Securities and Exchange Board of India), and 2 largest stock exchanges in thecountry(NationalStockExchangeandBombayStockExchange),andthelargestcommodityexchange in the country (Multi Commodity Exchange). MMR (which includes Mumbai) contributed approximately US$140 bn to the GDP(accounting for approximately 3.9% of the country) in FY2024 and is expected to generate US$300 bn by FY2030. Mumbai’s strategic location, talent pool, global connectivity and supportive infrastructure have positioned the city as a preferred location for several multinational corporations and large domestic conglomerates which have their headquarters or corporate offices in the city. (Source: CBRE Report) Bandra Kurla Complex and Surrounding Areas (“BKC and BKC-O”) Profile Our PortfolioAsset, One BKC is located in BKC, which along with its neighbouring areas, forms part of the MMR’s BKC and BKC-O sub-market, one of the premier office hubs in MMR. BKC and BKC-O is a sought-after sub-market for both domestic and international tenants, housing front offices for multiple banks and several corporate headquarters. The area is well established with the presence of premium residential projects, as well as social infrastructure, including diverse F&B options, hotels, schools, hospitals, convention center such as the Nita Mukesh Ambani Cultural Center, multipurpose venue such as the Jio World Garden, a variety of retail choices, including luxury and high street options. This sub-market is home toApple’s first retail location in India.The BKC and BKC-O sub-market is one of the mostexpensivesub-marketsinMMRandIndia.ThemajorityofthelandinBKCisownedbytheMumbai Metropolitan Regional Development Authority (“MMRDA”) and is only available on a leasehold basis.

Owing to limited number of land auctions conducted by the MMRDA, the supply of land, and consequently, commercial office buildings supply has remained constrained in BKC and BKC-O since CY2018. The sustained elevated demand in the sub-market has led to a year-on-year decrease in vacancy.

The sub-market had an effective vacancy of 3.6% as of March 31, 2025 and commanded the highest rents in the city in Q1CY2025 given it is a well established sub-market with advanced infrastructure and positive demand and supply fundamentals. This trend is expected to continue going forward in the short to medium term as BKC is expected to remain as one of the most preferred markets in the city especially for prominent front office occupiers. (Source: CBRE Report) The Government has undertaken a number of infrastructure projects aimed at improving connectivity in BKC and BKC-O, including multiple metro lines under the Mumbai Metro project, a high-speed bullet train to facilitate intercity travel, Metro Line 3 (phase II) and Metro Line 2B. Major road infrastructure developments such as the Santacruz-Chembur Link Road connector that connects the western and eastern suburbs,andtheBKC—ChunabhattiConnector,amajorflyoverthatlinksBKCtotheeasternsuburbs,are expected to significantly improve traffic flow between major residential hubs and BKC. Further, key infrastructure initiatives, such as the Worli-Sewri Connector and the Mumbai Trans Harbour Link

(MTHL),whichwillindirectlyconnectBKCtotheproposedairportplannedtobeoperationalinCY2025, namely Navi Mumbai International Airport, are expected to reduce traffic and commute time. (Source:

CBRE Report) 224The following map illustrates the location of our asset in the BKC and BKC-O sub-market:

Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT Portfolio Assets The surrounding social and lifestyle infrastructure and key office developments in BKC and BKC-O are

as follows: # Lifestyle Infrastructure # Social Infrastructure # Key Office Developments 1 Sofitel Hotel 1 American School of Bombay One BKC 2 Trident Hotel 2 Dhirubhai Ambani International School 1 TCG Financial Center 3 Phoenix Market City 3 Asian Heart Hospital 2 The Capital 4 Mumbai Cricket Association 4 Guru Nanak Hospital 3 Maker Maxity Nita Mukesh Ambani Cultural 5 5 Ascend International School 4 FIFC Center (NMACC) 6 Jio World Drive 6 Wockhardt 5 Raheja Tower 7 Jio World Plaza 6 Godrej BKC 8 Jio World Garden 7 Adani Inspire 8 IL&FS 9 Platina

Source:CBRE;asofMarch31,2025;RepresentativeMap,NottoScale 225Extended Central Business District (“Ext-CBD”) Profile Our Portfolio Assets, One World Center, One International Center and One Unity Center, are located in the Ext-CBD sub-market, which is located in central Mumbai and provides seamless connectivity to BKC and South Mumbai. Absorption in Ext-CBD is largely driven by tenants offering services in Banking, Financial Services, and Insurance (“BFSI”), advertising, media and consulting sectors. The Ext-CBD sub-market is regarded as a desirable location for various corporations due to its good connectivity, competitive rental rates, and the availability of high-quality real estate options. Additionally, consistent demand in the sub-market and muted forecast supply are expected to significantly reduce effective vacancy levels from 13.1% as of March 31, 2025 to 2.8% by the end of CY2027. One World Center, One InternationalCenterandOneUnityCentercollectivelyformthelargestinstitutionallyownedofficeassets in Mumbai City.10 These assets are amongst the few investment-grade, institutionally owned, and professionally managed office buildings in the Ext-CBD sub-market, which is primarily characterized by the presence of very few single institutionally owned assets as most developments in the sub-market are strata sold. (Source: CBRE Report) The sub-market’s business ecosystem is supported by some of the city’s best residential catchments including Lower Parel, Worli, Prabhadevi, and Mahalaxmi, and social infrastructure such as shopping malls, hospitals and educational institutions. It is also well-connected to the eastern and western railway lines. The Ext-CBD sub-market is also expected to benefit from upcoming infrastructure initiatives, including the development of multiple metro lines to improve connectivity and road projects such as the Coastal Road Phase II, which is expected to ease traffic congestion and improve access to Lower Parel.

(Source: CBRE Report) 10 Excluding suburbs/submarkets such as Navi Mumbai (NMBD), Thane (TBD) 226The following map illustrates the location of our assets in the Ext-CBD sub-market:

Lifestyle Infrastructure Social Infrastructure Commercial Developments KRT Portfolio Assets 227The surrounding social and lifestyle infrastructure and key office developments in Ext-CBD are as

follows: # Lifestyle Infrastructure # Social Infrastructure # Key Office Developments 1 Palladium Mall 1 Tata Memorial Hospital One International Center 2 Four Seasons Hotel 2 KEM Hospital One Unity Center 3 St. Regis Hotel 3 Podar International School One World Center 4 Atria Mall 1 Kohinoor Square 5 Mahalaxmi Racecourse 2 The Ruby 6 Ritz Carlton 3 Birla Aurora 4 Peninsula Business Park 5 Raheja Altimus 6 Peninsula Corporate Park 7 Birla Centurion 8 One Lodha Place 9 Lodha Supremus 10 Marathon Futurex

Source:CBRE;asofMarch31,2025;RepresentativeMap,NottoScale Peripheral Business District East (“PBD East”) Profile Our Portfolio Asset, Prima Bay, is located in the PBD East sub-market, which is characterized by a mix of front and support function offices of several BFSI companies and other GCCs across investment grade developments in locations such as Powai and Vikhroli. The effective vacancy in the sub-market is 9.7% as of March 31, 2025, and is anticipated to drop to 5.6% due to higher demand levels as compared to expected supply completions by the end of CY2027.The PBD East sub-market, particularly Powai, where Prima Bay is located, benefits from enhanced social infrastructure including residential catchments, schools and hospitals. This sub-market was home to Mumbai’s maiden metro project (connectingAndheri in SBD to Ghatkopar in PBD East) and it is being enhanced by the upcoming Metro Line 4 and 11 (connecting Kasarvadavali in Thane to Wadala and onwards to Chhatrapati Shivaji Maharaj Terminus). It is also conveniently located near upcoming Metro Line 6 (which is expected to be operational by December 2026), which will enhance its accessibility in the future. The Government has introduced infrastructure enhancements in the PBD East sub-market to improve its connectivity, including the extension of metro lines, the development of Goregaon Mulund Link Road, the implementation of monorailPhaseIIandtheAiroliKataiNakaConnector,whichareexpectedtoreducetraveltimesandease congestion. (Source: CBRE Report) 228The following map illustrates the location of our property in the PBD East sub-market:

Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT Portfolio Assets The surrounding social and lifestyle infrastructure and key office developments in PBD East are as

follows: # Lifestyle Infrastructure # Social Infrastructure # Key Office Developments 1 The Galleria 1 Godrej Memorial Hospital Prima Bay 2 The Fern 2 Hiranandani International School 1 Godrej IT Park 3 Powai Plaza 3 Indian Institute of Technology – Bombay 2 Cignus Powai 4 The Westin, Powai Lake 4 Hiranandani Hospital 3 iThink Techno Park 4 One South 5 The Orchid International School Avenue – Kensington, Winchestor, Fairmont 6 Bombay Scottish School 5 Supreme Business Park 7 Oberoi International School 6 Embassy 247 7 L&T AM Naik Tower 8 RMZ Nexus

Source:CBRE;asofMarch31,2025;RepresentativeMap,NottoScale 229ONE BKC, MUMBAI Asset Description One BKC is a prominent development in the BKC sub-market of Mumbai with best-in-class infrastructure and amenities. It is a city-center office building consisting of 3 towers, spread across 2.5 acres. Out of the total LeasableArea of 1.5 msf, 0.7 msf of LeasableArea is owned by us, and the remaining is owned by third parties. The asset is situated in the most prestigious sub-market of India, hosting front offices of reputed financial institutions and headquarters of major corporations. This sub-market is also home to Apple’s first retail location in India. The sub-market benefits from premium residential offerings, as well as advanced social and lifestyle infrastructure, including diverse F&B options, hotels, schools, hospitals, theNitaMukeshAmbaniCulturalCenter,multipurposevenuessuchastheJioWorldGardenandavariety of retail choices, including luxury and high street options. (Source: CBRE Report) One BKC’s prominent multinational and domestic front office tenant roster includes Trafigura Global Services Private Limited, Amazon11 and Cisco Commerce India Private Limited.

Designed by James Law Cybertecture, a Hong Kong-based architect, the facility features a distinctive triple-height lobby with destination-controlled elevators and efficient floorplates, making it one of the prominent developments in the sub-market with best-in-class infrastructure and amenities, institutional ownership and active asset management, according to the CBRE Report. The property offers an extensive range of amenities, including a suite of F&B options from food truck, cafes to fine dining options, a gym, a rooftop pickleball court, a rooftop turf with a multi-purpose court, an indoor sports zone and a crèche.

Numerous certifications have been granted to One BKC (including the Leasable Area owned by third parties), such as: (cid:129) GRESB 5-star rating, and ranked #1 across its peer group in India in 2024; (cid:129) WELL Gold certification in 2024;

11 Amazon Seller Services Private Limited andAmazon Development Center India Private Limited 230(cid:129) Five Star Rating and Sword of Honour certification from the British Safety Council in 2023; (cid:129) 5-star rating from the Bureau of Energy Efficiency (“BEE”) in 2024;

(cid:129) LEED Building Operations and Maintenance v4.1: Existing Buildings Platinum certification received on a monthly basis since 2022; and (cid:129) IGBC LEED India Core & Shell Rating System Gold certification in 2018.

We have implemented a number of sustainability initiatives at One BKC (including for the LeasableArea ownedbythirdparties)comprisingrooftopsolarpanelswithacapacityofapproximately80KWpandEV charging facilities. We are also in the process of transitioning some of our common area electricity consumption to solar power through One BKC Solar, with a capacity of approximately 3.9 MW (AC), expected to be operational by the third quarter of CY2025.

The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity One BKC Realtors Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2015(1) Asset Type City-Center Office Building Sub-market BKC and BKC-O Site Area (Acres) 2.5 acres(2) Land Title Leasehold (80 years from 2008) Leasable Area (msf) 0.7(2) Completed Area (msf) 0.7 Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 98.8% Committed Occupancy (%) 98.8% WALE (Years) 2.6 Number of Tenants 22(3) Market Value (₹ mm) 44,313 Percentage of Gross Portfolio Market Value (%) 7.1%

Notes:

(1) WingAwascompletedin2015andWingsBandCwerecompletedbetween2017to2019.Weacquiredtheentityin2019.

(2) OneBKCisapartofalargerdevelopmentbuiltonatotalsiteareaof2.5acres.OfthetotalLeasableAreaof1.5msf,0.7msfisownedbyOBRPLandtheremainder isownedbythirdparties.Unlessotherwisespecified,allreferencestoOneBKCandtherelateddatawithrespecttheretointhisOfferDocument,includingthefinancial, operationalandmarketvaluedataforOneBKC,refersonlytothe0.7msfofLeasableAreaownedbyOBRPL(togetherwithrights,titleandinterestoverthe correspondingundividedshareintheland).

(3) IncludesF&B,retailand/orotheramenitytenants.

231Tenant Profile One BKC has consistently maintained high occupancy since FY2021 with an average Committed Occupancy of 96.3% from FY2021 to FY2025, serving as a strategic location for front office tenants in BKC. As of March 31, 2025, we had 22 tenants in One BKC, including several prominent names as set forth below, and 74.2% of Gross Rentals were from multinational corporates.

Our top 10 tenants in One BKC accounted for 89.7% of our Gross Rentals for the month ended March 31, 2025, as illustrated below:

Percentage of Rank Tenant Tenant Sector Gross Rentals 1 American banking and financial BFSI 17.9% services institution 2 Sporta Technologies Private Limited Technology 16.8% 3 American multinational technology Technology 14.4% conglomerate 4 Trafigura Global Services Private Infrastructure, real estate & 11.2% Limited logistics 5 Amazon Seller Services Private Technology 8.9% Limited and Amazon Development Centre India Private Limited 6 Cisco Commerce India Private Technology 6.9% Limited 7 Flexible work space operator Co-working 4.2% 8 ICICI Prudential Asset Management BFSI 3.6% Company Limited 9 Jones Lang LaSalle Property Infrastructure, real estate & 3.1% Consultants (India) Private Limited logistics 10 Chinese banking and financial BFSI 2.8% services institution Top 10 Total 89.7% While67.4%ofourGrossRentalsforthemonthendedMarch31,2025arefromtenantsinthetechnology and BFSI sectors, the balance is from tenants operating in sectors such as infrastructure, real estate and logistics.

232Sector Mix by Gross Rentals (%) Others, 6.8% E-commerce,

8.0% Technology,

40.5% Infrastructure, real estate & logistics,

17.8% BFSI, 26.9% Rent and Occupancy Trends OneBKChasoutperformedtheBKCandBKC-Osub-marketintermsofCommittedOccupancyof98.8% (as compared to 94.6% for the sub-market as of March 31, 2025), and its Marginal Rents grew at a 3-year CAGR of 7.5% (as compared to 6.1% for Market Rents) through FY2025, based on data from the CBRE Report. It also secured a 5.6% CAGR increase in Base Rents during the same period. Due to the high occupancy in existing GradeAstock and modest near-term supply additions, buildings such as One BKC are expected to experience stronger rent growth given the lack of high-quality alternatives for prominent office occupiers, according to the CBRE Report.

The charts below set out the increase in historical Base Rents at One BKC and Market Rents at the BKC and BKC-O sub-market from March 31, 2021 to March 31, 2025, along with details of its Committed Occupancy as compared to the sub-market’s Occupancy for the periods indicated:

Historical Rents Historical Occupancy (March 31, 2021—March 31, 2025) (March 31, 2021—March 31, 2025)

125.3 99.0% 98.8% 98.8%

94.9%

90.3%

124.1

114.8 94.6%

88.3%

108.2

106.4 84.7%

80.7% 80.6%

100.0 106.3

103.8 103.8

100.0 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Mar’21 Mar'’22 Mar’23 Mar’24 Mar’25 Base Rents (Indexed) Market Rents (Indexed) Asset Committed Occupancy (%) Market Occupancy (%)

Source:CBREReport;FiguresforBaseRentsandMarketRentshavebeenindexedto100forillustrativepurposes,donotrepresentactualBaseRentandMarketRentfigures.

233Mark-to-Market Opportunity The average monthly In-place Rent at One BKC is ₹317.3 psf compared to a Market Rent at One BKC of ₹413.4psf,resultinginamark-to-marketupsideof30.3%onBaseRentalsforthemonthendedMarch31,

2025. The following illustrates the average Base Rentals and Market Rentals at One BKC for the month ended March 31, 2025: ₹ mm/month

301.5 % + 3

0.3

231.4 Base Rentals Market Rentals Lease Expiry Profiles The WALE of One BKC is 2.6 years as of March 31, 2025, with 80.7% of the Occupied Area expiring between FY2026 and FY2030, as illustrated in the chart below:

Occupied Area Expiring (FY2026—FY2030, sf)

211.0 Area expiring (’000 sf)

161.4

129.4

48.1

27.1 FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) 31.9% 18.2% 21.4% 6.2% 4.3% Base Rent at Expiry (₹psf/Month) 345.7 322.3 309.7 341.6 437.6 Mark-to-Market Potential (%) 25.6% 41.4% 54.5% 47.1% 20.6% 234Key Placemaking Initiatives and Planned Upgrades One BKC’s positioning as one of the prominent developments in the sub-market, as per the CBRE Report, can be attributable to the asset enhancement initiatives we have adopted over the years.These include the

following: (cid:129) Weinitiatedcomprehensiveassetupgradesincludinglobbyrefurbishmentsandaddingnewbreakout areas. The following illustrates our lobby before and after refurbishments:

Before After (cid:129) As part of our customer-centric approach to cater to the new-age workforce, we introduced a variety ofF&Boptions(includingcafes,foodtrucks,fine-diningrestaurantsandapâtisserie).Thefollowing

illustrates an example of a fine dining restaurant offered at the asset:

235We also introduced recreational amenities, such as a gym, a multi-purpose court, an indoor sports zone and a rooftop pickleball court. We organized tenant engagement activities including talks and seminarsfromindustryexpertstopromoteemployeehealthandwell-being.Thefollowingillustrates

the indoor sports facility: (cid:129) To increase the use of green energy at the asset and enhance its attractiveness as an eco-friendly building, we are in the process of commissioning a captive solar plant, One BKC Solar, with a capacity of approximately 3.9 MW(AC), expected to be operational by the third quarter of CY2025.

Key Milestones and Achievements Through our disciplined operations, investment expertise and key placemaking initiatives we have: (cid:129) Maintained average Committed Occupancy of 96.3% from FY2021 to FY2025.

(cid:129) Successfully re-leased 0.1 msf (12.5% of Leasable Area) at average spreads of 26.3% between FY2023 and FY2025. (cid:129) Successfully secured one of the largest deals in MMR in FY2022, according to the CBRE Report, by leasing approximately 121.8 ksf to a leading technology firm, at a re-leasing spread of 7.5%.

(cid:129) Recently re-leased approximately 27.1 ksf to a premium flexible workspace operator, at a spread of

67.5% as of March 31, 2025. (cid:129) Assisted with the expansion efforts of key tenants, including anAmerican multinational technology conglomerate who grew their leasable area by more than 3 times at One BKC. We worked closely with the tenant to address their needs for internal accessibility across floors. This project entailed providing project management and execution assistance.

236ONE WORLD CENTER, MUMBAI Asset Description One World Center is a premium front-office development located in the Ext-CBD sub-market. This city-center office building consists of 2 towers and 2 annex blocks, spread across 5.9 acres with 1.7 msf of Leasable Area. One World Center is conveniently located near the Eastern and Western railway lines and is in close proximity to prime residential neighborhoods such as Worli, Prabhadevi, and Mahalaxmi, according to the CBRE Report.As of March 31, 2025, One World Center hosts a mix of 56 domestic and multinational tenants, including prominent domestic tenants such asAditya Birla, RBLBank Limited and Trilegal as well as multinational tenants including an American financial services company, Transunion CIBIL Limited, and an American financial data services and media company.

The property features a grand triple height entrance atrium lobby, which is accessible from dedicated covered drop-off areas, and a range of amenities tailored for modern front office professionals. It hosts a prestigious members’only urban lifestyle club, “The Quorum”, which hosts curated events and is used by C-suite executives and high-net worth individuals for social and formal interactions. One World Center’s amenities include food courts with a capacity of more than 640 people, an amphitheater, gym, crèche and ample parking facilities, including public parking. Additionally, a historically unutilized space was transformed into “One Hive”, a landscaped breakout zone, to facilitate wellness, social interactions and community building.

Inlinewithourfocusonsustainability,thepropertyis100.0%poweredbyrenewableenergysourcedfrom a power distribution company. One World Center (including the Leasable Area owned by a third party), has garnered several certifications, including the following:

(cid:129) One World Center was part of a group of our Portfolio Assets which received the GRESB 5-star rating and ranked #1 across its peer group in India in 2024; (cid:129) WELL Gold certification in 2024;

237(cid:129) Five Star Rating and Sword of Honour certification from the British Safety Council in 2023; (cid:129) 5-star rating from BEE in 2024; (cid:129) LEED Building Operations and Maintenance v4.1: Existing Buildings Platinum certification received on a monthly basis since 2022; and (cid:129) IGBC LEED India for Core & Shell Rating System Gold certification in 2012.

The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity One World Center Private Limited Interest proposed to be owned by the REIT (%) 100%(1) Year of Commencement 2009(2) Asset Type City-Center Office Building Sub-market Ext-CBD Site Area (Acres) 5.9 acres Land Title Freehold Leasable Area (msf) 1.7 Completed Area (msf) 1.7(3) Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 85.7% Committed Occupancy (%) 85.7% WALE (Years) 3.0 Number of Tenants 56(4) Market Value (₹ mm) 53,238 Percentage of Gross Portfolio Market Value (%) 8.6%

Notes:

(1) Weacquireda50%interestin2018andtheremaining50%in2019.

(2) Tower1wasdeliveredin2009,Tower2wasdeliveredin2010,andNorthandSouthAnnexweredeliveredin2013.

(3) Ofthetotal1.7msfofLeasableArea,0.02msfisheldbyathirdpartyunderastrataarrangement.Unlessotherwisespecified,allreferencestoOneWorldCenterand therelateddatawithrespecttheretointhisOfferDocument,includingthefinancialandoperationaldataforOneWorldCenter,refersonlytothe1.7msfofLeasable AreaownedbyOWCPL(togetherwithrights,titleandinterestoverthecorrespondingundividedshareintheland).

(4) IncludesF&B,retailand/orotheramenitytenants.

238Tenant Profile One World Center has a well-diversified tenant roster of domestic and multinational tenants, with notable tenants as shown below. As of March 31, 2025, One World Center had 56 tenants and 65.6% of Gross Rentals were from domestic corporates.

The top 10 tenants accounted for 63.0% of Gross Rentals of One World Center for the month ended March 31, 2025, as illustrated below:

Percentage of Rank Tenant Tenant Sector Gross Rentals 1 Aditya Birla BFSI 10.0% 2 Transunion CIBIL Limited BFSI 7.7% 3 American financial services BFSI 6.9% company 4 RBL Bank Limited BFSI 6.4% 5 Redbrick IT Support Limited Co-working 6.3% 6 Khaitan & Co Research, consulting & analytics 6.3% 7 The Quorum FMCG & retail 5.7% 8 Trilegal Research, consulting & analytics 5.1% 9 IndusInd Bank Limited BFSI 4.9% 10 American financial data services Media & marketing 3.8% and media company Top 10 Total 63.0% As a premium office with a front office tenant roster, 49.9% of One World Center’s Gross Rentals for the month ended March 31, 2025 were from tenants in the BFSI sector, with the remaining tenants diversified across various sectors, including research, consulting and analytics and infrastructure, real estate and logistics.

Sector Mix by Gross Rentals (%) Others, 9.4% FMCG & retail, 5.7% Co-working, 6.3% Infrastructure, BFSI, 49.9% real estate & logistics, 6.7% Research, consulting & analytics, 21.9% 239Rent and Occupancy Trends One World Center has consistently outperformed the Ext-CBD sub-market in terms of Committed Occupancy from FY2023 to FY2025. As of March 31, 2025, its Committed Occupancy was 85.7% (as compared to the Occupancy of the Ext-CBD sub-market of 83.7%) based on data from the CBRE Report.

This has been driven by leasing of 1.3 msf from FY2022 to FY2025. One World Center is expected to benefitfrompositivetailwindsinitssub-market,whereeffectivevacancylevelsof13.1%asofMarch31, 2025 are projected to decrease significantly to 2.8% by the end of CY2027, driven by consistent demand and muted forecast supply in the sub-market, according to the CBRE Report.

The charts below set out the increase in the historical Base Rents at One World Center and Market Rents in the Ext-CBD sub-market from March 31, 2021 to March 31, 2025, along with details of the Committed Occupancy levels as compared to the sub-market’s Occupancy for the periods indicated:

Historical Rents Historical Occupancy (March 31, 2021—March 31, 2025) (March 31, 2021—March 31, 2025)

123.2

85.7%

83.3%

79.7%

108.2 83.7%

113.6 73.0%

104.5 104.6 72.9%

100.0

71.7%

72.5%

103.2 67.4%

100.0 98.4 98.9 64.8% Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Base Rents (Indexed) Market Rents (Indexed) Asset Committed Occupancy (%) Market Occupancy (%)

Source:CBREReport;FiguresforBaseRentsandMarketRentshavebeenindexedto100forillustrativepurposesanddonotrepresentactualBaseRentandMarketRent figures.

Mark-to-Market Opportunity The average monthly In-place Rent at One World Center is ₹192.8 psf with a Market Rent at One World Center of ₹230.0 psf, resulting in a mark-to-market upside of 19.3% on Base Rentals, for the month ended March 31, 2025. The following illustrates the average Base Rentals and Market Rentals at One World Center for the month ended March 31, 2025:

₹ mm/month

341.3 % +19.3

286.1 Base Rentals Market Rentals 240Lease Expiry Profiles The WALE of One World Center is 3.0 years as of March 31, 2025, with 86.3% of the Occupied Area expiring between FY2026 and FY2030, as illustrated in the chart below:

Occupied Area Expiring (FY2026—FY2030, sf)

379.2 Area expiring ('000 sf)

249.1

218.3

209.9

167.0 FY2026 FY2027 F Y 2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) 20.6% 15.4% 14.3% 26.2% 11.8% Base Rent at Expiry (₹psf/Month) 233.2 205.8 209.4 237.9 248.8 Mark-to-Market Potential (%) 3.5% 23.2% 27.1% 17.5% 18.0% Key Placemaking Initiatives and Planned Upgrades We have implemented a range of upgrades to enhance One World Center’s attractiveness and premium positioning, including the following:

(cid:129) We have undertaken strategic capital expenditure across various infrastructure and amenities upgrades from FY2021 to FY2025. This includes revamping the lobby to enhance the arrival experienceandincreasingtheF&Bofferingsbyintroducingtwofoodcourtswithacapacityofmore than 640 people. The asset also offers lifestyle facilities, such as the “The Quorum”. The following illustrates the F&B food court, “The Colony” and the “The Quorum”:

(cid:129) Weundertookthedevelopmentof“OneHive”,whichtransformedahistoricallyunutilizedspaceinto a landscaped multifunctional amphitheater.

241The following images illustrate our “One Hive” landscaped breakout zone:

Before After (cid:129) We undertook sustainability initiatives, among others, the “One Green Mile” initiative, which transformed 1.8 km of Senapati Bapat Marg in Lower Parel, Mumbai. See “—Our Competitive Strengths—Sustainability remains a core ethos of our business, with a commitment to a long-term sustainability roadmap” on page 187.

Key Milestones and Achievements Through our disciplined operations, investment expertise and key placemaking initiatives, we have: (cid:129) Achieved a 5.4% 3-year Marginal Rent CAGR through FY2025. (cid:129) Achieved a tenant retention rate of 72.7% from FY2023 to FY2025.

(cid:129) Grown NOI from ₹2,593.54 million in FY2023 to ₹2,981.13 million for FY2025. (cid:129) From FY2023 to FY2025, we have leased 0.8 msf of the Leasable Area, of which 88.0% (0.7 msf) has come from existing tenants. For instance:

(cid:2) Khaitan & Co, Transunion CIBIL Limited and Redbrick IT Support Limited have collectively leased approximately 198.9 ksf from FY2023 to FY2025. (cid:2) Aditya Birla has renewed 119.7 ksf of their lease and expanded their area by 16.4% since FY2023.

(cid:2) Transunion CIBILLimited and Khaitan & Co have also expanded their leases by 1.7 times and

1.5 times respectively from FY2023 to FY2025.

Theserenewalsandexpansionsdemonstratetheattractivenessofthepropertyandthestrengthofour tenant retention capabilities.

242ONE INTERNATIONAL CENTER, MUMBAI Asset Description One International Center is a Grade A city-center office building located in the Ext-CBD sub-market, consistingof3towers.OneInternationalCenterhas1.8msfofLeasableAreaandtogetherwithOneUnity Center, forms a larger development spanning a site area of 7.8 acres. These assets, along with One World Center, are amongst the few investment-grade, institutionally owned, and professionally managed office buildingsinExt-CBD,aspertheCBREReport.Itisstrategicallylocated,featuringexcellentconnectivity, with easy access via road and rail and is in close proximity to key residential hubs, social and lifestyle infrastructure, including high-end retail and luxury hotels, according to the CBRE Report. It has attracted a mix of prominent multinational and domestic tenants, including a ‘big 4’ accounting firm, Franklin Templeton Asset Management (India) Private Limited and HDFC Bank Limited.

One International Center features grand triple-height contiguous transfer lobbies, an arrival lounge, F&B outlets including cafes, an expansive refurbished outdoor plaza with landscaped surroundings and an al fresco dining space to enhance the overall experience. Its other amenities include 2 food courts with a capacity of over 475 people, a breakout zone, gym, a creche and parking facilities which include public parking. We have also constructed an indoor sports zone and a modern convention center, “The Pavilion” spanning approximately 6.3 ksf, suitable to host tenant engagement sessions, town halls and corporate events, among others. We have also recently constructed a rooftop pickleball court.

243Since our acquisition in 2018, we have employed a hands-on asset management approach undertaking several initiatives to improve the property’s quality and marketability, including infrastructure upgrades and amenity enhancements. This has led to several awards, including Best Food Court of theYear—India at the 6th edition of The Food Connoisseurs India Awards in 2024 for the food court “The Colony”. We have also implemented several sustainability initiatives, including sourcing 100.0% of our energy requirements from renewable energy sources provided by a power distribution company and installing EV charging points at the property. The property has been recognized with multiple certifications, demonstrating its commitment to Grade A standards, including the following:

(cid:129) One International Center was part of a group of our Portfolio Assets which received the GRESB 5-star rating, and ranked #1 across its peer group in India in 2024; (cid:129) WELL Gold certification in 2024;

(cid:129) Five Star Rating and Sword of Honour certification from the British Safety Council in 2023; (cid:129) 5-star rating from BEE in 2024; (cid:129) LEED Building Operations and Maintenance v4.1: Existing Buildings Platinum certification, received on a monthly basis since 2022; and (cid:129) IGBC LEED India for Core & Shell Rating System Gold certification in 2013.

The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity One International Center Private Limited Interest proposed to be owned by the REIT (%) 100%(1) Year of Commencement 2010(2) Asset Type City-Center Office Building Sub-market Ext-CBD Site Area (Acres) 7.8 acres(3) Land Title Freehold Leasable Area (msf) 1.8 Completed Area (msf) 1.8 Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 82.4% Committed Occupancy (%) 82.4% WALE (Years) 3.0 Number of Tenants 76(4) Market Value (₹ mm) 46,821 Percentage of Gross Portfolio Market Value (%) 7.6% 244Notes:

(1) Weacquired50%oftheentityin2018andtheremaining50%in2019.

(2) AportionofTower1wasdeliveredin2010,Tower2and3weredeliveredin2011andFullOccupancyCertificatewasreceivedin2021.

(3) IncludesOneUnityCenteraspartofalargerdevelopment.

(4) IncludesF&B,retailand/orotheramenitytenants.

Tenant Profile One International Center has a balanced mix of reputable multinational and domestic tenants including those as set forth below. As of March 31, 2025, One International Center had 76 tenants and 51.5% of Gross Rentals were from domestic corporations and 48.5% were from multinational corporations.

The top 10 tenants accounted for 56.8% of Gross Rentals of One International Center for the month ended March 31, 2025, as illustrated below:

Percentage of Rank Tenant Tenant Sector Gross Rentals 1 ‘Big 4’ accounting firm Research, consulting & analytics 16.8% 2 HDFC Bank Ltd BFSI 6.8% 3 Indian manufacturing company Engineering & manufacturing 5.1% 4 Indian technology company BFSI 4.9% 5 Mondelez India Foods Private FMCG & retail 4.7% Limited 6 Indian technology company Technology 4.2% 7 Indian housing finance company BFSI 4.0% 8 Safran India Private Limited Aviation 3.8% 9 Indian co-working space provider Co-working 3.3% 10 Franklin Templeton Asset BFSI 3.2% Management (India) Private Limited Top 10 Total 56.8% Tenants in the BFSI and research, consulting and analytics sectors accounted for 51.1% of One International Center’s Gross Rentals for the month ended March 31, 2025, with tenants from a mix of sectors including fast-moving consumer goods and retail, engineering and manufacturing, technology and infrastructure, real estate and logistics accounting for the remainder of Gross Rentals.

245Sector Mix by Gross Rentals (%) Others, 15.6% BFSI, 29.2% Infrastructure, real estate & logistics,

7.5% Technology,

7.7% Research, Engineering & consulting & manufacturing, analytics,

8.9%

21.9% FMCG & retail,

9.1% Rent and Occupancy Trends One International Center was highly occupied before the onset of COVID-19 and its Committed Occupancy decreased in FY2022 on account of terminations from 2 anchor tenants facing severe business headwinds. Following an active asset management program including comprehensive asset and infrastructure upgrades and implementation of sustainability initiatives, we have been able to increase its Committed Occupancy to 82.4% as of March 31, 2025. We have witnessed positive leasing momentum, having successfully leased 1.1 msf area since FY2023 to FY2025.

Due to consistent demand in the sub-market and muted supply forecast, effective vacancy levels of 13.1% are expected to significantly reduce to 2.8% by the end of CY2027, according to the CBRE Report. This ongoing leasing momentum is expected to continue to drive demand for office space in Ext-CBD, including our assets, according to the CBRE Report.

The charts below set out the historical Base Rents at One International Center and Market Rents in the Ext-CBD sub-market from March 31, 2021 to March 31, 2025, along with details of the Committed

Occupancy levels for the periods indicated:

Historical Rents Historical Occupancy (March 31, 2021—March 31, 2025) (March 31, 2021—March 31, 2025)

123.2

83.3% 83.7%

72.9% 71.7% 82.4%

67.4%

103.2 110.5 71.2% 66.6%

101.7

100.0 99.8

60.2%

102.3

100.0

98.4 98.9 50.3% Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Base Rents (Indexed) Market Rents (Indexed) Asset Committed Occupancy (%) Market Occupancy (%)

Source:CBREReport;FiguresforBaseRentsandMarketRentshavebeenindexedto100forillustrativepurposesanddonotrepresentactualBaseRentandMarketRent figures.

246Mark-to-Market Opportunity The average monthly In-place Rent at One International Center is ₹170.2 psf with a Market Rent at One International Center of ₹200.0 psf, resulting in a mark-to-market upside of 17.5% on Base Rentals, for the month ended March 31, 2025. The following illustrates the average Base Rentals and Market Rentals at One International Center for the month ended March 31, 2025:

₹ mm/month

291.8 % +17.5

248.4 Base Rentals Market Rentals Lease Expiry Profiles The WALE of One International Center is 3.0 years as of March 31, 2025, with 98.9% of the Occupied Area expiring between FY2026 and FY2030, as illustrated in the chart below:

Occupied Area Expiring (FY2026—FY2030, sf) Area expiring ('000 sf)

460.5

420.7

208.4

168.6

149.5 FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) 10.6% 29.7% 10.5% 14.5% 33.4% Base Rent at Expiry (₹psf/Month) 175.7 179.1 176.8 197.5 218.0 Mark-to-Market Potential (%) 19.5% 23.1% 31.0% 23.1% 17.1% 247Key Placemaking Initiatives and Planned Upgrades To enhance the appeal of One International Center to both our existing and future tenants, we have implemented several asset management initiatives, including the following:

(cid:129) We undertook infrastructure and amenities upgrades, including the transformation of an underutilizedspaceintoanaestheticallydesignedplazaareaandbreakoutarea,revampingthelobby and visitor lounge and introduction of F&B options in the property.

Before After Before After (cid:129) We refurbished two existing food courts with a total seating capacity of more than 475 seats. Our recently launched food court, “The Colony”, received the Best Food Court of theYear award byThe Food Connoisseurs India in 2024. The following illustrates “The Colony” food court:

248(cid:129) We recently completed the construction of an 180-seater convention center called “The Pavilion”, which can be used to host townhalls, business conferences and experiential events. The following illustrates “The Pavilion” convention center:

(cid:129) We have also undertaken various upgrades focused on enhancing tenant wellness, such as introducing a gym, indoor sports zone and a rooftop pickleball court. (cid:129) We undertook various sustainability initiatives, including, the “One Green Mile” initiative, which transformed 1.8 km of the Senapati Bapat Marg in Lower Parel, Mumbai. See “—Our Competitive Strengths—Sustainability remains a core ethos of our business, with a commitment to a long-term sustainability roadmap” on page 187.

Key Milestones and Achievements Through our disciplined operations, investment expertise and key placemaking initiatives, we have: (cid:129) Leased 1.1 msf in total from FY2023 to FY2025 with Committed Occupancy recovering to approximately 82.4% as of March 31, 2025 owing to our asset management initiatives.

(cid:129) Leased 260.9 ksf in H2FY2025 to marquee domestic tenants including an Indian technology company and an Indian manufacturing company. In particular, this Indian manufacturing company more than doubled their footprint to 69.4 ksf in FY2025.

(cid:129) A‘big 4’accounting firm, HDFC Bank Ltd and Mondelez India Foods Private Limited, have leased an aggregate of 464.4 ksf since FY2020.The ‘big 4’accounting firm tenant had vacated part of their area during COVID-19 and subsequently re-leased a portion of this area back in FY2022 at a re-leasing spread of 23.2%.This is testament to our abilities to attract and retain tenants through our strategic asset upgrade and amenities enhancement program.

249ONE UNITY CENTER, MUMBAI Asset Description One Unity Center is a newly developed high-quality city-center office building located in the Ext-CBD sub-market comprising a standalone tower that was completed in the third quarter of FY2022. One Unity Center has 1.0 msf of Leasable Area and together with One International Center, forms part of a larger development with a site area of 7.8 acres. See “—One International Center—Mumbai” on page 243. One Unity Center witnessed the largest leasing transaction in CY2023 as per the CBRE Report of approximately 410.0 ksf with Star India Pvt Ltd, a prominent media company that relocated from the Mumbaisuburbs.Weachievedthisthroughourstrongvaluepropositionincludinginstitutionalownership, active asset management, tenant engagement, availability of contiguous floors, and assistance with tenant improvement works, such as core-cuts to facilitate the building of an internal staircase.

The property offers a panoramic sea view visible from the upper floors and a comprehensive set of amenities designed to enhance tenant experience. This includes a dedicated amenity floor offering a food court and break-out zone, as well as spacious parking facilities which includes public parking. The property benefits from our award-winning “One Green Mile” sustainability initiative. See “—Our Competitive Strengths—Sustainability remains a core ethos of our business, with a commitment to a long-term sustainability roadmap” on page 187.

We have also implemented several sustainability initiatives, including sourcing 100% of our energy requirements from renewable energy sources provided by a power distribution company. The asset was part of a group of our PortfolioAssets which received the GRESB 5-star rating, and ranked #1 across its peer group in India in 2024. The asset has recently achieved a 5-star rating from BEE and the LEED Operations and Maintenance v4.1: Existing Buildings Gold certification in 2025.

250The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity One International Center Private Limited Interest proposed to be owned by the REIT (%) 100%(1) Year of Commencement 2021 Asset Type City-Center Office Building Sub-market Ext-CBD Site Area (Acres) 7.8 acres(2) Land Title Freehold Leasable Area (msf) 1.0 Completed Area (msf) 1.0 Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 62.2% Committed Occupancy (%) 62.2% WALE (Years) 6.7 Number of Tenants 4 Market Value (₹ mm) 30,150 Percentage of Gross Portfolio Market Value (%) 4.9%

Note:

(1) Weacquired50%oftheentityin2018andtheremaining50%in2019.

(2) IncludesOneInternationalCenteraspartofalargerdevelopment.

Tenant Profile Our asset quality, tenant engagement and amenity offerings have enabled us to foster deep working relationships with our existing tenants. One example is our key tenant, Hindalco Industries Limited, who has expanded significantly over the past 2 years by approximately 2.7 times to a footprint of 129.3 ksf spread across 3 floors. This demonstrates high tenant satisfaction and our ability to partner with tenants to support their growth requirements.

251One Unity Center hosts 4 marquee corporate tenants as of March 31, 2025. These 4 tenants accounted for

100.0% of Gross Rentals for the month ended March 31, 2025 of One Unity Center, as illustrated below:

Percentage of Rank Tenant Tenant Sector Gross Rentals 1 Star India Pvt Ltd Media & marketing 63.3% 2 Hindalco Industries Limited Engineering & manufacturing 22.0% 3 Bajaj Electricals Limited Engineering & manufacturing 12.4% 4 Indian alcoholic beverages company FMCG & retail 2.3% Total 100.0% Sector Mix by Gross Rentals (%) FMCG & retail, 2.3% Engineering & manufacturing, 34.4% Media & marketing,

63.3% Rent and Occupancy Trends Despite being a recently completed property which commenced leasing activity in FY2023, One Unity Center has leased 0.6 msf and achieved a Committed Occupancy of 62.2% as of March 31, 2025. As per the CBRE Report, our assets located in the Ext-CBD, including One Unity Center, are expected to benefit from demand momentum and limited new supply in this sub-market.

252The charts below set out the trends in Base Rents and Committed Occupancy at One Unity Center and Market Rents as compared to the Ext-CBD sub-market from the commencement of leasing activity in FY2023 to FY2025, primarily attributable to the large anchor lease to Star India Pvt Ltd:

Historical Rents Historical Occupancy (March 31, 2023—March 31, 2025) (March 31, 2023—March 31, 2025)

124.7

83.7%

71.7%

67.4%

104.4

62.2%

100.0 56.6%

100.0 99.1

96.2

5.4% Mar’23 Mar’24 Mar’25 Mar’23 Mar’24 Mar’25 Base Rents (Indexed) Market Rents (Indexed) Asset Committed Occupancy (%) Market Occupancy (%)

Source:CBREReport;FiguresforBaseRentsandMarketRentshavebeenindexedto100forillustrativepurposesanddonotrepresentactualBaseRentandMarketRent figures.

Mark-to-Market Opportunity The average monthly In-place Rent at One Unity Center is ₹178.3 psf with a Market Rent at One Unity Center of ₹240.0 psf, resulting in a mark-to-market upside of 34.6% on Base Rentals, as of March 31,

2025. The following illustrates the average Base Rentals and Market Rentals at One Unity Center for the month ended March 31, 2025: ₹ mm/month

149.6 % +34.6

111.2 Base Rentals Market Rentals 253Lease Expiry Profiles The WALE of One Unity Center is 6.7 years as of March 31, 2025, which is attributable to new leasing since FY2023, with 22.8% of the OccupiedArea expiring between FY2026 and FY2030, as illustrated in

the chart below:

Occupied Area Expiring (FY2026—FY2030, sf)

47.5 47.1 47.5 Area expiring ('000 sf) – – FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our Occupied Area for the periods

indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) – – 7.7% 7.9% 8.8% Base Rent at Expiry (₹psf/Month) – – 207.0 213.2 249.2 Mark-to-Market Potential (%) – – 34.2% 36.8% 22.9% 254Key Placemaking Initiatives and Planned Upgrades One Unity Center was strategically designed to attract tenants seeking a modern work environment as

follows: (cid:129) WedesignedOneUnityCentertocatertotheneedsoftheinnovativenext-generationworkforcewith efficient floorplates and high-speed destination-controlled elevators. We also introduced amenities such as breakout zones and a dedicated perennial amenity area on the 10th floor with landscaped seating alcoves and a food court with over 200 seats. The following illustrates our amenity area on the 10th floor:

(cid:129) We assisted Star India Pvt Ltd with their tenant improvement works, including an internal staircase.

255PRIMA BAY, MUMBAI Asset Description Prima Bay is a business center located in Powai within the PBD East sub-market, which is a prominent destination in the commercial capital of India. The sub-market is well positioned and enjoys good connectivityviadifferentmodesoftransporttotheWesternSuburbs,SouthMumbai,andEasternSuburbs.

Prima Bay is also conveniently located near Metro Line 6, which is expected to be operational by December 2026 and will enhance its accessibility (Source: CBRE Report).

Spreadacross4.4acreswith0.8msfofLeasableArea,itcomprises2towersofferingviewsofPowaiLake.

Prima Bay houses several notable multinational corporations and GCCs, including J.P. Morgan Services India Private Limited, Technip Energies India Limited and Colgate Global Business Services Private Limited.

In 2021, we implemented a comprehensive asset repositioning program to enhance the arrival experience, including refurbishment of lobbies, landscaping, creation of break-out zones and aesthetic lightning features. Prima Bay is equipped with a range of amenities such as a food court with a seating capacity of more than 800 persons, gym, a creche and EV charging points.

As part of our transition to green power, we are moving towards solar energy supplied by captive solar plant held by Prima Bay Solar, which has an annual capacity of 4.1 MW (AC), expected to be completed by the third quarter of CY2025. The asset has also received many certifications for its sustainability measures, including the following:

(cid:129) Prima Bay was part of a group of our PortfolioAssets which received the GRESB 5-star rating, and ranked #1 across its peer group in India in 2024; (cid:129) WELL Gold certification in 2024;

256(cid:129) Five Star Rating and Sword of Honour certification from the British Safety Council in 2023; (cid:129) 4-star rating from BEE in 2024; and (cid:129) LEED Building Operations and Maintenance v4.1: Existing Buildings Gold and Platinum certification received on a monthly basis since 2022.

The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Prima Bay Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2010(1) Asset Type Business Center Sub-market Peripheral Business District East (PBD-E) Site Area (Acres) 4.4 acres(2) Land Title Freehold Leasable Area (msf) 0.8 Completed Area (msf) 0.8 Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 95.4% Committed Occupancy (%) 95.4% WALE (Years) 4.6 Number of Tenants 14(3) Market Value (₹ mm) 18,128 Percentage of Gross Portfolio Market Value (%) 2.9%

Notes:

(1) PrimaBayreceiveditsPartOccupancyCertificatein2010and2012andFullOccupancyCertificatein2013.Weacquired63%oftheleasableareain2018andthe remainingin2020.

(2) PrimaBayislocatedwithinalargerdevelopmenttotalling10.6acresdevelopedbyathirdparty,ofwhichPBPLhasaproportionateundividedinterestof20.5%inthe largerdevelopment,inproportiontotheexistingFSIofthePrimaBaytotheFSIofthelargerdevelopment.

(3) IncludesF&B,retailand/orotheramenitytenants.

257Tenant Profile Prima Bay remains a preferred office destination for several prominent multinational and GCC tenants including those as set forth below.As of March 31, 2025, Prima Bay had 14 tenants, and 81.4% of Gross Rentals were from multinational corporates, and 72.7% were from GCC tenants, as illustrated below:

Percentage of Rank Tenant Tenant Sector Gross Rentals 1 J.P. Morgan Services India Private BFSI 54.5% Limited 2 Technip Energies India Limited Engineering & manufacturing 13.4% 3 Simpliwork Offices Private Limited Co-working 9.0% 4 Colgate Global Business Services FMCG & retail 4.7% Pvt Ltd 5 Indian Financial Technology & Technology 4.7% Allied Services 6 French electrical equipment Engineering & manufacturing 4.3% manufacturer 7 Indian software company Technology 2.4% 8 Indian insurance company BFSI 2.0% 9 Mettler Toledo India Private Engineering & manufacturing 2.0% Limited

10. Delhivery Limited Infrastructure, real estate & 1.3% logistics Top 10 Total 98.5%

56.6% of Gross Rentals for the month ended March 31, 2025 were from the BFSI sector from J.P. Morgan Services India Private Limited as an anchor tenant with 48.1% of Leasable Area. The remaining Gross Rentals were contributed by tenants in various sectors, including engineering and manufacturing, co-working and technology.

Sector Mix by Gross Rentals (%) Others, 7.5% Technology,

7.2% Co-working,

9.0% BFSI, 56.6% Engineering & manufacturing, 19.7% 258Rent and Occupancy Trends Owing to its prime location, high quality asset, upgrade initiatives and marquee tenant profile, Prima Bay has significantly outperformed the PBD-E sub-market on multiple fronts. Benefiting from its position being in a prominent destination in the commercial capital of India, it has consistently maintained a high CommittedOccupancyofmorethan88.0%fromFY2021toFY2025,outperformingtheOccupancyofthe sub-market of 73.4% to 83.4% during the same periods, based on data from the CBRE Report. It has far exceeded the PBD-E sub-market in terms of Base Rents, which has grown at a 3-year CAGR of 4.5% through FY2025, as compared to the Market Rent growth which has been muted with a 1.5% CAGR over the same period, based on data from the CBRE Report. The sub-market is anticipated to witness higher demand levels as compared to expected supply completions leading to an expected decrease in effective vacancy by the end of CY2027. (Source: CBRE Report) Accordingly, Prima Bay is expected to maintain high Occupancy levels and witness strong rental growth in the medium-to-long term.

The charts below set out the increase in historical Base Rents at Prima Bay and the Market Rents at the PBD-E sub-market from March 31, 2021 to March 31, 2025, along with details of the Committed Occupancy as compared to the sub-market’s Occupancy for the periods indicated:

Historical Rents Historical Occupancy (March 31, 2021—March 31, 2025) (March 31, 2021—March 31, 2025)

97.5% 97.7%

97.3%

120.6 122.9 95.4%

88.2%

109.0

107.6

83.4%

100.0

103.2 76.9% 76.5%

100.0 99.8 100.2 73.4% 74.4%

98.6 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Base Rents (Indexed) Market Rents (Indexed) Asset Committed Occupancy (%) Market Occupancy (%)

Source:CBREReport;FiguresforBaseRentsandMarketRentshavebeenindexedto100forillustrativepurposesanddonotrepresentactualBaseRentandMarketRent figures.

259Premium In-place Rents Duetothequalityoftheassetanditsprimelocation,PrimaBay’saveragemonthlyIn-placeRentis₹163.6 psf compared to its Market Rent at Prima Bay of ₹160.0 psf for the month ended March 31, 2025, which is at a 2.2% premium. We recently renewed 0.4 msf (48.1% of the LeasableArea) with our anchor tenant, J.P. Morgan Services India Private Limited and achieved a re-leasing spread of 15.2%. The following illustratestheaverageBaseRentalsandMarketRentalsatPrimaBayforthemonthendedMarch31,2025:

₹ mm/month

124.3 (2.2%)

121.6 Base Rentals Market Rentals Lease Expiry Profiles The WALE of Prima Bay is 4.6 years as of March 31, 2025, with 37.7% of the Occupied Area expiring between FY2026 and FY2030, as illustrated in the chart below:

Occupied Area Expiring (FY2026—FY2030, sf)

97.6 Area expiring ('000 sf)

57.3

54.6

49.2

18.9 FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) 13.7% 2.1% 6.2% 6.9% 7.0% Base Rent at Expiry (₹psf/Month) 172.5 153.0 176.6 169.4 190.0 Mark-to-Market Potential (%) (2.6)%(1) 15.3% 4.9% 14.8% 7.5%

Note:

(1) OurMTMisnegativeforFY2026asBaseRentsalsoincludedCAMrentalsfor1tenantunderanexistingarrangement.

260Key Placemaking Initiatives and Planned Upgrades We have transformed Prima Bay into a top performing asset, which is attributable to a number of initiatives we have adopted to enhance its attractiveness, including the following:

(cid:129) We undertook upgrade initiatives to enhance tenant experience by revamping the lobby and upgrading an existing aesthetic waterbody feature, renovating the food court, creating a breakout zone and upgrading destination-controlled elevators to improve the arrival experience and safety.

The following illustrates our new breakout zones and food court:

Before After Before After Key Milestones and Achievements Through our disciplined operations, investment expertise and key placemaking initiatives, we have: (cid:129) Successfully leased 0.3 msf (42.7% of LeasableArea) of which 78.2% of the leased area was taken up by existing tenants from FY2023 to FY2025.

(cid:129) In FY2024, we renewed 48.1% of Leasable Area with J.P. Morgan Services India Private Limited (who has been an anchor tenant since FY2015), achieving re-leasing spreads of 15.2%. (cid:129) Achieved a tenant retention rate of 88.2% from FY2023 to FY2025.

(cid:129) Achieved a 4.5% 3-year Base Rent CAGR through FY2025.

261Bengaluru Overview Bengaluru,alsoknownasIndia’s‘SiliconValley’,hasemergedastheGCCleaderinIndia.Itisthelargest technologyhubinAsiaandthefourthlargestintheworld.Thecityhasrecordedthehighestnetabsorption of 80.5 msf globally during CY2016 to Q1CY2025. It has also absorbed more office space than 10 global cities (Shanghai, Beijing, Munich, Singapore, Hong Kong, Sydney, London, LosAngeles, New York and San Francisco) during CY2019 to Q1CY2025. Bengaluru is the largest office market in India in terms of total office stock as of March 31, 2025, and also leads in terms of absorption between CY2016 to Q1CY2025amongthetop7citiesinthecountrywithanaverageannualgrossabsorptionofapproximately

16.0 msf from CY2016 to Q1CY2025. Bengaluru houses more than 5,500 technology companies and nearly750multinationalcorporationsinH1FY2025.Thishasbeendrivenbyfactorssuchasqualityoffice offering at competitive rentals, supported by a strong start-up landscape, housing the world’s second largest AI talent pool as of January 2025 and a mature technology ecosystem. While technology, engineering and manufacturing, and BFSI sectors remain the primary demand drivers, retail, aerospace, semiconductor, and life sciences companies are also establishing niche GCCs in the city. During CY2022 to Q1CY2025, Bengaluru held a 42.7% share of total pan-India GCC leasing. The city is well-connected via extensive transportation infrastructure which is undergoing a comprehensive upgrade, including construction of upcoming metro lines and road projects aiming to provide better access to commercial zones.Oftenreferredtoasthe‘StartupCapital’ofIndia,Bengaluruhostedapproximatelymorethan1,900 startups, accounting for 22% of India’s total startups as of May 2024, which have attracted almost 50% of the total Indian startup funding since 2014. (Source: CBRE Report).

Outer Ring Road (“ORR”) Profile Our Portfolio Assets, Cessna Business Park, Exora Business Park, Sattva Softzone, Sattva Touchstone, Sattva Eminence, Sattva Premia, and Sattva Supreme, are located in the ORR sub-market. The ORR sub-marketisthelargestofficesub-marketinIndiawithapproximately75.0msfofcompletedofficestock as of March 31, 2025. Driven by premium office stock, proximity to residential catchments, well-planned social infrastructure, and superior connectivity to other established sub-markets across the city, the ORR sub-market has a significant presence of multinational corporations, predominantly from the technology and BFSI sectors. It is also considered the commercial hub of the city, with a significant concentration of Fortune500companiesinIndia.AsoneofBengaluru’smostprominentsub-markets,ORRhashistorically recorded higher office demand than supply completions, resulting in relatively low vacancy levels, and effective vacancies are expected to drop to 6.1% by the end of CY2027 from 9.8% as of Q1CY2025.

(Source: CBRE Report).

Our Portfolio Assets are all situated along the arterial road, benefiting from direct connectivity from the upcoming metro and easy ingress and egress to and from the properties. Access is expected to further improve with the upcoming development of a nearby metro station, providing last mile connectivity. The assets are located within proximity to other IT parks, office buildings, established residential catchment andareclosetovarioussocialandlifestyleamenitiessuchasnotablehotels,schools,hospitals,andmalls, and are designed to cater to the multitude of technology and BFSI companies which operate in this sub-market. (Source: CBRE Report) 262The following map illustrates the location of our assets in the ORR sub-market:

Commercial KRT Portfolio Lifestyle Infrastructure Social Infrastructure Developments Assets

The surrounding social and lifestyle infrastructure and key office developments in ORR are as follows: # Lifestyle Infrastructure # Social Infrastructure # Key Office Developments 1 Gopalan Signature Mall 1 VIBGYOR School Exora Business Park 2 VR Bengaluru 2 National Center for Excellence School Cessna Business Park 3 Phoenix Marketcity 3 LR International School Sattva Softzone 4 Brookfield Mall 4 Brookfield Hospital Sattva Touchstone 5 Novotel 5 Sri Lakshmi Super Specialty Hospital Sattva Premia 6 Radisson Blu Sattva Eminence 7 Courtyard by Marriott Sattva Supreme 1 Embassy Tech Village 2 RMZ Ecospace 3 RMZ Ecoworld 4 Bagmane Constellation 5 Bagmane World Tech Park 6 Prestige Tech Park 7 Helios Business Park 8 Prestige Tech Pacific 9 Prestige Lakeshore Drive

Source:CBRE;asofMarch31,2025;RepresentativeMap,NottoScale.

263Peripheral South (“PBD-O”) Profile Our Portfolio Assets, Sattva Global City, Sattva Infozone, Sattva South Avenue, Sattva Endeavour and Sattva Spectrum are located in the PBD-O sub-market. PBD-O sub-market comprises of the peripheral locations in southwest and southeast Bengaluru such as Mysore Road, Electronic City, and Sarjapura Road. (Source: CBRE Report) PBD-O: Mysore Road The southwest zone in Bengaluru is characterized by limited commercial real estate activity due to its peripheral and industrial nature. Growth in real estate activity has recently picked up with developments related to the NICE corridor and various educational institutions. The location has limited presence of commercial office developments. Our Portfolio Asset, Sattva Global City, is one of the largest business parks in Bengaluru (by land area) spread across 78.3 acres. It is also the largest in its sub-market in terms of Leasable Area as of March 31, 2025. Since its commencement of operations, it has offered a business ecosystem and leisure facilities with a wide range of infrastructure and amenities. It offers multiple transport options to tenants, with the Pattenegere Metro Station located right at the main entrance and is located in close proximity to the Kengeri bus terminal and railway station. (Source: CBRE Report).

PBD-O: Electronic City Electronic City is a designated development corridor focused on electronics and IT industry promoted by KEONICS (Karnataka State Electronics Development Corporation Limited). Spread over more than 700 acres, the development in divided into three phases (Phase I, II and III), with our PortfolioAssets Sattva Infozone is located in Phase I and Sattva South Avenue and Sattva Endeavour (which is under construction) are located in Phase II. Phases I and II are operational and have a presence of over 158 companies including 100 IT/iTeS companies and a substantial workforce. Sattva Infozone, Sattva South Avenue, and Sattva Endeavour are well-connected via the Electronic City flyover, Bannerghatta Road, NICE Ring Road, and Hosur Road, providing easy access to other key areas of the city. Connectivity is expected to be further enhanced with the upcoming yellow metro line that is expected to be operational by the second half of CY2025. (Source: CBRE Report).

PBD-O: Sarjapur Road Sarjapur Road’s real estate activity was catalyzed by its proximity to ORR, NICE Road, emerging social infrastructure, and planned infrastructure enhancements. The region is characterized by the presence of residential catchment and large mixed-use developments. Our Portfolio Asset, Sattva Spectrum, located off Sarjapur Road near ORR, is surrounded by residential and commercial hubs. The property benefits from frontage along the Ambalipura-Sarjapur Road network and is expected to further benefit from the proposed phase 3 metro line along the access road. (Source: CBRE Report).

264The following map illustrates the location of our assets, including those under construction, in the PBD-O sub-market:

Lifestyle Commercial KRT Portfolio Social Infrastructure Infrastructure Developments Assets The surrounding social and lifestyle infrastructure and key office developments in PBD-O are as follows: # Lifestyle Infrastructure # Social Infrastructure # Key Office Developments 1 Forum South Bengaluru Mall 1 Bangalore Hospital, Kengeri Sattva Infozone 2 Royal Meenakshi Mall 2 SARVAM School Sattva Global City 3 Elegance Mantri Mall 3 Icon School of Excellence Sattva South Avenue 4 Gopalan Innovation Mall 4 Springleaf Hospital Sattva Endeavour (UC) 5 Jayanagar Shopping Complex 5 AMC Engineering College Sattva Spectrum (UC) 6 Lemon Tree Hotel, Electronic City 6 Kauvery Hospital 1 RGA Tech Park 7 Radiant Resort 7 St. Theresa’s School 2 Equinox Tech Park 8 IBIS Bengaluru Hosur Road 8 Global Academy for Leading 3 Sattva South Gate 4 E-City Software Park 5 Gold Hill Excelsior 6 Infosys Limited Campus

Source:CBRE;asofMarch31,2025;RepresentativeMap,NottoScale 265Peripheral Business District—Whitefield (“PBD-Whitefield”) Profile Our Portfolio Asset, Sattva Knowledge Court, is located in the PBD-Whitefield sub-market. It attracts interest from various multinational corporations and prominent Indian technology firms, driven by factors includinggoodconnectivitytothecity,availabilityofgradeAofficespaces,multiplescalableoptionswith large floor plates, and competitive rentals compared to other established sub-markets in the city.The asset also benefits from rapid growth of social infrastructure, including residential developments, shopping malls, hospitals, and schools, which has significantly increased the demand for commercial spaces in the market. The property is accessible by major roads as well as metro (Kundalahalli metro station), which is approximately 800 meters from the property. (Source: CBRE Report) The following map illustrates the location of our asset in the PBD-Whitefield sub-market:

Lifestyle Infrastructure Social Infrastructure Commercial Developments KRT Portfolio Asset 266The surrounding social and lifestyle infrastructure and key office developments in PBD-Whitefield are as

follows: # Lifestyle Infrastructure # Social Infrastructure # Key Office Developments 1 Ascendas Park Square Mall 1 EuroSchool Whitefield Sattva Knowledge Court 2 Nexus Shantiniketan Mall 2 Glentree Academy 1 DivyaSree Technopark 3 Phoenix Marketcity 3 Ryan International School 2 Brigade Metropolis 4 Nexus Whitefield 4 St. Teresa Int’l School 3 Bagmane Solarium City 5 Brookfield Mall 5 KR Puram Govt. Hospital 4 Brigade Tech Gardens 6 Marriot Hotel Whitefield 6 Deepa Hospital 5 Nalapad Brigade Center Sri Lakshmi Super Specialty 7 Vivanta Hotel Whitefield 7 6 International Tech Park Bangalore Hospital 8 Sheraton Grand 8 Altor Hospitals 7 Sattva Tech Park 8 RMZ NXT

Source:CBRE;asofMarch31,2025;RepresentativeMap,NottoScale North Bengaluru (“NBD”) Profile Our PortfolioAsset, Sattva Horizon, is located in the NBD sub-market. The NBD sub-market is the third largest office sub-market in the city and has emerged as a prominent commercial hub over the last few years due to its proximity to the international airport, ongoing infrastructure development including the metro,advancedphysicalandsocialinfrastructureinitiatives(withapresenceofschools,hospitals,luxury dining,hotelsinvicinity),andaccessibilitytokeyresidentialareasinthecity.Historically,thesub-market has attracted tenants including multinational corporations and technology firms amongst others. (Source:

CBRE Report) 267The following map illustrates the location of our assets in the NBD sub-market:

Lifestyle Infrastructure Social Infrastructure Commercial Developments KRT Portfolio Asset

The surrounding social and lifestyle infrastructure and key office developments in NBD are as follows: # Lifestyle Infrastructure # Social Infrastructure # Key Office Developments 1 Phoenix Mall of Asia 1 Manipal Hospital Sattva Horizon 2 Bhartiya Mall of Bengaluru 2 Aster CMI 1 MFAR Manyata Tech Park 3 Vivanta by Taj 3 Nitte Meenakshi Institute of Technology 2 Embassy Manyata Business Park 4 Country Inn & Suites 4 Canadian International School 3 Brigade Gateway (WTC) 5 Taj Bangalore 5 Delhi Public School 4 RMZ Galleria Sir M Visvesvaraya Institute of 6 Prestige Golfshire 6 5 Karle Town Center Technology 7 Vibgyor High School 6 Kirloskar Business Park 8 Stonehill International School 7 Embassy Business Hub 8 North Gate 9 Sattva Galleria 10 Sattva Knowledge Point

Source:CBRE;asofMarch31,2025;RepresentativeMap,NottoScale 268Central Business District (“CBD”) Profile OurPortfolioAssets,SattvaCosmoLavalleandOneTradeTower,arelocatedintheCBDsub-market.The CBD has served as the core around which Bengaluru’s real estate landscape has evolved and encompasses major government offices, luxury hotels, private corporate office complexes, and prime retail high streets such as Commercial Street, Brigade Road, and MG Road.As of March 31, 2025, the sub-market recorded an effective vacancy of 9.3% and market rent of Rs ₹145.0 psf per month, compared to Bengaluru’s average market rent of ₹93.0 psf per month. (Source: CBRE Report) Extended Business District (“EBD”) Profile Our PortfolioAssets, Sattva Magnificia and Sattva Techpoint, are located in the EBD sub-market. Due to its proximity to the CBD and the availability of institutional-grade office parks, presence of major technology parks, high-end residential catchments and well-planned physical & social infrastructure, the EBD sub-market continues to be a preferred location for front office tenants in the financial services, e-commerce,andservicessectors,whichhasresultedineffectivevacanciesof4.7%asofMarch31,2025.

Due to its proximity to the CBD and the availability of institutional-grade office parks, EBD provides a preferred expansion option to CBD tenants. Owing to its central location, the sub-market has limited availability of land parcels for future development. (Source: CBRE Report) 269CESSNA BUSINESS PARK, BENGALURU Asset Description Cessna Business Park is a high-quality IT SEZ business park and our largest asset by Leasable Area situated in ORR. ORR is the most sought-after office sub-market in Bengaluru, accounting for more than one-third of the average annual gross absorption from CY2016 to Q1CY2025, according to the CBRE Report. The property is situated along the arterial road, benefiting from direct connectivity to the upcoming metro and easy ingress and egress to and from the property. The property also benefits from its proximity to prime social and lifestyle infrastructure including the adjoining 191-key Aloft hotel, F&B offerings, schools, hospitals and retail centers. The property consists of 11 buildings, spread across

40.8 acres and with 4.2 msf of Leasable Area, which is 97.4% leased as of March 31, 2025. Cessna BusinessParkhousesCiscoSystemsIndiaPrivateLimitedasananchortenantwhooccupies66.4%ofthe LeasableArea as of March 31, 2025. The property is also occupied by a host of prominent GCC tenants, including WM Global Technology Services India Pvt Ltd and Sixt R&D Private Limited.

The property offers an array of amenities, including a tennis court, a basketball court, a butterfly garden, F&B outlets and a breakout zone. Due to certain changes in applicable development regulations, there is a possibility of additional development potential of up to 1 msf of floor space index (“FSI”) which can be utilized for redevelopment, subject to regulatory approvals and prevailing bylaws in case a re-development is planned. Consistent with our focus on adopting sustainable practices, we have implementedseveralinitiativesacrosstheproperty.Forinstance,thepropertyutilizessolarenergysourced from an affiliate of the Blackstone Sponsor and other third parties to supply 88.7% of its energy requirements in FY2025. We have also achieved the LEED Zero Energy certification for 22.4% of Leasable Area (2 towers) of Cessna Business Park in 2025.

In recognition of high-quality infrastructure and sustainability initiatives, the property has received many certifications, including the following: (cid:129) Cessna Business Park was part of a group of our PortfolioAssets which received the GRESB 5-star rating, and ranked #1 across its peer group in India in 2024;

(cid:129) WELL Gold certification in 2024;

270(cid:129) Five Star Rating and Sword of Honour certification from the British Safety Council in 2023; (cid:129) LEED Building Operations and Maintenance v4.1: Existing Buildings Gold/Platinum certification received on a monthly basis since 2022;

(cid:129) 4-star rating from BEE in 2024; and (cid:129) LEED Zero Energy certification for 22.4% of Leasable Area (2 towers) in 2025.

The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Cessna Garden Developers Pvt Ltd Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2008(1) Asset Type Business Park Sub-market ORR Site Area (Acres) 40.8 acres Land Title Freehold Leasable Area (msf) 4.2 Completed Area (msf) 4.2 Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 97.4% Committed Occupancy (%) 97.4% WALE (Years) 14.8 Number of Tenants 15(2) Market Value (₹ mm) 45,602 Percentage of Gross Portfolio Market Value (%) 7.4%

Notes:

(1) BlocksB1toB4weredeliveredin2008,BlocksB5toB8weredeliveredbetween2011to2014andBlocksB9toB11deliveredbetween2018to2020.Weacquiredthe entityin2021.

(2) IncludesF&B,retailand/orotheramenitytenants.

271Tenant Profile CessnaBusinessParkisbuilttointernationalstandardsandwithouractiveassetmanagement,itcontinues to be a preferred destination for multiple GCC tenants.As of March 31, 2025, Cessna Business Park had 15tenants,whoarepredominantlymultinationalcorporates,and96.5%ofGrossRentalswerefromGCCs who occupied 4.0 msf, or 97.5% of the Occupied Area.

These tenants accounted for 100.0% of Gross Rentals of Cessna Business Park for the month ended March 31, 2025, as illustrated below:

Percentage of Rank Tenant Tenant Sector Gross Rentals 1 Cisco Systems India Private Technology 57.0% Limited 2 WM Global Technology Services Technology 14.5% India Pvt Ltd 3 Multinational food corporation FMCG & retail 10.3% 4 American semiconductor and Engineering & manufacturing 5.3% electronics company 5 Multinational IT and software Technology 5.0% company 6 Indian information technology Technology 2.8% consulting company 7 American cloud company Technology 2.6% 8 Sixt R&D Private Limited Technology 1.9% 9 Indian software solutions company Technology 0.6% 10 Others Amenities 0.0%* Top 10 Total 100.0% *Negligible As an IT SEZ business park, Cessna Business Park predominantly hosts tenants from the technology sector, who contributed to 84.4% of Gross Rentals for the month ended March 31, 2025, with the remaining from tenants in the fast-moving consumer goods and retail and engineering and manufacturing sectors.

272Sector Mix by Gross Rentals (%) Engineering & manufacturing, 5.3% FMCG & retail, 10.3% Technology,

84.4% Rent and Occupancy Trends As an IT SEZ business park, Cessna Business Park is a prime asset which has consistently maintained a Committed Occupancy of more than 97.0% from FY2021 to FY2025. Its Committed Occupancy was

97.4% (as compared to the Occupancy of ORR sub-market of 89.1%) as of March 31, 2025, based on data fromtheCBREReport.Ithasalong-termcommitmentfromitsanchortenant,CiscoSystemsIndiaPrivate Limited,whooccupies66.4%oftheLeasableAreaasofMarch31,2025withaWALEof19.6years.This has contributed to an overall WALE of 14.8 years, leading to stability and predictability in cash flows, which is a significant advantage.

Positive market fundamentals, such as limited future supply, and good connectivity being enhanced with the ongoing construction of metro phase 2A (expected to be operational by the end of CY2027) are expected to lead to low vacancies and further boost demand in the sub-market, according to the CBRE Report. These factors are expected to maintain Cessna Business Park’s high Occupancy and drive rental growth in the medium to long term.

273The charts below set out the increase in historical Base Rents at Cessna Business Park and Market Rents at the ORR sub-market from March 31, 2021 to March 31, 2025, along with details of Committed Occupancy as compared to the sub-market’s Occupancy for the periods indicated:

Historical Rents Historical Occupancy (March 31, 2021—March 31, 2025) (March 31, 2021—March 31, 2025)

119.8

113.2 117.9 99.9% 99.9% 99.9% 99.9%

110.0 97.4%

110.2

104.2

106.8

100.0 91.4%

103.5 90.5% 88.7% 89.1%

100.0 85.8% Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Base Rents (Indexed) Market Rents (Indexed) Asset Committed Occupancy (%) Market Occupancy (%)

Source:CBREReport;FiguresforBaseRentsandMarketRentshavebeenindexedto100forillustrativepurposesanddonotrepresentactualBaseRentandMarketRent figures.

Mark-to-Market Opportunity The average monthly In-place Rent at Cessna Business Park is ₹69.5 psf with a Market Rent at Cessna Business Park of ₹95.0 psf, resulting in a mark-to-market upside of 36.6% on Base Rentals for the month endedMarch31,2025.Thissignificantmark-to-marketupsideislargelyattributabletothelong-termlease with Cisco Systems India Private Limited. The following illustrates the average Base Rentals and Market Rentals at Cessna Business Park for the month ended March 31, 2025:

₹ mm/month

390.6 % +36.6

286.0 Base Rentals Market Rentals 274Lease Expiry Profiles TheWALE of Cessna Business Park is 14.8 years as of March 31, 2025, with 10.0% of the OccupiedArea expiring between FY2026 and FY2030, as illustrated in the chart below.

Occupied Area Expiring (FY2026—FY2030, sf) Area expiring (’000 sf)

200.0

110.6

85.9

16.2 – FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) – 3.6% 2.8% 6.9% 0.6% Base Rent at Expiry (₹psf/Month) – 93.9 91.9 113.3 136.9 Mark-to-Market Potential (%) – 11.5% 19.6% 1.9% (11.4%) 275Key Placemaking Initiatives and Planned Upgrades As part of our efforts to attract and retain tenants to maintain average Occupancy, we have undertaken various initiatives to upgrade the asset, including the following:

(cid:129) Weundertookacomprehensiveassetupgradeprogram,includingrevampingthelobbies,introducing breakout area, enhancing sports facilities (including the existing tennis and basketball courts), and an overhaul of the back-end infrastructure. The following illustrates certain images of our

transformation efforts:

Before After Before After Before After Key Milestones and Achievements Through our disciplined operations, investment expertise and key placemaking initiatives, we have: (cid:129) Maintained an average Committed Occupancy of 99.4% from FY2021 to FY2025.

(cid:129) Secured 1.0 msf renewals, with a tenant retention rate of 87.1% from FY2023 to FY2025. (cid:129) Cisco Systems India Private Limited, the anchor tenant occupying 8 out of 11 blocks, started leasing in Cessna Business Park in 2007. In FY2021, they renewed their lease of 2.8 msf for another term of 5 years with built-in escalations of 20.0%, despite the cessation of SEZ benefits, achieving a WALE of 19.6 years as of March 31, 2025, thereby enhancing the asset’s stability.

276EXORA BUSINESS PARK, BENGALURU Asset Description Exora Business Park is a business park located in Bengaluru, forming part of a larger office campus, featuring three distinctive towers, spread across 21.3 acres with 2.2 msf of Leasable Area. The property is positioned within the vicinity of our other PortfolioAssets in ORR, including Cessna Business Park. It isalsowithinproximitytootherITparks,officebuildings,establishedresidentialcatchments,andvarious social and lifestyle amenities such as notable hotels, schools, hospitals, and malls designed to cater to the multitude of BFSI and technology companies which operate in this sub-market, as per the CBRE Report.

Exora Business Park has attracted a roster of highly regarded multinational and domestic tenants, including Juniper Networks, Amadeus Software Labs India Private Limited, Radisys India Limited and Verizon Data Services India Private Limited.

Exora Business Park provides an array of amenities including ‘One Hive’, developed from an erstwhile underutilized space which entails a 55.0 ksf break-out area including a food court with more than 450 seats. It is also equipped with extensive sport amenities such as a basketball court, cricket pitch and jogging tracks to cater to the health and wellness of tenants.Additionally, collaborative spaces such as an amphitheater and large green lung spaces provide opportunities to foster a sense of community among tenants.

Asatestamenttooursustainabilityfocus,thepropertyis92.4%poweredbyrenewableenergyinFY2025, sourcedfromanaffiliateoftheBlackstoneSponsorandotherthird-partysources.Theassetholdsmultiple certifications, including the following:

(cid:129) Exora Business Park was part of a group of our Portfolio Assets which received the GRESB 5-star rating, and ranked #1 across its peer group in India in 2024; (cid:129) WELL Gold certification in 2024;

(cid:129) Five Star Rating and Sword of Honour certification from the British Safety Council in 2023;

277(cid:129) 2-star rating from the BEE in 2024; (cid:129) LEED Building Operations and Maintenance v4.1: Existing Buildings Platinum & Gold certification received on a monthly basis since 2022; and (cid:129) IGBC LEED India Green Building Rating System Gold in 2018.

The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Exora Business Park Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2011(1) Asset Type Business Park Sub-market ORR Site Area (Acres) 21.3 acres Land Title Freehold Leasable Area (msf) 2.2 Completed Area (msf) 2.2 Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 89.7% Committed Occupancy (%) 91.8% WALE (Years) 7.3 Number of Tenants 28(2) Market Value (₹ mm) 33,335 Percentage of Gross Portfolio Market Value (%) 5.4%

Notes:

(1) Electrawasdeliveredin2011,Etaminwasdeliveredin2012andElnathwasdeliveredin2014.Weacquiredtheentityin2021.

(2) IncludesF&B,retailand/orotheramenitytenants.

278Tenant Profile ExoraBusinessPark’sinfrastructure,amenitiesandgreenenergyfocushaveenabledittoattractanumber ofprominentmultinationalcorporatesassetforthbelow.Outof28tenantsinExoraBusinessPark,87.9% of Gross Rentals were from multinational corporates and 64.2% were from GCCs.

Thetop10tenantsaccountfor88.1%ofGrossRentalsofExoraBusinessParkforthemonthendedMarch 31, 2025, as illustrated below:

Percentage of Rank Tenant Tenant Sector Gross Rentals 1 Juniper Networks Telecommunications 29.2% 2 Amadeus Software Labs India Technology 24.2% Private Limited 3 Guidewire Software Solutions India Technology 7.4% Private Limited 4 Radisys India Limited Technology 5.5% 5 Verizon Data Services India Private Telecommunications 5.3% Limited 6 Indian technology company Technology 4.4% 7 Tablespace Services Private Limited Co-working 3.8% 8 Redbrick IT Support Limited Co-working 3.0% 9 American information technology Technology 2.7% company 10 Singapore software technology Technology 2.6% company Top 10 Total 88.1% Owing to the asset’s prime location along ORR, a sub-market with significant presence of multinational corporations, predominantly from the technology and BFSI sectors, as per the CBRE Report, Exora Business Park has attracted several tenants in the technology and telecommunication sectors, who contributed 81.2% of Exora Business Park’s Gross Rentals for the month ended March 31, 2025, with the remaining from tenants spread across various sectors.

279Sector Mix by Gross Rentals (%) Others, 9.6% Automobile, 2.3% Co-working, 6.8% Technology,

46.7% Telecommunications,

34.5% Rent and Occupancy Trends Exora Business Park has a Committed Occupancy of 91.8%, outperforming the ORR sub-market Occupancy of 89.1% as of March 31, 2025. From FY2023 to FY2025, we successfully re-leased 0.5 msf (23.2% of the Leasable Area) with a spread of 38.5%. The Base Rent of Exora Business Park grew at a 3-year CAGR of 7.5% through FY2025 (compared to the 5.0% Market Rents CAGR of the ORR sub-market over the same period), as per data from the CBRE Report. Exora Business Park is expected to benefit from the ORR sub-market’s increasing occupancy, rental growth and from its ongoing placemaking and asset repositioning initiatives, according to the CBRE Report.

The charts below set out the increase in historical Base Rents at Exora Business Park and Market Rents at the ORR sub-market from March 31, 2021 to March 31, 2025, along with details of the Committed Occupancy as compared to the sub-market’s Occupancy for the periods indicated:

Historical Rents Historical Occupancy (March 31, 2021—March 31, 2025) (March 31, 2021—March 31, 2025)

133.0

91.4% 91.8%

90.5%

126.3

88.7%

85.8%

89.1%

88.0%

86.5%

112.9

119.8

83.0% 83.1%

107.1

110.2

100.0

106.8

103.5

100.0 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Mar’21 Mar’2 Mar’23 Mar’24 Mar’25 Base Rents (Indexed) Market Rents (Indexed) Asset Committed Occupancy (%) Market Occupancy (%)

Source:CBREReport;FiguresforBaseRentsandMarketRentshavebeenindexedto100forillustrativepurposesanddonotrepresentactualBaseRentandMarketRent figures.

280Mark-to-Market Opportunity The average monthly In-place Rent at Exora Business Park is ₹85.8 psf with a Market Rent of Exora BusinessParkof₹100.0psf,resultinginamark-to-marketupsideof16.5%onBaseRentals,forthemonth ended March 31, 2025. The following illustrates the average Base Rentals and Market Rentals at Exora Business Park for the month ended March 31, 2025:

₹ mm/month

196.9 % + 1

6.5

169.0 Base Rentals Market Rentals Lease Expiry Profiles The WALE of Exora Business Park is 7.3 years as of March 31, 2025, with 11.6% of the Occupied Area expiring between FY2026 and FY2030, as illustrated in the chart below:

Occupied Area Expiring (FY2026—FY2030, sf)

139.2 Area expiring (’000 sf)

40.8 42.4 – – FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) – 2.3% 6.3% 1.8% – Base Rent at Expiry (₹psf/Month) – 92.6 77.0 80.5 – Mark-to-Market Potential (%) – 19.1% 50.4% 51.1% – 281Key Placemaking Initiatives and Planned Upgrades Since our acquisition in March 2021, we have implemented an asset repositioning program to enhance the appeal of Exora Business Park, including the following:

(cid:129) We implemented a customer-centric approach to enhance the arrival experience, upgraded lobbies and created a food court with more than 450 seats in a previously underutilized area.

Before After Before After (cid:129) We also sought to enhance tenant experience by introducing sports amenities and a breakout area in previously underutilized spaces, as illustrated below:

282Key Milestones and Achievements Through our disciplined operations, investment expertise and key placemaking initiatives, we have: (cid:129) Leased 0.8 msf (38.3% of LeasableArea), including re-leasing of 0.5 msf (23.2% of LeasableArea) at a re-leasing spread of 38.5% from FY2023 to FY2025.

(cid:129) Achieved a 7.5% 3-year Base Rent CAGR through FY2025. (cid:129) Existing tenants have increasingly expanded within the property, leasing 0.6 msf of the total 0.8 msf area leased from FY2023 to FY2025. For instance:

o One of our prominent tenants,Amadeus Software Labs India Private Limited has expanded its leasable area by 1.66 times to 477.6 ksf from FY2023 to FY2025. o One of our GCC tenants, Verizon Data Services India Private Limited, has expanded the area leased by 6.9 times from FY2021 to FY2025.

o One of our prominent tenants, J.P. Morgan Services India Private Limited had vacated 342.8 ksf of space in FY2022. Since then, we have re-leased 94.2% of this vacant space to multiple tenants including Amadeus Software Labs India Pvt Ltd, Guidewire Software Solutions India PrivateLimitedandCarlZeissIndia(Bangalore)PrivateLimited,achievingare-leasingspread of 44.1% as of March 31, 2025, with an average downtime of approximately 1 year.

Theserenewalsandexpansionsareatestamenttotheappealofthepropertyandshowcaseourtenant retention abilities.

283SATTVA SOFTZONE, BENGALURU Asset Description Sattva Softzone is a Grade A high quality business park in ORR consisting of 2 buildings covering 7.2 acres with 1.0 msf of LeasableArea. It is strategically located on the Bellandur stretch of ORR which has experienced a significant surge in both residential and commercial real estate developments.The asset has good accessibility from well-developed road infrastructure and is located less than 1 km away from the under-construction Bellandur and Iblur stations of the Blue metro line, which is expected to enhance connectivity to the rest of the city, as per the CBRE Report.As a result, the property has attracted a range of multinational and domestic corporate tenants including prominent startups and BFSI tenants including PhonePe and HSBC.

In FY2019, we undertook an asset refurbishment plan involving multiple upgrade initiatives to augment the market positioning of Sattva Softzone and enhance its appeal. These initiatives include a food court, creche, F&B outlets and a cafe to cater to the needs of tenants who are increasingly focused on providing lifestyle solutions to their workforce and promoting a modern collaborative work culture.

In line with our focus on sustainability, the property incorporates measures to optimize power consumption. We have been using solar power sourced from a third-party to power the property’s requirements since 2018. The property has transitioned to sourcing its energy in-house and as of March 31,2025,substantiallyallofitsenergyrequirementsaresourcedfromKarnatakaSolar—IheldbySRPPL.

284The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Softzone Tech Park Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2007 Asset Type Business Park Sub-market ORR Site Area (Acres) 7.2 acres Land Title Freehold Leasable Area (msf) 1.0 Completed Area (msf) 1.0 Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 76.5% Committed Occupancy (%) 91.0% WALE (Years) 6.3 Number of Tenants 10(1) Market Value (₹ mm) 16,646 Percentage of Gross Portfolio Market Value (%) 2.7%

Note:

(1) Includestelecomandotheramenitytenants.

285Tenant Profile Sattva Softzone boasts a well-balanced tenant roster with a mix of prominent multinational and domestic tenants, including startups. As of March 31, 2025, Sattva Softzone had 10 tenants, and 29.0% of Gross Rentals were from multinational corporates, and 25.8% of Gross Rentals were from GCCs. Domestic tenants accounted for the remaining 71.0% of Gross Rentals for the month ended March 31, 2025.

These tenants accounted for 100.0% of our Gross Rentals for the month ended March 31, 2025, as

illustrated below:

Percentage of Rank Tenant Tenant Sector Gross Rentals 1 PhonePe BFSI 70.7% 2 HSBC BFSI 10.3% 3 Jfrog Technology 8.7% 4 Commscope Networks India Pvt Telecommunications 5.5% Ltd.

5 American technology company Technology 3.3% 6 American manufacturing company Engineering & manufacturing 1.1% 7 Others Amenities 0.3% Total 100.0% A significant portion of Sattva Softzone’s Gross Rentals for the month ended March 31, 2025 was contributed by tenants in the BFSI sector, primarily from PhonePe, which is an Indian digital payments and financial services startup.The remaining Gross Rentals are contributed by tenants in a mix of sectors, such as technology, which also includes Jfrog, a technology startup, demonstrating the attractiveness of the asset as an ideal location to cater to startup tenant demand.

Sector Mix by Gross Rentals (%) Others, 1.5% Telecommunications, 5.5% Technology,

12.0% BFSI, 81.0% 286Rent and Occupancy Trends Sattva Softzone has consistently outperformed the occupancy of ORR sub-market with a Committed Occupancy of more than 90.0% from FY2023 to FY2025 based on data from the CBRE Report. This is attributable to the attractiveness of the asset and expansion requirements of an existing tenant, PhonePe, who has increased their Leasable Area from approximately 0.1 msf in FY2022 to 0.6 msf in FY2025, inclusive of Committed Area of 0.1 msf.

Due to our asset upgrade and repositioning initiatives, the asset has achieved a 3-year Marginal Rent CAGRof6.2%throughFY2025,exceedingthe5.0%CAGRofMarketRentsoftheORRsub-marketover the same period, based on data from the CBRE Report. Sattva Softzone is expected to benefit from rental growth in the ORR sub-market, which is forecasted to grow at a rate of approximately 4.4% per annum from Q1CY2025 to CY2027. (Source: CBRE Report) The charts below set out the increase in historical Base Rents at Sattva Softzone and Market Rents at the ORR sub-market from March 31, 2021, to March 31, 2025, along with details of the Committed

Occupancy levels for the periods indicated:

Historical Rents Historical Occupancy (March 31, 2021—March 31, 2025) (March 31, 2021—March 31, 2025)

96.3%

119.8 90.5% 91.4% 92.1% 91.0%

88.7% 89.1%

85.8%

110.2

79.0%

106.8

111.3

103.5 109.5

100.0 104.6

102.0 55.7%

100.0 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Base Rents (Indexed) Market Rents (Indexed) Asset Committed Occupancy (%) Market Occupancy (%)

Source:CBREReport;FiguresforBaseRentsandMarketRentshavebeenindexedto100forillustrativepurposesanddonotrepresentactualBaseRentandMarketRent figures.

287Mark-to-Market Opportunity The average monthly In-place Rent at Sattva Softzone is ₹99.1 psf with a Market Rent at Sattva Softzone of ₹105.0 psf, resulting in a mark-to-market upside of 6.0% on Base Rentals, for the month ended March 31, 2025. The following illustrates the Base Rentals and Market Rentals at Sattva Softzone for the month ended March 31, 2025:

₹ mm/month

80.6

76.0 +6.0% Base Rentals Market Rentals Lease Expiry Profiles TheWALEofSattvaSoftzoneis6.3yearsasofMarch31,2025,with8.0%oftheOccupiedAreaexpiring between FY2026 and FY2030, as illustrated in the chart below:

Occupied Area Expiring (FY2026—FY2030, sf)

31.6 Area expiring (’000 sf)

16.7

9.2 – – FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) – 1.3% 4.2% – 2.4% Base Rent at Expiry (₹psf/Month) – 119.4 112.7 – 120.8 Mark-to-Market Potential (%) – (3.1)% 7.9% – 10.9% 288Key Placemaking Initiatives and Planned Upgrades To enhance the attractiveness of Sattva Softzone, we have implemented a variety of initiatives, including

the following: (cid:129) We upgraded the amenities of the asset to cater to our tenants’ needs including through the constructionofa20.0ksffoodcourttoofferamulti-cuisineexperience.Wealsoenhancedthefaçade ofthepropertybyupgradingthelobbiesandlandscapingtoelevatethearrivalexperienceandoverall appeal of the asset.

(cid:129) The following illustrates the upgraded food court and lobbies:

Upgraded Food Court Lobby—Before Lobby—After (cid:129) The property used renewable energy to fulfill 91.7% of its energy requirements in FY2025.

289Key Milestones and Achievements Through our disciplined operations and investment expertise and key placemaking initiatives, we have: (cid:129) Leased 0.7 msf from FY2023 to FY2025, comprising 0.3 msf in FY2025, 0.1 msf in FY2024 and

0.3 msf in FY2023. (cid:129) ImprovedaverageCommittedOccupancyfrom55.7%asofMarch31,2021to91.0%asofMarch31,

2025. (cid:129) Developed long-standing tenant relationships, such as with HSBC and an American technology company, which have been tenants since the property’s inception 17 years ago. (cid:129) Offeredfit-outsolutionstoourtenantsunderour“plug-and-play”leasingmodelwhereofficespaces were ready for immediate use, with customizable design options tailored to the tenants’ requirements, focusing on open office layouts to cater to the startup culture.

o For example, we provided fit-out solutions to our largest tenant, PhonePe, who has been our tenant since 2021. The fit-outs focused on features such as energy efficiency, safety, and adaptability to the new work culture emerging post-COVID-19. PhonePe had since expanded its presence within the property from approximately 0.1 msf in FY2022 to 0.6 msf in FY2025 (including 0.1 msf of Committed Area), which we believe is a testament to our ability to understand our clients’ requirements and deliver solutions which satisfy their needs.

290SATTVA TOUCHSTONE, BENGALURU Asset Description SattvaTouchstoneisabusinesscenterlocatedinORR,Bengaluru.Thepropertyfeaturesatotalof0.4msf of Leasable Area, of which 0.3 msf is owned by us and the remaining is owned by third parties It is strategically located along the ORR stretch of Kadubeesanahalli along with several other IT business parks/centers, including our other Portfolio Assets, Sattva Eminence, Sattva Premia, Cessna Business Park, and Exora Business Park. These Portfolio Assets enjoy seamless connectivity through various transportation modes, which is expected to further improve with the upcoming development of a nearby metro station, providing last mile connectivity. These Portfolio Assets are also located within proximity to other IT parks, office buildings, and residential, social, and lifestyle infrastructure, including malls, hotels, and hospitals. (Source: CBRE Report).

The property caters to an international workforce, with 100.0% of its Gross Rentals for the month ended March 31, 2025 from multinational tenants and 92.4% from GCC tenants. These tenants include Lumen IT India Private Limited,Aveva Solutions India LLP and Suntec Business Solutions Private Limited. For themonthendedMarch31,2025,theofficetenantsofSattvaTouchstonecontributedto99.6%ofitsGross Rentalsandarefromthetelecommunicationsandtechnologysector.Wecarriedoutacomprehensiveasset enhancement program in 2023, which included transforming the lobbies to elevate the overall arrival experience.

In line with our focus on sustainability, the property incorporates measures to optimize power consumption. We have been using solar power sourced from a third-party to power the property’s requirements since 2018. The property has transitioned to sourcing its energy in-house and as of March 31, 2025, substantially all of its energy requirements are sourced from Karnataka Solar—I, the solar plant held by SRPPL.

291The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Softzone Tech Park Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2007 Asset Type Business Center Sub-market ORR Site Area (Acres) 3.4 acres(1) Land Title Freehold Leasable Area (msf) 0.3(2) Completed Area (msf) 0.3(2) Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 43.3% Committed Occupancy (%) 43.3% WALE (Years) 2.6 Number of Tenants 6(3) Market Value (₹ mm) 3,458 Percentage of Gross Portfolio Market Value (%) 0.6%

Notes:

(1) STPLownsaproportionateundividedshareofthelandarea.

(2) OfthetotalLeasableAreaof0.4msf,0.3msfisownedbyusandtheremainderisownedbyotherthirdparties.Unlessotherwisespecified,allreferencestoSattva TouchstoneandtherelateddatawithrespecttheretointhisOfferDocument,includingthefinancial,operationalandmarketvaluedataforSattvaTouchstone,refers onlytothe0.3msfofLeasableAreaownedbyus(togetherwithrights,titleandinterestoverthecorrespondingundividedshareintheland).

(3) Includestelecomand/orotheramenitytenants.

292Mark-to-Market Opportunity The average monthly In-place Rent at Sattva Touchstone is ₹75.9 psf with a Market Rent at Sattva Touchstone of ₹78.0 psf, resulting in a mark-to-market upside of 2.7% on Base Rentals for the month ended March 31, 2025.

The following illustrates the Base Rentals and Market Rentals at Sattva Touchstone for the month ended March 31, 2025: ₹ mm/month

10.8 +2.7%

10.6 Base Rentals Market Rentals Lease Expiry Profiles The WALE of Sattva Touchstone is 2.6 years as of March 31, 2025, with 100.0% of the Occupied Area expiring between FY2026 and FY2030, as illustrated in the chart below:

Occupied Area Expiring (FY2026—FY2030, sf)

52.0 Area expiring (’000 sf)

30.1

25.4

19.2 – FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) 15.2% 19.5% 42.9% – 22.4% Base Rent at Expiry (₹psf/Month) 77.6 75.5 90.2 – 81.8 Mark-to-Market Potential (%) 5.5% 13.9% 0.1% – 21.7% 293Key Milestones and Placemaking Initiatives Through our disciplined operations and investment expertise and asset repositioning initiatives, we have:

(cid:129) Undertaken various aesthetic improvements, including upgrading the building façade and the office

lobbies as follows:

Before After (cid:129) Established long-term relationships through our client-centric approach, including with Lumen IT India Private Limited, which has been for a tenant of the property for over 10 years. As of March 31, 2025, it occupied 34.9% of the total Leasable Area.

(cid:129) We are in the process of implementing our asset upgrade plan, which will include replacement of chillers and other infrastructure improvements and is expected to be completed by December 2025 to enhance its competitiveness.

294SATTVA EMINENCE, BENGALURU Asset Description Sattva Eminence is a prominent business center located in the ORR, Bengaluru. It consists of a total of

0.3 msf of Leasable Area, of which 0.2 msf is owned by us and the remaining is owned by other third parties.ItisstrategicallylocatedalongtheORRstretchofKadubeesanahallialongwithourotherPortfolio Assets, Sattva Touchstone, Sattva Premia, Cessna Business Park, and Exora Business Park, and is surrounded by residential, social, and lifestyle infrastructure, according to the CBRE Report. See “—Sattva Touchstone, Bengaluru” on page 291.

The property has a Committed Occupancy of 46.6% as of March 31, 2025 and is home to an American television service provider which is a marquee multinational GCC tenant. Sattva Eminence’s high quality asset positioning has enabled it to grow its Base Rents at a 3-year CAGR of 4.8% through FY2025.

Amenities at the property include a café to cater to the refreshment needs of tenants.As a part of our ESG initiatives, we have been using solar power sourced from a third-party to power the property’s requirements since 2018. The property has transitioned to sourcing its energy in-house and as of March 31, 2025, substantially all of its energy requirements are sourced from Karnataka Solar—I, the solar plant held by SRPPL.

295The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Debonair Realtors Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2016 Asset Type Business Center Sub-market ORR Site Area (Acres) 1.5 acres(1) Land Title Freehold Leasable Area (msf) 0.2(2) Completed Area (msf) 0.2(2) Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 46.6% Committed Occupancy (%) 46.6% WALE (Years) 6.9 Number of Tenants 2(3) Market Value (₹ mm) 2,148 Percentage of Gross Portfolio Market Value (%) 0.3%

Notes:

(1) DBRPLowns60%undividedshareinthelandarea.

(2) OfthetotalLeasableAreaof0.3msf,0.2msfisownedbyDBRPLandtheremainderisownedbythirdparties.Unlessotherwisespecified,allreferencestoSattva EminenceandtherelateddatawithrespecttheretointhisOfferDocument,includingthefinancial,operationalandmarketvaluedataforSattvaEminence,refersonly tothe0.2msfofLeasableAreaownedbyDBRPL(togetherwithrights,titleandinterestoverthecorrespondingundividedshareintheland).

(3) Includesatelecomtenant.

296Premium In-place Rent The average monthly In-place Rent at Sattva Eminence is ₹86.3 psf, as compared to a Market Rent at Sattva Eminence of ₹85.0 psf, which is at a 1.5% premium compared to the Market Rent, for the month ended March 31, 2025. The following illustrates the Base Rentals and Market Rentals at Sattva Eminence for the month ended March 31, 2025:

₹ mm/month

6.6 (1.5) %

6.5 Base Rentals Market Rentals Lease Expiry Profiles TheWALEofSattvaEminenceis6.9yearsasofMarch31,2025,withnoOccupiedAreaexpiringbetween FY2026 and FY2030.

Key Milestones and Placemaking Initiatives Through our disciplined operations and investment expertise, we have: (cid:129) Leased 0.1 msf (52.3% of Leasable Area) between FY2023 and FY2025. (cid:129) Secured significant expansions, including with anAmerican television service provider, our current tenant, who increased its leasable area by 51.1% from 2017 to 2019. We also provided fit-out solutions to this tenant, which has contributed to its retention and expansion.

297SATTVA PREMIA, BENGALURU Asset Description Sattva Premia is a business center located in ORR, Bengaluru spanning 0.9 acres with 0.1 msf of Leasable Area.

As of March 31, 2025, it was occupied by a single anchor multinational office tenant operating in the engineering and manufacturing sector12. Sattva Premia’s Base Rents have grown at a 3-year CAGR of

4.8% through FY2025. The property features well-planned office spaces. The property has transitioned to sourcing its energy in-house and as of March 31, 2025, substantially all of its energy requirements are sourced from Karnataka Solar—I, the solar plant held by SRPPL.

The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Salarpuria Developers Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2015 Asset Type Business Center Sub-market ORR Site Area (Acres) 0.9 acres Land Title Freehold Leasable Area (msf) 0.1 Completed Area (msf) 0.1 Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 71.7% Committed Occupancy (%) 71.7% WALE (Years) 0.5 Number of Tenants 2(1) Market Value (₹ mm) 1,084 Percentage of Gross Portfolio Market Value (%) 0.2%

Note:

(1) Includesatelecomtenant.

12 As of the date of this Offer Document, the tenant has vacated the premises following the end of the lease term.

298Mark-to-Market Opportunity The average monthly In-place Rent at Sattva Premia is ₹76.2 psf with a Market Rent at Sattva Premia of ₹78.0 psf, resulting in a mark-to-market upside of 2.3% on Base Rentals for the month ended March 31,

2025.The following illustrates the Base Rentals and Market Rentals at Sattva Premia for the month ended March 31, 2025: ₹ mm/month

5.4 % +

2.3

5.3 Base Rentals Market Rentals Lease Expiry Profiles TheWALE of Sattva Premia is 0.5 year as of March 31, 2025, with 100.0% of the OccupiedArea expiring between FY2026 and FY2030, as illustrated in the chart below:

Occupied Area Expiring (FY2026—FY2030, sf)

69.8 Area expiring (’000 sf) – – – – FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) 100.0% – – – – Base Rent at Expiry (₹psf/Month) 76.0 – – – – Mark-to-Market Potential (%) 7.7% – – – – 299Key Milestones and Placemaking Initiatives Through our disciplined operations and investment expertise, we have:

(cid:129) Achieved a 4.8% 3-year CAGR of Base Rents through FY2025. (cid:129) Built long-term relationships through our client-centric approach. Our tenant at Sattva Premia has been a tenant of the property for over a decade, occupying more than 70.0% of our Leasable Area as of March 31, 2025.

300SATTVA SUPREME, BENGALURU Asset Description Sattva Supreme is a business center situated in ORR, Bengaluru. Located in Mahadevapura, Bengaluru, the property spans 1.5 acres with a total of 0.2 msf of Leasable Area, of which 0.1 msf is owned by us and the remaining is owned by third parties.

The property is situated within the largest and most sought-after office sub-markets in Bengaluru and is positioned close to well-developed social infrastructure such as malls, schools and hotels. It will also be conveniently accessible by the proposed Marathahalli metro station located less than 4.0 km away. The expanding network of upcoming metro lines (blue, yellow, and pink) is expected to target key pressure points in the city, including ORR, improving connectivity and reducing traffic congestion. (Source: CBRE Report) The property is occupied by a multinational tenant in the technology sector, namely Deltek Replicon Software (India) Private Ltd and a domestic tenant namelyTataTechnologies Ltd.The asset underwent an enhancement program where its lobbies were upgraded to provide a more welcoming experience.

The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Softzone Tech Park Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2005 Asset Type Business Center Sub-market ORR Site Area (Acres) 1.5 acres(1) Land Title Freehold Leasable Area (msf) 0.1(2) Completed Area (msf) 0.1(2) Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 32.2% Committed Occupancy (%) 32.2% WALE (Years) 4.7 301Number of Tenants 2 Market Value (₹ mm) 712 Percentage of Gross Portfolio Market Value (%) 0.1%

Notes:

(1) STPLowns27%undividedshareofthelandarea.

(2) OfthetotalLeasableAreaof0.2msf,0.1msfisownedbyusandtheremainderisownedbythirdparties.Unlessotherwisespecified,allreferencestoSattvaSupreme andtherelateddatawithrespecttheretointhisOfferDocument,includingthefinancial,operationalandmarketvaluedataforSattvaSupreme,refersonlytothe0.1msf ofLeasableAreaownedbyus(togetherwithrights,titleandinterestoverthecorrespondingundividedshareintheland).

Premium In-Place Rent The average monthly In-place Rent at Sattva Supreme is ₹86.7 psf as compared with the Market Rent at Sattva Supreme of ₹80.0 psf for the month ended March 31, 2025, which is at a 7.7% premium compared to the Market Rent, for the month ended March 31, 2025. The following illustrates the Base Rentals and Market Rentals at Sattva Supreme for the month ended March 31, 2025:

₹ mm/month

1.8 (7.7 %)

1.6 Base Rentals Market Rentals 302Lease Expiry Profiles The WALE of Sattva Supreme is 4.7 years as of March 31, 2025, with 41.0% of the Occupied Area expiring between FY2026 and FY2030, as illustrated in the chart below:

Occupied Area Expiring (FY2026—FY2030, sf) Area expiring (’000 sf) 8.1 – – – – FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) – – – 42.2% – Base Rent at Expiry (₹psf/Month) – – – 103.3 – Mark-to-Market Potential (%) – – – (5.9%) – 303SATTVA GLOBAL CITY, BENGALURU Asset Description Sattva Global City is one of the largest business parks in Bengaluru (by land area) spread across

78.3 acres, and is the largest in its sub-market in terms of LeasableArea as of March 31, 2025, according to the CBRE Report. It is located on the Bengaluru-Mysuru 10 Lane Expressway, with 12.1 msf of total Leasable Area, comprising 4.1 msf of Completed Area and 8.0 msf of Future Development Area, as of March 31, 2025. This asset is well-connected with an operational metro station positioned at the main entrance and is located in close proximity to the Kengeri bus terminal and Kengeri railway station, according to the CBRE Report. It is surrounded by some of the renowned educational institutions in the city and is accessible to social and lifestyle infrastructure within a 8 km to 10 km radius, according to the CBRE Report. Additionally, the asset is located in proximity to an upcoming residential development.

While Sattva Global City is an SEZ park, 1.4 msf (35.1% of its Completed Area) is non-SEZ, including

0.9 msf which was recently denotified. This is expected to drive leasing momentum, following which the business plan for the remaining vacant SEZ area will be evaluated. The asset hosts prominent multinational and domestic corporates in the technology sector, including LTIMindtree Limited, Mphasis Limited, and Sonata Software Limited. Situated in a sub-market with no upcoming supply expected from Q1CY2025 to CY2027 as per the CBRE Report, the asset’s 8.0 msf of Future DevelopmentArea provides ample “in-campus” development potential to support large-scale tenant expansions and opportunities for BTS and single-tenant solutions.

Followingouracquisitionfromathirdpartyin2020,SattvaGlobalCityconstitutesthelargestbrownfield asset in the Portfolio. Since then, we have undertaken extensive capital expenditure and redevelopment initiatives to completely transform the asset into a GradeAmarquee development, including connectivity enhancement. This includes constructing an internal pedestrian ring road around the property and expanding external accessibility of the asset through a bridge which connects the park to a metro station and the highway. To provide a business and leisure campus ecosystem, the property is also equipped with a range of modern amenities. This includes indoor and outdoor sports facilities with basketball court, 6-a-sidefootballground,volleyballcourt,aswellasafullyequippedcricketgroundwithpracticepitches, an amphitheater, F&B outlets and a food court. The property is also conveniently connected by a network of wide internal roads, providing access to all the buildings and facilities, offering tenants an integrated park.

304Theparkisagreentechpark,withalusciouslandscape,includingdriveways,greenparksandlungspaces, whichareirrigatedusingrecycledwater.Othergreeninitiativesincludetheuseofrenewableenergysince 2013,andinFY2025,88.0%ofitsenergyneedsarepoweredbyrenewablesources,includingsolarpanels and a mini hydel plant for hydroelectric power, reflecting our commitment to sustainability. The property has transitioned to sourcing its energy in-house and as of March 31, 2025, substantially all of its energy requirements are sourced from Karnataka Solar—I, the solar plant held by SRPPL.

The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity GV Techparks Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2006(1) Asset Type Business Park Sub-market PBD-O: Mysore Road Site Area (Acres) 78.3 acres(2) Land Title Freehold Leasable Area (msf) 12.1 Completed Area (msf) 4.1(3) Under Construction Area (msf) – Future Development (msf) 8.0(4) Occupancy (%) 61.9% Committed Occupancy (%) 81.2% WALE (Years) 8.4 Number of Tenants 24(5) Market Value (₹ mm) 38,238(6) Percentage of Gross Portfolio Market Value (%) 6.2%

Notes:

(1) Thepropertywasdeliveredinvariousstagesbetween2006to2019.Weacquiredtheassetin2020.

(2) TotalsiteareaownedbyGVTPLis78.3acresoutofwhichGVTPLispresentlyentitledtodevelop72.1acres.

(3) AsofMarch31,2025,1.4msfofLeaseableAreaisnon-SEZ,including0.9msfwhichwasrecentlydenotifiedasanSEZ.

(4) FutureDevelopmentAreaisindicativeandmaychangebasedonapplicablelawandfinalapprovals.

(5) IncludesF&B,retail,telecomand/orotheramenitytenants.

(6) ExcludesCAMvalueof₹4,134million.

305Tenant Profile Sattva Global City hosts a suite of prominent domestic and multinational corporates, including those as setforthbelow.AsofMarch31,2025,SattvaGlobalCityhad24tenants,and57.7%ofGrossRentalswere from domestic corporates.

Our top 10 tenants in Sattva Global City accounted for 88.4% of our Gross Rentals for the month ended March 31, 2025, as illustrated below:

Percentage of Rank Tenant Tenant Sector Gross Rentals 1 LTIMindtree Limited Technology 21.0% 2 Mphasis Limited Technology 15.3% 3 Japanese international IT company Technology 11.9% 4 Sonata Software Limited Technology 10.0% 5 Indian software company Technology 9.7% 6 S-VYASA Others 5.8% 7 Finnish IT software and service Technology 5.2% company 8 Multinational IT service Technology 4.1% management company 9 Wipfli India LLP Technology 2.8% 10 Sagility Technology 2.6% Top 10 Total 88.4% Sattva Global City’s Gross Rentals are predominantly contributed by tenants in the technology sector.

However, the denotification of 0.9 msf of LeasableArea as an SEZ as of March 31, 2025 has created new leasing opportunities to non-SEZ tenants. This has led to a diversification of its tenant base, with the introduction of S-VYASA, which is in the education sector.

Sector Mix by Gross Rentals (%) Others, 7.1% BFSI, 2.3% Aviation, 2.4% Engineering & manufacturing,

3.0% Technology,

85.2% 306Rent and Occupancy Trends Sattva Global City’s Base Rents grew at a healthy 3-year CAGR of 8.4% through FY2025, due to the quality of the asset and the limited presence of commercial office developments in the sub-market, compared to the Market Rents of the PBD-O sub-market which grew at a CAGR of 2.2% over the same period, according to the data from the CBRE Report. It maintained an average Committed Occupancy of

83.0%betweenMarch31,2021andMarch31,2023followedbyatemporarydropduetoSEZheadwinds.

However, 0.9 msf of vacant LeasableArea has recently been denotified and is getting leased to non-SEZ tenants, which is expected to drive leasing momentum in the medium term. This presents a competitive advantage, particularly in a sub-market with no upcoming supply expected from Q1CY2025 to CY2027, as per data from the CBRE Report. These positive market dynamics, quality of the asset, improved connectivity, capital expenditure program and several tenant retention initiatives are expected to continue to drive rental growth and demand for office space in Sattva Global City.

The charts below set out the increase in historical Base Rents at Sattva Global City and Market Rents at the PBD-O sub-market from March 31, 2021, to March 31, 2025, along with details of the Committed Occupancy levels as of March 31, 2021:

Historical Rents Historical Occupancy (March 31, 2021—March 31, 2025) (March 31, 2021—March 31, 2025)

132.1 82.9% 82.2% 83.7%

81.2%

126.4 75.2%

80.9% 79.1%

76.4% 76.7%

108.7

100.0 103.7 60.4%

105.2

100.0 98.4 97.2 99.6 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Base Rents (Indexed) Market Rents (Indexed) Asset Committed Occupancy (%) Market Occupancy (%)

Source:CBREReport;FiguresforBaseRentsandMarketRentshavebeenindexedto100forillustrativepurposesanddonotrepresentactualBaseRentandMarketRent figures 307Mark-to-Market Opportunity The average monthly In-place Rent at Sattva Global City is ₹52.7 psf with a Market Rent at Sattva Global City of ₹60.0 psf, resulting in a mark-to-market upside of 13.8% on Base Rentals, for the month ended March 31, 2025. The following illustrates the Base Rentals and Market Rentals at Sattva Global City for the month ended March 31, 2025:

₹ mm/month

153.2 % +13.8

134.6 Base Rentals Market Rentals Lease Expiry Profiles The WALE of Sattva Global City is 8.4 years as of March 31, 2025, with 28.0% of the Occupied Area expiring between FY2026 and FY2030, as illustrated in the chart below:

Occupied Area Expiring (FY2026—FY2030, sf)

479.9 Area expiring (’000 sf)

131.8

32.1 33.3 – – FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) 1.7% 16.6% 1.4% – 6.2% Base Rent at Expiry (₹psf/Month) 71.4 51.3 63.3 – 70.7 Mark-to-Market Potential (%) (11.8%) 29.0% 9.7% – 8.3% 308Key Placemaking Initiatives and Planned Upgrades Since we acquired the asset in 2020, we have undertaken extensive capital expenditure and development initiatives to reposition the asset and enhance its competitive advantage. Some examples are as follows:

(cid:129) We revamped the asset to create a modern aesthetic with a combination of glass façade and granite andupgradedthelobbiesandlifts.Wealsoconstructedabrandnewvisitorcenterservingasthefirst point of access for visitors, providing an enhanced arrival experience with upgraded security protocols. The following illustrates our upgraded visitor center:

Before After (cid:129) We created a large breakout zone in the central courtyard with F&B options and have introduced tenant engagement activities such as Rajyotsava, Independence Day and Republic Day celebrations, Yoga Day, tree planting activities, cricket matches and hosting high tea for our tenants. The following illustrates certain of our asset enhancement initiatives to create a business and leisure

ecosystem for tenants:

309(cid:129) To improve the external connectivity of the asset, we acquired additional land in the vicinity to expand the road network, and connected the property to the metro station and highway via a bridge,

as illustrated below:

Before After (cid:129) To strengthen the property’s infrastructure, we established a captive electrical substation with a 66 KvA capacity, which facilitates a stable power supply.

Key Milestones and Achievements Through our disciplined operations and investment expertise and key placemaking initiatives, we have: (cid:129) Re-leased 1.4 msf (33.3% of Completed Area) and achieved re-leasing spreads of 56.1% from FY2023 to FY2025.

(cid:129) Achieved an 8.4% 3-year CAGR of Base Rents through FY2025. Additionally, CAM recovery has increased by 35.1% since our acquisition (between FY2022 and FY2025), owing to the premium repositioning of the asset and improved tenant experience.

(cid:129) Successfullyretained0.8msfofLeasableAreawithLTIMindtreeLimited,ourtenantsinceinception of the asset. (cid:129) Facilitated the growth requirements of one of our tenants, Sonata Software Limited, who expanded from167.0ksfin2020to218.2ksfin2024,demonstratingtheattractivenessofthepropertyandour ability to retain tenants.

(cid:129) Following the denotification of 0.9 msf of Leasable Area as an SEZ, we successfully re-leased

0.4 msf of Leasable Area to a non-SEZ tenant, S-VYASA, at a re-leasing spread of 159.0%.

310SATTVA INFOZONE, BENGALURU Asset Description Sattva Infozone is a business center located in the PBD-O: Electronic City sub-market. The property covers 5.0 acres with a Leasable Area of 0.4 msf as of March 31, 2025. It is situated in Electronic City, a designated development corridor focused on electronics and IT industry, hosting over 158 companies including 100 IT/ITeS companies and a substantial workforce. The property is surrounded by technology parks, hotels, and malls and is well-connected to Electronic City flyover, Bannerghatta Road, NICE Ring Road, and Hosur Road, providing easy access to other key areas of the city. Connectivity is expected to be further enhanced with the upcoming yellow metro line that is expected to be operational by the second half of CY2025. (Source: CBRE Report) As of March 31, 2025, property was fully occupied by two prominent domestic tenants, namely Infosys in the technology sector and OLA BHARAT CELL in the automobile sector, which accounted for 51.1% and 48.7% of Gross Rentals for the month ended March 31, 2025, respectively. Sattva Infozone has consistently recorded a high Committed Occupancy, outperforming the sub-market in each year from FY2021 to FY2025 based on data from the CBRE Report, save for FY2022 due to the impact of COVID-19. As of March 31, 2025, it had a Committed Occupancy of 100.0% as compared to the OccupancyofPBD-Osub-marketof76.7%,basedondatafromtheCBREReport,whichdemonstratesthe attractivenessoftheasset.Further,itsBaseRentshavegrownbya3-yearCAGRof3.9%throughFY2025 (as compared to Market Rents of its sub-market which have grown by a CAGR of 2.2% over the same period), based on data from the CBRE Report.To cater to the needs of tenants, the property offers modern infrastructure such as well-designed landscaping and walkways, and a creche. To reduce its carbon and emissions footprint, the property has utilized solar power since 2018 sourced from a third party. The property has transitioned to sourcing its energy in-house and as of March 31, 2025, substantially all of its energy requirements are sourced from Karnataka Solar—I, the solar plant held by SRPPL.

311The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Quadro Info Technologies Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2006 Asset Type Business Center Sub-market PBD-O: Electronic City Site Area (Acres) 5.0 acres Land Title Freehold Leasable Area (msf) 0.4 Completed Area (msf) 0.4 Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 100.0% Committed Occupancy (%) 100.0% WALE (Years) 5.1 Number of Tenants 6(1) Market Value (₹ mm) 3,683 Percentage of Gross Portfolio Market Value (%) 0.6%

Note:

(1) Includestelecomtowertenants.

312Mark-to-Market Opportunity The average monthly In-place Rent at Sattva Infozone is ₹52.3 psf with a Market Rent at Sattva Infozone of ₹60.0 psf, resulting in a mark-to-market upside of 14.8% on Base Rentals for the month ended March 31, 2025. The following illustrates the Base Rentals and Market Rentals at Sattva Infozone for the month ended March 31, 2025:

₹ mm/month

26.7 % +14.8

23.2 Base Rentals Market Rentals Lease Expiry Profiles The WALE of Sattva Infozone is 5.1 years as of March 31, 2025, with 55.3% of the Occupied Area expiring between FY2026 and FY2030, as illustrated in the chart below:

Occupied Area Expiring (FY2026—FY2030, sf) Area expiring (’000 sf) 231.9 – – – – FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) – – – 54.6% – Base Rent at Expiry (₹psf/Month) – – – 59.3 – Mark-to-Market Potential (%) – – – 23.0% – 313Key Milestones and Placemaking Initiatives Through our disciplined operations and investment expertise, we have:

(cid:129) Achieved a tenant retention rate of 99.4% from FY2023 to FY2025. This is contributed by our longstanding tenant, Infosys, which has been occupying the space for more than a decade. (cid:129) Consistently maintained a high Committed Occupancy, outperforming the sub-market from FY2021 to FY2025 (except in FY2022 due to the impact of COVID-19). It achieved a rapid recovery in Committed Occupancy after FY2022, increasing from 63.0% to 99.7% in FY2023 owing to our effective leasing strategy.

314SATTVA SOUTH AVENUE, BENGALURU Asset Description Sattva South Avenue is a newly constructed business center located in the PBD-O: Electronic City sub-market that was recently completed in May 2024.The property spans 3.3 acres with a total of 0.5 msf of Leasable Area, of which 0.3 msf is owned by us and the remaining is owned by a third-party. The property benefits from its location within the Electronic City corridor and enjoys direct access to the highway, according to the CBRE Report. Connectivity is expected to be further enhanced with the upcoming yellow metro line that is expected to be operational by the second half of CY2025, according to the CBRE Report.

Duetoitshigh-qualityofferingandreputationoftheSattvaSponsor,thepropertywaspartiallypre-leased to an existing tenant of an asset owned by the Sattva Sponsor in the vicinity. As of March 31, 2025, the propertyservestenantsinthetechnologyandengineeringandmanufacturingsectors.Theaveragemonthly In-placeRentatSattvaSouthAvenueis₹65.8psfwithaMarketRentofitssub-marketof₹53.7psf,based on data from the CBRE Report, which is at a 22.5% premium compared to the Market Rent, for the month ended March 31, 2025. The property features a double-height entrance lobby with a reception area and seating area. It offers an array of amenities, including a well-equipped terrace area with a multipurpose court, box cricket area, a meditation pavilion and a café counter in the lobby.

The property includes sustainability initiatives such as low-carbon construction materials, solar shading with fins and double-glazed units to reduce energy consumption, as well as EV charging points. The property is also expected to source power from our upcoming solar plant, Karnataka Solar—II, held by NDPL, following its expected completion in the second quarter of CY2026. The property received IGBC pre-certification in August 2024 and WELL pre-certification in October 2024.

315The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Jaganmayi Real Estates Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2024 Asset Type Business Center Sub-market PBD-O: Electronic City Site Area (Acres) 3.3 acres(1) Land Title Freehold Leasable Area (msf) 0.3(2) Completed Area (msf) 0.3(2) Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 6.2% Committed Occupancy (%) 12.4% WALE (Years) 9.2 Number of Tenants 3 Market Value (₹ mm) 3,163 Percentage of Gross Portfolio Market Value (%) 0.5%

Notes:

(1) JRPLowns70%undividedshareofthelandarea.

(2) OfthetotalLeasableAreaof0.5msf,0.3msfisownedbyJRPLandtheremainderisownedbyathirdparty.Unlessotherwisespecified,allreferencestoSattvaSouth AvenueandtherelateddatawithrespecttheretointhisOfferDocument,includingthefinancial,operationalandmarketvaluedataforSattvaSouthAvenue,refersonly tothe0.3msfofLeasableAreaownedbyus(togetherwithrights,titleandinterestoverthecorrespondingundividedshareintheland).

316SATTVA ENDEAVOUR, BENGALURU (UNDER CONSTRUCTION) *Note: Toprightandbottomrightphotosareartists’impressions Asset Description Sattva Endeavour is an under-construction business center located off the National Highway in the PBD-O: Electronic City sub-market, expected to be completed by the fourth quarter of FY2026. Spanning

5.7 acres with 0.7 msf of expected LeasableArea, the property is expected to stand out as an iconic office tower with 13 floors including 2 multi-level car parks with mechanical parking systems. The property benefits from enhanced connectivity to other key areas of the city.

The property features a modern design to attract a modern workforce, with column-free workspaces that maximize work areas, daylight, and views. It includes high-capacity elevators and smart technology to optimize wait times and ensure smooth movement between levels. It boasts a large green landscaped area at the ground floor and second floor podium, connected by pedestrian ramp. This landscaped area also includes various outdoor sports and recreational amenities to ensure that the development becomes a hub for recreation, collaboration and social interactions. Other amenities offered by the property include an amphitheater, basketball court, outdoor meeting pods, open plaza with video wall and a cricket pitch.

The property incorporates sustainability initiatives such as EV charging points and has received IGBC Platinum pre-certification in May 2024 and WELLpre-certification in October 2024. The property is also expected to source power from our upcoming solar plant, Karnataka Solar—II, held by NDPL, following its expected completion in the second quarter of CY2026.

317The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Darshita Housing Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement Under Construction Asset Type Business Center Sub-market PBD-O: Electronic City Site Area (Acres) 5.7 acres Land Title Freehold Leasable Area (msf) 0.7 Completed Area (msf) – Under Construction Area (msf) 0.7 Future Development (msf) – Pre-leased Area – Market Value (₹ mm) 5,381 Percentage of Gross Portfolio Market Value (%) 0.9% Development Status As of March 31, 2025, Sattva Endeavour has Under Construction Area of 0.7 msf, with an expected completion in the fourth quarter of FY2026.

318SATTVA SPECTRUM, BENGALURU (UNDER CONSTRUCTION) Asset Description Sattva Spectrum is an under-construction business center located in the PBD-O: Sajarpur Road sub-market, spanning 4.4 acres with an expected Leasable Area of 0.8 msf, of which we have a share of

0.5 msf, and third parties are entitled to the remaining LeasableArea.The property is located off Sarjapur Road near IT tenants in ORR, and is surrounded by residential and commercial hubs, according to the CBRE Report. The property benefits from frontage along the Ambalipura-Sarjapur Road network and is expected to further benefit from the proposed phase 3 metro line along the access road, according to the CBRE Report.

The property will consist of 12 floors and is expected to feature a modern design with a glazed façade elevation and various amenities, including a crèche, badminton court, dribble (basketball) court, cricket pitch with net, informal outdoor workspaces, lawn with seating areas and other landscaped areas.

The property is expected to incorporate sustainability initiatives, including EV charging points as well as the use of solar energy expected to be supplied by our solar plant to be operated by NDPL, Karnataka Solar—II, following its completion in the second quarter of CY2026.

The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Softzone Tech Park Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement Under Construction Asset Type Business Center Sub-market PBD-O: Sajarpur Road Site Area (Acres) 4.4 acres(1) Land Title Freehold Leasable Area (msf) 0.5(2) Completed Area (msf) – Under Construction Area (msf) 0.5(2) Future Development (msf) – Pre-leased Area – Market Value (₹ mm) 3,988 Percentage of Gross Portfolio Market Value (%) 0.6% 319Notes:

(1) STPLowns64%undividedshareofthelandarea.

(2) OfthetotalLeasableAreaof0.8msf,ourshareis0.5msfandthirdpartiesareentitledtotheremainingLeasableArea.Unlessotherwisespecified,allreferencesto SattvaSpectrumandtherelateddatawithrespecttheretointhisOfferDocument,includingthefinancial,operationalandmarketvaluedataforSattvaSpectrum,refers onlytoourshareof0.5msfofLeasableArea(togetherwithrights,titleandinterestoverthecorrespondingundividedshareintheland).

Development Status As of March 31, 2025, Sattva Spectrum has Under ConstructionArea of 0.8 msf, of which our share is 0.5 msf. Sattva Spectrum is expected to be completed in the fourth quarter of FY2026.

320SATTVA KNOWLEDGE COURT, BENGALURU Asset Description Sattva Knowledge Court is a newly built Grade A business park located in PBD-Whitefield, Bengaluru, consisting of a single tower with 4 wings, which was completed in 2021. The property consists of a total of 1.2 msf of Leasable Area, of which 0.9 msf is owned by us and the remaining 0.3 msf is owned by a third-party.SattvaKnowledgeCourtislocatedinarenownedandestablishedofficedistrictwithretailand entertainment facilities as well as upscale residential buildings, as per the CBRE Report. The property is accessiblebyamajorroadaswellasmetro(Kundalahallimetrostationwhichisapproximately800metres from the property), according to the CBRE Report. The business park features an attractive office design tailored to meet the needs of multinational corporates, prominent GCCs and Indian corporates, including Thomson Reuters, Harman, Tata Medical and Diagnostics Limited, an infrastructure consulting firm and Epifi Technologies (Fi money).

Designed to provide a campus-like experience for tenants, the property features an inward-looking façade thatenhancesaestheticsanddesignandfostersasenseofcommunitywithinthecampus.Thecentralfocus of the campus features a landscaped plaza surrounded by double-height reception lobbies to create an inviting experience for tenants and visitors. It is designed to suit the modern tenant work culture, offering integrated workspaces and open work pods, with amenities such as a 21.0 ksf food court with 500 seats, half basketball court, a gym, multipurpose court, a food court and a crèche, all connected via a shaded walkway for accessibility.

The property has transitioned to sourcing its energy in-house and as of March 31, 2025, substantially all of its energy requirements are sourced from Karnataka Solar—I, the solar plant held by SRPPL. Our commitment to sustainability is also supplemented by rooftop solar panels which have been installed on thebuilding’sterracethatgeneratepowerforcommonareasaswellasEVchargingpointsintheproperty.

ThepropertyreceivedtheEconomicTimes—RealEstateConclaveAwards2022SouthfortheCommercial Project—Business/IT Parks (Completed Metro) category and IGBC Green New Buildings Rating System Platinum certification in November 2024.

321The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Darshita Hi-rise Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2021 Asset Type Business Park Sub-market PBD-Whitefield Site Area (Acres) 7.9 acres(1) Land Title Freehold Leasable Area (msf) 0.9(2) Completed Area (msf) 0.9(2) Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 98.0% Committed Occupancy (%) 98.2% WALE (Years) 12.2 Number of Tenants 15(3) Market Value (₹ mm) 10,215 Percentage of Gross Portfolio Market Value (%) 1.6%

Notes:

(1) DHRPLowns72%undividedshareofthelandarea.

(2) OfthetotalLeasableAreaof1.2msf,weown0.9msf,andtheremainderisownedbyathirdparty.Unlessotherwisespecified,allreferencestoSattvaKnowledgeCourt andtherelateddatawithrespecttheretointhisOfferDocument,includingthefinancial,operationalandmarketvaluedataforSattvaKnowledgeCourt,refersonlyto the0.9msfofLeasableAreaownedbyus(togetherwithrights,titleandinterestoverthecorrespondingundividedshareintheland).

(3) IncludesF&B,retail,telecomand/orotheramenitytenants.

322Tenant Profile TheWhitefieldsub-marketattractsinterestfromvariousMNCsandprominentdomestictechnologyfirms, according to the CBRE Report. This has contributed to Sattva Knowledge Court’s tenant base, and 77.0% of Gross Rentals were from multinational corporates and 73.4% of Gross Rentals were from GCCs.

Our top 10 tenants in Sattva Knowledge Court accounted for 96.6% of our Gross Rentals for the month ended March 31, 2025, as illustrated below:

Percentage of Rank Tenant Tenant Sector Gross Rentals 1 Harman Engineering & manufacturing 26.0% 2 Thomson Reuters Research, consulting & analytics 15.4% 3 Workshaala Co-working 10.8% 4 Epifi Technologies (Fi Money) BFSI 8.7% 5 Global infrastructure consulting Engineering & manufacturing 8.0% firm 6 Tredence Technology 6.4% 7 Gilbarco Veeder Root India Private Engineering & manufacturing 6.1% Limited 8 American software company Technology 5.8% 9 Stryker Global Technology Center Technology 5.6% Private Limited 10 Alphonso Labs Private Limited Technology 3.6% Top 10 Total 96.6% As of March 31, 2025, Sattva Knowledge Court’s tenants were primarily in the engineering and manufacturing, technology and research, consulting and analytics sectors, with the remaining diversified across other sectors including co-working and BFSI.

Sector Mix by Gross Rentals (%) Others, 3.4% BFSI, 8.7% Engineering & manufacturing, Co-working,

40.1%

10.8% Research, consulting & analytics,

15.4% Technology,

21.5% 323Rent and Occupancy Trends Sattva Knowledge Court has outperformed the Whitefield sub-market in terms of Committed Occupancy of 98.2% (as compared to the Market Occupancy of 80.4%) as of March 31, 2025 based on data from the CBREReport.Owingtoitspositioninasub-marketwhichgainedprominenceasoneofBengaluru’smost established technology suburbs, it achieved a 3-year Marginal Rent CAGR of 6.9% through FY2025 and its Base Rents grew at a CAGR of 4.4% over the same period. The sub-market is expected to witness positive market dynamics, and a healthy rental growth attributable to high tenant demand and recent infrastructure upgrades like metro connectivity (Whitefield-KR Puram line), which is expected to drive occupancy in the medium term, according to the CBRE Report.

The charts below set out the historical Base Rents at Sattva Knowledge Court and Market Rent at the Whitefield sub-market from March 31, 2022, to March 31, 2025, along with details of the Committed

Occupancy levels:

Historical Rents Historical Occupancy (March 31, 2022—March 31, 2025) (March 31, 2022—March 31, 2025)

121.0

98.2%

91.2%

107.2 81.6% 83.6%

113.7

82.3% 80.4%

107.2 77.2%

101.8

100.0 60.7%

100.0 99.9 Mar’22 Mar’23 Mar’24 Mar’25 Mar’22 Mar’23 Mar’24 Mar’25 Base Rents (Indexed) Market Rents (Indexed) Asset Committed Occupancy (%) Market Occupancy (%)

Source: CBREReport;FiguresforBaseRentsandMarketRentshavebeenindexedto100forillustrativepurposesanddonotrepresentactualBaseRentandMarketRent figures.

Mark-to-Market Opportunity The average monthly In-place Rent at Sattva Knowledge Court is ₹69.5 psf with a Market Rent at Sattva Knowledge Court of ₹73.0 psf, resulting in a mark-to-market upside of 5.1% on Base Rentals, for the month ended March 31, 2025. The following illustrates the Base Rentals and Market Rentals at Sattva Knowledge Court for the month ended March 31, 2025:

₹ mm/month

62.3 % +5.1

59.3 Base Rentals Market Rentals 324Lease Expiry Profiles TheWALEofSattvaKnowledgeCourtis12.2yearsasofMarch31,2025,withnoOccupiedAreaexpiring between FY2026 and FY2030, as the property commenced leasing in FY2022.

Key Placemaking Initiatives Sattva Knowledge Court has been strategically designed to serve as an attractive destination to our existing and prospective tenants, including the following initiatives: (cid:129) We have designed a campus-style building that blends modern architecture with landscapes, maximizing natural light and open areas for collaboration to meet the needs of a modern workforce.

(cid:129) Toofferguestsasuperiorarrivalexperience,wecreatedadistinctandwelcomingentrancefeaturing a dedicated ‘Diamond’ glass lift lobby, offering a grand experience for visitors. The following

illustrates the visitor entrance and lift lobby:

Key Milestones and Achievements Through our disciplined operations and investment expertise and key placemaking initiatives, we have: (cid:129) Leased 60.7% within 12.5 months of receiving its Occupancy Certificate.

(cid:129) Achieved a 6.9% 3-year CAGR of Marginal Rents through FY2025. (cid:129) Grown our Committed Occupancy to 98.2% as of March 31, 2025. This has been achieved in part due to our long-term tenant relationships where our assets are positioned as their preferred options for expansions. For instance:

o Harman has been our tenant since 2015, initially leasing 43.8 ksf at Sattva Supreme, before relocating to 99.2 ksf at Sattva Eminence and, subsequently expanding to 206.6 ksf at Sattva Knowledge Court in 2021, growing by 4.7 times.

o Similarly, another tenant, Stryker, grew 3.5 times with us from 20.7 ksf at Sattva Magnificia in 2020 to an additional 52.4 ksf at Sattva Knowledge Court in 2024.

325(cid:129) Undertaken various leasing strategies aimed at addressing tenants’ requirements to foster tenant retention. For instance: o We provided fit-out solutions to certain tenants depending on their needs, including prominent multinational and domestic tenants such as Harman, Tredence and Tata Medical and Diagnostics Limited. As of March 31, 2025, approximately 0.4 msf or 47.5% of the Leasable Area has leveraged this model, which includes contractual fit-out escalations. This approach enables us to provide tenants with ready-to-use office spaces with a quicker set-up time to address their requirements, which fosters tenant retention.

o We also provide managed office space solutions, where we offer small office spaces on a flexiblebasistotenantsasanalternativetotraditionalofficeleasing.Forinstance,weprovided these solutions to Gilbarco Veeder Root India Private Limited, including pantry/cafeteria services, manpower for housekeeping and security.

326SATTVA TECHPOINT, BENGALURU Asset Description Sattva Techpoint is a mixed-use business center situated on the Inner Ring Road in the EBD sub-market inBengaluru.TheEBDsub-marketisapreferredlocationforfrontofficetenantsinthefinancialservices, e-commerce,andprofessionalservicessectorsowingtoitsproximitytotheCBDregionsandwell-planned social and physical infrastructure. The property comprises 0.3 msf of Leasable Area and is strategically located in Koramangala, which is an upmarket residential and commercial neighborhood in Bengaluru knownforitscosmopolitanvibeandisoneofthecity’spreferredlocalities,withmultiplesocialofferings.

(Source: CBRE Report) The property hosts a diverse mix of established tenants, comprising 4 marquee multinational and Indian corporates, namely Lifestyle International Private Limited who has been a tenant for more than 15 years, Go Digit, anAmerican banking and financial services company and Indiqube Spaces Ltd.As a mixed-use property, it seeks to provide tenants with an integrated work and lifestyle environment, where the first three floors are occupied by a retail tenant. Due to its prime location in the EBD sub-market, it is an ideal location for front office tenants in the financial services sector, with 88.3% of Sattva Techpoint’s Gross Rentals for the month ended March 31, 2025 contributed by tenants in the BFSI and retail sectors.

Its Committed Occupancy as of March 31, 2025 was 100.0%, outperforming the Market Occupancy of EBD sub-market of 92.3% during the same period, based on data from the CBRE Report. Further, its Base Rents have grown by a 3-year CAGR of 10.8% through FY2025, significantly outpacing the Market Rents CAGR of 2.5% of its sub-market over the same period, as per data from the CBRE Report.

Since 2018, we have utilized solar power supplied by a third party to power the property’s energy requirements, as part of our commitment to sustainability. The property has transitioned to sourcing its energy in-house and as of March 31, 2025, substantially all of its energy requirements are sourced from Karnataka Solar—I, the solar plant held by SRPPL.

327The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Salarpuria Griha Nirman Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2008 Asset Type Business Center Sub-market EBD Site Area (Acres) 2.5 acres Land Title Freehold Leasable Area (msf) 0.3 Completed Area (msf) 0.3 Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 100.0% Committed Occupancy (%) 100.0% WALE (Years) 11.8 Number of Tenants 5(1) Market Value (₹ mm) 6,807 Percentage of Gross Portfolio Market Value (%) 1.1%

Note:

(1) Includestelecomtowertenant.

328Mark-to-Market Opportunity The average monthly In-place Rent at SattvaTechpoint is ₹124.3 psf with a Market Rent of its sub-market of ₹140.2 psf, resulting in a mark-to-market upside of 12.8%, for the month ended March 31, 2025. The following illustrates the Base Rentals and Market Rentals for the month ended March 31, 2025:

₹ mm/month

46.9 % +12.8

41.6 Base Rentals Market Rentals Lease Expiry Profiles The WALE of Sattva Techpoint is 11.8 years as of March 31, 2025, with 11.9% of the Occupied Area expiring between FY2026 and FY2030, as illustrated in the chart below:

Occupied Area Expiring (FY2026—FY2030, sf)

37.7 Area expiring (’000 sf) – – – – FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) – – – 12.6% – Base Rent at Expiry (₹psf/Month) – – – 153.7 – Mark-to-Market Potential (%) – – – 10.9% – 329Key Milestones and Placemaking Initiatives Through our disciplined operations and investment expertise and key placemaking initiatives, we have:

(cid:129) Re-leased 0.3 msf (75.8% of Leasable Area) and achieved re-leasing spread of 47.2% between FY2023 and FY2025. (cid:129) Improved the average Committed Occupancy as of March 31, 2024 to 100.0% from 71.6% as of March 31, 2023, returning to the occupancy levels seen in FY2021. We also further maintained

100.0% Committed Occupancy as of March 31, 2025. (cid:129) Built long-term relationships with tenants through our client-centric approach, including with Lifestyle International Private Limited, which has occupied the property for over 15 years. Lifestyle Internation Private Limited accounted for 36.8% of our Gross Rentals for the month ended March 31, 2025.

(cid:129) We also provided fit-out solutions for Go Digit which fostered tenant retention, leading to them expanding their space by more than 1.5 times from 2 floors totaling 89.6 ksf in 2023 to 3 floors totaling 139.8 ksf in 2024.

330SATTVA MAGNIFICIA, BENGALURU Asset Description Sattva Magnificia is a business center located in the EBD sub-market of Bengaluru.The property features a total of 0.3 msf of LeasableArea, of which 0.2 msf is owned by us and the remaining is owned by third parties. The property is a notable development located on the Old Madras Road. The property is part of alargermixed-usedevelopmentfeaturingacommercialblockandanadjoiningpremiumresidentialblock, to provide tenants with a ‘live, work and play’ environment.

It is situated in proximity to advanced social and lifestyle infrastructure including the upscale residential area of Indiranagar, approximately a 5-minute drive, as well as schools, malls and hospitals. Sattva Magnificia benefits from easy access via the Benniganahalli Metro Station (which is located within 100m radius)andconnectivityisfurtherexpectedtobeenhancedfollowingthecompletionoftheupcomingblue line of metro in CY2027. (Source: CBRE Report) The strategic location and quality of the asset has attracted prominent multinational corporates, which occupy 0.1 msf of the LeasableArea, includingAnthology International Private Limited and Eton. For the month ended March 31, 2025, 61.7% of Sattva Magnificia’s Gross Rentals are from tenants in the co-working space and technology sectors, with the remaining tenants spread across various sectors such as telecommunications and BFSI. Sattva Magnificia has outperformed its sub-market in terms of CommittedOccupancyof100.0%(ascomparedtotheOccupancyofEBDof92.3%)asofMarch31,2025, as per data from the CBRE Report. The property positions itself as a premium project, with an aesthetic designandmodernplantocatertotheneedsofthenewageworkforce.Thishascontributedtothegrowth of its Base Rents at a 3-year CAGR of 4.5% through FY2025 (as compared to the 2.5% Market Rents CAGR of its sub-market over the same period), as per data from the CBRE Report. The property has transitioned to sourcing its energy in-house and as of March 31, 2025, substantially all of its energy requirements are sourced from Karnataka Solar—I, the solar plant held by SRPPL.

331The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity 1. Softzone Tech Park Limited

2. Darshita Edifice Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2017 Asset Type Business Center Sub-market EBD Site Area (Acres) 6.5 acres(1) Land Title Freehold Leasable Area (msf) 0.2(2)(3) Completed Area (msf) 0.2(2)(3) Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 100.0% Committed Occupancy (%) 100.0% WALE (Years) 8.1 Number of Tenants 7 Market Value (₹ mm) 2,888 Percentage of Gross Portfolio Market Value (%) 0.5%

Notes:

(1) STPLandDEPLtogetherown20%undividedshareofthelandarea.

(2) OfthetotalLeasableAreaof0.3msf,0.2msfisownedbyusandtheremainderisownedbythirdparties.Unlessotherwisespecified,allreferencestoSattvaMagnificia andtherelateddatawithrespecttheretointhisOfferDocument,includingthefinancial,operationalandmarketvaluedataforSattvaMagnificia,refersonlytothe

0.2msfofLeasableAreaownedbyus(togetherwithrights,titleandinterestoverthecorrespondingundividedshareintheland).

(3) Ofthetotal0.2msfofLeasableAreaownedbyus,0.1msfisownedbySTPLand0.1msfisownedbyDEPL.

332Mark-to-Market Opportunity The average monthly In-place Rent at Sattva Magnificia is ₹94.1 psf with a Market Rent at Sattva Magnificia of ₹105.0 psf, resulting in a mark-to-market upside of 11.6% on Base Rentals for the month endedMarch31,2025.ThefollowingillustratestheBaseRentalsandMarketRentalsatSattvaMagnificia for the month ended March 31, 2025:

₹ mm/month

19.8

17.7 +11.6% Base Rentals Market Rentals Lease Expiry Profiles The WALE of Sattva Magnificia is 8.1 years as of March 31, 2025, with 26.7% of the Occupied Area expiring between FY2026 and FY2030, as illustrated in the chart below:

Occupied Area Expiring (FY2026—FY2030, sf)

20.7 Area expiring (’000 sf)

16.8

10.8 – – FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) 12.3% – – 10.2% 6.2% Base Rent at Expiry (₹psf/Month) 109.9 – – 123.2 124.1 Mark-to-Market Potential (%) 0.3% – – 3.6% 8.0% 333Key Milestones Through our disciplined operations and investment expertise, we have:

(cid:129) Re-leased 0.02 msf (11.0% of LeasableArea) at a re-leasing spread of 13.3% between FY2023 and FY2025. (cid:129) Achieved a 4.5% 3-year CAGR of Base Rents through FY2025 (as compared to the 2.5% Market Rents CAGR of its sub-market over the same period).

(cid:129) Tailoredleasingoptionsforsmallerspacestomeetclientspecifications,allowingustoaccommodate tenants’ needs across sectors. This has enabled us to improve our average Committed Occupancy from 86.2% as of March 31, 2021, to 100.0% as of March 31, 2024 and 2025.

334ONE TRADE TOWER, BENGALURU Asset Description One Trade Tower is a front-office building located in the CBD, spread across 2.5 acres, of which we own

0.8 acres of undivided share in the land. It is one of our 2 city-center office buildings in Bengaluru (along with Sattva Cosmo Lavelle). Of the total 0.5 msf of LeasableArea, we own 0.2 msf of the LeasableArea, with the remaining held by various third parties. It is conveniently located at the heart of the CBD, which encompasses major government offices, private corporate office complexes, surrounded by prominent corporations with access to business hubs. It is also conveniently located close to the Cubbon Park Metro and is easily accessible to Bengaluru’s lifestyle and social infrastructure, according to the CBRE Report.

Some prominent multinational and domestic corporate tenants in One Trade Tower include a ‘big 4’ accounting firm, Amazon13, Tablespace Technologies Private Limited and UI Path Robotics Process Automation India Private Limited.The property’s top 10 tenants accounted for 99.9% of its Gross Rentals for the month ended March 31, 2025.As of March 31, 2025, 80.8% of its Gross Rentals are from tenants in the research, consulting and analytics and technology sectors, with the remaining tenants spread across various sectors such as infrastructure, real estate and logistics and BFSI. It has a Committed Occupancy of 100.0% (as compared to the Occupancy of the sub-market of 89.5%) as of March 31, 2025, based on data from the CBRE Report. The property is equipped with modern amenities, including high-speed destination-controlled elevators, and F&B options.

13 AmazonInternetServicesPrivateLimited,AmazonWebServicesIndiaPvtLtdandAmazonDataServicesIndiaPrivateLimited 335We are striving to achieve net zero carbon and energy emissions across our assets and have undertaken severalsustainabilitymeasures.In2023,theproperty(whichincludestheLeasableAreanotownedbyus) was awarded with the LEED Zero Carbon and Zero Energy certifications, and was the first developer- owned building to receive these certifications in India. The property also uses solar energy sourced from an affiliate of the Blackstone Sponsor and third parties to supply 89.8% of the energy requirements in FY2025. By achieving net zero carbon and energy emissions, One Trade Tower has set a benchmark for sustainability across our portfolio which we aim to replicate. Other sustainability achievements of the

asset include the following: (cid:129) One Trade Tower was part of a group of our Portfolio Assets which received the GRESB 5-star rating, and ranked #1 across its peer group in India in 2024; (cid:129) WELL Gold certification in 2024;

(cid:129) LEED Zero Carbon and Zero Energy certifications in 2023; (cid:129) Five Star Rating and Sword of Honour certification from the British Safety Council in 2023; (cid:129) 5-star rating from BEE in 2024;

(cid:129) LEED Building Operations and Maintenance v4.1: Existing Buildings Platinum certification received on a monthly basis since 2022; and (cid:129) USGBC LEED Gold in 2019.

The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Pluto Business Parks Pvt. Ltd.

Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2017(1) Asset Type City-Center Office Building Sub-market CBD Site Area (Acres) 2.5 acres(2) Land Title Freehold Leasable Area (msf) 0.2(2) Completed Area (msf) 0.2 Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 100.0% Committed Occupancy (%) 100.0% Committed Occupancy (%) as of December 31, 2024 100.0% WALE (Years) 4.2 Number of Tenants 12(3) Market Value (₹ mm) 4,731 Percentage of Gross Portfolio Market Value (%) 0.8% 336Notes:

(1) Weacquiredtheentityin2021.

(2) OneTradeTowerisapropertywithatotalsiteareaof2.5acres,ofwhichweown0.8acresofundividedshareintheland.OfthetotalLeasableAreaof0.5msf,0.2 msfisownedbyPBPPLandtheremainderisownedbythirdparties.Unlessotherwisespecified,allreferencestoOneTradeTowerandtherelateddatawithrespect theretointhisOfferDocument,includingthefinancial,operationalandmarketvaluedataforOneTradeTower,refersonlytothe0.2msfofLeasableAreaownedby PBPPL(togetherwithrights,titleandinterestoverthecorrespondingundividedshareintheland).

(3) IncludesF&B,retailand/orotheramenitytenants.

In-Place Rents The average monthly In-place Rent at One Trade Tower is ₹181.0 psf with a Market Rent at One Trade Tower of ₹200.0, resulting in a mark-to-market upside of 10.5% on Base Rentals, for the month ended March 31, 2025. The following illustrates the average Base Rentals and Market Rentals at One Trade Tower as of March 31, 2025:

₹ mm/month

35.1 +10.5%

31.7 Base Rentals Market Rentals 337Lease Expiry Profiles The WALE of One Trade Tower is 4.2 years as of March 31, 2025, with 69.9% of the Occupied Area expiring between FY2026 and FY2030, as illustrated in the chart below:

Occupied Area Expiring (FY2026—FY2030, sf) Area expiring (’000 sf) 115.9 – – – – FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) – – 69.2% – – Base Rent at Expiry (₹psf/Month) – – 210.0 – – Mark-to-Market Potential (%) – – 10.2% – – Key Milestones and Achievements Through our disciplined operations and investment expertise, we have:

(cid:129) Post our acquisition in 2021, maintained 100.0% Committed Occupancy since March 31, 2023. (cid:129) Achieved a 4.3% 3-year CAGR growth in Base Rents through FY2025. (cid:129) Amazon, one of our anchor tenants, renewed 34.6 ksf (19.7% of Leasable Area) in FY2023.

(cid:129) In 2023, the property (which includes the Leasable Area owned by third parties) successfully achieved the LEED Zero Carbon and Zero Energy certifications, which was the first developer- owned building in India to receive these certifications.

338SATTVA COSMO LAVELLE, BENGALURU Asset Description SattvaCosmoLavelle,locatedintheCBD,isoneofour2city-centerofficebuildingsinBengaluru(along with One Trade Tower). As the heart of the city, CBD encompasses major government offices, luxury hotels and prime retail high street, with few prominent commercial developments, according to the CBRE Report. The property is spread across 1.2 acres with a total of 0.2 msf of LeasableArea, of which 0.1 msf is owned by us and the remaining is owned by a third party. The property is well supported by various lifestyle and social infrastructure in the sub-market and is also accessible by multiple modes of transport offering seamless connectivity, as per the CBRE Report.

The property features a modern design and stands out as a premium office building on Lavelle Road, one of the city’s well established and prime retail, commercial and residential destinations, according to the CBRE Report. The asset is presently fully occupied by a tenant in the technology industry, who has been an anchor tenant for more than 15 years. This has enabled it to maintain a high Committed Occupancy of

100.0% (as compared to the Occupancy of CBD sub-market of 89.5%) as of March 31, 2025, according to data from the CBRE Report. Additionally, its Base Rents have grown by a 3-year CAGR of 4.8% through FY2025, exceeding the Market Rent CAGR of 2.2% over the same period, as per data from the CBRE Report. The property features well-designed, spacious workspaces and is located close to several eateries and hotels.

339The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Harkeshwar Realtors Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2010 Asset Type City-Center Office Building Sub-market CBD Site Area (Acres) 1.2 acres(1) Land Title Freehold Leasable Area (msf) 0.1(2) Completed Area (msf) 0.1(2) Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 100.0% Committed Occupancy (%) 100.0% WALE (Years) 0.8 Number of Tenants 1 Market Value (₹ mm) 2,543 Percentage of Gross Portfolio Market Value (%) 0.4%

Notes:

(1) HRPLowns50%undividedshareofthelandarea.

(2) OfthetotalLeasableAreaof0.2msf,0.1msfisownedbyusandtheremainderisownedbyathirdparty.Unlessotherwisespecified,allreferencestoSattvaCosmo LavelleandtherelateddatawithrespecttheretointhisOfferDocument,includingthefinancial,operationalandmarketvaluedataforSattvaCosmoLavelle,refers onlytothe0.1msfofLeasableAreaownedbyus(togetherwithrights,titleandinterestoverthecorrespondingundividedshareintheland).

340Mark-to-Market Opportunity The average monthly In-place Rent at Sattva Cosmo Lavelle is ₹146.9 psf with a Market Rent at Sattva Cosmo Lavelle of ₹225.0 psf, resulting in a high mark-to-market upside of 53.1% on Base Rentals for the month ended March 31, 2025. The following illustrates the Base Rentals and Market Rentals at Sattva Cosmo Lavelle for the month ended March 31, 2025:

₹ mm/month

17.3 % + 5

3.1

11.3 Base Rentals Market Rentals Lease Expiry Profiles The WALE of Sattva Cosmo Lavelle is 0.8 year as of March 31, 2025, with 100.0% of the OccupiedArea expiring between FY2026 and FY2030, as illustrated in the chart below.We have commenced discussions with the tenant for a renewal of its lease arrangements.

Occupied Area Expiring (FY2026—FY2030, sf) Area expiring (’000 sf) 77.0 – – – – FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) 100.0% – – – – Base Rent at Expiry (₹psf/Month) 146.9 – – – – Mark-to-Market Potential (%) 60.8% – – – – 341SATTVA HORIZON, BENGALURU Asset Description Sattva Horizon is our brand-new business center located in the NBD sub-market that was recently completed inAugust 2024. The property is spread over 5.5 acres with 1.1 msf of LeasableArea, of which

0.6 msf is owned by us and the remainder is held by a third-party.The property secured 100% pre-leasing to Amazon, constituting the largest lease in CY2024 in the sub-market. As of the date of this Offer Document, lease deeds have been executed with Amazon and its affiliates. This showcases the superior development capabilities and deep industry knowledge of The Sattva Sponsor, which enabled them to successfully pre-empt the needs of tenants and develop an attractive asset which was 100.0% pre-leased in a sub-market with a high vacancy of 26.9% as of March 31, 2025. The property is located in proximity to residential developments and is a 25-minute drive away from the Kempegowda International Airport.

An upcoming metro station (Bagalur Cross) situated within 200 meters from the property is also expected to enhance accessibility and provide excellent last mile connectivity. (Source: CBRE Report) Sattva Horizon is designed to cater to the demands of modern work culture. The property is encased with glazing walls that maximize natural daylight with a grand triple-height entrance lobby. The outdoor environment features a 3-layer landscape design with tall trees for shade, softscapes for biodiversity, and hardscapes for movement and social interaction. Tenants have access to a variety of modern facilities designed to promote work-life balance, such as a multi-purpose court, half basketball court, landscaped jogging tracks and a function lawn.

The property’s design emphasizes energy efficiency and sustainability, utilizing energy-efficient materials such as a high-performance glass, eco-friendly paints and other sustainable construction methods. It also offers EV charging points to tenants. The property is also expected to be powered by solar energy from our solar plant operated by NDPL, Karnataka Solar—II, following its completion in the second quarter of CY2026.

342The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Sattva Horizon Private Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2024 Asset Type Business Center Sub-market NBD Site Area (Acres) 5.5 acres(1) Land Title Freehold Leasable Area (msf) 0.6(2) Completed Area (msf) 0.6(2) Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 100.0% Committed Occupancy (%) 100.0% WALE (Years) 19.5 Number of Tenants 1 Market Value (₹ mm) 4,760 Percentage of Gross Portfolio Market Value (%) 0.8%

Notes:

(1) SHPLowns57%undividedshareofthelandarea.

(2) OfthetotalLeasableAreaof1.1msf,0.6msfisownedbyusandtheremainderisownedbyathirdparty.Unlessotherwisespecified,allreferencestoSattvaHorizon andtherelateddatawithrespecttheretointhisOfferDocument,includingthefinancial,operationalandmarketvaluedataforSattvaHorizon,refersonlytothe0.6msf ofLeasableAreaownedbyus(togetherwithrights,titleandinterestoverthecorrespondingundividedshareintheland).

343KOSMO ONE, CHENNAI Asset Description Kosmo One is a business park situated in theAmbattur sub-market of Chennai, Tamil Nadu. The property consists of 3 towers, spread across 8.8 acres with a Leasable Area of 1.9 msf as of March 31, 2025.

The property is located in Ambattur, which is one of the preferred IT destinations in the city due to its proximity to CBD, competitive rentals and physical and social infrastructure. Due to its location, well-developedinfrastructureandproximitytoindustrialareas,thissub-markethasattracteddemandfrom large technology, engineering and manufacturing and BFSI firms, for their commercial operations.

(Source: CBRE Report) The property hosts a range of tenants, such as Kone Elevator India Private Limited, Access Healthcare Services Private Limited and Yes Bank Limited. These tenants have access to an array of amenities, including a food court, a general store, indoor and outdoor sports courts, and a crèche, all aimed at enhancing work-life balance.

Kosmo One has received the following certifications, highlighting its dedication to sustainability: (cid:129) KosmoOnewaspartofagroupofourPortfolioAssetswhichreceivedtheGRESB5-starrating,and ranked #1 across its peer group in India in 2024;

(cid:129) WELL Gold certification in 2024; (cid:129) 5-star rating from BEE in 2024; (cid:129) FiveStarRatingandSwordofHonorforsafetyandwell-beingbytheBritishSafetyCouncilin2023; and 344(cid:129) LEED Building Operations and Maintenance v4.1: Existing Buildings Platinum certification received on a monthly basis since 2022; and (cid:129) USGBC LEED Gold certification in 2011.

The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Kosmo One Business Park Limited Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2009(1) Asset Type Business Park Sub-market Ambattur Site Area (Acres) 8.8 acres Land Title Freehold Leasable Area (msf) 1.9 Completed Area (msf) 1.9 Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 94.7% Committed Occupancy (%) 94.7% WALE (Years) 5.2 Number of Tenants 54(2) Market Value (₹ mm) 13,772 Percentage of Gross Portfolio Market Value (%) 2.2%

Notes:

(1) TowerAandBweredeliveredin2009andTowerCwasdeliveredin2010.Weacquiredtheentityin2018.

(2) IncludesF&B,retailand/orotheramenitytenants.

345Tenant Profile Kosmo One caters to a number of prominent multinational tenants as shown below.As of March 31, 2025, Kosmo One had 54 tenants and 72.3% of Gross Rentals were from multinational corporates.

The top 10 tenants accounted for 84.3% of Gross Rentals of Kosmo One for the month ended March 31, 2025, as illustrated below:

Percentage of Rank Tenant Tenant Sector Gross Rentals 1 English retail and commercial bank BFSI 22.5% 2 Kone Elevator India Private Limited Engineering & manufacturing 17.8% 3 Access Healthcare Services Private Pharma & healthcare 17.1% Limited 4 Yes Bank Limited BFSI 7.3% 5 American healthcare IT services Technology 7.0% company 6 Multinational equipment company Engineering & manufacturing 4.0% 7 Coronis Ajuba Solutions Private Technology 2.5% Limited 8 Covenant Consultants Research, consulting & analytics 2.3% 9 Indian bank BFSI 2.2% 10 Indian healthcare technology Pharma & healthcare 1.7% company Top 10 Total 84.3% Owing to the property’s strategic location, being in proximity to the CBD, as per the CBRE Report, it has attracted a range of tenants in the BFSI, engineering and manufacturing, pharma and healthcare and technology industries, accounting for 90.3% of Gross Rentals for the month ended March 31, 2025.

Sector Mix by Gross Rentals (%) Others, 9.7% BFSI, 32.7% Technology,

11.1% Pharma & healthcare,

18.8% Engineering & manufacturing,

27.8% 346Rent and Occupancy Trends Owingtoourproactiveassetmanagementandcapitalexpenditureupgrades,wehavebeenabletoimprove the Committed Occupancy from 67.0% as of March 31, 2021 to 94.7% as of March 31, 2025 (which has outperformedtheOccupancyofthesub-marketof78.9%),asperdatafromtheCBREReport.ItsMarginal Rents grew at a 3-year CAGR of 14.9% through FY2025, surpassing the Market Rents CAGR of the Ambattur sub-market of 10.3% over the same period, based on data from the CBRE Report, which is a testament to the premium positioning and effectiveness of our efforts to upgrade and enhance the asset.

As one of the prominent developments in the region, Kosmo One is expected to benefit from positive trends in the Ambattur sub-market, where effective vacancy is forecast to drop to 0.1% by the end of by end of CY2027 due to negligible supply and comparatively increased leasing activity in the Ambattur sub-market, and rent is expected to increase at a 4.8% CAGR from Q1CY2025 to CY2027, according to the CBRE Report.

The charts below set out the increase in the historical Base Rents at Kosmo One and Market Rents in the Ambattur sub-market from March 31, 2021 to March 31, 2025, along with details of the Committed Occupancy levels as compared to the sub-market’s Occupancy for the periods indicated:

Historical Rents Historical Occupancy (March 31, 2021—March 31, 2025 (March 31, 2021—March 31, 2025)

95.5% 94.7%

129.1

80.2%

109.9 116.6 72.2% 70.9% 78.8% 76.7% 78.9%

104.1

102.6

100.0

107.0 67.0% 69.2%

100.0 98.7

96.2 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Base Rents (Indexed) Market Rents (Indexed) Asset Committed Occupancy (%) Market Occupancy (%)

Source: CBREReport;FiguresforBaseRentsandMarketRentshavebeenindexedto100forillustrativepurposesanddonotrepresentactualBaseRentandMarketRent figures.

347Mark-to-Market Opportunity The average monthly In-place Rent at Kosmo One is ₹42.7 psf with a Market Rents at Kosmo One of ₹55.0 psf, resulting in a mark-to-market upside of 28.7% on Base Rentals for the month ended March 31,

2025.The following illustrates the average Base Rentals and Market Rentals at Kosmo One for the month ended March 31, 2025: ₹ mm/month

99.3 % + 2

8.7

77.2 Base Rentals Market Rentals Lease Expiry Profiles The WALE of Kosmo One is 5.2 years as of March 31, 2025, with 51.4% of the OccupiedArea expiring between FY2026 and FY2030, as illustrated in the chart below:

Occupied Area Expiring (FY2026—FY2030, sf) Area expiring (’000 sf) 407.5

269.7

95.6

86.0

60.1 FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) 4.8% 15.7% 6.5% 21.6% 3.3% Base Rent at Expiry (₹psf/Month) 42.8 44.3 57.7 44.5 48.3 Mark-to-Market Potential (%) 34.9% 36.9% 10.3% 50.3% 45.2% 348Key Milestones and Achievements Through our disciplined operations, investment expertise and key placemaking initiatives, we have:

(cid:129) Leased approximately 0.9 msf (49.4% of LeasableArea) including the re-leasing of 0.4 msf (21.4% of Leasable Area) at a re-leasing spread of 21.8% from FY2023 to FY2025. (cid:129) Achieved a 14.9% 3-year Marginal Rent CAGR through FY2025.

(cid:129) Completed notable renewals and expansions, including for an English retail and commercial bank, one of our anchor tenants, who renewed approximately 409.0 ksf (approximately 21.0% of Leasable Area) as of March 31, 2025 at a re-leasing spread of 15.0%.Additionally, some of our key tenants, including Access Healthcare Services Private Limited and an Indian technology company have expanded their initial footprint by approximately 2 times to 306.2 ksf and 143.2 ksf respectively as of March 31, 2025.

(cid:129) Achieved a tenant retention rate of 80.4% from FY2023 to FY2025. (cid:129) Undertaken a comprehensive asset repositioning program, including enhancing the food court, lobbies, and provided various sports facilities in the park.

Before After Before After 349ONE QUBE, GURUGRAM Asset Description One Qube is a newly constructed business park completed in 2023, situated in the NH-8 sub-market of Gurugram, Haryana. Spread across 3.3 acres and with 0.6 msf of Leasable Area, the property features a modernarchitecturaldesignwithaestheticgreenspaces.OneQubeisoccupiedbyprominentmultinational corporates such as Concentrix India Private Limited, GCCs including a global banking institution and a multinational AI company.

The NH-8 sub-market is an established sub-market, home to large developments and ITSEZs occupied by reputed domestic and international corporates. It is characterized by the presence of well-established social and physical infrastructure. One Qube enjoys good connectivity from the Gurugram-Jaipur Expressway (NH-8), providing access across Gurugram and the key locations in Delhi-NCR, and is also in proximity to the MG Road metro station, DLF Cybercity and both domestic and international airports.

The property is strategically located near dense residential areas, landmark hotels like Trident, Leela and Oberoi and vibrant F&B hubs like Cyber Hub and is also close to prominent retail destinations like Ambience Mall with good connectivity to other parts of Delhi-NCR. The newly developed Dwarka Expressway further enhances connectivity by offering an alternative route between Delhi and Gurugram.

(Source: CBRE Report) The property offers a wide suite of amenities, including a triple-height lobby, destination-controlled elevators, a more than 180-seater food court, gym, crèche and a dedicated covered drop-off. The property also features a 3,500 sqm green belt across the road, which is maintained by us, with a garden designed using the “Miyawaki method”, aimed at creating dense greenery. The asset has also received many certifications, including the USGBC LEED Platinum in certification in 2023, and GRIHAcertification in

2022. The asset was also part of a group of our PortfolioAssets which received the GRESB 5-star rating, and ranked #1 across its peer group in India in 2024. The asset has recently achieved 5-star rating from BEE in 2025.

350The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity One Qube Realtors Private Limited(1) Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2022(2) Asset Type Business Park Sub-market NH-8 (Before Rajiv Chowk) Site Area (Acres) 3.3 acres Land Title Freehold Leasable Area (msf) 0.6 Completed Area (msf) 0.6 Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 77.0% Committed Occupancy (%) 82.6% WALE (Years) 8.3 Number of Tenants 8(3) Market Value (₹ mm) 9,315 Percentage of Gross Portfolio Market Value (%) 1.5%

Notes:

(1) OneQubeissubjecttoordersinrelationtotheInterventionApplicationfiledbeforetheHighCourtofJudicatureatDelhi.PursuanttoRegulation11(4)oftheSEBI REITRegulations,theSponsorsundertaketotakeallnecessarystepsandactionsasmayberequiredvis-à-vistheInterventionApplicationtoensurethevalidityofthe OQRPLSAAconsummatedaspartoftheInitialPortfolioAcquisitionTransactions.Ithasbeendecidedinter-setheSponsorsthattheBlackstoneSponsorshallbe responsibleinthisregard.Formoredetails,pleasesee“PresentationofFinancialDataandOtherInformation—FinancialandOperationalData”,“RiskFactors—Our actualresultsmaybemateriallydifferentfromtheexpectationsexpressedorimplied,orProjections,includedinthisOfferDocument.Accordingly,investorsshouldnot placeunduerelianceon,orbasetheirinvestmentdecisionsolelyonthisinformation”,and“LegalandOtherInformation”onpages5,31and703,respectively.

(2) OneQubereceivedPartOccupancyCertificatein2022andFullOccupancyCertificatein2023.Weacquired50%interestoftheentityin2018andtheremainingin

2019.

(3) IncludesF&B,retailand/orotheramenitytenants.

Tenant Profile One Qube has attracted a roster of highly reputable multinational corporates as shown below. As of March31,2025,OneQubehad8tenants,and99.2%ofGrossRentalswerefrommultinationalcorporates.

351These tenants accounted for 100.0% of Gross Rentals for One Qube for the month ended March 31, 2025,

as illustrated below:

Percentage of Rank Tenant Tenant Sector Gross Rentals 1 Siemens Limited Technology 31.6% 2 American financial services BFSI 30.3% company 3 Concentrix India Private Limited Research, consulting & analytics 21.8% 4 Multinational AI company Technology 12.1% 5 Global professional services firm Research, consulting & analytics 3.5% 6 Others Amenities 0.8% Total 100.0% One Qube’s tenants are predominantly in the technology, BFSI and research, consulting and analytics sectors.

Sector Mix by Gross Rentals (%) Others, 0.8% Research, consulting & analytics,

25.3% Technology,

43.7% BFSI, 30.3% Rent and Occupancy Trends One Qube has a Committed Occupancy of 82.6% as of March 31, 2025, as leasing activity commenced in FY2023. From FY2023 to FY2025, we have leased 0.5 msf, comprising 0.1 msf in FY2023, 0.3 msf in FY2024 and 0.1 msf in FY2025. We were able to attract marquee tenants and lease approximately 51% ofLeasableAreatotwoanchortenantsincludinganAmericanmultinationalfinancialservicescorporation and Siemens Limited. Siemens Limited expanded their Leasable Area by 1.3 times from March 2024 to March2025,andanAmericanmultinationalfinancialservicescorporationexpandedtheirleasableareaby

1.2 times over the same period, which demonstrates the attractiveness of the asset.

352The charts below set out the increase in the historical Base Rents at One Qube and Market Rents at the NH-8 (Before Rajiv Chowk) sub-market, from March 31, 2023, to March 31, 2025, along with details of the Committed Occupancy as compared to the sub-market’s Occupancy for the periods indicated:

Historical Rents Historical Occupancy (March 31, 2023—March 31, 2025) (March 31, 2023—March 31, 2025)

87.7% 88.6%

107.3 79.4%

82.6%

68.4%

102.6

100.0

13.1%

100.3

100.0 99.9 Mar’23 Mar’24 Mar’25 Mar’23 Mar’24 Mar’25 Base Rents (Indexed) Market Rents (Indexed) Asset Committed Occupancy (%) Market Occupancy (%)

Source:CBREReport;FiguresforBaseRentsandMarketRentshavebeenindexedto100forillustrativepurposesanddonotrepresentactualBaseRentandMarketRent figures.

In-Place Rent The average monthly In-place Rent is ₹96.9 psf with a Market Rent at One Qube of ₹120.0 psf, resulting inamark-to-marketupsideof23.8%onBaseRentals,forthemonthendedMarch31,2025.Thefollowing illustratestheaverageBaseRentalsandMarketRentalsatOneQubeforthemonthendedMarch31,2025:

₹ mm/month

51.0 +23.8%

41.2 Base Rentals Market Rentals 353Lease Expiry Profiles TheWALE of One Qube is 8.3 years as of March 31, 2025, which is attributable to recent leasing starting in FY2023, with 3.4% of the Occupied Area expiring in between FY2026 and FY2030, as illustrated in

the chart below:

Occupied Area Expiring (FY2026—FY2030, sf) Area expiring (’000 sf) 14.0 – – – – FY2026 FY2027 FY2028 FY2029 FY2030 The following table sets out certain data relating to expiration of our OccupiedArea and mark-to-market

potential for the periods indicated below:

Year FY2026 FY2027 FY2028 FY2029 FY2030 Base Rentals Expiring (%) – – – 3.5% – Base Rent at Expiry (₹psf/Month) – – – 118.1 – Mark-to-Market Potential (%) – – – 23.5% – 354Key Placemaking Initiatives and Planned Upgrades One Qube was constructed with an aim to provide a live-work-play ecosystem to tenants, including the

following initiatives: (cid:129) We introduced a wide array of amenities with green spaces, food court, gym and creche. The

following illustrates some of our amenities: (cid:129) Asatestamenttooursustainabilityfocus,weundertooktheconstructionandmaintenanceofagreen belt outside the asset and installed rooftop solar panels with 138 KWp capacity.

355FINTECH ONE, GIFT CITY (AHMEDABAD) Asset Description Fintech One is a high-quality business center located in GIFT City, Ahmedabad which was completed in

2020. Spread across 0.8 acres with 0.5 msf of Leasable Area as of March 31, 2025, it features a modern design and is well-connected to key hubs of the city. Its connectivity is further set to be enhanced with various infrastructure developments, including the Ahmedabad Metro Line 3 which connects GIFT City with key locations acrossAhmedabad, the bullet train project between Mumbai andAhmedabad (expected by 2027), and the Sardar Vallabhbhai Patel International Airport. GIFT City, Ahmedabad is India’s first operational smart city and International Financial Services Center, offering various tax incentives, and poised to become a major financial service hub in the region. (Source: CBRE Report) The property is primarily occupied by technology sector tenants comprising IBM India Private Limited, Accenture Solutions Private Limited, Google Connect, and a global consulting and technology services company,accountingfor61.2%ofGrossRentalsforthemonthendedMarch31,2025.Throughouractive asset management and customized leasing strategy, we have achieved Committed Occupancy of 98.0% as of March 31, 2025, outperforming the Occupancy of its sub-market of 85.9%.The property has leased 0.5 msf since FY2023, including 0.3 msf in FY2025. It has also achieved a 20.9% 2-year Marginal Rent CAGR through FY2025. The property offers an array of amenities, including a more than 300-seater food court, a gym and an indoor sports area.

We have implemented several sustainability initiatives, including rooftop solar panels with a capacity of 106 KWp. The property was part of a group of our Portfolio Assets which received the GRESB 5-star rating, and ranked #1 across its peer group in India in 2024. It also received the USGBC LEED v.4

Building Design and Construction: Core and Shell Development Gold certification in 2023. The asset has recently achieved 5-star rating from BEE in 2025.

356The following sets forth key asset information as of March 31, 2025.

Key Asset Information Entity Pluto Atriza Business Parks Pvt. Ltd.

Interest proposed to be owned by the REIT (%) 100% Year of Commencement 2020(1) Asset Type Business Center Sub-market GIFT City, Ahmedabad Site Area (Acres) 0.8 acres Land Title Leasehold (99 years from 2017) Leasable Area (msf) 0.5 Completed Area (msf) 0.5 Under Construction Area (msf) – Future Development (msf) – Occupancy (%) 98.0% Committed Occupancy (%) 98.0% WALE (Years) 9.4 Number of Tenants 9(2) Market Value (₹ mm) 3,886 Percentage of Gross Portfolio Market Value (%) 0.6%

Notes:

(1) Weacquiredtheentityin2021.

(2) IncludesF&B,retailand/orotheramenitytenants.

Mark-to-Market Opportunity The average monthly In-place Rent is ₹46.7 psf as compared to the Market Rent of Fintech One of ₹62.0 psf, resulting in a mark-to-market upside of 32.7% on Base Rentals, for the month ended March 31,

2025.

357ThefollowingillustratestheaverageBaseRentalsandMarketRentalsatFintechOneforthemonthended March 31, 2025: ₹ mm/month

27.5 % + 3

2.7

20.7 Base Rentals Market Rentals Lease Expiry Profiles The WALE of Fintech One is 9.4 years as of March 31, 2025, which is attributable to new leasing since FY2023, with no Occupied Area expiring between FY2026 and FY2030.

Key Milestones and Achievements Through our disciplined operations and investment expertise, we have: (cid:129) Improved Committed Occupancy from 15.9% as of March 31, 2023 to 98.0% as of March 31, 2025.

(cid:129) Achieved a 20.9% 2-year Marginal Rent CAGR through FY2025, since commencing leasing activity in FY2023.

358(cid:129) Implemented capital expenditure and repositioning initiatives including the introduction of a food court, lobby refurbishments, amenities such as a gym, among others. The following illustrates the

amenities offered at the asset: (cid:129) Assistedourtenantswiththeirtenantimprovements.Forinstance,weassistedourtenant,IBMIndia Private Limited with their fit-outs in their office area. The following illustrates the tenant

improvements at their office:

359SOLAR ASSETS *Note: picturesofKarnatakaSolar—I Asset Description Our operational and proposed Solar Assets have an aggregate capacity of 63.0 MW AC and comprise: (cid:129) 1 operational solar plant in Karnataka, Karnataka Solar—I, totaling 30.8 MW (AC) held by SRPPL;

(cid:129) 2 under construction solar plants in Maharashtra, One BKC Solar and Prima Bay Solar, with an aggregate proposed capacity of 8.0 MW (AC) operated by OBSEPL and PBSEPL, respectively, which are both expected to become operational by the third quarter of CY2025; and (cid:129) 1 under construction solar plant in Karnataka, Karnataka Solar—II, with an aggregate proposed capacity of 24.2 MW (AC), held by NDPL, expected to become operational by the second quarter of CY2026.

TheseSolarAssetsarepartofourcommoninfrastructureintendedtosupplygreenenergytocertainofour Portfolio Assets.

Commissioned in July 2024, Karnataka Solar—I is a 30.8 MW (AC) solar plant held by SRPPL and is located in Challakere, Karnataka, across approximately 108.1 acres of leasehold land. The plant is expected to generate 68.6 mm of gross KWh units during its first year of operations. SRPPL has entered into agreements for supply of electricity with a residual term of approximately 26 years as of March 31, 2025 with some of our Portfolio Assets located in Bengaluru, including Sattva Global City, Sattva Softzone, Sattva Knowledge Court, Sattva Techpoint, Sattva Touchstone, Sattva Infozone, Sattva Magnificia, Sattva Eminence and Sattva Premia (collectively, the “Karnataka Solar—I OfftakeAssets”) for the secured offtake of its power supply.

Karnataka Solar—II is a proposed solar plant held by NDPLwith a proposed capacity of 24.2 MW (AC).

This plant is also located in Challakere, Karnataka, across approximately 83.0 acres of land. The solar plant is expected to become operational by the second quarter of CY2026 and is expected to generate 54.7 mmofgrossunitsinitsfirstyearofoperations.KarnatakaSolar—IIisexpectedtosupplypowertocertain assets in Bengaluru, such as our newly constructed Portfolio Assets, Sattva South Avenue and Sattva Horizon; our under-construction Portfolio Assets, Sattva Endeavour and Sattva Spectrum, as well as additional power requirements of Sattva Global City (collectively, the “Karnataka Solar—II Offtake Assets”).

360We are also in the process of constructing 2 captive solar plants in Maharashtra, with a proposed capacity of 4.1 MW (AC) in Prima Bay Solar and 3.9 MW (AC) in One BKC Solar, which are expected to be operational by the third quarter of CY2025. These solar assets are expected to generate an aggregate of

18.2 mm of gross units in the first year of their operations.

Forfurtherdetails,see“RiskFactors—TheoperationsofourSolarAssetsaredependentontheregulatory and policy environment affecting the renewable energy sector in India, and any such changes to any laws, rules and regulations to which we are subject may have a material adverse effect on our business, financial condition, cash flows, and results of operations.” on page 64.

The following sets forth key asset information as of March 31, 2025.

Key Asset Information of Karnataka Solar—I Entity Shirasa Regency Park Private Limited Interest Owned by REIT (%) 100.0% Year of Commencement of Operations 2024 Asset Type Solar plant Location Challakere, Chitradurga District, Karnataka Site Area (acres) 108.1 acres(1) Freehold/Leasehold Leasehold Capacity (MW) 30.8 MW (AC)/45.0 MW (DC) Estimated Annual Generation (mm KWh units) 68.6 Existing Tariff (₹ per KWh unit)(2) Commercial – ₹6.0 per unit(3) (as per applicable tariffs) Key Customers Karnataka Solar – I Offtake Assets Remaining Agreement Term 26 years Market Value (₹ mm) 2,295 Percentage of Gross Portfolio Market Value (%) 0.4%

Notes:

(1) InSolareEnergyLimited,thelessorofthelandwhereKarnatakaSolar-Iislocatedhasarighttoacquireleaseholdrightsoveradditionallandmeasuring14acres30 guntasandithasenteredintoanagreementtosub-leasetheaforesaidlandinfavorofSRPPLwhichisexpectedtobecompletedbyonorbeforeSeptember30,2025.

(2) Tariffsaresubjecttoperiodicrevisions.

(3) Excludesothervariablechargesleviedoncustomers.

361Key Asset Information of Karnataka Solar—II (Under Construction) Entity NABS Data Zone Private Limited Interest Owned by REIT (%) 100.0% Year of Commencement of Operations Under construction Asset Type Solar plant Location Challakere, Chitradurga District, Karnataka Site Area (acres) 83.0 acres Freehold/Leasehold Leasehold Proposed Capacity (MW) 24.2 MW (AC)/35.1 MW (DC) Estimated Annual Generation (mm KWh units) 54.7 Expected Tariff (₹ per KWh unit)(1) Commercial – ₹6.0 per unit(2) (as per applicable tariffs) Key Customers Karnataka Solar – II Offtake Assets Expected Agreement Term 29 years Market Value (₹ mm) 566 Percentage of Gross Portfolio Market Value (%) 0.1%

Notes:

(1) Tariffsaresubjecttoperiodicrevisions.

(2) Excludesothervariablechargesleviedoncustomers.

Key Asset Information of One BKC Solar (Under Construction) Entity One BKC Solar Energy Private Limited(1) Interest Owned by REIT (%) 100.0% Year of Commencement of Operations Under construction Asset Type Solar plant Location Dhule, Maharashtra Site Area (acres) 13.1 acres Freehold/Leasehold Freehold Proposed Capacity (MW) 3.9 MW (AC)/5.8 MW (DC) Estimated Annual Generation (mm KWh units) 8.8 Expected Tariff (₹ per KWh unit)(1) Commercial – ₹6.1 per unit (as per applicable tariffs less open access and other charges) Customer One BKC Realtors Private Limited(2) Expected Agreement Term 25 years Market Value (₹ mm) 86 Percentage of Gross Portfolio Market Value (%) 0.0%

Notes:

(1) Tariffsaresubjecttoperiodicrevisions.

(2) OneBKCSolarEnergyPrivateLimitedisawhollyownedsubsidiaryofOneBKCRealtorsPrivateLimited.

362Key Asset Information of Prima Bay Solar (Under Construction) Entity Prima Bay Solar Energy Private Limited(1) Interest Owned by REIT (%) 100.0% Year of Commencement of Operations Under construction Asset Type Solar plant Location Dhule, Maharashtra Site Area (acres) 11.8 acres Freehold/Leasehold Freehold Proposed Capacity (MW) 4.1 MW (AC)/6.2 MW (DC) Estimated Annual Generation (mm KWh units) 9.4 Expected Tariff (₹ per KWh unit)(1) Commercial – ₹4.9 per unit (as per applicable tariffs less open access and other charges) Customer Prima Bay Private Limited(2) Expected Agreement Term 25 years Market Value (₹ mm) 24 Percentage of Gross Portfolio Market Value (%) 0.0%

Notes:

(1) Tariffsaresubjecttoperiodicrevisions.

(2) PrimaBaySolarEnergyPrivateLimitedisawhollyownedsubsidiaryofPrimaBayPrivateLimited.

363Other Key Information Marketing and Leasing Activities TheManager’sleasingteamwillberesponsibleformarketingandpromotingourPortfolio.Thepromotion of our assets is done through international property consultants, local consultants, agents and brokers, as well as directly with potential clients and through constant interaction with existing tenants. The leasing team is expected to comprise 2 heads of leasing, one who will be responsible for North and West India and one who will be responsible for South India, supported by senior leasing managers and leasing executives.

Wepossessfullscopeleasingcapabilities,whichenableustoprovideanumberofflexiblesolutionsaimed at meeting the diverse needs of tenants. For example, we offer a wide range of size configurations (from small office spaces to large units spanning the entire floor or building) to accommodate various business requirements. We also selectively provide other value-added tenant improvement solutions including the coordination and execution of fit-outs and managed office space solutions to cater to their needs.

Additionally, we provide flexibility in lease durations, catering to both short-term and long-term tenancy needs (the leases for our Portfolio generally range from 5 to 10 years). We also provide different space options for tenants, including through BTS opportunities, where we create custom-tailored spaces for specific tenant requirements, or through developing properties to high standards designed to attract tenants.

As requested by our tenants, we may also provide managed office space solutions, where we offer office spacesonaflexiblebasistosmallertenantsasanalternativetotraditionalofficeleasing.Ourofficespaces rangefrom4to12ksfandupto400ksformoreincertaincases,dependingonourtenant’sneeds,thereby enabling us to support tenants in establishing their offices and grow within these spaces.As of March 31, 2025, we provided managed office space solutions for, among others, 0.2 msf of Leasable Area in Knowledge City and 0.2 msf of Leasable Area in Knowledge Park. See “—Our Competitive Strengths— Diversified tenant base with an increasing focus on leading domestic corporates and GCCs” on page 178.

We adopt a dynamic asset management and leasing strategy which includes tailoring our leasing approach for a particular asset based on factors such as the type of asset, tenant profile, sub-market trends, property location and amenities and other asset characteristics. By customizing our strategy in this manner, we aim to meet the needs of a cross-section of tenants in our Portfolio, thereby enhancing tenant retention and satisfaction. We achieved a tenant Retention Rate of 61.7% from FY2023 to FY2025.

Lease Agreements and Lease Management The lease agreements and leave and license agreements that we enter into with our tenants contain customary terms and conditions generally included in typical commercial real estate leases, including thoserelatingtothedurationoftheleasesandtherenewals,rentandescalationterm,provisionofsecurity deposit, as well as fit-out and alteration works, if any. These lease agreements typically do not contain clauses which provide a high grace period in lieu of higher rental values.

The leased premises comprise office space along with a select number of parking slots generally allocated in accordance with size of the leased premises. Our leases generally include an interest free, refundable security deposit, which is paid by client on signing of letter of intent or the lease agreement. The amount of security deposit is typically in the range of 6 to 12 months of base rent. The rent is generally payable in advance on a monthly basis. Rentals under our lease agreements are a function of various factors, including prevailing market rentals, rent free period, security deposits, fit-outs (tenant improvements), space availability and occupancy at these parks. The lease agreements generally contain escalation provisions.Wetypicallyenterintolong-termleaseswithourtenants.TheleasesforourPortfoliogenerally range from 5 to 10 years, with subsequent renewal options, which provides visibility on the growth of our future cash flows. Some of our leases have typical rent escalations built-in of up to 15% every 3 years and more recently, we have successfully created a new standard in our Portfolio with more aggressive annual 364built-in rent escalations of 4.5% to 5.0%. Our assets are generally leased on a warm shell basis (i.e., building in air and watertight condition, including centralizedAC infrastructure, elevators, common area electrical wiring, utility and backup power and plumbing) and the tenants generally undertake tenant improvements themselves at their own cost and as per their own requirements. With the built-in rent escalations on leases already in place, we expect to generate stable and predictable growth in our revenue from operations.

Subletting to the tenant’s affiliate companies or subsidiary is generally permitted in accordance with the provisions of the relevant agreements. However, subletting to unrelated third parties is generally not permitted, but in certain exceptional cases may be permitted with prior consent from the relevant Asset SPVs. In case of the latter, the original tenant would continue to be responsible for the performance of the obligations under the relevant agreements. Our lease agreements generally contain common termination provisions such as termination upon default of the counterparty. Leases typically have a lock-in period duringwhichthetenantisnotallowedtoexitunlessthereisabreachbythelessorofthetermsofthelease agreement. Lock-in period, wherever applicable, typically lasts between 1 year to 5 years from the lease commencement date. For leases where the lock-in period has expired or is not applicable (in cases of renewal by an existing tenant), lessee has an option to surrender the premises after providing an advance notice, usually ranging from 3 to 6 months.

Other common provisions in the lease agreements include, inter alia, the lessors’obligation to ensure the continuous supply of utilities necessary for the use of the premises, such as electricity and water.

Environmental, Health and Safety Certifications

The following sets forth details of our awards: (cid:129) LEED Certification: The LEED program is introduced by the U.S. Green Building Council (“USGBC”). The LEED certification provides a framework for healthy, highly efficient, and cost-saving green buildings, which offer environmental, social and governance benefits. To achieve LEED certification, a project earns points by adhering to prerequisites and credits that address carbon, energy, water, waste, transportation, materials, health and indoor environmental quality.

Projects go through a verification and review process and are awarded points that correspond to a level of LEED certification. There are 4 levels that can be achieved under this certification program—certified,silver,goldandplatinum,with‘platinum’beingthehighestcertificationthatcan beawardedtoaproject.AsofMarch31,2025,wehad12PortfolioAssetswhichwereawardedwith various LEED certifications issued by USGBC or the IGBC, including the “LEED Gold” certification and the “LEED EBOM Platinum” certification. These include Sattva Knowledge City, One BKC, One World Center, One International Center and Exora Business Park. We believe these certification reinforces our commitment towards environmental sustainability and providing a greener and safer work environment for our tenants.

(cid:129) IGBC Certification: The IGBC has introduced various rating systems, including the IGBC Green New Buildings for new buildings and IGBC Green Existing Building O&M rating systems for existing building stock. IGBC Green New Buildings rating system helps to introduce green concepts and techniques in the building sector by primarily addressing green features under categories such as sustainable architecture and design, water conservation, energy efficiency, building materials and resources, indoor environmental quality and innovation and development. Different levels of green building certification are awarded based on the total credits earned. There are 4 levels that can be achieved under this certification program certified, silver, gold and platinum, with ‘platinum’being the highest level of certification that can be awarded to a building. As of March 31, 2025, we had 5 Portfolio Assets which were awarded with various IGBC certifications, including the IGBC Platinum and IGBC Pre-Certified Platinum.

365(cid:129) GRESB 5-Star Rating: GRESB Real Estate Assessment is a global benchmark that captures information regarding sustainability performance and sustainability best practices for real estate funds and companies worldwide. The GRESB Rating is based on the GRESB Score and its quintile position relative to all participants in the GRESB Real EstateAssessment, with annual calibration of themodel.Iftheentityisplacedinthetopquintile,itwillbeaGRESB5Starratedentity.Eachyear, only 20% of entities receive a GRESB 5 Star rating. As of March 31, 2025, we had 11 Portfolio Assets which were awarded with a 5-star rating of commercial office spaces in our assets, including One BKC, One World Center, One International Center, One Unity Center, One Trade Tower and Fintech One, which validates our sustainability efforts and is a milestone in our journey towards creating a sustainable built environment.

(cid:129) WELLCertification: WELLCertification, developed by the International WELLBuilding Institute, is a roadmap for organizations looking to advance human health and well-being in a single asset or location.Projectsarerequiredtopursueacertainsubsetoffeaturesorstrategieswithinthe10WELL concepts, including Air, Water, Thermal Comfort, Light, Movement, Nourishment, Sound, Mind, Community and Materials. There are 4 levels that can be achieved under this certification program—bronze, silver, gold and platinum, with ‘platinum’being the highest level of certification that can be awarded to a project. As of March 31, 2025, we had 10 WELL certifications (including pre-certifications) for our buildings, including Sattva South Avenue, Exora Business Park, Sattva Endeavour and Kosmo One.

(cid:129) BritishSafetyCouncilFiveStarSafetyCertification:TheBritishSafetyCouncilisannot-for-profit organization focusing on improving workplace health and safety and has established health and safety qualification standards and certification processes. Their Five Star Safety Certification program aims to support organizations in the continued improvement of their safety management systems and associated arrangements. The Five Star certification process focuses on 4 key aspects of the assessed organization’s health and safety management system—evaluation and continual improvement, organizational leadership, commitment and planning, performance monitoring and measurement, implementation and operation. The evaluation is based on 5 key best practice indicators—leadership, stakeholder participation, risk management, organization’s health and safety culture and continual improvement. This is an internationally recognized certification program and endorses an organization’s commitment to and implementation of global best practices to their overallhealthandsafetymanagementsystem.AsonMarch31,2025,wehad8PortfolioAssetswith a Five Star Rating.

(cid:129) BritishSafetyCouncilSwordofHonor:AnysitewhichhasalreadybeenawardedtheBritishSafety Council Five Star Safety Certification is eligible to apply for the Sword of Honor.As of March 31, 2025, 8 of our PortfolioAssets with Five Star Safety Certifications have received the British Safety Council Sword of Honour certification.

(cid:129) Star Rating of Commercial Buildings: Launched by the Bureau of Energy Efficiency (“BEE”) Ministry of Power, Government of India in 2009, the program is based on the energy usage in the buildingoveritsareaexpressedinkWh/sqm/year.Inthisprogram,buildingsareratedona1-5scale, with 5-star labeled buildings being the most efficient.As of the date of this Offer Document, we had 8 Portfolio Assets with 5-Star ratings, 2 with a 4-Star rating and 1 with 2-Star rating.

(cid:129) ISO Certification: As of March 31, 2025, we had 12 Portfolio Assets which have obtained various ISO certifications, including (including ISO 9001 for quality management, ISO 14001 for environment management, and ISO 45001 for occupational health and safety management systems implementation).

(cid:129) GRIHA Certification: GRIHA (Green Rating for Integrated Habitat Assessment) (“GRIHA”) is a certification system for rating the environmental performance of buildings and habitats in India, awarded by The GRIHA Council in 2022.

366Insurance We have in place insurance for our Portfolio which, in the opinion of the Manager and the Trustee, is adequateinrelationtothepropertiesandconsistentwithindustrypracticeinIndia.Insurancecoveragefor ourassetsincludesfireaccident,propertydamage,terrorism,businessinterruptionandpublicliability.All insurance contracts undergo a competitive bid process and insurance brokers are retained to identify requirements, create specifications and evaluate bids with a view to determining the most appropriate coverage and pricing. Also see “Regulatory Approvals” and “Risk Factors—We may not be able to maintain adequate insurance to cover all losses we may incur in our business operations.” on page 745 and 66, respectively.

Approvals For details on the status of approval/assessment from various authorities including statutory assessment and environment considerations with respect to development regulations and planning norms, see “Regulatory Approvals” and “Risk Factors—Compliance with, and changes in applicable laws, including but not limited to environmental, health and safety laws and regulations, could adversely affect the developmentofourproperties.Anyinabilitytoobtain,maintainorrenewallregulatoryapprovalsthatare required may have an adverse impact on our business, financial condition, results of operations, cash flows and prospects.” on pages 745 and 42, respectively.

Employees As of the date of this Offer Document, our Manager has employed 11 personnel, including our Chief Executive Officer, our Chief Financial Officer, Chief Operating Officer, General Counsel and Company Secretary and Compliance Officer.

Intellectual Property Pursuant to an agreement effective from the date of the Draft Offer Document, the Manager has granted the Knowledge Realty Trust (as the licensee and represented by the Manager and the Trustee) a non-transferable, and exclusive and non-sub-licensable (except as provided in the KRT Intellectual Property License Agreement) license in respect of the “Knowledge Realty Trust” trademark, for which applications have been made by the Manager to register the intellectual property in its name. Under the arrangement, the Knowledge Realty Trust shall pay a license fee of ₹0.1 million per FinancialYear to the Manager (excluding taxes). The license fee shall be payable, in advance, from the date of the listing of theUnitsandshallaccrueonanannualbasisandbepayablewithinthirtydaysfromthebeginningofeach Financial Year. The fee for the financial year in which the listing of the Units of the Knowledge Realty Trust occurs shall be paid by the licensee to the Manager within thirty days from the date of listing of the Units. The Knowledge Realty Trust may sub-license such intellectual property to, or authorize the use thereof by the Asset SPVs and Investment Entities (including any other such entities in which the Knowledge Realty Trust acquires control (as defined under the KRT Intellectual Property License Agreement), in the future, whether directly or indirectly) only and solely in respect to or in connection with the listing of the Units and/or business of the Knowledge Realty Trust. The Manager has acknowledged that the Knowledge Realty Trust has been using, and will continue to use, the intellectual property prior to the date of execution of the KRT Intellectual Property License Agreement and between thedateofsuchexecutionandthedateoftheDraftOfferDocument,andhaswaivedallclaimsitmayhave for such use for the prior period.

Pursuant to an agreement effective from the date of the Draft Offer Document, the Sattva Sponsor (as the licensor) has granted to the Manager and the Knowledge Realty Trust (represented by the Manager) non-exclusive, non-transferable, non-sub-licensable license (except any sub license granted by the Managerand/ortheKnowledgeRealtyTrusttotheAssetSPVsandInvestmentEntitiesandanyothersuch entitiesinwhichtheKnowledgeRealtyTrust(asthelicensee)acquirescontrol(asdefinedundertheSattva IntellectualPropertyLicenseAgreement)inthefuture,whetherdirectlyorindirectly)inrelationtotheuse of the “Sattva” trademark(s). Under the Sattva Intellectual Property LicenseAgreement, the Manager, on 367behalf of itself and the Knowledge Realty Trust, shall pay a license fee of ₹0.1 million per FinancialYear (excluding taxes) to the Sattva Sponsor. The license fee shall be payable, in advance, from the date of the listing of the Units and shall accrue on an annual basis and be payable within 30 days from the beginning of each Financial Year. The fee for the financial year in which the listing of the Units of the Knowledge Realty Trust occurs shall be paid by the Manager to the Sattva Sponsor within 30 (thirty) days from the date of listing of the Units. For more details, please see “Risk Factors—We do not own the trademark or logofor“KnowledgeRealtyTrust”or“Sattva”andhenceourinabilitytouseorprotecttheseintellectual property rights may have an adverse effect on our business, results of operations and cash flows” and “Management Framework—Other key agreements” on pages 48 and 418, respectively.

368THE SPONSORS The Blackstone Sponsor The Blackstone Sponsor is a private company limited by shares, incorporated under the Companies Act of Singapore on and from January 8, 2018. For details in relation to the registered office, correspondence address, contact person and contact details, please see “General Information” on page 774.

Background of the Blackstone Sponsor BREP Asia SG L&T Holding (NQ) Pte. Ltd. (the “Blackstone Sponsor”) is a portfolio company of Blackstone Inc. (“Blackstone”) a real estate fund and is a co-Sponsor of Knowledge Realty Trust.

Established in 1985, Blackstone is the world’s largest alternative asset manager, with an AUM of nearly US$1.2trillionincludingglobalinvestmentstrategiesfocusedonrealestate,privateequity,infrastructure, life sciences, growth equity, credit, real assets and secondaries and hedge funds. Blackstone is headquartered in New York and has 27 offices employing nearly 4,900 professionals (All data as of March 31, 2025) (Source: CBRE Report). Certain entities forming part of the Blackstone Sponsor Group presently hold 50% in Knowledge Realty Office Management Services Private Limited (with the balance being held by certain other entities forming part of the Sattva Sponsor Group).

The following are the directors of the Blackstone Sponsor:

1. Chung Kwan Ting Geoffrey;

2. Alan Kekoa Miyasaki;

3. Vikram Garg;

4. Tan Peng Wei; and

5. Eugene Min Confirmations In accordance with the eligibility criteria specified under the SEBI REIT Regulations, the Blackstone Sponsor has a net worth of not less than ₹1 billion. The net worth of the Blackstone Sponsor as on March 31, 2025 was USD 692.23 million.

Further, neither the Blackstone Sponsor Group nor any of the directors of the Blackstone Sponsor Group

(i) are debarred from accessing the securities market by SEBI; (ii) are promoters, directors or persons in control of any other company, or a sponsor, manager or trustee of any other real estate investment trust or real estate investment trust which is debarred from accessing the capital market under any order or direction made by SEBI; or (iii) are categorised as wilful defaulters by any bank or financial institution or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the RBI.

The Blackstone Sponsor and the members of the Blackstone Sponsor Group do not have any promoters under applicable SEBI regulations.

The Blackstone Sponsor Group For a list of the entities forming part of the Blackstone Sponsor Group, please see “Definitions and Abbreviations—Knowledge Realty Trust related terms—Blackstone Sponsor Group” on page 786.

For details in relation to the proposed acquisition of assets from the Blackstone Sponsor Group by the Knowledge Realty Trust, please see “Initial Portfolio Acquisition Transactions—Initial Portfolio Acquisition Transactions Agreements—Agreements with the Blackstone Sponsor Group” on page 467.

369The Sattva Sponsor Sattva Developers Private Limited (the “Sattva Sponsor”) was incorporated in Kolkata, West Bengal, as ‘Sumedha Niketan Private Limited,’ a private limited company under the Companies Act, 1956, with its certificate of incorporation issued on January 30, 2004, by the Registrar of Companies, West Bengal at Kolkata. Subsequently, its name was changed to ‘Sattva Developers Private Limited’on July 2, 2008. For details regarding the registered office, correspondence address, contact person, and contact details, please refer to “General Information” on page 774.

Background of the Sattva Sponsor SattvaDevelopersPrivateLimitedisapartofSattvaGroup,oneofIndia’sleadingrealestatedevelopment groups, as per the CBRE Report, with experience of more than three decades in developing and operating assets across commercial, residential, co-living (Co-Live), co-working (Simpliwork), hospitality and design-build for data centres.As of May 31, 2025, Sattva Sponsor and its affiliates (the “Sattva Group”) have constructed an area of approximately 78 million square feet of real estate in India across 7 cities (Bengaluru, Mumbai, Hyderabad, Kolkata, Pune, Goa and Jaipur). Of this, the group has completed approx. 46 million square feet across 74 projects in the commercial real estate landscape and approx.

32 million square feet across 50 projects in the residential real estate landscape. It has another (approx.) 71 million square feet in the planning and implementation stage. The group has received several awards, the most recent ones being ET Best Brand Conclave Award for Best Realty Brands 2024 and the IGBC Green Champion Award for Developer Leading the Green Building movement in India (Commercial).

Sattva Sponsor achieved its ‘Crisil ‘A’/Stable’Rating in 2011, which was upgraded to ‘CrisilA+/Stable’ in 2022.

The following are the directors of the Sattva Sponsor:

1. Bijay Kumar Agarwal;

2. Mahesh Kumar Khaitan;

3. Niru Agarwal; and

4. Pradyumna Kumar Mishra.

Confirmations In accordance with the eligibility criteria specified under the SEBI REIT Regulations, the Sattva Sponsor has a net worth of not less than ₹1 billion.The net worth of the Sattva Sponsor as on March 31, 2025, was ₹12,287.00 million.

Further, neither the Sattva Sponsor Group nor any of the directors or promoters of the Sattva Sponsor Group (i) are debarred from accessing the securities market by SEBI; (ii) are promoters, directors or persons in control of any other company, or a sponsor, manager or trustee of any other real estate investment trust or real estate investment trust which is debarred from accessing the capital market under any order or direction made by SEBI; or (iii) are categorised as wilful defaulters by any bank or financial institutionorconsortiumthereof,inaccordancewiththeguidelinesonwilfuldefaultersissuedbytheRBI.

The Sattva Sponsor Group ForalistofthepersonsandentitiesformingpartoftheSattvaSponsorGroup,pleasesee“Definitionsand Abbreviations—Knowledge Realty Trust related terms—Sattva Sponsor Group” on page 794.

For details in relation to the proposed acquisition of assets from the Sattva Sponsor Group by the Knowledge Realty Trust, please see “Initial Portfolio Acquisition Transactions—Initial Portfolio Acquisition Transactions Agreements—Agreements with the Sattva Sponsor Group and other shareholders” on page 469.

370Inter-se Agreement The Blackstone Sponsor and the Sattva Sponsor have entered into the amended and restated sponsor inter-se agreement dated July 18, 2025, pursuant to which the Blackstone Sponsor and the Sattva Sponsor have agreed that unless otherwise provided by SEBI, and until such time that they are each a Sponsor of the Knowledge Realty Trust, each of their respective Sponsor Groups shall hold and/or lock-in 50% the total Units required to be held and/or locked-in from time to time, under Regulation 11(3) of the SEBI REIT Regulations, free and clear of all encumbrances. Further each Sponsor has agreed that while they shall provide the necessary co-operation required to give effect to any change, induction, exit, disassociation or change in control of the other Sponsor that may be initiated by such other Sponsor, at its option, the remaining Sponsor and its Sponsor Group shall not be responsible for the same and shall not be liable and shall not have, suffer or incur any liability, loss or obligations, directly or indirectly, in any manner whatsoever, in connection with any such change, induction, exit, disassociation or change of control. The Blackstone Sponsor has also agreed to undertake and cause any inducted sponsor succeeding it to take all necessary actions as may be required, vis-à-vis the Intervention Application to ensure the validity of the OQRPL SAA consummated as part of the Initial Portfolio Acquisition Transactions. The agreement may be terminated (i) by the mutual agreement between parties in writing, (ii) automatically, upon dissolution of the Knowledge Realty Trust in accordance with applicable law, or (iii) with respect to a party upon such party ceasing to be a sponsor and such party’s affiliates ceasing to be inducted sponsors of the Knowledge Realty Trust.

371THE MANAGER The Manager Knowledge Realty Office Management Services Private Limited (formerly known as Trinity Office Management Services Private Limited) is the Manager of the Knowledge Realty Trust. The Manager is a private limited company incorporated in India under the CompaniesAct, 2013 pursuant to a certificate of incorporation dated May 19, 2023, issued by the Registrar of Companies, Maharashtra at Mumbai. For details in relation to the registered office address, correspondence address, contact person and contact details, please see the section entitled “General Information” on page 774.

Background of the Manager The Manager is currently held by members of the Blackstone Sponsor Group and members of the Sattva Sponsor Group.

In accordance with the eligibility criteria specified under the SEBI REIT Regulations, the Manager has a net worth of not less than ₹100 million. The net worth of the Manager as on March 31, 2025, computed inaccordancewiththeCompaniesAct,2013was₹154.64million.AsrequiredunderRegulation4(2)(e)(ii) of the SEBI REIT Regulations, the Manager or its Associate is required to have not less than five years’ experience in fund management or advisory services or property management in the real estate industry or in the development of real estate.The Manager is relying on BREPAsia SG L&THolding III (NQ) Pte Ltd.,whichisanassociateoftheManager,andhastherequisiteexperiencetofulfilltheeligibilitycriteria under Regulation 4(2)(e)(ii) of the REIT Regulations.

The Manager confirms that it has and undertakes to ensure that it will at all times maintain adequate infrastructure, and sufficient key personnel and resources to perform its functions, duties and responsibilities with respect to the management of the Knowledge Realty Trust, in accordance with the SEBI REIT Regulations, the Investment Management Agreement and applicable law.

Neither the Manager nor any of the promoters or directors of the Manager (i) are debarred from accessing the securities market by SEBI; (ii) are promoters, directors or persons in control of any other company or a sponsor, investment manager or trustee of any other real estate investment trust or any real estate investment trust which is debarred from accessing the capital market under any order or direction made by SEBI; or (iii) are in the list of wilful defaulters published by the RBI.

Board of Directors of the Manager The board of directors of the Manager is entrusted with the responsibility for the overall management of the Manager. The following table sets forth details regarding the board of directors of the Manager:

S. No Name DIN

1. Anup Shah (Independent Director) 00317300

2. Ajay Mahajan (Independent Director) 05108777

3. Bhavna Thakur (Independent Director) 07068339

4. Tuhin Parikh (Non-Independent Director) 00544890

5. Bijay Kumar Agarwal (Non-Independent Director) 00088987

6. Shivam Agarwal (Non-Independent Director) 07684322 372Brief profiles of the Directors of the Manager Anup Shah AnupShahisanindependentdirectorontheboardofdirectorsoftheManager.Heisapractisingadvocate andthefounderofthefull-servicelawfirm,ASLFLawOffices.Hisareasofpracticeincludeplanningand structuring of real estate transactions, foreign investment in real estate, civil litigation and dispute resolution. He has advised developers and builders on several domestic, and foreign projects. He holds a bachelor’s degree in law and a bachelor’s degree in commerce from the University of Bombay. He was awarded the ICON award and has been recognized as one of the top 100 advocates in India by the Indian Business Law Journal for five consecutive years. He also serves as a director in companies like Brigade Hotel Ventures Limited, Welspun One Private Limited, Provident Housing Limited, Stove Kraft Limited and Puravankara Limited.

Ajay Mahajan Ajay Mahajan is an independent director on the board of directors of the Manager. Previously, he was the managing director and chief executive officer with CARE Ratings Limited. He was appointed as the managing director-country treasurer of Bank of America in 2001. Thereafter, he was with Yes Bank Limited,followedbyUBSAG.Postthathetookoverasheadofcommercial&wholesalebankingatIDFC First Bank Limited. He pursued his engineering (electrical and electronics engineering) from Birla Institute of Technology and Science, Pilani. Further, he obtained a master’s degree in business administrationfromFacultyofManagementStudies,Delhi(wherehewasawardedtheDr.V.K.R.V.Rao Medal for being the best candidate in the examination held in 1990) and CFACharter from CFAInstitute, USA.

Bhavna Thakur BhavnaThakurisanindependentdirectorontheboardofdirectorsoftheManager.Sheholdsabachelor’s degree in arts and law from National Law School of India University, Bangalore and a masters’degree in law from Columbia University, USA. Previously, she was associated with Davis Polk & Wardwell LLP, Paul,Weiss,Rifkind,Wharton&GarrisonLLP,EverstoneCapitalAdvisorsPrivateLimited,TIFINgroup, Morgan Stanley Advantage Services Private Limited and Citigroup Global Markets India Private Ltd.

Tuhin Parikh Tuhin Parikh is a non-independent director of the Manager. He holds a bachelor’s degree in commerce from Mumbai University and a post graduate diploma in management from the Indian Institute of Management, Ahmedabad. He was on the board of directors of TCG Urban Infrastructure Holdings Limited from 2002 to 2007. He has been employed by Blackstone Advisors India Private Limited since January 15, 2007 and is currently the senior managing director and head of Blackstone’s real estate group in India.

Bijay Kumar Agarwal Bijay Kumar Agarwal is a non-independent director of the Manager. He is the founder of Sattva DevelopersPrivateLimitedandhasabachelor’sdegreeincommercefromTriveniDeviBhalotiaCollege, Raniganj, West Bengal. He has also completed a course in real estate strategies for successful organizations from Harvard Business School. He set up the Sattva group in 1993 in Bangalore, India.The group has projects in commercial, residential, IT parks, hospitality and retail sectors across major cities, and has obtained the ‘Crisil ‘A’/Stable’ Rating in 2011, and ‘Crisil A +/Stable’ in 2022. Under his leadership the group has completed over 120 projects to its name. He is currently the chairman trustee of the Greenwood High International School in Bengaluru. He was named as ‘Global Indian of the Year’by Asia One magazine in 2018, Business Leader of the year by ETNow in 2020 and was also conferred with the‘HallofFame’CommercialDesignAwardin2023,and‘BusinessLeaderoftheYear’attheRealtyPlus Conclave and Excellence Awards, Hyderabad, 2024, among others.

373Shivam Agarwal Shivam Agarwal is a non-independent director on the board of directors of the Manager. He holds a bachelor’s degree of arts from Emory University (2019). He was previously associated with Bully Pulpit International,aglobalpublicaffairsagency.HeisakeypartofSattvagroup’sresidential,commercialand hospitality verticals. Since joining the Sattva group in 2020 as vice president of strategic growth, he has been responsible for driving the group’s strategic growth across multiple verticals, including SimpliWork, a flexible office space provider, and CoLive, a co-living operator. As part of his role, he also manages investorrelationswithkeyinstitutionalinvestorsfortheSattvagroup.Inaddition,heheadsSattvagroup’s branding, marketing and public relations function. He co-founded Sattva Ventures, an investment venture for public market and private investments. He is also involved with educational initiatives such as being associated with Greenwood High International School as the trustee.

Except for Bijay Kumar Agarwal who will receive Units of the Knowledge Realty Trust pursuant to the Initial PortfolioAcquisition Transactions, none of the directors of the Manager hold any Units or propose to acquire any Units in the Issue.

Further, except for Bijay Kumar Agarwal who is the father of Shivam Agarwal, none of the directors of the Manager are related to each other or the key personnel of the Manager described below.

Brief profiles of the key personnel of the Manager Shirish Godbole Shirish Godbole is the chief executive officer of the Manager. He holds a master’s degree in business administrationfromNortheasternUniversity,Bostonandhasmorethan25yearsofworkexperienceinthe international real estate investing and financing sectors. He has previously worked with AEW Capital Management, L.P. in Boston, with Morgan Stanley in New York as a managing director in the real estate assets division, Morgan Stanley India Financial Services Private Limited in Mumbai as the India head of Morgan Stanley Real Estate Investing, and with Goldman Sachs (India) Securities Private Limited as a managing director in the merchant banking division. He has also previously co-founded RBSG Capital Private Limited (Automony) and Homexchange Private Limited.

Neeraj Toshniwal Neeraj Toshniwal is the chief financial officer of the Manager. He holds a bachelor’s degree in commerce from Maharshi Dayanand Saraswati University,Ajmer and is a qualified chartered accountant certified by the Institute of CharteredAccountants of India (“ICAI”). He is also a company secretary certified by the Institute of Company Secretaries of India and has completed a certificate course in master’s in business finance from the ICAI. Neeraj has more than 21 years of work experience. He was previously associated with ESR Development Partners LLPas the “senior director—finance (CFO)”, with Capital India Finance Limited as the chief finance officer, with Tata Realty and with Infrastructure Limited and International Biotech Park Ltd.

Siddharth Jain Siddharth Jain is the vice president—debt capital markets of the Manager. Prior to joining the Manager, he was associated with the Sattva group as the general manager—corporate finance and was responsible for overseeing debt raising from banks and financial institutions, credit ratings and private equity transactions. He holds a bachelor’s degree in commerce (honours) from Shri Ram College of Commerce, University of Delhi and a master’s degree in business administration (global) from Institute of Management Technology, Nagpur and University of Burdwan. He has over 17 years of experience in finance and real estate sector. He was previously associated with Emaar MGF Land Limited as a manager in finance division and Four-S Services Private Limited as a senior research analyst.

374Sarat Kurup Sarat Kurup is the general counsel of the Manager. He has a bachelor’s degree in law from Rizvi Law College, University of Mumbai. He has over 14 years of experience in real estate, corporate law, regulatorycompliance,includingprovidingadvisoryservicesintherealestateindustry.Hewaspreviously associated with Nucleus Office Parks Private Limited, the Blackstone Sponsor Group’s platform for fully ownedofficeparksinIndia,asvicepresident,legalwherehisroleinvolvedamixofadvisoryandproperty management work. Previously, he has worked in an advisory capacity with Lodha Developers (now Macrotech Developers Limited) as general manager, legal where he was responsible for the compliance framework for properties across business verticals. He has also worked at DSK Legal as a principal associate,aspartoftherealestateadvisoryteam,advisingon,amongstotherthings,keyrealestaterelated transaction documents. He has also been recognized as one of the 40 under 40 lawyer by Business World Legal—2022 and has been a speaker at the BW Legal GC Conclave 2023.

Neha Wason Neha Wason is the company secretary of the Manager. She holds a bachelor’s degree in commerce from the University of Delhi and is also an associate member of the Institute of Company Secretaries of India.

She has over 9 years of experience in secretarial and compliance work as a company secretary. Prior to her current role as the company secretary and compliance officer of the Manager, she was associated with Nucleus Office Parks Private Limited as an assistant general manager for over 6 years and with the Tapasya Group as a company secretary.

The Manager confirms that at least two of the key personnel has five years of experience in fund management or advisory services or property management in the real estate industry or in development of real estate.

Akshay Rajkumar Sharma Akshay Rajkumar Sharma is the compliance officer of the Manager. He holds a bachelor’s degree in commerce from Shankar Narayan College of Arts and Commerce, University of Mumbai, a bachelor’s degree in law from Rajarshi Shahu College of Law, University of Mumbai and is an associate member of the Institute of Company Secretaries of India. He has 8 years of post-qualification experience across secretarial, corporate governance and compliance functions. He was previously associated with BSP Office Management Services Private Limited as assistant manager secretarial—finance and compliance.

He has also worked with Shree Precoated Steels Limited, as assistant company secretary for over 3 years.

Functional heads of the Manager The brief profiles of the functional heads of the Manager are as set out below.

Quaiser Parvez Quaiser Parvez is the chief operating officer of the Manager. He has completed a senior management program from Indian Institute of Management,Ahmedabad and holds a bachelor’s of arts degree (history) from the Hindu College, University of Delhi. Quaiser has more than 17 years of work experience. He was previously the chief executive officer of Nucleus Office Parks Private Limited, Blackstone Sponsor’s platform for fully owned office parks in India. He has previously worked at CBRE South Asia Pvt. Ltd, Jones Lang LaSalle Property Consultants India Pvt. Ltd, Gallagher Offshore Support Services Private Limited and as the vice president—investment at Radius Developers.

375Senthil Kumar Senthil Kumar is the vice president—investor relations of the Manager. He holds a bachelor’s degree in electrical engineering from PSG College of Technology, Coimbatore and a post graduate diploma in management from Indian Institute of Management, Kozhikode. Senthil has more than 20 years of work experience. He was previously associated with Nucleus Office Parks Private Limited, the Blackstone Sponsor Group’s platform for fully owned office parks in India, as vice president—leasing (south) & portfolio operations. He has previously also worked with TCG Real Estate Investment Management Company Private Limited, Goldman Sachs (India) Securities Private Limited, and o3 Capital Global Advisory Private Limited.

Ravish Agarwal RavishAgarwal is the vice president—acquisitions of the Manager. Prior to joining the Manager, he was associated with the Sattva Group as the general manager—finance and was responsible for investor relations and leading mergers and acquisitions undertaken by the Sattva group. He holds a bachelor’s of business management degree with a specialization in finance from Christ University, Bengaluru. He has over 11 years of experience in the real estate sector. He was previously associated with Protiviti Consulting Private Limited as a consultant.

Vijay Rajagopalan Vijay Rajagopalan is the vice president—leasing of the Manager. He has around 20 years of experience in commercial office leasing and real estate services. He was previously associated with Nucleus Office Parksanditsgroupcompaniesasseniorvicepresident-leasing.BeforejoiningNucleusOfficeParks,Vijay heldseniorrolesatJonesLangLaSallePropertyConsultants(India)Pvt.Ltd,Cushman&WakefieldIndia Pvt. Ltd, and Colliers International (India) Property Services Private Limited.

Swapnil Patel Swapnil Patel is the AVP-Leasing of the Manager. Prior to joining the Manager, he was associated with the Sattva Group as the associate vice president – commercial marketing and was responsible for leading commercialleasing,constructionmanagementandclientrelationshipmanagement.Heholdsabachelorof engineering degree from Nagpur University and a post graduate diploma in advanced construction management from the National Institute of Construction Management and Research. He has over 20 years ofexperienceintherealestatesector.HewaspreviouslyassociatedwithL&TInfoCityLimitedandL&T Metro Rail (Hyderabad) Limited.

Certainkeymanagerialpersonnel,functionalheadsandotheremployeesoftheManagerwillreceiveUnits pursuant to the Initial Portfolio Acquisition Transactions.

Key terms of the Investment Management Agreement The Trustee and Manager have executed the Investment Management Agreement, under which various powers, duties, rights and liabilities of the Manager have been prescribed in terms of the SEBI REIT Regulations. The Manager is empowered to take all decisions in relation to the investments of the Knowledge Realty Trust and the management and administration of the trust fund (which includes the initial corpus, capital contributions and any additions, accretions or reductions to the Knowledge Realty Trust, and assets of the Knowledge Realty Trust and any unutilized portion of any reserves or surplus in the income and expenditure account) as may be incidental or necessary for the advancement or fulfillment of the investment objectives of the Knowledge Realty Trust in accordance with the SEBI REIT Regulations. The Manager is also empowered, inter alia, to accept subscriptions to Units or any debt instruments or other securities issued by the Knowledge Realty Trust in accordance with the SEBI REIT Regulations and issue and allot Units, debt securities, commercial papers, and other securities including by way of a bonus issue, qualified institutional placement, rights issue, preferential issue, as the case may be, and undertake all related activities. The Manager is also empowered to exercise all rights of the Knowledge Realty Trust in relation to the holding of the Knowledge Realty Trust in the special purpose vehicles/holdcos and other assets underlying the trust fund, including voting rights, rights to appoint directors(inconsultationwiththeTrustee),whetherpursuanttosecuritiesheldbyit,orotherwise,insuch 376manner as it deems to be in the best interest of the Knowledge Realty Trust, and in accordance with the SEBI REIT Regulations and applicable law. Additionally, the Manager is also empowered to, in consultation with the Trustee and subject to the approval of the Unitholders, appoint various intermediaries,withrespecttotheactivitiespertainingtotheKnowledgeRealtyTrustaspertheprovisions of the SEBI REITRegulations and applicable law and the Manager shall not be responsible for the default of any agent if employed in good faith to transact any business.

The Manager has, inter alia, the power to: (a) acquire, hold, scrutinize, transfer, restructure (including through schemes of arrangement, merger or demerger), pledge, manage, trade and dispose of, exchange and exercise all rights, powers, privileges and other incidents of ownership or possession with respect to the Knowledge Realty Trust assets, and any shares, stocks, convertibles, debentures, bonds and other equity or equity-related securities, interest rate derivatives (including interest rate futures, forward rate contracts and interest rate swaps) and other debt or mezzanine securities of all kinds and any other securities issued by any of the special purpose vehicles/holdcos, investment entities, properties, securities or transferable development rights in India, whether in physical or de-materialised form, including power to hypothecate, provide non-disposal undertakings or pledge or create encumbrances of any kind on such assets of the Knowledge Realty Trust and securities held by the Knowledge Realty Trust in such special purpose vehicles/holdcos/investment entities or properties to be used as collateral security for any borrowings by the Knowledge Realty Trust or its special purpose vehicles/holdcos, or other investment entities; (b) keep the trust fund, capital and monies of the Knowledge Realty Trust in deposits with banks or other institutions or in such other instruments or form as permitted under the SEBI REIT Regulations in the name of the Knowledge Realty Trust; (c) raise and accept capital contributions towards the Trust Fund (as defined in the Investment Management Agreement); (d) collect and receive the profit, interest, dividend, repayment of principal of debt or debt like securities or equity or equity like mezzanine securities, return of capital of any type by the special purpose vehicles/holdcos/investment entities or of the Knowledge Realty Trust assets or distribution in any other form and any income of the Knowledge Realty Trust as and when the same may become due and receivable; (e) make investments in securities (including debt securities) or in units of mutual funds or such other investment vehicles/avenues in accordance with the SEBI REIT Regulations and applicable law; (f) to give, provide and agree to provide to any special purpose vehicles/holdcos/investment entity financial assistance in the form of investment in share capital of any class including ordinary, preference, participating, non-participating, voting, non-voting or other class, and in the form of investment in securities convertible into share capital as per applicable law; (g) directly or through its HoldCo(s) or SPV(s) or investment entities, invest in or enter into arrangements for interest rate derivatives, including interest rate futures, forward rate contract and interest rate swap in accordance with and subject to the REIT Regulations; and (h) to invest, acquire, purchase, hold, divest, sale, hypothecate, mortgage, or create any encumbrance or otherwise transfer land and buildings and immovable properties of any kind (whether or not constructed) including any rights and interests therein. In case Knowledge Realty Trust invests in under-construction properties, in the manner and to the extent permitted under the REIT Regulations the Manager may facilitate/oversee the development of the properties, either directly or through the special purpose vehicles/holdcos/investment entities or appoint any other person for development of such properties. In this regard, the Manager shall also oversee the progress of development, approval status and other aspects of the properties up to its completion.

The Manager is empowered to pay expenses of the Knowledge RealtyTrust from the trust fund, on behalf of the Knowledge Realty Trust. The Manager is also empowered to utilize any tax credits available to the Knowledge Realty Trust, prior to making any such payment of taxes or expenses. Subject to applicable law, no Unitholder shall be entitled to inspect or examine the Knowledge Realty Trust’s premises or properties without the prior permission of the Manager. Further, no Unitholder shall be entitled to require discovery of any information with respect to any detail of the Knowledge Realty Trust’s activities or any matter which may be related to the conduct of the business of the Knowledge Realty Trust and which information may, in the opinion of the Manager adversely affect the interests of the Knowledge Realty Trust or other Unitholders. The Manager may cause the Knowledge Realty Trust to buyback the Units offered for such buyback from the Unitholders or other instruments or securities issued by the Knowledge Realty Trust, if so directed by the Trustee and in accordance with applicable law.

377Pursuant to the Investment ManagementAgreement, the Manager is required to ensure that the valuation of the Knowledge Realty Trust assets is done by the Valuer(s) in such manner and within the timeframes as prescribed in the REIT Regulations. The Manager is also required to undertake management of the Knowledge Realty Trust assets, including lease management, providing support services, maintenance of the Knowledge RealtyTrust assets or such other activities needed for operation and maintenance of assets of the Knowledge Realty Trust, regular structural audits, regular safety audits, either by itself or through any other persons appointed as agents, in accordance with respective property management agreements, operations and maintenance contracts, hotel management contract, services agreements and/or other ancillary agreements that may be executed between the Manager (or any other person nominated by the Manager) and the Knowledge Realty Trust, special purpose vehicles/holdcos/investment entities as the case may be, in this regard.

The Manager is required to convene meetings of Unitholders and declare distributions to Unitholders in accordance with the SEBI REIT Regulations. Further, the Manager is required to submit to the Trustee,

(a) quarterly reports on the activities of the Knowledge Realty Trust including receipts for all funds received by it and for all payments made, (b) valuation reports as required under the SEBI REIT Regulations, (c) decisions to acquire or sell or develop any property or project or expand existing completed properties or projects along with rationale for the same.

The Manager shall be responsible for all activities pertaining to the issue and listing of the Units of the

Knowledge Realty Trust in accordance with applicable law including inter alia: (a) filing of offer documents to be filed by the Knowledge Realty Trust with SEBI and the stock exchanges within the prescribed time period; (b) dealing with all matters up to allotment of Units to the Unitholders; (c) obtaining in-principle approval and final listing and trading approval from the Stock Exchanges; and (d) dealing with all matters relating to the issue and listing of the Units of the Knowledge Realty Trust as specified under Chapter IV of the SEBI REIT Regulations and any guidelines as may be issued by SEBI in this regard. Post-listing, the Manager is required to submit annual reports, half-yearly reports and quarterly reports to all the Unitholders electronically or provide physical copies and to the designated stock exchange.

TheManagershallnotincuranyliabilityforanyactoromissionwhichmayresultinalosstoaUnitholder (by reason of any depletion in the value of the trust fund, for the non-recoverability or non-realisability of any of the investments by the Knowledge Realty Trust or other assets forming part of the trust fund or otherwise), except in the event that such loss (as determined by the court of competent jurisdiction) is a result of fraud or gross negligence or willful misconduct on the part of the Manager. Specifically, the Manager shall be, inter alia, liable in the following cases:

(a) where distributions are not made within the period prescribed under the SEBI REIT Regulations, to pay interest to the Unitholders at the rate as may be prescribed in the SEBI REIT Regulations until such distributions are made, and such interest shall not be recovered in the form of fees or any other form payable to the Manager by the Knowledge Realty Trust;

(b) where the Manager fails to allot, or list the Units, or refund the money within the time prescribed under the REITRegulations to pay interest to the Unitholders at the rate as may be prescribed under the REIT Regulations, until such time as the allotment/listing/refund, and such interest shall not be recovered in the form of fees or any other form payable to the Manager by the Knowledge Realty Trust; or

Pursuant to the Investment Management Agreement, the Trustee is required to indemnify and hold harmlesstheManageranditsofficers,directors,shareholders,partners,members,employees,advisorsand agents from and against any claims, losses, costs, damages, liabilities, suits, proceedings and expenses, including legal fees, suffered or incurred by them by reason of their activities on behalf of the Knowledge RealtyTrust, unless such losses have resulted from fraud, gross negligence, willful misconduct, dishonest acts of commissions or omissions, reckless disregard of duty or material breach of duties under the Investment Management Agreement and applicable law as determined by the court of competent jurisdiction.

378The Manager shall not be personally liable for any losses (including indirect or consequential losses), costs, damages or expenses incurred in any way arising from anything which the Manager does or fails to do during the course of discharge of its duties as a Manager to the Knowledge Realty Trust except to the extent such losses result from fraud, gross negligence, willful misconduct, dishonest acts of commissions or omissions, reckless disregard of duty or material breach of duties of the Manager under the Investment Management Agreement and applicable law (as determined by a court of competent jurisdiction).

The appointment of the Manager may be terminated by theTrustee or the Unitholders, in accordance with the procedure specified under the SEBI REIT Regulations and the Trust Deed.

Subject to the other provisions of the Investment Management Agreement, the Investment Management Agreement shall continue during the term of the Knowledge Realty Trust and shall terminate upon dissolutionoftheKnowledgeRealtyTrust.UnitholdersmayapplyinwritingtotheTrusteefortheremoval of the Manager and appointment of another manager to the Knowledge Realty Trust, subject to prior approval of SEBI and compliance with applicable law. For the purpose of the issue of removal of the Manager to be taken up for voting, such application may be made by Unitholders holding not less than such percentage by value as specified under the REIT Regulations, excluding any Unitholders who are a party related to the transaction and their Associates. Where any inter se voting or pooling arrangements have been entered into between or amongst the Unitholders, the Trustee shall honor only such communications or decisions which are in accordance with such voting or pooling arrangements.

SubjecttotheapprovalofUnitholders,andinaccordancewiththeSEBIREITRegulations,theInvestment Management Agreement, may be terminated: (a) by the Manager by delivery of a written notice to the Trustee at any time, subject to appointment of a new manager in accordance with the Investment Management Agreement and the SEBI REIT Regulations; or (b) by the Trustee by delivery of a written noticetotheManageratanytime,(i)uponbreachofanyoftheterms,covenants,conditionsorprovisions oftheInvestmentManagementAgreementbytheManagerandafailureoftheManagertoremedythesaid breach within a period of 60 days, (ii) if a receiver is appointed to all or a substantial portion of the assets of the Manager; (iii) if SEBI does not grant a certificate of registration to the Knowledge Realty Trust, in accordance with the SEBI REIT Regulations; or (c) by any party by delivery of a written notice to the other party upon the bankruptcy of such other party or if winding up or liquidation proceedings are commencedagainstsuchotherparty(andsuchproceedingspersistforaperiodofmorethanthreemonths).

In the event (i) that the offer of Units does not occur within the time period stipulated in the SEBI REIT Regulations or such other date as may be mutually agreed to between the Manager and theTrustee; or (ii) in the event of cancelation of registration of the Knowledge Realty Trust by SEBI; or (iii) of winding up of the Knowledge Realty Trust, the Investment Management Agreement shall automatically terminate without any liability to either party.

The Manager is entitled to receive 1% of the REIT Distributions as part of the REIT Management Fees.

Where the Manager provides property management services, the Manager is entitled to receive 3% of the facility rentals of the relevant property as agreed under the relevant property management agreement entered into by the Manager with the Knowledge Realty Trust and/or the Asset SPVs or Investment Entities, as the case may be. Additionally, upon the successful competition of any acquisition of assets and/or entities by Knowledge Realty Trust (excluding any assets and/or entities acquired from any of the Sponsor Groups or their respective affiliates), in accordance with the applicable law, post listing of the Units pursuant to the Issue, the Manager is entitled to receive 0.75% of the GAV of the relevant asset/entity acquired as an acquisition fee. The Manager may, pursuant to the Investment Management Agreement,electtoreceivetheREITManagementFeeseitherincashorinUnitsoracombinationofboth.

If the REIT Management Fees is paid in Units, the issue price of such Units shall be at the prevailing market price as determined in accordance with the SEBI REIT Regulations and applicable law.

Manager employee incentivization plan In order to incentivize the eligible employees of the Manager, a Unit-based employee benefit scheme or plan may be adopted by the Manager, in compliance with applicable laws.

379THE TRUSTEE The Trustee Axis Trustee Services Limited is the Trustee of the Knowledge Realty Trust. The Trustee is a registered intermediary with SEBI under the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, as a debenture trustee having registration number IND000000494 which is valid until suspended or canceled by SEBI. The Trustee is a wholly owned subsidiary of Axis Bank Limited. For details in relation to the registered office address, correspondence address, contact person and contact details, please see “General Information” on page 774.

Background of the Trustee Asaregistereddebenturetrustee,theTrusteeensurescompliancewithstatutoryrequirements.TheTrustee is involved in varied facets of debenture and bond trusteeships, including, advisory functions and management functions. The Trustee also acts as a security trustee and is involved in providing services in relation to security creation, compliance and holding security on behalf of lenders.

TheTrusteeisalsoinvolvedinprovidingservicesas(i)debenturetrustee;(ii)securitytrustee;(iii)facility agent; (iv) escrow agency; (v) custody services; (vi) trust and retention account; (vii) securitization trustee; (viii) share monitoring trustee; (ix) lender repayment trustee; (x) digital escrow agency; and

(xi) trustee of REITs, InvITs, AIFs and family trust etc., in the domestic market. The Trustee is also an IFSC registered intermediary having authorization to provide debenture and bonds trustee, private trustee, facility and escrow agent, safe keeping and other related financial services in overseas market, that is, International Financial Services Centers (GIFT City).

The Trustee confirms that it has and undertakes to ensure that it will at all times, maintain adequate infrastructure personnel and resources to perform its functions, duties and responsibilities with respect to the Knowledge Realty Trust in accordance with the SEBI REIT Regulations, the Trust Deed and other applicable law.

The Trustee is not anAssociate of either of the Sponsors or the Manager. Further, neither the Trustee nor any of the promoters or directors of the Trustee (i) are debarred from accessing the securities market by SEBI; (ii) is a promoter, director or person in control of any other company or a sponsor, manager or trustee of any other real estate investment trust, or a real estate investment trust which is debarred from accessing the capital market under any order or directions made by SEBI; or (iii) is in the list of wilful defaulters published by the RBI.

Board of Directors of the Trustee The board of directors of the Trustee is entrusted with the responsibility for the overall management of the Trustee. The details regarding the board of directors of the Trustee are set out below:

Sr.No. Name DIN Profile

1. Rahul Choudhary 10935908 RahulChoudharyisamanagingdirectorontheboardofdirectors of the Trustee and the chief executive officer of the Trustee.

2. Prashant Joshi 08503064 Prashant Joshi is a director (non-executive) on the board of directors of the Trustee.

3. Arun Mehta 08674360 Arun Mehta is an independent director (non-executive) on the board of directors of the Trustee.

4. Parmod Kumar 10041946 Parmod Kumar Nagpal is an independent director Nagpal (non-executive) on the board of directors of the Trustee.

5. Bipin Kumar Saraf 06416744 Bipin Kumar Saraf is an additional director (non-executive and non-independent) on the board of directors of the Trustee.

380Key terms of the Trust Deed The Sponsors, the Manager and the Trustee have executed the Trust Deed, under which various powers, duties, rights and liabilities of theTrustee have been prescribed in terms of theTrustsAct, the SEBI REIT Regulations, as amended or supplemented including any guidelines, circulars, notifications and clarificationsframedorissuedthereunder.TheTrusteeisempoweredtodetermine,inaccordancewiththe Investment Management Agreement and the investment objectives of the Knowledge Realty Trust, distributions to Unitholders, oversee voting of Unitholders and give effect to any inter se voting arrangements between/amongst the Unitholders as notified to the Trustee, make such reserves out of the income or capital as it may deem proper in order to meet the expenses, liabilities (including potential tax liability) or contingent liabilities of the Knowledge Realty Trust, appoint a manager to manage the Knowledge RealtyTrust by execution of an investment management agreement and to delegate its powers to the manager. In terms of the Trust Deed, as required under the SEBI REIT Regulations and applicable law, the Trustee is required to review the reports submitted by the Manager and in the event such reports are not submitted in a timely manner, the Trustee, after due follow-up, shall make relevant intimations to SEBI in this regard. Subject to the advice of the Manager, the Trustee also has the power to pay expenses oftheKnowledgeRealtyTrustfromtheTrustFundwhereinthetrusteeshallalsohavethepowertoutilize any tax credits available to the Knowledge Realty Trust, prior to making any such payment of taxes or expenses. The Trustee may, subject to applicable law, buyback or redeem Units from the Unitholders or other instruments or securities issued by the REIT. The Trustee may itself or cause the REIT and/or its Asset SPVs or Investment Entities to repay, prepay and pay interest on all debt raised from and redeem any debt securities or commercial papers or other securities, obligations, issued to any person in compliance with the SEBI REIT Regulations and applicable law.

The Trustee has, on the advice of the Manager and subject to the terms of the Trust Deed and the SEBI REIT Regulations, inter alia, the power (i) to borrow funds or incur financial indebtedness through any mode including by way of issuance of debt securities, commercial papers, subordinated debt or other securities or instruments permitted under the SEBI REIT Regulations or other applicable law from any person or authority (whether government or otherwise, whether Indian or overseas), on such terms and conditions and for such periods and for the purpose of the Knowledge Realty Trust and/or itsAsset SPVs andInvestmentEntities,includingrefinancing,asmaybepermittedundertheSEBIREITRegulationsand approved by the Unitholders (if such approval is required), and offer such security as it may deem fit, for the purpose of making such borrowing; (ii) to institute, conduct, compromise, compound, or abandon any legal proceedings for or on behalf of or in the name of the Knowledge Realty Trust, including its Asset SPVs, Investment Entities, Knowledge Realty Trust Assets; (iii) to make and give receipts, releases and other discharges for moneys payable to the Knowledge Realty Trust and for the claims and demands of theKnowledgeRealtyTrust;(iv)toenterintoallsuchnegotiationsandcontracts,KnowledgeRealtyTrust documents and any other agreements, deeds, instruments and any amendments, supplements or modificationstheretoand,executeanddoallsuchacts,deedsandthingsfororonbehalfoforinthename of the Knowledge Realty Trust as the Trustee may consider expedient for or in relation to any of the mattersorotherwiseforthepurposesoftheKnowledgeRealtyTrust;(v)tosign,seal,execute,deliverand register according to law all deeds, documents, agreements, and assurances in respect of the Knowledge Realty Trust; and (vi) to act as a custodian of the capital, assets, property of the Knowledge Realty Trust and hold the same in trust for the Unitholders in accordance with the Trust Deed and the SEBI REIT Regulations.

The Trustee shall ensure that all such acts, deeds and things are done for the attainment of the investment objectives of the Knowledge Realty Trust, in compliance with the SEBI REIT Regulations, to secure the best interests of the Unitholders. The Trustee shall periodically review the status of the Unitholders’ complaintsandtheirredressalundertakenbytheManagerinaccordancewiththeSEBIREITRegulations.

Further,incaseofchangeinManagerduetoremovalorotherwise,theTrusteeshall,priortosuchchange, obtain approval from the Unitholders and SEBI in accordance with the SEBI REIT Regulations and appoint a new manager within the time period prescribed under the SEBI REITRegulations.The Manager shall, in terms of the Investment Management Agreement, intimate the Trustee prior to any change in control of the Manager to enable theTrustee to seek prior approval from the Unitholders and SEBI in this 381regard and shall ensure that no such change is given effect to, until the approval of the Unitholders and SEBI has been obtained, or the Investment ManagementAgreement is terminated and a new manager has been appointed in accordance with the terms thereof, or in compliance with any other requirement under theSEBIREITRegulationsandapplicablelaw.TheTrusteeshallensurethattheactivityoftheKnowledge Realty Trust is being operated in accordance with the provisions of the Trust Deed, SEBI REIT Regulations, other applicable law and documents in relation to the Knowledge Realty Trust and in case of any discrepancy, it shall inform SEBI immediately in writing.

In terms of the Trust Deed, the Trustee is entitled to reimburse itself and shall be entitled to charge the Knowledge Realty Trust from the trust fund, for the expenses, outgoings, taxes, levies, and liabilities (including indemnity obligations, if any). Further, where inter se voting or pooling arrangements have been made between or amongst the Unitholders, the Trustee shall honor only such communications or decisions which are in accordance with such voting or pooling arrangements.

The Trustee shall ensure that subject to applicable law, distributions are made by the Knowledge Realty Trust to the Unitholders, from time to time, in the manner set out in the Trust Deed and the SEBI REIT Regulations and shall ensure that the Manager makes, timely declaration of distributions to the Unitholders.

Inadditiontothefee,distributionsandexpensereimbursementsdescribedintheTrustDeed,thetrustfund shall be utilized to indemnify and hold harmless the Trustee, each of the Sponsors, the Manager and any of their respective officers, directors, shareholders, sponsors, partners, members, employees, advisors and agents in compliance with the provisions of the Trust Deed and the SEBI REIT Regulations from and against any claims, losses, costs, damages, liabilities and expenses, including legal fees suffered or incurredbythembyreasonoftheiractivitiesonbehalfoftheKnowledgeRealtyTrustsufferedorincurred by the Trustee in relation to any proceedings, unless such losses resulted from fraud, gross negligence or willful misconduct of the aforementioned indemnified parties as determined by a court of competent jurisdiction.

The Trustee shall not be liable to the Unitholders for (i) doing or failing to do any act or thing which by reason of any Force Majeure (as defined in the Trust Deed), provision of any present or future law or regulation made pursuant thereto, or of any decree, order or judgment of any court, or by reason of any request announcement or similar action (whether of binding legal effect or not) which may be taken or made by any Person or body acting with or purporting to exercise the authority of any government (which legally or otherwise) it shall be directed or requested to do or perform or to forbear from doing or performing; or (ii) for the authenticity of any signature affixed to any document or be in any way liable for any forged or unauthorized signature on or for acting upon or giving effect to any such forged or unauthorized signature. The Trustee shall not be prevented from acting as a trustee of other trusts or alternative investment funds or venture capital funds or private equity funds or real estate investment trusts or infrastructure investment trusts or private trusts or customized fiduciary trusts separate and distinct from the Knowledge Realty Trust and retaining for its own use and benefit all remuneration, profitsandadvantageswhichitmayderivetherefrom,aspermittedunderapplicablelaw.TheTrusteeshall not incur any liability for doing or (as the case may be) failing to do any act or thing which may result inalosstoaUnitholder(byreasonofanydepletioninthevalueofthetrustfundforthenon-recoverability or non-realisability of any of the investments by the Knowledge Realty Trust or other assets forming part ofthetrustfundorotherwise),exceptintheeventthatsuchlossisadirectresultofgrossnegligence,fraud or willful misconduct on the part of the Trustee as determined by a court of competent jurisdiction.

TheTrustee shall not be under any liability on account of anything done or omitted to be done or suffered by the Trustee in good faith in accordance with, or in pursuance of any request or advice of the Manager.

The liability of the Trustee shall be limited to the extent of the fees received by it, in all circumstances whatsoeverexceptincaseofanygrossnegligenceorwillfulmisconductorfraudonthepartoftheTrustee as settled by a court of competent jurisdiction.

382Subject to applicable law, no Unitholder shall be entitled to inspect or examine the Knowledge Realty Trust’spremisesorpropertieswithoutthepriorpermissionoftheTrustee,whoshallgivesuchpermission, ifnecessary,inconsultationwiththeManager.Further,noUnitholdershallbeentitledtorequirediscovery of any information respecting any detail of the Knowledge Realty Trust’s activities or any matter which may relate to the conduct of the business of the Knowledge Realty Trust and which information may, in the opinion of the Trustee and the Manager adversely affect the interests of the Knowledge Realty Trust or the other Unitholders. The Unitholders, post the Issue, shall have the right to call for certain matters to be subject to their consent or approval, in accordance with the SEBI REIT Regulations and applicable law. The Unitholders may, in accordance with the provisions of the Knowledge Realty Trust Documents

(asdefinedintheTrustDeed)anyrulesandregulationsofthestockexchangesandapplicablelaw,transfer any of the Units to an investor where such investor accepts all the rights and obligations of the transferor and the Trustee or the Manager shall give effect to such transfer in accordance with applicable law. The Trustee shall and shall also ensure that the Manager obtains the consent of the Unitholders for the matters prescribed under the SEBI REIT Regulations in accordance with the provisions of the SEBI REIT Regulations.

The Knowledge Realty Trust is subject to dissolution and termination in accordance with and subject to

the REIT Regulations and applicable law: (i) if the Knowledge Realty Trust fails to make any offer of Units, by way of public issue within the time period stipulated in the SEBI REITRegulations or any other time period as specified by SEBI (whichever is earlier), in which case the Knowledge Realty Trust shall surrender its certificate to SEBI and cease to operate as a real estate investment trust, unless the period is extended by SEBI; (ii) if it is impossible to continue with the Knowledge Realty Trust or if the Trustee on advice of the Manager deems it impracticable to continue Knowledge Realty Trust; (iii) upon the liquidation of REIT assets; (iv) if there are no projects or assets remaining under the Knowledge Realty Trust and the Knowledge RealtyTrust does not invest in any project within the timelines under applicable law; (v) if the Knowledge Realty Trust fails to maintain the minimum public shareholding for the units and the breach is not cured within the timelines under applicable law; (vi) where SEBI has passed a direction for the winding up of the Knowledge Realty Trust or if the Knowledge Realty Trust is required to be wound up pursuant to the SEBI REIT Regulations, (vii) in the event SEBI refuses to grant a certificate of registration to the Knowledge Realty Trust, due to any reason whatsoever; (viii) delisting of theUnitsinaccordancewiththeSEBIREITRegulations;or(ix)illegalityoftheKnowledgeRealtyTrust.

383CORPORATE GOVERNANCE The section below is a summary of the corporate governance framework in relation to the Knowledge Realty Trust, implemented by the Manager.

Manager Board of Directors Composition of the board of directors of the Manager In addition to applicable provisions of the Companies Act, the board of directors of the Manager shall

adhere to the following:

(i) The board of directors of the Manager shall comprise of not less than six directors and have not less than one woman independent director;

(ii) Not less than 50% of the board of directors of the Manager shall comprise of independent directors andsuchindependentdirectorsshouldnotbedirectorsormembersofthegoverningboardofanother real estate investment trust registered under the SEBI REIT Regulations. The independence of directors shall be determined in accordance with the SEBI REIT Regulations; and

(iii) The collective experience of directors of the Manager shall cover a broad range of commercial experience, particularly experience in real estate sector, including development, investment/fund management or advisory and financial matters.

As of the date of this Offer Document, the board of directors of the Manager is compliant with all the aforementioned requirements.

Also see, “Management Framework—Other key agreements—Manager SHA” on page 421.

Unitholder(s) holding 10% or more of the total outstanding units of the Knowledge Realty Trust, either individually or collectively (“Eligible Unitholders”) shall have the right, but not the obligation, to nominate any person for appointment as a unitholder nominee director (non-independent director) on the board of directors of the Manager in accordance with the SEBI REIT Regulations and the policy on appointment of Unitholder Nominee Directors (defined below) adopted by the Manager. For details see “—PolicyonQualificationsandCriteriaforAppointmentofUnitholdersNomineeDirectors”onpage403.

Eligible Unitholders shall be entitled to nominate only one unitholder nominee director, subject to the Unitholding of such Eligible Unitholder exceeding the specified threshold. If the right to nominate one or more directors on the board of directors of the Manager is available to any entity (or to an associate of such entity) in the capacity of shareholder of the Manager or lender to the Manager or the Knowledge Realty Trust (or its Asset SPVs), then such entity in its capacity as Unitholder, shall not be entitled to nominate or participate in the nomination of a Unitholder nominee director, provided that such restriction relating to the right to nominate a Unitholder nominee director shall not be applicable if the right to appointanomineedirectorisavailableintermsoftheSecuritiesandExchangeBoardofIndia(Debenture Trustees) Regulations, 1993, as amended. If the Unitholding of more than one Unitholder is aggregated forthepurposeofqualifyingasEligibleUnitholderstoexercisetherighttonominateaunitholdernominee director, then such Unitholders shall not be eligible to participate in any other group of Eligible Unitholders. Further, if the Unitholding of more than one unitholder is aggregated for the purpose of qualifying as Eligible Unitholder(s) to exercise the right to nominate a unitholder nominee director, then such unitholders shall not be eligible to participate in any other group of Eligible Unitholder(s).

For details of the current composition of the board of directors of the Manager, please see “The Manager—Board of Directors of the Manager” on page 372 and “Management Framework—Other key agreements—Manager SHA” on page 421 in relation to the above.

Subsequent to the Issue and the listing of the Units, the Manager may appoint directors on the Board and reconstitute committees of the Board subject to compliance with the Manager SHA, the requirements of the REIT Regulations and other applicable law.

384Quorum The quorum of every meeting of the board of directors of the Manager shall be one-third of the total number of directors or three directors, whichever is higher, including at least one independent director.

Further,thepresenceofatleastonenomineedirectoroftheBlackstoneSponsorGroupandSattvaSponsor GroupshallberequiredtoconstitutevalidquorumatthemeetingsoftheboardofdirectorsoftheManager and the committees of the board, unless prohibited by applicable law. Please see “Management Framework—Other key agreements—Manager SHA” on page 421.

Frequency of meetings The board of directors of the Manager shall meet at least four times every year, with a maximum gap of 120 days between any two successive meetings.Additionally, the board of directors of the Manager shall meet prior to any meeting of the Unitholders and approve the agenda for Unitholders’ meetings.

Remuneration of Directors

Sitting fees: The directors of the Manager will receive sitting fees for attending board meetings and meetings of the committees, in accordance with the Companies Act.

Otherremunerationpayabletoindependentdirectors:TheboardofdirectorsoftheManagershallconfirm to the Trustee that the independent directors being considered for performance remuneration have complied with the code of conduct for independent directors as provided under Schedule IV of the Companies Act (“Code of Conduct”). Any independent director considered by the board of directors of theManagertobeinbreachoftheCodeofConductshallnotbeentitledtoanyperformanceremuneration.

Uponcompletionoftheevaluationexercise,theboardofdirectors(excludingindependentdirectors)shall approve the performance remuneration payable to each independent director through a unanimous resolution.

The remuneration payable to the independent directors shall be within the overall limit of the fee payable to the Manager and in accordance with applicable laws.

Committees of the board of directors Nameofcommittee Composition PresentMembers Quorumvoting Frequencyofmeetings Audit Committee TheAudit Committee (cid:129) Ajay Mahajan The quorum shall be TheAudit Committee shall at all times comprise (Chairman) either two members or shall meet at least four of a minimum of three (cid:129) Anup Shah 2/3rd of the members times in a year and not directors as members, (cid:129) Tuhin Parikh of the audit committee, more than one hundred with at least 2/3rd of the whichever is greater, and twenty days shall Audit Committee with at least two elapse between two comprising independent independent directors. meetings.

directors as members. The chairperson of theAudit All matters shall be Committee shall be an approved by at least a independent director.All simple majority of the members of theAudit members or such other Committee shall be threshold as may be financially literate and at prescribed under least one member shall applicable law.

have accounting or related financial management expertise. The company secretary of the Manager (“Compliance Officer”) shall act as the secretary to theAudit Committee.

385Nameofcommittee Composition PresentMembers Quorumvoting Frequencyofmeetings Stakeholders’ The Stakeholders’ (cid:129) Bhavna Thakur The quorum shall be at The Stakeholders’ Relationship Relationship Committee (Chairperson) least 50% of the Relationship Committee Committee shall at all times comprise (cid:129) Tuhin Parikh number of members of shall meet at least once of at least three directors (cid:129) Shivam the Stakeholders’ every year, and further as its members, with at Agarwal Relationship such number of times least one independent Committee. as required considering director also being a the scope and terms of member. The chairperson All matters shall be reference of the of the Stakeholders’ approved by at least a Stakeholders’ Relationship Committee simple majority of the Relationship shall be an independent members or such other Committee.

director. threshold as may be prescribed under applicable law.

Nomination and The Nomination and (cid:129) Ajay Mahajan The quorum shall be The NominationAnd Remuneration Remuneration Committee (Chairman) two members or 1/3rd Remuneration Committee shall comprise of at least (cid:129) Anup Shah of the members of the Committee shall meet three directors as its (cid:129) Bhavna Thakur Nomination and at least once every members.All directors (cid:129) Bijay Kumar Remuneration year, and further such shall be non-executive Agarwal Committee, whichever number of times as directors.At least 2/3rd is greater, in required considering members shall be attendance. the scope and terms of independent directors. The reference of the chairperson of the All matters shall be Nomination and Nomination and approved by at least a Remuneration Remuneration Committee simple majority of the Committee.

shall also be an members or such other independent director. threshold as may be prescribed under applicable law.

Risk Management The Risk Management (cid:129) Anup Shah The quorum shall be The Risk Management Committee Committee shall comprise (Chairman) either two members or Committee shall meet of minimum three (cid:129) Ajay Mahajan one third of the at least twice a year members with majority of (cid:129) Tuhin Parikh members of the and not more than two them being members of (cid:129) Shivam committee, whichever hundred and ten days the board of directors, Agarwal is higher, including at shall elapse between including at least one least one member of two meetings.

independent director. The the board of directors chairperson of the Risk in attendance. management Committee shall be a member of the All matters shall be board of directors and approved by at least a senior executives. simple majority of the members or such other threshold as may be prescribed under applicable law.

386Nameofcommittee Composition PresentMembers Quorumvoting Frequencyofmeetings Investment The Investment (cid:129) Bhavna Thakur The quorum shall The Investment Committee Committee shall at all (Chairperson) comprise of all Committee shall meet times comprise of at least (cid:129) Ajay Mahajan members of the at least twice a four members. The (cid:129) Bijay Kumar Investment Committee. calendar year and such chairperson of the Agarwal number of times as Investment Committee (cid:129) Tuhin Parikh All matters shall be required considering shall be an independent approved by at least a the scope and terms of director and the simple majority of the reference of the Compliance Officer of the members. Investment Committee.

Company shall act as the secretary to the Provided that related Investment Committee. party transactions shall be decided by unanimous consent of all ‘non-related’ members of the Investment Committee.

REIT IPO The REIT IPO Committee (cid:129) Anup Shah The quorum shall be at The REIT IPO Committee shall at all times comprise (Chairman) least 50% of the Committee shall meet of at least four members. (cid:129) Bhavna Thakur number of members of as frequently as (cid:129) Bijay Kumar the REIT IPO required in connection Agarwal Committee. with the Issue.

(cid:129) Tuhin Parikh All matters shall be approved by at least a simple majority of the members.

Borrowing The Borrowing (cid:129) Ajay Mahajan The quorum shall be at The Borrowing Committee Committee shall have (Chairman) least 50% of the Committee shall meet minimum three members. (cid:129) Tuhin Parikh members of the during such number of (cid:129) Bijay Kumar Borrowing Committee. times as required Agarwal considering the scope All matters shall be and terms of reference approved by at least a of the Borrowing simple majority of the Committee.

members.

Corporate Social The Corporate Social (cid:129) Shivam The quorum shall be at The Corporate Social Responsibility Responsibility and Agarwal least 50% of the Responsibility and and Sustainability Sustainability Committee (Chairman) members of the Sustainability Committee shall have minimum three (cid:129) Anup Shah Corporate Social Committee shall meet members, out of which at (cid:129) Tuhin Parikh Responsibility and during such number of least one director shall be Sustainability times as required an independent director. Committee. considering the scope and terms of reference All matters shall be of the Corporate Social approved by at least a Responsibility and simple majority of the Sustainability members. Committee.

Alsosee“ManagementFramework—Otherkeyagreements—ManagerSHA”onpage421inrelationtothe above.

387For details of the terms of reference of each committee, see below:

Audit Committee Terms of reference of the Audit Committee, inter alia, include:

(i) Oversight of the Knowledge RealtyTrust’s financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible;

(ii) Giving recommendations to the board regarding appointment, re-appointment, remuneration and terms of appointment of the statutory auditor of the Knowledge Realty Trust and the audit fee, subject to the approval of the unitholders;

(iii) Approval of payment to statutory auditors for any other services rendered by the statutory auditors;

(iv) Reviewing, with the management, the annual financial statements and auditor’s report thereon before submission to the board for approval, with particular reference to: (cid:129) matters required to be included in the director’s responsibility statement to be included in the board’s report in terms of clause (c) of the sub-section (3) of Section 134 of the Companies Act, 2013;

(cid:129) changes, if any, in accounting policies and practices and reasons for the same; (cid:129) major accounting entries involving estimates based on the exercise of judgment by management; (cid:129) significant adjustments made in the financial statements arising out of audit findings;

(cid:129) compliance with listing and other legal requirements relating to financial statements; (cid:129) disclosure of any related party transactions; and (cid:129) modified opinion(s) and qualifications in the draft audit report;

(v) Reviewing, with the management, all periodic financial statements, including but not limited to quarterly, half-yearly and annual financial statements of the Knowledge Realty Trust, whether standalone or consolidated or in any other form as may be required under applicable law, before submission to the board for approval;

(vi) Reviewing, with the management, the statement of uses/application of funds raised through an issue of units by the Knowledge Realty Trust (including but not limited to public issue, rights issue, preferential issue, private placement etc.) and any issue of debt securities and the statement of funds utilized for purposes other than those stated in the offer documents/notice, and making appropriate recommendations to the board for follow-up action;

(vii) Reviewing and monitoring the statutory auditor’s independence and performance, and effectiveness of audit process;

(viii) Approval or any subsequent modification of transactions of the Knowledge Realty Trust with related parties;

(ix) Scrutiny of loans including inter-corporate loans and investments of the Knowledge Realty Trust;

388(x) Reviewing all valuation reports of the Knowledge Realty Trust required to be prepared under applicable law, periodically, and as required, under applicable law;

(xi) Evaluating internal financial controls and risk management systems of the Knowledge Realty Trust;

(xii) Reviewing, with the management, performance of statutory auditors of the Knowledge Realty Trust, adequacy of the internal control systems, as necessary;

(xiii) Reviewingtheadequacyofinternalauditfunction,ifany,includingthestructureoftheinternal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit;

(xiv) Discussion with internal auditors of any significant findings and follow up there on;

(xv) Reviewing the findings of any internal investigations in relation to the Knowledge Realty Trust, into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the board;

(xvi) Discussing with statutory auditors and valuers prior to commencement of the audit or valuation, respectively, about the nature and scope, as well as post-audit/valuation discussion to ascertain any area of concern;

(xvii) Reviewing and monitoring the independence and performance of the valuer of the Knowledge Realty Trust;

(xviii) Looking into the reasons for substantial defaults in the payment to the depositors, debenture holders, Unitholders (in case of non-payment of declared distributions) and creditor(s);

(xix) Reviewing the functioning of the whistle blower mechanism;

(xx) Approving of appointment of chief financial officer after assessing the qualifications, experience and background, etc. of the candidate;

(xxi) Reviewing the utilization of loans and/or advances from/investment by the Knowledge Realty Trust in the SPV exceeding INR 100 crore or 10% of the asset size of the SPV, whichever is lower;

(xxii) Considering and commenting on the rationale, cost-benefits and impact of schemes involving merger, demerger, amalgamation etc., on the Knowledge Realty Trust and its unitholders;

(xxiii) Reviewing the management’s discussion and analysis of financial conditions and results of operations;

(xxiv) Reviewing management letters/letter of internal control weaknesses, if any, issued by the statutory auditors of the Knowledge Realty Trust;

(xxv) EvaluatinganydefaultsordelayinpaymentofdistributiontotheunitholdersoftheKnowledge RealtyTrust or dividends by theAsset SPVs of the Knowledge RealtyTrust, to the Knowledge RealtyTrustandpaymentstoanycreditorsoftheKnowledgeRealtyTrustoritsHoldcosand/or SPVs and recommending remedial issues;

(xxvi) Approving any reports required to be issued to the unitholders under the SEBI REIT Regulations;

389(xxvii) Formulating any policy for the Manager as necessary, in relation to its functions, as specified above;

(xxviii) Carrying out any other function as is mentioned in the terms of reference of the audit committee;

(xxix) Provide recommendations to the board of directors regarding any proposed distributions;

(xxx) ReviewingtheproceduresputinplacebytheManagerformanaginganyconflictthatmayarise between the interests of the Unitholders or any transactions, the Parties to the Knowledge Realty Trust and the interests of the Manager, including related party transactions, the indemnification of expenses or liabilities incurred by the Manager, and the setting of fees or charges payable out of the Knowledge Realty Trust’s assets;

(xxxi) Monitoring the end use of Net Proceeds;

(xxxii) Giving recommendations to the board of directors regarding appointment, re-appointment and replacement, remuneration and terms of appointment of the valuer of the Knowledge Realty Trust;

(xxxiii) Reviewing the management’s discussion and analysis of financial condition and results of operations;

(xxxiv) Reviewing internal audit reports relating to internal control weaknesses;

(xxxv) Reviewing the appointment, removal and terms of remuneration of any chief internal auditor shall be subject to review by the Audit Committee;

(xxxvi) Performing such other activities as may be delegated by the board of directors of the Manager and/or are statutorily prescribed under any law to be attended to by the Audit Committee;

(xxxvii) Ensuring that an information system audit of the internal systems and process is conducted at least once in two years to assess operational risks faced by the Knowledge Realty Trust; and

(xxxviii) Establishing a vigil mechanism/whistle blower policy for directors and employees to report their genuine concerns or grievances.

Stakeholders’Relationship Committee Terms of reference of the Stakeholders’ Relationship Committee, inter alia, include:

(i) Considerandresolvegrievancesoftheunitholders,includingcomplaintsrelatedtothetransfer of units, non-receipt of annual report, general meetings and non-receipt of declared distributions;

(ii) Review of measures taken for effective exercise of voting rights by unitholders;

(iii) Review of adherence to the service standards adopted by the Knowledge Realty Trust for reducing the quantum of unclaimed distributions, in respect of various services being rendered by the registrar and unit transfer agent;

(iv) Review of the various measures and initiatives taken by the Knowledge Realty Trust for ensuring timely receipt of distributions/annual reports/statutory notices by the unitholders;

390(v) Any other activities as may be delegated by the board of directors or described under any law to be attended by the Stakeholders’ Relationship Committee;

(vi) Review of any litigation related to Unitholders’ grievances;

(vii) Update Unitholders on acquisition/sale of assets by the Knowledge Realty Trust and any change in the capital structure of the Asset SPVs;

(viii) Reporting specific material litigation related to Unitholders’ grievances to the board; and

(ix) Approve report on investor grievances to be submitted to the Trustee by the Manager.

Nomination and Remuneration Committee Terms of reference of the Nomination and Remuneration Committee, inter alia, include:

(i) Formulating the criteria for determining qualifications, positive attributes and independence of a director and recommend to the board a policy relating to, the remuneration of the directors, key managerial personnel and other employees;

(ii) For every appointment of an independent director, the Nomination and Remuneration Committee shall evaluate the balance of skills, knowledge and experience on the board and on the basis of such evaluation, prepare a description of the role and capabilities required of an independentdirector.Thepersonrecommendedtotheboardforappointmentasanindependent directorshallhavethecapabilitiesidentifiedinsuchdescription.Forthepurposeofidentifying suitable candidates, the Nomination and Remuneration Committee may:

(cid:129) use the services of an external agencies, if required; (cid:129) consider candidates from a wide range of backgrounds, having due regard to diversity; and (cid:129) consider the time commitments of the candidates.

(iii) Formulating criteria for evaluation of performance of independent directors and the board;

(iv) Devising a policy on diversity of the board;

(v) Identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, and recommend to the board their appointment and removal;

(vi) Determining whether to extend or continue the term of appointment of the independent director, on the basis of the report of performance evaluation of independent directors;

(vii) Recommending to the board, all remuneration, in whatever form, payable to senior management;

(viii) Carrying out any other function as prescribed under applicable law;

(ix) Ensuring that the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate members of the quality required to run the Manager successfully;

(x) Endeavor to appoint key employees to replace any key employee within six months and recommend to the board of directors of the Manager; and 391(xi) Performing such other activities as may be delegated by the board of directors of the Manager and/or are statutorily prescribed under any law to be attended to by the Nomination and Remuneration Committee.

Risk Management Committee Terms of reference of the Risk Management Committee, inter alia, include:

(i) To formulate a detailed risk management policy which shall include: (cid:129) a framework for identification of internal and external risks specifically faced by the Knowledge Realty Trust, in particular including financial, operational, sectoral, sustainability (particularly, ESG related risks), information, cyber security risks or any other risk as may be determined by the Risk Management Committee;

(cid:129) measures for risk mitigation including systems and processes for internal control of identified risks; and (cid:129) a business continuity plan.

(ii) To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks associated with the business of the Knowledge Realty Trust;

(iii) To monitor and oversee implementation of the risk management policy, including evaluating the adequacy of risk management systems;

(iv) To periodically review the risk management policy, at least once in two years, including by considering the changing industry dynamics and evolving complexity;

(v) To keep the board informed about the nature and content of its discussions, recommendations and actions to be taken;

(vi) The appointment, removal and terms of remuneration of the chief risk officer (if any) shall be subject to review by the Risk Management Committee;

(vii) The Risk Management Committee shall coordinate its activities with other committees, in instances where there is any overlap with activities of such committees, as per the framework laid down by the board of directors; and

(viii) Such other matters as mentioned in the terms of reference or as may be carried out by the Risk Management Committee pursuant to amendments under the applicable law, from time to time.

Investment Committee Terms of reference of the Investment Committee, inter alia, include:

(i) Review of investment decisions with respect to the underlying assets or projects of the Knowledge Realty Trust including any further investments or divestments to ensure protection of the interest of Unitholders, including investment decisions which are related party transactions;

(ii) Undertaking all functions in relation to protection of Unitholders’ interests and resolution of any conflicts, including reviewing agreements or transactions in this regard;

392(iii) Approving any proposal in relation to acquisition of assets, further issue of Units including in relation to acquisition of assets;

(iv) Formulating any policy for the Manager as necessary, in relation to its functions, as specified above; and

(v) Performing such other activities as may be delegated by the board of directors of the Manager and/or are statutorily prescribed under any law to be attended by the Investment Committee.

For operational efficiency, key strategic decisions, capital structure decisions and operational decisions could be delegated to specific committees in line with the policies framed by the board of directors, and the Investment Committee of the Manager in this regard.

REIT IPO Committee Terms of reference of the REIT IPO Committee, inter alia, include:

(i) To make applications, where necessary, to such authorities or entities as may be required and accept on behalf of the board such conditions and modifications as may be prescribed or imposed by any of them while granting such approvals, consents, permissions and sanctions as may be required with respect to the Issue;

(ii) To authorize any director of the board, or other officer or officers of the Manager, including by the grant of power of attorney, to do such acts, deeds and things as such authorized person in his/her/its absolute discretion may deem necessary or desirable in connection with the issue, offer and allotment and transfer of Units;

(iii) To give or authorize the giving by concerned persons on behalf of the Manager of such declarations, affidavits, certificates, consents and authorities as may be required from time to time;

(iv) Toseek,ifrequired,theconsentofthelenders,partieswithwhomeachoftheAssetSPVshave entered into various commercial and other agreements, all concerned government and regulatory authorities in India or outside India, and any other consents that may be required in connection with the Issue;

(v) To negotiate, finalize, approve and file, where applicable, the Draft Offer Document, the Offer Document and the Final Offer Document, the preliminary and final international wrap (including any notices, amendments, addenda, corrigenda or supplements thereto), as finalized in consultation with the Lead Managers, in accordance with all applicable law, rules, regulations and guidelines, with the SEBI and the Stock Exchanges and such other authorities, as may be applicable, and to make necessary amendments or alterations, therein with respect to the Issue;

(vi) Withdrawing the Draft Offer Document, Offer Documents or the Final Offer Document or not proceeding with the Issue at any stage, after consultation with the Lead Managers in accordance with the applicable laws;

(vii) To decide on the timing, pricing and all the terms and conditions with respect to the Issue, including the determination of the minimum subscription for the Issue, allotment, the Issue Price, the Price Band (includingAnchor Investor Issue Price and Strategic InvestorAllocation Price), the size and all other terms and conditions of the Issue including the number of Units to be offered and transferred in the Issue, the Bid/Issue Opening Date and Bid/Issue Closing Date (including Anchor Investors Issue Period), any rounding off in the event of oversubscription as permitted under applicable law in consultation with the Lead Managers, etc. and to accept any amendments, modifications, variations or alterations thereto;

393(viii) Approving the audited Special Purpose Combined Financial Statements to be included in the Issue documents;

(ix) Toappointandenterintoarrangementswiththetrustee,sponsor,registrar,valuer,bookrunning lead managers, legal counsels and any other agencies or persons or intermediaries with respect to the Issue and to negotiate and finalize the terms of their appointment;

(x) To open with the bankers to the Issue such accounts as may be required by the regulations issued by SEBI and to authorize one or more officers of the Manager to execute all documents/deeds as may be necessary in this regard;

(xi) To authorize and approve, the incurring of expenditure and payment of fees, commission, remuneration and expenses in connection with the Issue;

(xii) To issue all documents and authorize one or more officers of the Manager to sign all or any of the aforestated documents;

(xiii) To seek the listing of the Units on any Indian stock exchange(s), submitting the listing application to such stock exchanges and taking all actions as may be necessary in connection with obtaining such listing and trading approval;

(xiv) Approve suitable policies on insider trading, risk management and any other polices as may be required under the SEBI LODR Regulations or any other applicable laws;

(xv) To enter into agreements with, and remunerate the Lead Managers, Syndicate Members, Bankers to the Issue, Sponsor Banks, the Registrar to the Issue, Underwriters, guarantors, escrow agents, accountants, auditors, legal counsel, depositories, custodians, credit rating agencies, monitoring agencies, advertising agencies, industry experts, printers, and all other agencies or persons as may be involved in or concerned with the Issue, by the way of commission, brokerage, fees or the like;

(xvi) To issue advertisements and/or notices as it may deem fit and proper in accordance with applicable law;

(xvii) To authorize the maintenance of a register of Unitholders;

(xviii) To accept and appropriate the proceeds of the Issue;

(xix) To finalize the allotment of Units on the basis of the applications received including the basis of the allotment;

(xx) To enter into debt financing documentation, debenture subscription agreements, share acquisitionagreementsandotheragreementsinconnectionwiththeIssuewiththeAssetSPVs;

(xxi) Authorizing and empowering certain individuals for and on behalf of the Manager, to execute and deliver, on a several basis, any agreements and arrangements as well as amendments or supplements thereto that the authorized officer considers necessary, desirable or advisable, in connection with the Issue, including, without limitation, engagement letter(s), memoranda of understanding, the listing agreements, the registrar’s agreement, the depositories agreements, the offer agreement with the book running lead managers (and other entities as appropriate), the underwriting agreement, the syndicate agreement, the escrow agreement, confirmation of allocation notes, the advertisement agency agreement, unit subscription agreement and any agreement or document in connection with the Issue, with, and to make payments to or remuneratebywayoffees,commission,brokerageorthelike,thebookrunningleadmanagers, syndicate members, bankers to the Issue, Sponsor Bank, registrar to the Issue, managers, 394underwriters, guarantors, escrow agents, accountants, auditors, legal counsel, depositories, trustees, custodians, credit rating agencies, monitoring agencies, advertising agencies, and all such persons or agencies as may be involved in or concerned with the Issue, if any; and any such agreements or documents so executed and delivered and acts and things done by any such authorized officer shall be conclusive evidence of the authority of the authorized officer and the Manager in so doing; and

(xxii) To do all such acts, deeds, matters and things and execute all such other document/s, application/s, agreement/s, undertaking/s, deed/s, affidavits, declarations and certificates, etc., deemed necessary or desirable for such purpose of with respect to the Issue.

Borrowing Committee Terms of reference of the Borrowing Committee, inter alia, include:

(i) To borrow money for the Knowledge Realty Trust directly or through its Asset SPVs/ Investment Entities from time to time, in accordance with applicable laws and approve the terms and conditions of such borrowings;

(ii) To keep track on borrowing limit at all the time. In any event existing borrowing including the proposed borrowing shall not exceed the limit prescribed under the applicable laws, unless UnitholdersoftheKnowledgeRealtyTrusthavepassedtherequisiteresolutionsapprovingany higher limits;

(iii) To provide security or create charge on the assets of the Knowledge Realty Trust or its Asset SPVs/Investment Entities or otherwise in relation to the borrowing;

(iv) To enter into borrowing documentation and other documents in connection with the borrowings;

(v) To do all such acts, deeds, matters and things and execute all such other document/s, application/s, agreement/s, undertaking/s, deed/s, affidavits, declarations and certificates, etc., deemed necessary or desirable for such purpose of with respect to the borrowing;

(vi) To authorize any official of the Manager to enter necessary documents on behalf of the KnowledgeRealtyTrustandtodoallsuchacts,deedandthingsasmayberequired,inrelation to borrowing; and

(vii) PerformsuchotherdutiesandresponsibilitiesasmaybeassignedtotheBorrowingCommittee, from time to time, by the board of directors.

Corporate Social Responsibility and Sustainability Committee (“CSR and Sustainability Committee”) Terms of reference of the CSR and Sustainability Committee, inter alia, include:

(i) Formulate and recommend to the board of directors, a “Corporate Social Responsibility and Sustainability Policy” which shall indicate the activities to be undertaken by the Knowledge Realty Trust, in accordance with applicable laws;

(ii) Recommend the amount of expenditure to be incurred on the activities referred to in the above clause;

(iii) Monitor the Corporate Social Responsibility and Sustainability policy and its implementation from time to time; and

(iv) Any other matter as the CSR and Sustainability Committee may deem appropriate after approval of the board of directors or as may be directed by the board from time to time and/or as may be required under applicable law, as and when amended from time to time.

395Policies of the Board of Directors of the Manager in relation to the Knowledge Realty Trust The Manager has adopted, inter alia, the following policies in relation to the Knowledge Realty Trust: a) Borrowing policy (“Borrowing Policy”) The Manager has adopted the Borrowing Policy pursuant to a resolution of its board of directors on February 17, 2025. The key terms of the borrowing policy are as follows:

(i) The Knowledge Realty Trust/its Asset SPVs or Investment Entities may raise debt and make borrowings and deferred payments from time to time, including through issuance of debt securities, availing loans from banks and financial institutions or raising debt in any other form as permissible under applicable law. However, such borrowings and deferred payments shall not include any refundable security deposits from tenants;

(ii) The Manager shall ensure that all funds borrowed in relation to the Knowledge Realty Trust and its portfolio are in compliance with the SEBI REIT Regulations;

(iii) The Manager may cause the Knowledge Realty Trust to borrow or incur financial indebtedness for the purpose of the Knowledge Realty Trust and subject to requisite approval of the board of directors of the Manager, the Investment Committee of the Manager or such committee of the board of directors of the Manager as may be constitutedinthisregardandtheUnitholdersoftheKnowledgeRealtyTrust,totheextent applicable, in accordance with the SEBI REIT Regulations;

(iv) SubjecttotheSEBIREITRegulations,theManagershallensurethatifthevalueoffunds borrowed from related parties in a fiscal, exceeds 10% of the total consolidated borrowings of the Knowledge Realty Trust, Asset SPVs (or such other threshold as may be prescribed under the SEBI REIT Regulations), approval from the Unitholders shall be obtained prior to entering into any such subsequent transaction with any related party, in accordance with Regulation 22 of the SEBI REIT Regulations. The request for such approval shall be accompanied by a transaction document as required under the SEBI REIT Regulations;

(v) The Knowledge Realty Trust (acting through its Manager) shall be permitted to borrow monies through any permitted means, by any instrument, in Indian or foreign currency, as permitted by applicable law, including as prescribed by the Reserve Bank of India. In case the Knowledge RealtyTrust issues debt securities, in the manner specified by SEBI, the same shall be listed on a recognized stock exchange and it shall comply with the applicable provisions of SEBI LODR Regulations, as amended, the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, as amended and the circulars, guidelines, notifications and clarifications issued thereunder;

(vi) In accordance with Regulation 20(3) of the SEBI REIT Regulations, if the aggregate consolidated borrowings and deferred payments of the Knowledge Realty Trust, Asset SPVs (net of cash and cash equivalents) exceed 25% of the value of the Knowledge Realty Trust Assets (or such other threshold as may be prescribed under the SEBI REIT Regulations), for any further borrowing: (a) credit rating shall be obtained from a credit rating agency registered with SEBI; and (b) approval from Unitholders shall be obtained in the manner as specified under Regulation 22 of the SEBI REIT Regulations. The aggregate consolidated borrowings and deferred payments of the Knowledge Realty Trust,AssetSPV(s),netofcashandcashequivalentsshallneverexceed49%ofthevalue oftheKnowledgeRealtyTrustAssets(orsuchotherthresholdasmaybeprescribedunder the SEBI REITRegulations). However, such borrowings and deferred payments shall not include any refundable security deposits to tenants. Investment by the Knowledge Realty 396Trust in overnight mutual funds, characterized by their investments in overnight securities, having maturity of one day, shall be considered as cash and cash equivalent.

Further, the amount of cash and cash equivalent shall be excluded from the value of the assets of the Knowledge Realty Trust;

(vii) The Knowledge Realty Trust (acting through its Manager) also has the power to create, mortgage or secure any of its assets (including assets held through the Asset SPVs/Investment Entities) or shares/interest in its Asset SPVs/Investment Entities or provide security/guarantees/indemnities (including on behalf of its Asset SPVs/Investment Entities). However, the Manager shall not be allowed to create any obligation which would allow the liabilities to extend beyond the assets held by the Knowledge Realty Trust (including assets held through the Asset SPVs/Investment Entities) and in order to borrow funds. In accordance with Regulation 20(2) of the SEBI REIT Regulations, the trust deed, the investment management agreement and the aggregateconsolidatedborrowingsanddeferredpaymentsoftheKnowledgeRealtyTrust andAsset SPVs/Investment Entities, net of cash and cash equivalents shall never exceed 49% of the value of the Knowledge Realty Trust assets or such other percentage as may be prescribed under the REIT Regulations from time to time. Such borrowings and deferred payments shall not include any refundable security deposits from tenants.

Investment by the Knowledge Realty Trust in overnight mutual funds, characterized by their investments in overnight securities, having maturity of one day, shall be considered as cash and cash equivalent. Further, the amount of cash and cash equivalent shall be excluded from the value of the assets of the Trust;

(viii) If either of the conditions (as specified above) in relation to the aggregate consolidated borrowingsoftheKnowledgeRealtyTrustarebreachedonaccountofmarketmovements of the price of the underlying assets or securities, the Manager shall inform the trustee of the Knowledge RealtyTrust and ensure that such condition is satisfied within six months of the breach, or such other time period as may be prescribed, in accordance with the SEBI REIT Regulations;

(ix) Any such obligation will not allow the Manager to make the liabilities of the Knowledge Realty Trust or its Unitholders unlimited;

(x) The Manager shall disclose to the designated stock exchanges, details of the additional borrowing, at the level of the Asset SPVs or the Knowledge Realty Trust, resulting in such borrowing exceeding 5% of the value of the Knowledge Realty TrustAssets during the year;

(xi) The annual report of the Knowledge Realty Trust shall disclose details of outstanding borrowings and deferred payments of the Knowledge Realty Trust including any credit rating(s), debt maturity profile, gearing ratios of the Knowledge Realty Trust on a consolidated and standalone basis as at the end of the year; and

(xii) Any borrowing by theAsset SPVs, or the Knowledge Realty Trust will be in accordance with the conditions prescribed under applicable law.

397b) Policy on related party transactions TheManagerhasadoptedthepolicyinrelationtorelatedpartytransactionsandconflictofinterests pursuant to a resolution of its board of directors on February 17, 2025. For details of the policy, please see “Related Party Transactions” on page 406.

c) Distribution Policy The Manager has adopted the Distribution Policy pursuant to a resolution of its board of directors on February 17, 2025 as amended on May 2, 2025 and July 18, 2025. For details of the policy, please see “Distribution” on page 578.

d) Policy on appointment of auditor and valuer TheManagerhasadoptedthepolicyonappointmentofauditorsandvaluerpursuanttoaresolution of its board of directors on February 17, 2025. For details of the policy, please see “Other Parties involved in the Knowledge Realty Trust” on page 424.

e) Policy on unpublished price-sensitive information and dealing in securities of the Knowledge Realty Trust, code of practices and procedures for fair disclosure in respect of the Knowledge Realty Trust and policies and procedures for inquiry into leak of UPSI (“Insider Trading Policy”) The Manager has adopted the Insider Trading Policy pursuant to a resolution of its board of directors on February 17, 2025. The purpose of the policy is to ensure that the Knowledge Realty Trust complies with applicable law, including the SEBI REIT Regulations or such other laws, regulations, rules or guidelines prohibiting insider trading and governing disclosure of material, unpublished price sensitive information (“UPSI”).The key principles of the InsiderTrading Policy

are set out below:

(i) The compliance officer shall, inter alia, be responsible for: (cid:129) monitoring adherence to the procedures for the preservation of UPSI; (cid:129) monitoring implementation of the Insider Trading Policy and other requirements under the SEBI PIT Regulations under the general supervision of the Audit Committee and the overall supervision of the board and to inform the Stock Exchanges where the securities of the Knowledge RealtyTrust are listed, in case of any violation of the SEBI PIT Regulations and maintain a database of all such violations; and (cid:129) provide the Audit Committee on a quarterly basis, all the details of trading in securities by Designated Persons including any violations.

(ii) The chief investor relations officer (“CIRO”) shall promptly disclose to the public all UPSI that would impact price discovery by reporting it to the stock exchanges on which securities of the Knowledge Realty Trust are listed as well as by hosting the same on the official website of the Knowledge Realty Trust, no sooner than credible and concrete information comes into being in order to make such information generally available;

(iii) The CIRO shall follow uniform and universal dissemination of UPSI to avoid selective disclosure. In case any such information gets disclosed selectively, inadvertently or otherwise, the same should be immediately brought to the notice of the CIRO.The CIRO shall ensure that it is promptly disclosed/disseminated to make such information generally available through publication on the website of stock exchanges;

398(iv) The CIRO in discussion with the Manager’s board/senior management shall be responsible for making an assessment of (i) materiality of information; (ii) updates, if any, required to be provided in respect of past disclosures; and (iii) the timing and adequacy of the proposed disclosures;

(v) TheCIROshallalsomakeanappropriateandfairresponsetothequeriesonnewsreports and requests for verification of market rumours by regulatory authorities, in accordance with the procedure specified in the Insider Trading Policy for determining materiality of information for periodic disclosure; and

(vi) The designated persons shall make disclosures to the Compliance Officer and the Compliance Officer shall make all disclosures required to be made to the stock exchanges, in accordance with applicable law.

f) Policy for determining materiality of information for periodic disclosures (“Materiality of Information Policy”) TheManagerhasadoptedtheMaterialityofInformationPolicypursuanttoaresolutionofitsboard of directors on February 17, 2025. The Materiality of Information Policy aims to outline process and procedures for determining materiality of information in relation to periodic disclosures on the Knowledge Realty Trust’s website, to the stock exchanges and to all stakeholders at large, in relationtotheKnowledgeRealtyTrust.ThekeyprinciplesoftheMaterialityofInformationPolicy

are set out below:

(i) Any information concerning the Knowledge Realty Trust shall be considered material to the business and affairs of the Knowledge Realty Trust if it results in, or would reasonably be expected to result in a significant change in the market price or value of units of the Knowledge Realty Trust or if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision in relation to the Units;

(ii) Specificevents/information,asspecifiedintheMaterialityofInformationPolicy,shallbe deemed to be material information and against which the Knowledge Realty Trust shall not be required to apply the criteria for determining materiality of information, and are deemed material information;

(iii) The Knowledge RealtyTrust shall use defined criteria for determination of materiality of events/information other than for the deemed material information; and

(iv) The Knowledge Realty Trust shall also submit such information to the Stock Exchanges and unitholders on a periodical basis as may be required under the listing agreement entered into between the Stock Exchanges.

g) Document archival policy (“Document Archival Policy”) The Manager has adopted the Document Archival Policy pursuant to a resolution of its board of directors on February 17, 2025. The Document Archival Policy aims to provide a comprehensive policyonthepreservationandconservationoftherecordsanddocumentsoftheKnowledgeRealty Trust. It aims at identifying, classifying, storing, securing, retrieving, tracking and destroying or permanently preserving records.The key principles of the DocumentArchival Policy inter alia are

set out below:

(i) All records and documents along with all the supportive documents which are physically available shall be maintained at the principal place of business of the Knowledge Realty Trust or such other secured place as may be decided and approved by the board of directors of the Manager from time to time;

399(ii) All the documents required to be maintained in terms of the SEBI REIT Regulations, secretarial standards, listing agreement, and any applicable law, shall be preserved under the custody of the Compliance Officer of the Knowledge Realty Trust;

(iii) All financials records required to be maintained in terms of the SEBI REIT Regulations, prescribed accounting standards, IncomeTaxAct, 1961 and other applicable law, each as amended, shall be maintained under the custody of the chief financial officer of the Manager;

(iv) All the statutory documents shall be preserved for a minimum period of eight financial years, immediately preceding a fiscal, and since creation of the Knowledge Realty Trust, when the Knowledge Realty Trust has been created for a period of less than eight years;

or such longer duration if prescribed under applicable law. Documents shall be preserved in a chronological order for each fiscal;

(v) Documents which are confidential in nature shall, wherever possible, be kept under lock and key and shall be shared on a need to know basis only with persons directly involved in the transaction involving such documents and records;

(vi) If required under applicable law, some of the registers and records may be required to be kept open by the Knowledge Realty Trust for inspection by directors of the Manager and Unitholders of the Knowledge Realty Trust and by other persons, including creditors of the Knowledge Realty Trust. Upon receipt of advance notice from a unitholder or from any other specified person the Knowledge Realty Trust shall facilitate inspection of such documents by such persons and allow extracts to be taken from certain documents, registers and records and to furnish copies of certain documents, registers and records.

Such documents and records shall be kept open for inspection during the business hours of the Knowledge Realty Trust and Manager without payment of any fee;

(vii) Documents which are statutorily required to be hosted on Knowledge Realty Trust’s the website shall be hosted within the prescribed timeline from the occurrence of the event.

All statutory data shall be hosted on the Knowledge Realty Trust website for a minimum periodoffiveyearsorforsuchminimumperiodasprescribedunderapplicablelaw.After which it shall be preserved in the archival folder of the Knowledge Realty Trust’s maintained offline, until it is destroyed upon the expiry of the statutory period for the preservation such documents;

(viii) Documents and records may be destroyed after the expiry of the statutory period for the preservation the documents after keeping a suitable record of documents destroyed; and

(ix) The Manager shall ensure appropriate provision for the backup of the digital collections oftheKnowledgeRealtyTrusthavebeenmade,includingtheprovisionofoffsitesecurity copies and that the backup copies are actively maintained to ensure their continued viability.

400h) Nomination and remuneration policy (“Nomination and Remuneration Policy”) The Manager has adopted the Nomination and Remuneration Policy pursuant to a resolution of its board of directors on February 17, 2025 as amended on July 7, 2025. The Nomination and Remuneration Policy aims at outlining the principles of the compensation program in order to attract, retain, and reward talented executives who will contribute to the long-term success of the Manager, the Knowledge Reality Trust, its SPVs, its Investment Entities and its Holdco(s) (collectively referred to as “REIT Entities”, and individually as a “REIT Entity”) and thereby build value for its stakeholders. The key principles of the Nomination and Remuneration Policy

inter alia are set out below:

(i) The Nomination and Remuneration Committee is authorized by the board at the expense of the Manager to investigate any matter within its terms of reference. It is authorized to seek any information it requires from any employee in order to perform its duties and all employees are directed to co-operate with any requests made by the Nomination and Remuneration Committee.

(ii) The Nomination and Remuneration Committee is authorized by the board at the expense oftheManager,toobtainexternallegalorotherprofessionaladviceonanymatterswithin its terms of reference.

(iii) The Nomination and Remuneration Committee is also authorized at the expense of the Manager, at all times within budgetary restraints imposed by the board, to appoint external remuneration consultants and set their terms of reference and to commission or purchase any relevant reports, surveys or information which it deems necessary to help fulfill its duties.

(iv) The Nomination and Remuneration Policy sets out the terms of reference of the Nomination and Remuneration Committee which includes formulating criteria for evaluation of performance of independent directors and the Board.

(i) Policy on Code of Conduct and Ethics for Directors, Senior Management and Other Employees (the “CoC”) TheManagerhasadoptedtheCoCpursuanttoaresolutionoftheboardofdirectorsoftheManager dated February 17, 2025, for all members of board of directors of the Manager, theAsset SPVs, all senior management and key managerial personnel of the Manager, the Knowledge RealtyTrust and the Asset SPVs, the executives of the Asset SPVs, Manager, reporting directly to the respective Managing Directors and employees seconded to the Knowledge Realty Trust. The senior management personnel of the Manager shall include officers or personnel of the Manager who are members of its core management team excluding the board of directors and shall also comprise all members of the management one level below the chief executive officer or managing director, whole time director, manager (including chief executive officer or manager, in case they are not part of the board of directors) and shall specifically include the compliance officer and chief financial officer. The CoC inter-alia requires the management and key employees to act honestly, fairly, ethically, with integrity and loyalty and conduct themselves in a professional and courteous and respectful manner, in the best interests of the Knowledge Realty Trust and in a manner to enhance and maintain the reputation of the Knowledge Realty Trust, and fulfill their fiduciary duties to the stakeholders of the Knowledge Realty Trust without allowing their independence of judgment to be compromised.

401j) Policy on Familiarisation Programme for Independent Directors (“Familiarization Policy”) The Manager has adopted the Familiarization Policy pursuant to a resolution of its board of directors on February 17, 2025 which requires the Manager to, inter alia, conduct orientation programmes, presentations or training sessions, periodically at regular intervals, to familiarize the independent directors with the strategy, operations and functions of the Knowledge Realty Trust.

k) Vigil Mechanism and Whistle Blower Policy (“Whistleblower Policy”) TheManagerhasadoptedtheWhistleblowerPolicypursuanttoaresolutionofitsboardofdirectors onFebruary17,2025inordertoenablealldirectorsandemployeestoraiseconcernsregardingany serious irregularities or any unfair practice or any event of misconduct of any illegal activity occurring in the Knowledge Realty Trust and to provide a mechanism for employees of the Knowledge Realty Trust to raise concerns on any violations of legal or regulatory requirements, incorrect or misrepresentation of any financial statements and reports, etc. and to ensure that no unfair treatment will be meted out to persons raising such concerns.

l) Policy on Terms and Condition for Appointment of Independent Director The Manager has adopted the Terms and Condition for Appointment of Independent Director pursuant to a resolution of its board of directors dated February 17, 2025, to capture the terms of appointment, duty, conflict of interest, disclosures, etc. as required under applicable law to be adhered to by the Independent Directors of the Manager.

m) Policy on Succession Planning for Board and Senior Management Personnel (“Succession Policy”) The Manager has adopted the Succession Policy pursuant to a resolution of its board of directors on February 17, 2025. The purpose of the Succession Policy is to provide a framework for succession planning of, inter alia, non-independent directors, independent directors of the board of directors of the Manager, key managerial personnel, senior management of the Manager, chief executive officer, chief financial officer, chief operating officer, compliance officer of the Knowledge Realty Trust and other designation which can be considered by the Nomination and Remuneration Committee or the Board from time to time.

n) Risk Management Policy (“RM Policy”) The Manager has adopted the RM Policy pursuant to a resolution of its board of directors on February 17, 2025. The RM Policy aims to provide a framework for identification, assessment, monitoring and management of risks associated with the business of the Knowledge Realty Trust including both internal and external risks such as (i) distribution guidance and expectations of unitholders and (ii) business risk including geographical and sector concentration risk.

o) Policy to Promote Diversity on Board of Directors (“Diversity Policy”) The Manager has adopted the Diversity Policy pursuant to a resolution of its board of directors datedFebruary17,2025toensurethattheboardofdirectorsoftheManagershallhaveanoptimum combination of non-independent, independent and woman directors in accordance with requirements of the SEBI REIT Regulations and to ensure that all appointments on the board of directors of the Manager are made on merit based on the knowledge, skills, experience, independence and integrity of the directors.

402p) Policy on Qualifications and Criteria for Appointment of Unitholders Nominee Directors (“Policy on Unitholder Nominee Directors”) The Manager has adopted the Policy on Unitholder Nominee Directors pursuant to a resolution of itsboardofdirectorsdatedFebruary17,2025,inaccordancewiththecircularissuedbySEBIdated September 11, 2023 bearing reference no. SEBI/HO/DDHS-PoD-2/P/CIR/2023/154, as amended fromtimetotime.ThePolicyonUnitholderNomineeDirectorsprescribesrequisiteproceduresand guidelines for, inter alia, the appointment of unitholder nominee directors by any Eligible Unitholder and the criteria for evaluation of the individuals nominated as unitholder nominee directors.

q) Investors’Grievance and Redressal Policy (“Investor Grievance Redressal Policy”) The Manager has adopted the Investor Grievance Redressal Policy pursuant to a resolution of its board of directors dated February 17, 2025. The main purpose of Investor Grievance Redressal Policyistoallowstakeholder(unitholder)engagementtobeundertakeninasystematicmannerthat will allow the various stakeholder groups to express their individual views and opinions, and Manager of the Knowledge Realty Trust to appropriately respond to them.

Framework for making key decisions The decisions to be undertaken by Manager shall be undertaken by the board of directors of the Manager either directly, or through a duly constituted committee of the board of directors of the Manager, depending on the materiality of the decision being made. Further, for transactions above a defined threshold, the board of directors of the Manager may present the decision before the Unitholders for their approval in terms of the SEBI REIT Regulations.

Particulars KeyRequirements Unitholderapprovalrequirements Strategic decisions Acquisition Independent valuation If purchase price > 110% of Votes cast in favor of the (non-Related Party required independent valuation resolution should be more Transaction) than 50% of the total votes cast for the resolution If value equal to or greater Votes cast in favor of the than 25% of the REIT resolution should be more assets than 50% of the total votes cast for the resolution Person, other than 75% votes by value sponsor(s), its related excluding the value of units parties and its associates, held by parties related to acquiring units of a REIT the transaction. If the which taken together with required approval is not units held by them and by received, the acquirer shall persons acting in concert provide an exit option to the with them in such REIT, dissenting Unitholders exceeds 25% per cent of the value of outstanding REIT units.

403Particulars KeyRequirements Unitholderapprovalrequirements Acquisition (Related (cid:129) Two independent If total value of all the Votes cast in favor of the Party Transaction) valuation reports related party transactions in resolution should be more (cid:129) Purchase price a financial year, pertaining than 50% of the total votes cannot be higher to acquisition of properties, cast for the resolution than 110% of whether directly or through average of the two holding company and/or independent special purpose vehicles, or valuations investment into securities exceeds 10% of the value of the Knowledge Realty Trust Divestment Independent valuation If the proposed sale price < Votes cast in favor of the (non-Related Party required 90% of independent resolution should be more Transaction) valuation than 50% of the total votes cast for the resolution If the value > 10% of the REIT assets Divestment (Related (cid:129) Two independent If the sale value with a Votes cast in favor of the Party Transaction) valuation reports related party > 10% of resolution should be more (cid:129) Sale price cannot be REIT assets in a financial than 50% of the total votes lower than 90% of year cast for the resolution average of the two independent If total value of all the valuations related party transactions in a financial year, pertaining to sale of properties, whether directly or through holding company and/or special purpose vehicles, or investment into securities exceeds 10% of the value of the Knowledge Realty Trust Investment strategy(1) Investment strategy to For any material change in Votes cast in favor of the be detailed in the offer investment strategy resolution should be at least document 60% of the total votes cast for the resolution Lending The Knowledge Realty – – Trust cannot lend to any person other than Holdco/SPV but can invest in listed/unlisted debt securities of real estate companies within the prescribed investment thresholds 404Particulars KeyRequirements Unitholderapprovalrequirements Capital structure decisions Debt raise Borrowings and Aggregate consolidated Votes cast in favor of the deferred payments not borrowings and deferred resolution should be more allowed to exceed 49% payments of the REIT, than 50% of the total votes of the value of the Holdco and/or the SPVs, net cast for the resolution REIT assets, Holdco of cash and cash equivalents and/or the SPVs exceeds 25% of the value of subject to compliance the REIT assets up to 49%.

requirements under the SEBI REIT If the value of funds Votes cast in favor of the Regulations borrowed from related resolution should be more parties, in a year, exceeds than 50% of the total votes 10% of total consolidated cast for the resolution borrowings of the REIT, Holdco and/or the SPVs Equity issuance(1) – Any further issuance of Votes cast in favor of the units requires unitholders resolution should be more approval than 50% of the total votes cast for the resolution Distributions(1) At least 90% of – – distributable cash flows to be distributed to the REIT/Holdco in proportion of its holding in the SPV Operational decisions Leasing (Related Party Fairness opinion from If related party leases (by Votes cast in favor of the Transaction) independent valuer area, value, or rentals) > resolution should be more required if related 20% of value of rental than 50% of the total votes party leases (by lease income total REIT assets cast for the resolution area, value, or rentals) exceed 20% of value of rental income of all the Knowledge Realty Trust Assets Development If conditions are Additional six months Votes cast in favor of the breached on account of rectification period require resolution should be more sale/lease expiry, 6 unitholders approval than 50% of the total votes months rectification cast for the resolution period after intimation to the Trustee

(1) BoardofdirectorsoftheManagertoproposetoUnitholders.

Asset SPVs Representatives on the Board of Directors of each Asset SPV TheManager,inconsultationwiththeTrustee,shallappointatleastsuchnumberofnomineesontheboard of directors or the governing board of such Asset SPVs, as applicable, which are in proportion to the shareholding or holding interest of the Knowledge Realty Trust in the Asset SPVs as applicable.

405RELATED PARTY TRANSACTIONS In terms of Regulation 2(1)(zo) of the SEBI REIT Regulations, a ‘related party’shall be as defined under the Companies Act or under the applicable accounting standards (i.e., Ind AS 24 on “Related Party Disclosures”)andshallalsoinclude(i)PartiestotheKnowledgeRealtyTrust,and(ii)promoters,directors and partners of Parties to the Knowledge Realty Trust (“Related Parties”). Further, any transactions between two or more REITs with a common manager or sponsor shall be deemed to be a related party transaction for each of the REITs including any transaction where the manager or the sponsors of the REITs are different entities but are associates.

The list of Related Parties included in the section “Financial Information of the Knowledge Realty Trust” on page 831 include the Related Parties during the FY ended March 31, 2025, March 31, 2024 and March 31, 2023 as per Ind AS 24 read with the Guidance Note on Combined Financial Statements and SEBI REIT Regulations as a result of the combination of the financials of theAsset SPVs and Investment Entities. However, please note that the Related Parties to the Knowledge Realty Trust will be determined on the basis of applicable law from time to time, post-listing.

Procedure for dealing with Related Party Transactions To ensure proper approval, supervision and reporting of the transactions between the Knowledge Realty Trust and its Related Parties, the board of directors of the Manager has adopted a policy pursuant to a resolution of its board of directors on February 17, 2025 in relation to Related Party Transactions and conflict of interest situations, as per the SEBI REIT Regulations (“Related Party Transaction Policy”), to regulate the transactions between the Knowledge Realty Trust and its Related Parties. Details of the

Related Party Transaction Policy are set out below: a. InaccordancewiththeSEBIREITRegulations,theManagerwillensurethatallfutureRelatedParty

Transactions shall be:

(i). on an arm’s length basis;

(ii). in accordance with the relevant accounting standards;

(iii). in the best interest of the Unitholders;

(iv). consistent with the strategy and investment objectives of the Trust; and

(v). compliant with applicable law and disclosed to the stock exchanges and the Unitholders in accordance with the Listing Agreement and the SEBI REIT Regulations. b. Atransactionwitharelatedpartyshallbeconsideredmaterial,ifthetransaction(s)tobeenteredinto individually or taken together with previous transactions during a financial year, exceeds rupees one thousand crore or 10% of the annual consolidated turnover of the Knowledge Realty Trust as per its last audited financial statements, whichever is lower or meets such other threshold as may be prescribed under applicable laws from time to time.

c. With respect to purchase or sale of properties/assets from or to Related Parties: a. two valuation reports from two different valuers, independent of each other, shall be obtained; b. such valuers shall undertake a full valuation of the assets proposed to be purchased or sold as specified under Regulation 21 of the SEBI REIT Regulations; and c. transactionsforpurchaseofsuchassetsshallbeatapricenotgreaterthan,andtransactionsfor sale of such assets shall be at a price not lesser than, 110% and 90% of the average of the twoindependentvaluationsrespectivelyorincompliancewithsuchotherthresholdsasmaybe prescribed under applicable laws from time to time.

406d. In respect of Related Party Transactions:

1. adequate disclosures shall be made to the Unitholders and to the stock exchanges;

2. if: a. the total value of all the Related Party Transactions, in a financial year, pertaining to acquisitionorsaleofproperties,whetherdirectlyorthroughtheholdingcompaniesofthe Knowledge Realty Trust (the “Holdco(s)”) or the SPVs, or investments into securities exceeds 10% of the value of the Knowledge RealtyTrust (or such other threshold as may be prescribed under applicable laws); or b. the value of the funds borrowed from Related Parties, in a financial year, exceeds 10% of the total consolidated borrowings of the Trust, the Holdco(s) and SPVs (or such other threshold as may be prescribed under applicable laws);

approval from the Unitholders will be obtained prior to entering into any such subsequent transaction with any related party, in accordance with Regulation 22 of the SEBI REIT Regulations. The request for such approval shall be accompanied by a transaction document (under Regulation 19(6) of the SEBI REIT Regulations).

e. Disclosures made to the stock exchanges shall also be published on the website of the Trust. f. It is hereby clarified that voting by any Unitholder who is, or may be deemed to be interested in a particular Related Party Transaction; or any Unitholder who is a related party with respect to a Related Party Transaction, as well as the voting by the Associates of such Unitholder shall not be considered on such Related Party Transaction.

g. With respect to any properties leased to Related Parties to the Knowledge Realty Trust if: a. such lease area exceeds 20% of the total area of the underlying assets (or such other threshold as may be prescribed under applicable laws);

b. valueofassetsundersuchleaseexceeds20%ofthevalueofthetotalunderlyingassets(orsuch other threshold as may be prescribed under applicable laws); c. rental income obtained from such leased assets exceeds 20% of the value of the rental income of all underlying assets (or such other threshold as may be prescribed under applicable laws);

afairnessopinionfromanindependentvaluershallbeobtainedbytheManagerandsubmittedtothe TrusteeandapprovalofUnitholdersinaccordancewithRegulation22oftheSEBIREITRegulations shall be obtained. h. For any Related Party Transaction requiring the approval of the Unitholders or proposed to be undertaken immediately after the Issue, the agreement shall be entered into within six months from the date of closure of the Issue or from the date of approval of Unitholders, as the case may be.

However,incasetheagreementisnotenteredintowithinsuchperiod,approvalfromtheUnitholders may be sought for extension for another six months in accordance with Regulation 22 of the SEBI REIT Regulations with updated valuation report.

i. The Manager will ensure that future Related Party Transactions are compliant with the SEBI REIT Regulations, applicable accounting standards and applicable laws. Further, the Manager shall convene meetings of the Unitholders in accordance with Regulation 22 of the SEBI REIT Regulations and maintain records pertaining to such meetings in the manner prescribed. The Manager shall also ensure compliance with any additional guidelines issued in this regard by SEBI and other relevant regulatory or governmental authorities from time to time.

407j. Adequate disclosures of all Related Party Transactions that have been entered into prior to the follow-on offer shall be made in the follow-on offer document. k. Transaction with a real estate investment trust with a common manager or sponsor shall be deemed to be Related Party Transactions for the Trust. This shall also apply if the managers or sponsors of the real estate investment trust are different entities but are associates.

l. In addition to any other requirement that may be prescribed in terms of the SEBI REIT Regulations orotherapplicablelaws,allRelatedPartyTransactionsandsubsequentmaterialmodifications,tobe entered into in the future will be reviewed and approved by the Audit Committee.

m. However, the Audit Committee shall define “material modifications” and disclose it as part of the Policy on materiality of Related Party Transactions and on dealing with Related Party Transactions. n. As a general rule, the Manager must demonstrate to the Audit Committee that future Related Party Transactions satisfy the criteria set out hereunder at the time of recommending the same for the approval of the Audit Committee.

o. The Manager will maintain a register to record all Related Party Transactions entered into by the Knowledge Realty Trust and the basis on which they are entered into. p. No Related Party shall retain cash or other rebates from any property agent in consideration for referring transactions in the Knowledge Realty Trust assets to the property agent.

q. The Audit Committee shall review at least quarterly in each financial year the Related Party Transactions pursuant to each of the omnibus approvals given, entered into during such quarter to ascertain that the guidelines and procedures established to monitor the Related Party Transactions have been complied with.

r. ThereviewbytheAuditCommitteewillincludetheexaminationofthenatureofthetransactionand its supporting documents or such other data as may be deemed necessary by the Audit Committee. s. While considering a Related Party Transaction, any member of the Audit Committee who has a potential interest in any Related Party Transaction will recuse himself or herself and abstain from discussion and voting on the Related Party Transaction.

Disclosure and reporting

(1) The Manager shall submit to the Trustee, quarterly reports on the activities of the Trust, including the status of compliance with the requirements specified under the SEBI REIT Regulations in relation to Related Party Transactions, within such time as may be prescribed in the SEBI REIT Regulations, and applicable law.

(2) Related Party Transactions shall be disclosed to the Stock Exchanges and the Unitholders periodically, in accordance with the SEBI REIT Regulations and the agreement to be entered into with the Stock Exchanges in relation to the listing of the Units. The Manager shall adequately disclose the details of any fees or commissions received or to be received by any person or entity which is an associate of the Related Party to the Unitholders and the Stock Exchanges.

(3) In terms of the SEBI REIT Regulations, the annual report to be submitted by the Manager to all Unitholders, electronically or by physical copies, and to the Stock Exchanges within three months from the end of the financial year, shall contain, inter alia, details of all Related Party Transactions, including acquisitions or disposal of any projects, directly or through the Holdco(s) or SPVs during the year, the value of which exceeded 5% of value of the assets of the Trust.

408Potential Conflict of Interests TheSattvaSponsorGroup,otherthanowningequityinvestmentintheAssetSPVsandInvestmentEntities which are proposed to be transferred to the Knowledge Realty Trust in accordance with the terms of the arrangements set out in this Offer Document, is also engaged in the development of real estate including commercial real estate, integrated office parks and office buildings, and thereby may be interested in businesses which directly compete with the activities of the Knowledge Realty Trust. For details in relation to the proposed acquisition of certain identified assets from the Sattva Sponsor and its affiliates by the Knowledge Realty Trust, see “Initial Portfolio Acquisition Transactions—Acquisition of future assets” on page 475.The Sattva Sponsor Group shall perform its duty in relation to the Knowledge Realty Trust independent of its related business.

The Blackstone Sponsor Group, other than owning equity investment in the Asset SPVs and Investment Entities which are proposed to be transferred to the Knowledge Realty Trust in accordance with the terms ofthearrangementssetoutinthisOfferDocument,isalsoinvestedincertainportfoliocompaniesengaged in the development of real estate including commercial real estate, integrated office parks and office buildings, and thereby may be interested in businesses which directly compete with the activities of the Knowledge Realty Trust. The Blackstone Sponsor Group shall perform its duty in relation to the Knowledge Realty Trust independent of its related business.

Other Related Parties to the Knowledge Realty Trust, who are engaged in the development of real estate including commercial real estate, integrated office parks and office buildings, may be interested in businesseswhichdirectlycompetewiththeactivitiesoftheKnowledgeRealtyTrust.Thereisnointention to acquire such businesses by the Knowledge Realty Trust. To the extent applicable, such related parties, shall perform their duty in relation to the Knowledge Realty Trust independent of their related business.

Further, conflicts of interest between the Knowledge Realty Trust, the Sponsors, the Sponsor Groups and the Manager may arise on account of, inter alia, the following: (cid:129) fees and expenses payable to the Manager by the Knowledge RealtyTrust or theAsset SPVs and the Investment Entities;

(cid:129) directors of the Manager/Asset SPVs also holding management roles in the Sponsor Group(s); (cid:129) competition for certain investment opportunities; (cid:129) investments in which the Sponsors, the Sponsor Groups, or their respective affiliates and investment vehicles have differing or competing interests to that of the Knowledge Realty Trust or Unitholders (e.g., a debt interest in an investment in which we have an equity interest);

(cid:129) assignments and sharing or limitation of rights in circumstances in which we may invest alongside the Sponsors, the Sponsor Groups or their respective Associates or affiliates; (cid:129) purchase or sale of assets from or to the Sponsor Groups, and their Associates or affiliates;

(cid:129) properties owned by us may be leased out to tenants that areAssociates or affiliates of the Sponsors or the Sponsor Groups; (cid:129) allocationofresourcesbySponsorstoSponsorGrouptransactions,informationsharingtoandbythe Sponsors, and other affiliate transactions;

(cid:129) services provided by the Manager to the Sponsor Groups and their respective affiliates; (cid:129) deployment of personnel from Manager to the Knowledge Realty Trust; (cid:129) licensing of trademarks to be used by the Knowledge Realty Trust or itsAsset SPVs and Investment Entities from the Manager and the Sattva Sponsor, as applicable; and (cid:129) transactions between the Manager and Sponsor affiliated service providers.

409For further details see “Risk Factors—We have entered into and may in the future enter into material related party transactions, the terms of which may be unfavorable to us or could involve conflicts of interest.TheManagermayfaceconflictsofinterestsinchoosingourserviceproviders,andcertainservice providers may provide services to the Manager, the Sponsors or the Sponsor Groups on more favorable terms than those payable by us” on page 44.

Related party transactions

1. Related Party transactions in relation to the setting up of the Knowledge Realty Trust and this Issue Anumber of present and ongoing transactions with certain Related Parties have been, or will be, entered into in relation to the setting up of the Knowledge Realty Trust including the Trust Deed and the Investment Management Agreement. The Trustee and the Manager confirm that the agreements and the transactions contemplated thereunder have been or shall be entered into, on an arm’s length basis, in the best interest of the Unitholders, consistent with the strategy and investment objectives of the Knowledge Realty Trust. For further details, please see “Management Framework” and “Use of Proceeds” on pages 412 and 625, respectively.

2. Acquisition of the Portfolio by the Knowledge Realty Trust In connection with the Issue, the Trustee will, on behalf of the Knowledge Realty Trust, acquire the Portfolio by acquiring directly or indirectly all the equity interest held by the Sponsors, Sponsor Groups and certain other stakeholders in the Portfolio. For further details see, “Initial Portfolio Acquisition Transactions” on page 432.

3. ROFO Deed The Manager, the Trustee and the Sattva Sponsor have entered into a deed of right of first offer dated July 24, 2025 (“ROFO Deed”) pursuant to which the Manager and the Trustee (on behalf of the Knowledge Realty Trust) have been granted the right of first offer to acquire certain identified assets (the “Eligible Project Assets”), in accordance with the terms and conditions of the ROFO Deed. In relation to such right of first offer, the parties to the ROFO Deed have agreed that the right of first offer shall remain available, with respect to each Eligible ProjectAsset, for the period commencing on the listing of Units pursuant to the Issue and ending one year after the relevant completion date of such Eligible Project Asset. This right shall be valid for the duration of the ROFO Deed unless otherwise terminated or extended, in accordance with the terms of the ROFO Deed. For details in relation to the ROFO Deed, see “Initial Portfolio Acquisition Transactions—Acquisition of Future Assets” on page 475.

4. Borrowings from and equity linked instruments issued to the Related Parties As on the date of this Offer Document, except for the loan aggregating to ₹310.00 million outstanding as of July 2, 2025, availed by GVTPL, ourAsset SPV, from Salarpuria Properties Private Limited, which is proposed to be repaid using the Net Proceeds, there are no outstanding borrowings (including debentures) that have been availed from and equity linked instruments that have been issued to the Related Parties.

For further details, please see “Financial Indebtedness”* and “Use of Proceeds” and “Initial Portfolio Acquisition Transactions” on pages 617, 625 and 432, respectively.

4105. Management framework agreements The Manager shall provide property management services to the Portfolio Assets pursuant to property management agreements entered into in this regard. Further our CAM Entities will provide common area maintenance services to our Portfolio Assets (except GVTPL), facility management and development services in relation to certain Portfolio Assets will be provided by NABS Management Consultancy Private Limited (formerly known as Onirique Properties Private Limited) an associate of the Sattva Sponsor, and the Sattva Sponsor shall provide certain support services. For details, please see “Management Framework” on page 412.

6. Other related party transactions For details of other related party transactions entered into amongst the Related Parties for the financial years ended March 31, 2025, March 31, 2024, March 31, 2023 as per Ind AS 24 read with SEBI REIT Regulations and Guidance Note on Combined and Carve-Out Financial Statements, please see “Financial Information of the Knowledge Realty Trust—Notes to the Special Purpose Combined Financial Statements—Note 59: Related party disclosures” on page 994. The Knowledge Realty Trust and the Related Parties may also enter into related party transactions post listing of the Knowledge Realty Trust.

Pleasesee“InitialPortfolioAcquisitionTransactions”,“ManagementFramework”and“RiskFactors—We have entered into and may in the future enter into material related party transactions, the terms of which maybeunfavorabletousorcouldinvolveconflictsofinterest.TheManagermayfaceconflictsofinterests in choosing our service providers, and certain service providers may provide services to the Manager, the Sponsors or the Sponsor Groups on more favorable terms than those payable by us.” on pages 432, 412 and 44, respectively.

Indemnity agreements The Sattva Sponsor has entered into indemnity agreements dated July 28, 2025 (“Indemnity Agreements”,witheachofJRPL,DHRPL,DHPL,STPLandSHPL(“RelevantSPVs”,pursuanttowhich the Sattva Sponsor has provided an indemnity to each of the Relevant SPVs in relation to construction input tax credits under applicable goods and services tax law availed and to be availed by each of the Relevant SPVs which is subject to the outcome of ongoing litigation. For details of such litigation, please see “Legal and Other Information—Material litigation and regulatory action pending against the KnowledgeRealtyTrustanditsAssociates”onpage719.PursuanttotheIndemnityAgreements,theSattva Sponsor has advanced indemnity amounts aggregating to ₹943.86 million to the Relevant SPVs. The Indemnity Agreements also prescribe the manner of treatment and settlement of such amounts. The term of the Indemnity Agreements is 10 years, extendable by mutual agreement of the parties.

411MANAGEMENT FRAMEWORK Statements contained in this summary that are not historical facts may be forward-looking statements.

Such statements are based on certain assumptions and are subject to certain risks, uncertainties and assumptions that could cause actual results of the Knowledge Realty Trust to differ materially from those forecasted or projected in this Offer Document. Under no circumstances should the inclusion of such information herein be regarded as a representation, warranty or prediction of the accuracy of the underlying assumptions by the Knowledge Realty Trust, the Parties to the Knowledge Realty Trust or the Lead Managers or any other person or that these results will be achieved or are likely to be achieved or that guaranteed returns will be provided to investors. Investment in Units involves risks. Bidders are advised not to rely solely on this overview, however, should read this Offer Document in its entirety and, in particular, the section entitled “Risk Factors” on page 29.

Management Framework for our Portfolio Current framework The Portfolio is presently managed by the relevantAsset SPVs and our Investment Entities, as applicable, either directly, or through appointment of third party service providers. The management of the Portfolio typically comprises of property management services (operation and maintenance of infrastructure, and provision and supervision of third party service providers), common area maintenance/facility management (maintenance services and other support services) and development management (development of under construction portions). Further, third party operators have been appointed by the relevant Asset SPVs to operate and manage the operational solar power plants forming part of our Portfolio.TheManagerisprovidingpropertymanagementservicestothePortfoliowitheffectfromJuly1,

2025.

Proposed framework Pursuant to the Investment Management Agreement, Knowledge Realty Office Management Services Private Limited has been appointed as the Manager of the Knowledge Realty Trust to manage the assets and investments of the Knowledge RealtyTrust and undertake the operational activities of the Knowledge Realty Trust.

Under Regulation 10(4) of the SEBI REIT Regulations, the Manager is required to undertake the management of the REIT assets including, inter alia, lease management and maintenance of the assets either directly or indirectly. The Manager will be responsible for the supervision of third-party service providers through its representatives on the board of directors of theAsset SPVs and Investment Entities.

412Set out below is an overview of the proposed management framework, post listing, of the Portfolio:

Asset SPVs and Property Common area Development Sr. No. Portfolio Investment Entities management maintenance management

1. Sattva Knowledge Devbhumi Realtors Manager SIMPL1,2 N.A.

City Private Limited

2. Sattva Knowledge Worldwide Realcon Manager SIMPL2 N.A.

Park Private Limited

3. Sattva Knowledge Darshita Manager SIMPL2 N.A.

Capital Infrastructure Private Limited and Sattva Knowledge Centre Private Limited (formerly known as Jaganmayi Realtors Private Limited)

4. One BKC One BKC Realtors Manager BSPOMSPL3,4 N.A.

Private Limited

5. One World Center One World Center Manager BSPOMSPL4 N.A.

Private Limited

6. One International One International Manager BSPOMSPL4 N.A.

Center Center Private Limited

7. One Unity Center One International Manager BSPOMSPL4 N.A.

Center Private Limited

8. Prima Bay Prima Bay Private Manager BSPOMSPL4 N.A.

Limited

9. Cessna Business Park Cessna Garden Manager PSBPPL2,5 N.A.

Developers Private Limited

10. Exora Business Park Exora Business Park Manager PSBPPL2,6 N.A.

Private Limited

11. Sattva Global City GV Techparks Private Manager GVTPL2 Sattva Limited Sponsor

12. Sattva Softzone Softzone Tech Park Manager SPMPL2 N.A.

Limited

13. Sattva Knowledge Darshita Hi-Rise Manager SPMPL2 N.A.

Court Private Limited

14. Sattva Techpoint Salarpuria Griha Manager SPMPL2 N.A.

Nirman Private Limited

15. One Trade Tower Pluto Business Parks Manager PSBPPL2,7 N.A.

Private Limited 413Asset SPVs and Property Common area Development Sr. No. Portfolio Investment Entities management maintenance management

16. Sattva Horizon Sattva Horizon Manager SPMPL2 N.A.

Private Limited (formerly known as Siddeshwari Griha Nirman Private Limited)

17. Sattva Touchstone Softzone Tech Park Manager SPMPL2 N.A.

Limited

18. Sattva Infozone Quadro Info Manager SPMPL2 N.A.

Technologies Private Limited

19. Sattva Magnificia I Darshita Edifice Manager SPMPL2 N.A.

Private Limited

20. Sattva Magnificia II Softzone Tech Park Manager SPMPL2 N.A.

Limited

21. Sattva South Avenue Jaganmayi Real Manager SPMPL2 N.A.

Estates Private Limited

22. Sattva Eminence Debonair Realtors Manager SPMPL2 N.A.

Private Limited

23. Sattva Cosmo Lavelle Harkeshwar Realtors Manager SPMPL2 N.A.

Private Limited

24. Sattva Premia Salarpuria Developers Manager SPMPL2 N.A.

Private Limited

25. Sattva Supreme Softzone Tech Park Manager – N.A.

Limited

26. Sattva Endeavour Darshita Housing Manager SPMPL2 N.A Private Limited

27. Sattva Spectrum Softzone Tech Park Manager SPMPL2 N.A Limited

28. Kosmo One Kosmo One Business Manager PSBPPL2,4 N.A.

Park Private Limited

29. One Qube8 One Qube Realtors Manager BSPOMSPL4 N.A.

Private Limited

30. Fintech One Pluto Atriza Business Manager BSPOMSPL N.A.

Parks Private Limited

1. Thecommonareamaintenancefor0.9msfofLeasableAreaformingpartofSattvaKnowledgeCityiscarriedoutbythetenant.

2. Thefacilitymanagementservicesformingpartofthecommonareamaintenancehasbeensub-contractedtoNABSManagementConsultancyPrivateLimited(formerly knownasOniriquePropertiesPrivateLimited),anassociateoftheSattvaSponsor.

3. BSPOMSPLalsocarriesoutcommonareamaintenanceservicesfortheentirecomplexincludingportionsthathavebeenstratasoldthatarenotpartofthePortfolio.

4. Thefacilitymanagementservicesformingpartofthecommonareamaintenancehasbeensub-contractedtothirdparties.

5. Thecommonareamaintenancefor2.8msfofLeasableAreaformingpartofCessnaBusinessParkiscarriedoutbythetenant.

6. WhilePSBPPLundertakesthecommonareamaintenanceservicesforExoraBusinessPark,theassetispartofalargerdevelopmentthatismanagedbyathirdparty.

7. PSBPPLalsocarriesoutcommonareamaintenanceservicesfortheentirecomplexincludingportionsthathavebeenstratasoldthatarenotpartofthePortfolio.

8. OneQubeissubjecttoordersinrelationtotheInterventionApplicationfiledbeforetheHighCourtofJudicatureatDelhiin2024.PursuanttoRegulation11(4)ofthe SEBIREITRegulations,theSponsorsundertaketotakeallnecessarystepsandactionsasmayberequiredvis-à-vistheInterventionApplicationtoensurethevalidity oftheOQRPLSAAconsummatedaspartoftheInitialPortfolioAcquisitionTransactions.Ithasbeendecidedinter-setheSponsorsthattheBlackstoneSponsorshall be responsible in this regard. For more details, please see “Presentation of Financial Data and Other Information—Financial and Operational Data”, “Risk Factors—Ouractualresultsmaybemateriallydifferentfromtheexpectationsexpressedorimplied,orProjections,includedinthisOfferDocument.Accordingly, investorsshouldnotplaceunduerelianceon,orbasetheirinvestmentdecisionsolelyonthisinformation”,and“LegalandOtherInformation”onpages5,31and703, respectively.

414Third party operators have been appointed by our Asset SPVs to operate and manage the solar energy

assets forming part of our Portfolio:

Entity Operator One BKC Solar Energy Private Limited Fourth Partner Energy Private Limited Prima Bay Solar Energy Private Limited Fourth Partner Energy Private Limited Shirasa Regency Park Private Limited InSolare Energy Limited NABS Data Zone Private Limited InSolare Energy Limited Proposed management framework (upon listing of the Knowledge Realty Trust) for our Portfolio Common area maintenance/ Property management facility management Development management The scope of the property management The scope of common area maintenance The scope of the development manager services shall include, inter alia: services shall include, inter alia: under the development management arrangement(s) entered into between

1. Preparation of business plan on an 1. Establishing and implementing GVTPL and NABS Management annual basis; standard policies and procedures Consultancy Private Limited (formerly including inter-alia in relation to known as Onirique Properties Private

2. Preparation of annual expense procurementmanagement,occupant Limited), includes assisting operating budget, and maintenance request issue management, fit-out and supervising GVTPL with ofrecordsrelatingtotheassetsand management, engineering construction, development, including, operationoftheasset,andprovision operations and maintenance etc.; inter alia, the following:

of manpower;

2. Providing infrastructure 1. Implementation of selection

3. Implementation and monitoring of management including but not procedures for, coordination of the quarterly and annual reporting limited to, operating and services and activities of, and framework; maintaining all electro mechanical determination of scope of installations, fire protection and performance of persons including

4. Negotiating terms of the grant of detection systems, plumbing and the general contractor, construction any lease; sanitary infrastructure etc.; manager, principal architect, contractors and subcontractors etc.

5. Assisting the making/processing of 3. Providing property services selected to construct the any applications for consent includingcommonareasupkeepand development project; required from any local or other maintenance, security services, fire authority relating to the granting of and life safety services, storage, 2. Negotiation of contracts, any tenancies; water supply and management, agreements and instruments, for landscaping services, pest control contracted services required for the

6. Supervise, control and use services, façade maintenance development project in each case, reasonable endeavours to procure services, parking services and park according to the development plans tenants, ensure observance by maintenance services, waste of the development project;

tenants of the conditions of their collection and disposal services; tenanciesandadviseonanydefault 3. Co-ordinate with, negotiate with, on part of tenants; 4. General management services make applications to, governmental includingestablishingaregularand authorities, to liaise with standard reporting process, governmental authorities, procure customer engagement and and maintain governmental management, energy management, approvals and other consents fit-out management; required in relation to the construction and operation of the development project;

4. Contractually require contractors and subcontractors to comply with all applicable laws;

415Common area maintenance/ Property management facility management Development management

7. Reviewingandreportingoncurrent 5. Providing events programme 5. Preparing the plans detailing the portfoliostatusonaquarterlybasis, recommendations, coordinating pre-construction and construction including identifying future health and safety audits etc. phases of the development project expiries,renewalsandprospectsand and assisting in the implementation recommend strategy on a rolling The arrangements will be effective from of the plan; and supervise quarterly basis and in accordance the date of the listing of the Units preparation of the site for with the business plan; pursuanttotheIssueorsuchotherdateas construction, design, construction may be mutually agreed between parties feasibility, time and cost aspects.

8. Hiring, training and retaining such and will continue unless terminated in personnel as may be required to accordance with the terms of the 6. Thedevelopmentmanagerwillalso manageandperformtheservicesas agreement. Either party is entitled to supply manpower in connection defined in the relevant property terminate the arrangement if the other withtheconstruction,development, management agreements; partyissubjecttoaneventofliquidation, implementation and completion of or upon appointment of a receiver over the development project. The fees

9. Initiating and arranging contracts theotherparty’sassetsorupontheother payable to the development with third parties for the effective party entering into a scheme of managerforprovidingdevelopment day to day operation and arrangement with creditors. Further, managementservicesandsupplying maintenance of the asset; either party is entitled to terminate the manpower,shallbeaspertheterms agreement if the other party defaults in of the agreement(s) entered into

10. Reviewing and making the performance of its duties and between the development manager recommendations in relation to obligationsundertheagreementandsuch and GVTPL. statutory assessments, enforcement defaultisnotcuredwithintheprescribed of leases and maintenance and period. The Asset SPVs may terminate The arrangement may be terminated, service contracts in respect of the the agreement immediately with a interalia,attheoptionofeitherpartyby project; and written notice in the event that the issuing a notice in writing to the other service provider commits an incurable party, if: (a) the shareholding of the

11. Doingallsuchactsandthingsasare material breach of the agreement. The Sattva Sponsor and its affiliates necessary for the effective AssetSPVsarealsoentitledtoterminate (including any member of the sponsor management, operation, conduct the agreement by providing written group of the Sattva Sponsor and any of and promotion of the asset. notice in the event of sale or transfer of their respective affiliates), collectively, the property held by them. intheManagerfallsbelow10%;and(b) the Sattva Sponsor, or any of its affiliates, ceases to be a sponsor of the Knowledge RealtyTrust.

416Common area maintenance/ Property management facility management Development management In consideration of the property The service fees payable to the managementservicestobeofferedbythe Investment Entities for providing Manager,itshallbeentitledtoamonthly common area maintenance, in fee,of3%ofthefacilityrentalsreceived consideration for their appointment as andcollectedbytherelevantAssetSPV. theserviceproviderbytherelevantAsset The property management fee shall be SPV shall be as per the terms of the payable proportionally based on the agreement entered into between the estimated facility rentals for a given relevant Asset SPV and the Investment month as set forth in the approved Entities or agreements between the business plan as may be updated by any Investment Entities and tenants, as approved business plan changes. applicable.

The agreements may be terminated by Facility ManagementAgreements either party without cause at any time duringthetermbygivingtheotherparty The facility management services six months prior written notice. The forming part of our common area agreements may be terminated by the maintenance for our Asset SPVs with Asset SPVupon the occurrence of, inter assets in Bengaluru, Hyderabad and alia, any breach of the arrangement in Chennai will be undertaken by NABS material respect by the Manager which Management Consultancy Private hasnotbeencuredwithinaperiodof30 Limited (formerly known as Onirique business days of receipt of notice from PropertiesPrivateLimited),anAssociate theAssetSPV,or,theManagerbecomes of the Sattva Sponsor. The scope of the subject to a bankruptcy order, becomes facility management services includes insolvent or goes into liquidation in providing the Investment Entity/Asset respectofwhichastayordismissalorder SPVwithservicesinconnectionwiththe is not obtained within 45 business days, commonareamaintenanceservices,inter or the Manager ceases to be the alia, as set out above. The facility ‘Manager’(asdefinedintheSEBIREIT manager will also supply manpower for Regulations) to the Knowledge Realty the services.

Trust.TheManagershallalsobeentitled to terminate the arrangement in the event, inter alia, theAsset SPVdefaults inthepaymentoftheundisputedfeesand such non-payment continues for a specified period after written notice is providedbytheManager,andiftheAsset SPVceasestobeaHoldCoorSPVofthe Knowledge RealtyTrust under the SEBI REITRegulations.

417Common area maintenance/ Property management facility management Development management NABSManagementConsultancyPrivate Limited (formerly known as Onirique Properties Private Limited), shall be entitled to fees from the relevant Investment Entity and/or theAsset SPV, in accordance with the terms of the facility management agreement(s) (“FMA”).The agreement is valid for an initialperiodof10yearsfromthedateof listing of the Units on the Stock Exchanges or such other date with automaticrenewalforsuccessiveperiods of 5 years each and shall continue to be inforce,unlessterminatedinaccordance withthetermsoftheagreement.Further, the agreement may be terminated by either party by notice if the other party goes into liquidation (except voluntary liquidation)oriftheotherpartycommits any act which is grossly negligent or fraudulent. Either party may also terminate the agreement for material default/deficiencies which is not cured within prescribed timelines. The arrangement may be terminated at the optionofeitherpartybyissuingawritten notice of 60 (sixty) days to the other party, if: (a) the shareholding of the Sattva Sponsor and its affiliates (including any member of the sponsor group of the Sattva Sponsor and any of their respective affiliates), collectively, intheManagerfallsbelow10%;and(b) the Sattva Sponsor, or any of its affiliates, ceases to be a sponsor of the Knowledge RealtyTrust.

Operation and maintenance framework for the solar power plants forming part of the Portfolio The solar power plants which currently form part of our Portfolio are operated and maintained by third party service providers. The operations and maintenance agreements entered into with such third parties provide for, inter alia, the scope of services, fee charges, termination and renewal. Further, they include indemnity provisions, where parties to the agreement have agreed to indemnify and hold harmless the other party and their affiliates. The operation and maintenance framework for our solar power plants is proposed to continue post listing of the Trust.

Other key agreements KRT Intellectual Property License Agreement Under the KRT Intellectual Property License Agreement dated March 5, 2025, entered into amongst the Manager(asthelicensor)andtheKnowledgeRealtyTrust(asthelicenseeandrepresentedbytheManager and the Trustee) which is effective from the date of filing of the Draft Offer Document, the Manager has granted the Knowledge Realty Trust a non-transferable, exclusive and non-sub licensable (except as providedbelow)licenseinrespectofthe“KnowledgeRealtyTrust”trademarkforwhichapplicationshave been made by the Manager to register the intellectual property in its name. Under the KRT Intellectual Property LicenseAgreement, the licensee shall pay a license fee of ₹0.1 million per FinancialYear to the Manager (excluding taxes). The license fee shall be payable, in advance, from the date of the listing of theUnitsandshallaccrueonanannualbasisandbepayablewithinthirtydaysfromthebeginningofeach 418Financial Year. The fee for the financial year in which the listing of the Units of the Knowledge Realty Trust occurs shall be paid by the licensee to the Manager within thirty days from the date of listing of the Units. The Knowledge Realty Trust may sub-license such intellectual property to, or authorize the use thereof by the Asset SPVs and Investment Entities (including any other such entities in which the Knowledge Realty Trust acquires control (as defined under the KRT Intellectual Property License Agreement), in the future, whether directly or indirectly) only and solely in respect to or in connection with the listing of the Units and/or business of the Knowledge Realty Trust. The Manager has acknowledged that the Knowledge Realty Trust has been using, and will continue to use, the intellectual property prior to the date of execution of the KRT Intellectual Property License Agreement and between thedateofsuchexecutionandthedateoftheDraftOfferDocument,andhaswaivedallclaimsitmayhave for such use for the prior period.

Both parties have agreed to indemnify, defend and hold harmless each other and their respective representatives, directors, officers and members from and against any and all costs, liabilities, causes of action and expenses (excluding indirect and consequential losses), including, without limitation, interest, penalties, reasonable attorney fees, and all amounts paid in the defense any claim, action or proceeding

that relate in any way to: (i) any breach of the KRT Intellectual Property License Agreement or non-fulfilment/breach of any of the representations, terms, conditions, covenants and obligations of either party under the KRT Intellectual Property License Agreement (including, in case the licensee is the indemnifying party, any unauthorized usage of the intellectual property by the licensee); or (ii) any violation of any applicable law by either party to the KRT Intellectual Property License Agreement, in connection with the use of the intellectual property.

The KRT Intellectual Property License Agreement shall stand terminated if the Knowledge Realty Trust ceases to be listed on a designated stock exchange or by the mutual consent of the parties to the KRT Intellectual Property License Agreement in writing. The KRT Intellectual Property License Agreement may be terminated by the Manager as the licensor in the event of a material breach of any terms and conditions of the KRTIntellectual Property LicenseAgreement by the Knowledge RealtyTrust by issuing a notice in writing to the licensee highlighting such breach within 30 business days (as defined under the KRT Intellectual Property License Agreement) of the Manager as the licensor having knowledge of the occurrence of such breach. Such breach, if not rectified within the period as agreed upon in the KRT Intellectual Property License Agreement, shall entitle the Manager as the licensor to terminate the KRT IntellectualPropertyLicenseAgreement.Intheeventoftermination,thelicenseewillberequiredto,inter alia, cease to use the “Knowledge Realty Trust” trademark within 60 days of the date of termination of the KRT Intellectual Property License Agreement, or such other period as mutually agreed to by the parties.

Sattva Intellectual Property License Agreement Under the Sattva Intellectual Property LicenseAgreement dated March 5, 2025, entered into amongst the Sattva Sponsor (as the licensor), the Manager and the Knowledge Realty Trust (represented by the Manager) (as the licensees) which is effective from the date of filing of the Draft Offer Document, the Sattva Sponsor has granted to the Manager and the Knowledge Realty Trust (as the licensees) a non-exclusive, non-transferable, non-sub-licensable license (except any sub-license granted by the Manager and/or the Knowledge Realty Trust to, the Asset SPVs and Investment Entities, any other such entities in which the Knowledge Realty Trust acquires control (as defined under the Sattva Intellectual Property License Agreement) in the future, whether directly or indirectly) in relation to the use of the intellectual property ‘Sattva’trademark(s). Under the Sattva Intellectual Property LicenseAgreement, the Manager, on behalf of itself and the Knowledge Realty Trust, shall pay a license fee of ₹0.1 million per FinancialYear (excluding taxes) to the Sattva Sponsor. The license fee shall be payable, in advance, from the date of the listing of the Units and shall accrue on an annual basis and be payable within thirty days from the beginning of each FinancialYear. The fee for the financial year in which the listing of the Units oftheKnowledgeRealtyTrustoccursshallbepaidbytheManagertotheSattvaSponsorwithin30(thirty) days from the date of listing of the Units.

419Thelicensorhasacknowledgedthatthelicenseeshavebeenusing,andwillcontinuetouse,theintellectual property prior to the date of execution of the Sattva Intellectual Property LicenseAgreement and between thedateofsuchexecutionandthedateoftheDraftOfferDocument,andhaswaivedallclaimsitmayhave for such use for the prior period.

Parties have agreed to indemnify each other and their respective representatives directors, officers, and members for breach of representations, warranties and covenants and unauthorized use of licensed intellectualpropertyandanyviolationofapplicablelawinconnectionwithuseofthelicensedintellectual property. The Sattva Intellectual Property License Agreement shall stand terminated if, inter alia, the Knowledge Realty Trust ceases to be listed on a designated stock exchange, or by the mutual consent of the parties to the Sattva Intellectual Property LicenseAgreement in writing or at the option of the Sattva Sponsor if (a) the shareholding of the Sattva Sponsor and its affiliates (including any member of the sponsor group of the Sattva Sponsor and any of their respective affiliates), collectively, in the Manager falls below 10% (ten percent) of the total share capital of the Manager on a fully diluted basis; or (b) the Sattva Sponsor, or any of its affiliates ceases to be a Sponsor of the Knowledge Realty Trust. The Sattva Intellectual Property License Agreement may also be terminated by the Sattva Sponsor in the event of a material breach of any terms and conditions of the Sattva Intellectual Property License Agreement by either of the licensees by issuing a notice in writing. If the breach is not rectified by the licensee within the period as agreed upon in the Sattva Intellectual Property License Agreement, the licensor is entitled to terminate the Sattva Intellectual Property LicenseAgreement. In the event of termination, the licensees will be required to, inter alia, cease to use the “Sattva” trademarks within 60 days of the date of terminationoftheSattvaIntellectualPropertyLicenseAgreement,orsuchotherperiodasmutuallyagreed to by the parties.

Sponsor Support Agreement TheSponsorSupportAgreementdatedJuly24,2025hasbeenenteredintobetweentheSattvaSponsorand the Manager for the provision of certain support services to the Manager to undertake the management of the Knowledge Realty Trust and its Portfolio from the date of listing of the Units pursuant to the Issue.

The support services include support in: (i) the annual audit of all books, accounts, and records kept with the Manager; (ii) liaising with regulatory authorities for relevant regulatory approvals in connection with thebusinessoftheManager,theKnowledgeRealtyTrustandthePortfolioAssetsoftheKnowledgeRealty Trust; (iii) marketing and communications services; (iv) recruitment, employment and human resource relatedcompliances;and(v)suchotherservicesasmaybemutuallyagreedbetweentheparties(“Support Services”). In consideration for such support services, the Manager is required to pay the Sattva Sponsor a fixed annual fee of ₹100 million, payable for each financial year and on a pro-rated basis for any incomplete financial year. The fee will be subject to an escalation of 6% every financial year from the effective date of the Sponsor Support Agreement. Under the Sponsor Support Agreement, the Sattva Sponsor is also entitled to reimbursement for out-of-pocket expenses incurred in connection with the Support Services, in addition to the fee.

The Sattva Sponsor has agreed to indemnify the Manager against any and all liabilities, if any incurred, such as losses, damages, costs and expenses and any third party claims against the Manager and its respective employees, officers, directors, agents and representatives due to breach of any representation, warranty, undertaking, covenant or obligations under the agreement of the Sattva Sponsor except where suchbreachissolelyanddirectlyduetothegrossnegligence,willfulmisconductorfraudoftheManager.

The indemnification obligation is subject to certain limitations as set out in the agreement. The Sponsor SupportAgreementcanbeterminatedbythemutualconsentofthepartiesinwriting.Ifanypartybreaches theSponsorSupportAgreementinanymaterialrespect,thenon-breachingpartymaygiveawrittennotice of the material breach to the breaching party and in the event that the material breach has not been cured by the breaching party within a specified period, the non-breaching party may terminate the agreement.

The agreement may also be terminated at the option of either party in the event (a) the shareholding of the Sattva Sponsor and its affiliates (including any member of the Sponsor Group of the Sattva Sponsor and any of their respective affiliates), collectively, in the Manager falls below 10%; and (b) the Sattva Sponsor or any of its affiliates ceases to be a Sponsor of the Knowledge Realty Trust.

420Secondment Agreement Under the secondment agreement dated March 4, 2025 entered into between the Manager and the Trustee

(actinginitscapacityastrusteetotheKnowledgeRealtyTrust),theManagerhasagreedtodeploycertain ofitsidentifiedemployees(“IdentifiedPersonnel”)totheKnowledgeRealtyTrustinconnectionwiththe operation and management of the assets of the Knowledge RealtyTrust for a consideration of ₹0.1 million per month (which shall exclude all applicable taxes payable including goods and service tax), payable from the date of listing of the Units. Thereafter, the fee shall be subject to an escalation of 5% every financial year for a period of three years from the date of listing of the Units. The agreement will be terminated (i) upon mutual consent of the parties, (ii) upon termination of the investment management agreement, (iii) in the event of cancellation of the certificate of registration granted to the Knowledge RealtyTrustbySEBIoruponwindingupoftheKnowledgeRealtyTrustoriftheKnowledgeRealtyTrust ceasestobelistedonboththerecognizedstockexchanges,or(iv)bytheTrustee,intheeventtheManager fails to replace the Identified Personnel within the time period specified in the agreement.

Manager SHA The current shareholders of the Manager, consisting of certain entities forming part of the Blackstone Sponsor Group (“Blackstone Shareholders”) and the Sattva Sponsor Group (“Sattva Shareholders”), and the Manager have entered into a shareholders’ agreement dated March 5, 2025, (“Manager SHA”) whichsetsout,interalia,theinter-serightsandobligationsofpartiestotheManagerSHAassetoutbelow

and includes:

The composition of the board of directors of the Manager (“Board”) shall be such that the Board shall consist of two directors nominated collectively by the Blackstone Shareholders and two directors nominated collectively by the Sattva Shareholders and four independent directors. The chairperson of the board shall be appointed by the directors present in the meeting of the Board and shall not have a casting vote. Further, the nomination of directors must comply with qualification requirements under applicable laws and the Manager’s policies, as applicable. In case of any change in composition of the Board as envisaged under the Manager SHA, including on account of applicable law, appointment of nominee directors of any lender or Unitholders, such change must be undertaken such that the Blackstone Shareholders and the Sattva Shareholders on the Board maintain their respective proportion of entitlements.Subjecttoprovisionsofapplicablelaw,noquorumshallbedeemedtobepresentunlessuntil at least one nominee director of each of the Blackstone Shareholders and the Sattva Shareholders and at least one independent director are present at the Board meeting.

In the event the percentage of aggregate shareholding of the securities of the Manager by either the Blackstone Shareholders or the Sattva Shareholders, respectively, falls below 25% of the fully diluted share capital of the Manager, such that they continue to hold at least 10% of the fully diluted share capital of the Manager, the right of such shareholder group to nominate directors on the Board of the Manager shall be reduced from two directors to one director. Further, in the event the percentage of aggregate shareholding of the securities of the Manager by either the Blackstone Shareholders or the Sattva Shareholders, respectively falls below 10% of the fully diluted share capital of the Manager, the Blackstone Shareholders or the Sattva Shareholders, as the case may be, shall no longer be entitled to nominateanydirectorsontheBoardoftheManagerandcertainotherrightsundertheManagerSHAshall also fall away.

Certain identified corporate matters such as, inter alia, the amendment of the charter documents of the Manager, alteration of the Manager’s share capital, amendment of rights attached to the Manager’s securities that affects the rights and obligations of the shareholders, changes to constitution of the committees of the Board, issue of shares to the employees of the Manager pursuant to an employee stock option scheme, declaration of dividend, settlement of any litigation or legal proceeding which adversely impacts rights of the Manager’s shareholders, striking-off, winding up, dissolution or liquidation of the Manager, merger or corporate restructuring, appointment of auditors (other than from a pre-agreed list), any transaction outside the ordinary course of business, involving the acquisition, sale, lease or license of 421anyassetorbusinessoftheManagerhavingatransactionvalueofnotlessthan₹100millionandanyother matter which may affects the rights of the Blackstone Shareholders and the Sattva Shareholders under the Manager SHAor as shareholders of the Manager, require the prior written consent of each, the Blackstone Shareholders and the Sattva Shareholders, before any action or decision is taken in any of the meetings of either the Board, committees or by the shareholders of the Manager in their general meetings.

TheBoardshallbeentitledtoconstitutesuchcommitteesasmayberequiredinaccordancewithapplicable law. Unless prohibited by applicable law, or otherwise agreed in writing between the shareholder groups, the directors on each committee shall include one director nominated by each of the Blackstone Shareholders and the Sattva Shareholders and no quorum for such committees shall be deemed to be present unless at least one nominee director from each shareholder group is present.

Further, the presence of representatives or proxies from each of the Blackstone Shareholders and the Sattva Shareholders, respectively will be required to constitute quorum for any general meeting of the Manager’s shareholders.

Each shareholder group has agreed to lock-in their shareholding in the Manager for a period of five years from the date of listing of the REIT during which period they are not permitted to directly or indirectly, sell, transfer, pledge, encumber or otherwise dispose of their securities without the prior consent of other shareholder group, except certain permitted transfers. After this period, if any member of a shareholder group (the “Transferring Party”) proposes to sell or transfer any of its securities in the Manager, it must first offer these securities to the other shareholder group (the “Non-Transferring Party”) through a right of first offer. If the Non-Transferring Party declines to make an offer to purchase or fails to complete the purchase of the securities under the right of first offer, the Transferring Party can sell such securities to a third party (within prescribed timelines), subject to the tag-along rights of the Non-Transferring Party.

The tag-along right allows the Non-Transferring Party to sell their proportionate share of securities to the third party buyer on the same terms as the Transferring Party. Transfers to affiliates and other identified persons are exempt from such restrictions. All transfers must comply with applicable laws, and parties shall ensure that the necessary regulatory approvals have been obtained in relation to the same.

TheBlackstoneShareholdersandtheSattvaShareholders,eachareentitledtoandhaveagreedtoexercise their rights under the Manager SHA, collectively, through their respective representatives. The obligation of the parties are obligated to continue to cooperate and act in the interest and for the benefit of the Knowledge Realty Trust and the Unitholders in case of any dispute or compliance issue arising out of the Manager SHA or the management of the Knowledge Realty Trust.

The articles of association of the Manager have been amended to incorporate the relevant provisions of the Manager SHA, prior to the filing of this Offer Document with SEBI and the Stock Exchanges. The

Manager SHA may be terminated under the following circumstances: (i) mutual consent of the shareholders in writing; and (ii) automatically, with respect to a shareholder, upon such shareholder ceasing to hold any securities of the Manager. The Manager SHAis governed under the laws of India and all disputes are required to be submitted to arbitration in accordance with the rules of the Singapore International Arbitration Centre, in force at the relevant time. The seat of arbitration shall be Singapore.

Fee and expenses Annual expenses The expenses to be directly charged to the Knowledge Realty Trust would include (i) fee payable to the Trustee; (ii) REIT Management Fee payable to the Manager; (iii) fee payable to the Auditor; (iv) fee payabletotheValuer;(v)feepayabletootherintermediariesandconsultants;and(vi)othermiscellaneous expenses. Further, the Knowledge Realty Trust will incur or reimburse expenses in relation to this Issue.

TheAsset SPVs and Investment Entities may also incur recurring fees under the management framework for the Portfolio, as described above. The estimated recurring expenses of the Knowledge Realty Trust on

an annual basis are as follows:

422Fee Estimated Expenses Trustee Fee (per annum) In addition to the initial acceptance fee of ₹2.95 million, the Trustee shall be entitled to an annual fee of ₹4.50 million, exclusive of all applicable taxes. The annual fee shall be subject to revision.

REIT Management Fee (per annum) The Knowledge Realty Trust shall pay to the Manager, REIT Management Fees which shall be 1% of the REIT Distributions to be made by the Knowledge RealtyTrust.This does not include the payments of the property management fee payable by the Asset SPVs and/or Investment Entities to the Manager or acquisition fees payable to the Manager.

Intellectual property licensing fee (per FY) The Knowledge Realty Trust shall pay (i) the Manageralicensefeeof₹0.1millionperFinancial Year towards the licensing of “Knowledge Realty Trust” trademark in accordance with the KRT Intellectual Property License Agreement; and (ii) by way of the Manager to the Sattva Sponsor a license fee of ₹0.1 million per Financial Year towards licensing of the ‘Sattva’ trademark in accordance with the Sattva Intellectual Property LicenseAgreement, in relation to the listing of the Units and the business of the Knowledge Realty Trust.

Auditor fee, Valuer fee and others [●]* * TobeincludedintheFinalOfferDocument.

Issue expenses The total expenses of the Issue are estimated to be approximately ₹[●] and will be borne by the Manager, the Sponsors, theAsset SPVs and the Investment Entities, as applicable and in accordance with applicable law, details of which shall be included in the Final Offer Document. The Knowledge Realty Trust shall reimburse the Manager, the Sponsors, Asset SPVs and the Investment Entities, as applicable, for all expenses incurred by the Manager, the Sponsor,Asset SPVs and the Investment Entities, as applicable, in relation to the Issue expenses. For details, please see “Use of Proceeds” on page 625.

Set-up expenses The expenses in relation to setting up of the Knowledge Realty Trust will be borne by the Manager, the Sponsors,Asset SPVs and the Investment Entities, as applicable, details of which shall be included in the Final Offer Document. The Knowledge Realty Trust shall reimburse the Manager, the Sponsors, Asset SPVs and the Investment Entities, as applicable, for all expenses incurred by the Manager, the Sponsors, Asset SPVs and the Investment Entities, as applicable, in relation to setting up of the Knowledge Realty Trust.

423OTHER PARTIES INVOLVED IN THE KNOWLEDGE REALTY TRUST The Auditor Background and terms of appointment The Manager, in consultation with the Trustee, has appointed M/s. S R B C & CO LLP, Chartered Accountants (Firm Registration No. 324982E/E300003) as the auditors of the Knowledge Realty Trust with effect from October 10, 2024 to March 31, 2025. The Auditors have audited the Special Purpose CombinedFinancialStatementsinaccordancewithauditingstandardsgenerallyacceptedinIndiaasstated in their report included in this Offer Document and have examined the Projections in accordance with Standard on Assurance Engagement (SAE) 3400, and their report in relation to such Special Purpose CombinedFinancialStatementsandProjectionseachdatedJuly18,2025,havebeenincludedinthisOffer Document on pages 822 and 531, respectively.

Functions, Duties and Responsibilities of the Auditor The functions, duties and responsibilities of the Auditor will be in accordance with the SEBI REIT Regulations. Presently, in terms of the SEBI REITRegulations, theAuditor is required to comply with the

following conditions at all times:

1. TheAuditor shall conduct audit of the accounts of the Knowledge RealtyTrust and prepare the audit reportbasedontheaccountsexaminedbyitandaftertakingintoaccounttherelevantaccountingand auditing standards, as may be specified under the CompaniesAct, 2013, SEBI or any other relevant act/regulation;

2. The Auditor shall, to the best of its information and knowledge, report whether the accounts and financial statements, including profit or loss and cash flow for the period and such other matters as may be specified, give a true and fair view of the state of the affairs of the Knowledge RealtyTrust;

3. TheAuditorshallhavearightofaccessatalltimestothebooksofaccountsandvoucherspertaining to activities of the Knowledge Realty Trust;

4. TheAuditor shall have a right to require such information and explanation pertaining to activities of the Knowledge RealtyTrust as it may consider necessary for the performance of its duties as auditor from the employees of the Knowledge Realty Trust or parties to the Knowledge Realty Trust or the Asset SPVs or the Investment Entities or any other person in possession of such information; and

5. The Auditor shall undertake a limited review of the audit of all the entities or companies whose accounts are to be consolidated with the accounts of the Knowledge Realty Trust as per the applicable IndianAccounting Standards (IndAS) and any addendum thereto as defined in Rule 2 (1)

(a)oftheCompanies(IndianAccountingStandards)Rules,2015,insuchmannerasmaybespecified by SEBI.

The Valuer:

Background and terms of appointment TheManager,inconsultationwiththeTrustee,hasappointediVASPartners(ValuerRegistrationNumber:

IBBI/RV-E/02/2020/112), represented by its partner Shubhendu Saha (Valuer Registration Number:

IBBI/RV/05/2019/11552) as the valuer to the Knowledge RealtyTrust. In accordance with the SEBI REIT Regulations, theValuer has undertaken a valuation of the properties which are proposed to be acquired by the Knowledge Realty Trust, and has prepared their Summary Valuation Report in relation to such valuation as on March 31, 2025, which Summary Valuation Report has been included in this Offer Document beginning on page 1060.

424TheValuerisnotanAssociateoftheSponsors,theManagerortheTrusteeandhasnotlessthanfiveyears of experience in the valuation of real estate. The Valuer is an independent valuer under the SEBI REIT Regulations.TheValuerhascarriedoutvaluationofallassetsformingpartoftheKnowledgeRealtyTrust in accordance with Regulation 21 and Schedule V of the SEBI REIT Regulations. The Valuer is in compliance with and undertakes to comply with the conditions specified in Regulation 12 of the SEBI REIT Regulations. To arrive at a market value of the assets forming part of the Knowledge Realty Trust, the Valuer has carried out an impartial, true, fair and detailed analysis of all assets forming part of the KnowledgeRealtyTrustonthebasisofhisindependentprofessionaljudgmentandhasadditionallyplaced reliance on the market data prepared by CBRE.

Shubhendu Saha, partner at iVAS Partners has nearly 25 years of experience in the domain of real estate and infrastructure advisory and has been practicing as a registered valuer since 2019. He undertook valuation of India’s first listed portfolio of healthcare assets at Singapore Stock Exchange as a business trust and was appointed valuer for the initial public offerings of Mindspace Office Parks REIT and Brookfield India Real Estate Trust under SEBI REIT Regulations.As head of valuation services of a UK listed international property advisory firm in India, he led numerous valuation exercises for multiple private equity/real estate funds, financial institutions, developers and corporates across asset classes of commercial, retail, residential, hospitality, healthcare, education and warehousing.

The Valuer’s head office is situated at Plot No 135, Phase-1, Udyog Vihar, Gurugram 122 022, Haryana, India Past experience in valuing similar assets Description Location/Project/Client iVASPartners Valuation of a portfolio of properties comprising of Aprominent REITlisted in India commercialofficerealestateassetslocatedacrossBengaluru, Pune, Mumbai and Noida as well as affiliated facilities including a solar park, retail spaces and hotels

Purpose:Financialandinvestorreportingpurposestocomply with the requirements of Regulation 21 of the REIT Regulations.Additionally engaged for biannual valuations.

Valuation of a portfolio of properties comprising of grade A Aprominent retail REITlisted in India retail malls (urban consumption centres), commercial office developments, hotels and solar parks located across India.

Purpose:Financialandinvestorreportingpurposestocomply with the requirements of Regulation 21 of the REIT Regulations.

Purchase price allocation (PPA) valuation exercise for a Aprominent retail REITlisted in India portfolio of retail malls located in Delhi, Mumbai and comprising of operational retail mall and hospitality developments including major equipments, sewage treatment plant (STP), water treatment plant (WTP), diesel generator

(DG) set, cooling tower, compressors, chillers, lift machines, etc.

ValuationofaportfolioofretailmallslocatedacrossIndiafor Alisted retail mall developer and operator financial reporting purposes Valuation of a portfolio of hotel properties located pan India Aleading hospitality developer in India ValuationofaportfolioofindustrialassetslocatedacrossIndia Aleading industrial and warehousing developer in India Valuation of various real estate assets across India Aleading trusteeship 425Description Location/Project/Client iVASPartners Valuationofaportfolioofeducationalinfrastructureassetsfor Aproposed education infrastructure investment trust a proposed initial public offering comprising of nine kindergarden through twelfth-grade (K-12) schools and student housing facilities located in several locations across Indiaforassessingmarketvalueoftheassetsintheportfolio.

ValuationofaportfolioofofficeassetsacrossSouthIndiafor Aleading institutional investor secured lending purposes Computing fair value and liquidation value of a national Aleading developer in Noida capital region (“NCR”) based developer comprising of under-construction and land stage assets Computing fair value and liquidation value of an approx. A prominent under-construction commercial development in

1.8 million square feet under-construction commercial Gurgaon development located in Gurgaon, Haryana Shubhendu Saha, partner at iVAS Partners Valuation of a portfolio of assets comprising of office parks, Aprominent REITlisted in India commercial buildings, facility management and power distribution services in Chennai, Hyderabad, Mumbai and Pune for the initial public offering and subsequent investor reporting ValuationofaportfolioofretailmallslocatedacrossIndiafor Alisted retail mall developer and operator financial reporting purposes Valuation of a portfolio of assets comprising of IT special Aprominent REITlisted in India economiczonecampuses,ITparkandcommercialbuildingsin Kolkata, Mumbai and NCR for the initial public offering and subsequent investor reporting Valuation of a mix-use commercial office campus comprising Aprominent REITlisted in India of IT special economic zone, retail and hospitality developmentforacquisitionbyalistedREITunderSEBIREIT Regulations Valuation of a portfolio of warehousing and light industrial AProposedproposedinfrastructureinvestmenttrustsponsored assets located across India for private placement of units by a prominent supply chain and logistics services group Multiple valuation assignments for urban land, residential A leading housing and construction finance non-banking projects, commercial office buildings, hotels and villas for financial company in India secured lending purposes Valuation of land and building and financial assets of a Developer of a premium office building in Mumbai corporate debtor under the Insolvency and Bankruptcy Code, 2016 Valuation of identified portfolio of assets comprising of land Alarge Indian conglomerate with pan India presence parcels and commercial office spaces in Delhi, Mumbai, Chennai, Bhubaneshwar, and Pune for the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 426Functions of the Valuer The functions, duties and responsibilities of the Valuer will be in accordance with the SEBI REIT Regulations. Presently, in terms of the SEBI REIT Regulations, the Valuer is required to comply with the

following conditions at all times:

1. theValuershallensurethatthevaluationoftheKnowledgeRealtyTrustAssetsisimpartial,trueand fair and is in accordance with Regulation 21 of the SEBI REIT Regulations;

2. the Valuer shall ensure that adequate and robust internal controls are in place to ensure the integrity ofitsvaluationreportspreparedsubsequenttovaluationoftheassetsformingpartoftheKnowledge Realty Trust;

3. theValuershallensurethatithassufficientkeypersonnelwithadequateexperienceandqualification to perform property valuations at all times;

4. the Valuer shall ensure that it has sufficient financial resources to enable it to conduct its business effectively and meet its liabilities;

5. theValuerandanyofitsemployeesinvolvedinvaluingoftheassetsoftheKnowledgeRealtyTrust, shall not, (i) invest in units of the Knowledge Realty Trust or in the assets being valued; or (ii) sell the assets or Units of the Knowledge Realty Trust held prior to being appointed as the Valuer, until the time such person is designated as valuer of the Knowledge Realty Trust and not less than six months after ceasing to be valuer of the Knowledge Realty Trust;

6. the Valuer shall conduct valuation of the Knowledge Realty Trust’s assets with transparency and fairnessandshallrender,atalltimes,highstandardsofservice,exerciseduediligence,ensureproper care and exercise independent professional judgment;

7. the Valuer shall act with independence, objectivity and impartiality in performing the valuation;

8. the Valuer shall discharge its duties towards the Knowledge Realty Trust in an efficient and competent manner, utilizing its knowledge, skills and experience in best possible way to complete given assignment;

9. the Valuer shall not accept remuneration, in any form, for performing a valuation of the Knowledge Realty Trust’s assets from any person other than the Knowledge Realty Trust, the Manager or its authorized representative;

10. the Valuer shall before accepting any assignment from any related party to the Knowledge Realty Trust, disclose to the Knowledge Realty Trust any direct or indirect consideration which the Valuer may have in respect of such assignment;

11. the Valuer shall disclose to the Trustee any pending business transactions, contracts under negotiation and other arrangements with the Manager or any other party whom the Knowledge Realty Trust is contracting with and any other factors that may interfere with the Valuer’s ability to give an independent and professional valuation of the property;

12. the Valuer shall not make false, misleading or exaggerated claims in order to secure assignments;

13. the Valuer shall not provide misleading valuation, either by providing incorrect information or by withholding relevant information;

14. the Valuer shall not accept an assignment that includes reporting of the outcome based on predetermined opinions and conclusions required by the Knowledge Realty Trust; and

15. theValuer shall, prior to performing a valuation, acquaint itself with all laws or regulations relevant to such valuation.

427Policy on appointment of Auditor and Valuer The Manager has adopted a policy on the appointment of auditor and valuer of the Knowledge Realty Trust, which will stand amended, to the extent of any amendment to the SEBI REIT Regulations or applicable law, details of which are provided below:

Appointment and removal of the auditor of the Knowledge Realty Trust

(i) The Manager, as per recommendation of the audit committee (“Audit Committee”) constituted by the board of directors of the Manager (“Board”) and approval of the Board, in consultation with the Trustee shall appoint the auditor of the Knowledge Realty Trust, in a timely manner and in accordance with the SEBI REIT Regulations.

(ii) The auditor, so appointed shall be one who has subjected itself to the peer review process of the InstituteofCharteredAccountantsofIndia(“ICAI”)andwhoholdsavalidcertificateissuedbythe peer review board of ICAI.

(iii) The Manager shall ensure that the appointment of theAuditor and the fees payable to theAuditor is approved by the unitholders of the Knowledge RealtyTrust (“Unitholders”), in accordance with the SEBI REIT Regulations.

(iv) The Manager shall appoint an individual or a firm as the Auditor, who shall hold office from the date of conclusion of the annual meeting in which the Auditor has been appointed till the date of conclusion of the sixth annual meeting of the Unitholders in accordance with the procedure for selection of Auditors, in accordance with the SEBI REIT Regulations.

(v) The Manager shall not appoint or re-appoint: a. an individual as the Auditor for more than one term of five consecutive years; and provided that such individual, upon completion of the term shall not be eligible for re-appointment as the Auditor in the Knowledge Realty Trust for a period of five years from the date of completion of the term; and b. an audit firm as theAuditor for more than two terms of five consecutive years, provided that suchfirm,uponcompletionofthetermshallnotbeeligibleforre-appointmentastheAuditor in the Knowledge Realty Trust for a period of five years from the date of completion of the term.

(vi) The Manager, as per recommendation of the Audit Committee and approval of the Board in consultation with the Trustee, may remove theAuditor in accordance with SEBI REIT Regulations if theAuditor fails to comply with the provisions of the SEBI REIT Regulations. The Unitholders may request for removal of the Auditor and appointment of another auditor to the Knowledge Realty Trust in accordance with the SEBI REIT Regulations.

(vii) The Auditor shall comply with the following conditions at all times: a. The Auditor shall conduct audit of the accounts of the Knowledge Realty Trust and prepare the audit report based on the accounts examined by it and after taking into account the relevant accounting and auditing standards, as may be specified under the Companies Act, 2013, Securities and Exchange Board of India (“SEBI”) or any other relevant act/regulation;

b. TheAuditor shall, to the best of its information and knowledge, ensure that the accounts and financial statements, including profit or loss and cash flow for the period and such other matters as may be specified, give a true and fair view of the state of the affairs of the Knowledge Realty Trust;

428c. the Auditor shall have a right of access at all times the books of accounts and vouchers pertaining to activities of the Knowledge Realty Trust; d. the Auditor shall audit the accounts not less than once in a year and such report shall be submitted to the designated stock exchange within the timelines prescribed under the SEBI REIT Regulations;

e. the Auditor shall have a right to require such information and explanation pertaining to activities of the Knowledge Realty Trust as it may consider necessary for the performance of his duties as auditor from the employees of Knowledge Realty Trust or parties to the Knowledge Realty Trust or the holding companies or special purpose vehicles held by the Knowledge Realty Trust or any other person in possession of such information; and f. theAuditorshallundertakealimitedreviewoftheauditofalltheentitiesorcompanieswhose accounts are to be consolidated with the accounts of the Knowledge Realty Trust as per the applicable IndianAccounting Standards and any addendum thereto as defined in Rule 2(1)(a) of the Companies (IndianAccounting Standards) Rules, 2015, in such manner as specified by SEBI.

Appointment and removal of the valuer of the Knowledge Realty Trust

(i) The Manager, as per recommendation of the Audit Committee and approval of the Board, in consultation with the Trustee, shall appoint the valuer of the Knowledge Realty Trust, in a timely manner and in accordance with the SEBI REIT Regulations.A‘valuer’shall have the meaning set forth in the SEBI REIT Regulations (which includes the requirement of being registered as a ‘registered valuer’as per Section 247 of the Companies Act, 2013, as amended from time to time and the Companies (Registered Valuers and Valuation) Rules, 2017, as amended from time to time or as specified by SEBI from time to time.

(ii) The Manager shall ensure the appointment of the valuer is approved by the Unitholders in accordance with the SEBI REIT Regulations.

(iii) The Manager, as per recommendation of the Audit Committee and approval of the Board, in consultation with the Trustee, may remove the Valuer in accordance with SEBI REIT Regulations if the Valuer fails to comply with the provisions of the SEBI REIT Regulations. The Unitholders may request for removal of the Valuer and appointment of another valuer to the Knowledge Realty Trust in accordance with the SEBI REIT Regulations.

(iv) The remuneration of the Valuer shall not be linked to or based on the value of the assets being valued.

(v) The valuer shall not be an Associate of the Sponsors, the Manager or the Trustee.

(vi) The valuer shall have the minimum number of years of experience in valuation of real estate assets as may be required under the SEBI REIT Regulations.

(vii) TheValuershallbeeligibletoactasavaluerinaccordancewiththeSEBIREITRegulationsorany clarifications, guidelines, notifications or exemptions issued by SEBI.

(viii) AValuershallnotundertakevaluationofthesamepropertyformorethanfouryearsconsecutively,

provided that theValuer may be reappointed after a period of not less than two years from the date it ceases to be the Valuer of the Knowledge Realty Trust.

429(ix) TheValuer shall not undertake valuation of any assets in which it has either been involved with the acquisition or disposal within the last twelve months other than such cases where the Valuer was engaged by the Knowledge Realty Trust for such acquisition or disposal.

(x) In case of any material development that may have an impact on the valuation of the Knowledge Realty Trust assets, then Manager shall require the Valuer to undertake full valuation of the property under consideration within not more than two months from the date of such event and the same is to be disclosed to the Trustee, investors and the designated stock exchanges within fifteen days of such valuation.

(xi) AfullvaluationshallbeconductedbytheValueratleastonceineveryfinancialyear.Providedthat such full valuation shall be conducted at the end of the financial year ending March 31st within three months from the end of such year.

(xii) The full valuation report prepared by the Valuer shall include the mandatory minimum disclosures as specified in Schedule V to the SEBI REIT Regulations.

(xiii) The full valuation shall include a detailed valuation of all assets by the Valuer including physical inspection of very property by the valuer.

(xiv) Ahalf yearly valuation of the Knowledge Realty Trust assets shall be conducted by the Valuer for thehalf-yearendingonSeptember30forincorporatinganykeychangesintheprevioussixmonths and such half yearly valuation report shall be prepared within forty five days from the date of end of such half year.

(xv) The Valuer shall undertake full valuation of all the Knowledge Realty Trust assets and include a summaryofthereportintheofferdocument,priortoissueofunitstothepublicandanyotherissue ofunitsasmaybespecifiedbytheSEBI.Providedthatsuchvaluationreportshallnotbemorethan six months old at time of such offer. Further this shall not apply in cases where full valuation has been undertaken not more than six months prior to such issue and no material changes have occurred thereafter.

(xvi) The Valuer shall undertake a valuation of any asset/property being sold or purchased by the Knowledge Realty Trust whether directly or through anAsset SPV, in accordance with Regulation 21(8) of the SEBI REIT Regulations.

(xvii) The Valuer shall comply with the following conditions at all times: a. the Valuer shall ensure that the valuation of the Knowledge Realty Trust assets is impartial, true and fair and is in accordance with Regulation 21 of the SEBI REIT Regulations;

b. theValuer shall ensure that adequate and robust internal controls to ensure the integrity of its valuation reports; c. the Valuer shall ensure that it has sufficient key personnel with adequate experience and qualification to perform property valuations at all times;

d. the Valuer shall ensure that it has sufficient financial resources to enable it to conduct its business effectively and meet its liabilities;

430e. theValuerandanyofitsemployeesinvolvedinvaluingoftheassetsoftheKnowledgeRealty Trust, shall not: (cid:129) invest in units of the Knowledge Realty Trust or in the assets being valued; or (cid:129) sell the assets or units of the Knowledge Realty Trust held prior to being appointed as the Valuer, till the time such person is designated as Valuer of the Knowledge Realty Trust and not less than six months after ceasing to be Valuer of the Knowledge Realty Trust;

f. the Valuer shall conduct valuation of the Knowledge Realty Trust assets with transparency and fairness and shall render, at all times, high standards of service, exercise due diligence, ensure proper care and exercise independent professional judgment;

g. the Valuer shall act with independence, objectivity and impartiality in performing the valuation; h. the Valuer shall discharge its duties towards the Knowledge Realty Trust in an efficient and competent manner, utilizing it knowledge, skills and experience in best possible way to complete given assignment;

i. the Valuer shall not accept remuneration, in any form, for performing a valuation of the Knowledge Realty Trust assets from any person other than the Knowledge Realty Trust or its authorized representative;

j. the Valuer shall before accepting any assignment, from any related party of the Knowledge Realty Trust, disclose to the Knowledge Realty Trust, any direct or indirect consideration which the Valuer may have in respect of such assignment;

k. the Valuer shall disclose to the Trustee any pending business transactions, contracts under negotiationandotherarrangementswiththeManageroranyotherpartywhomtheKnowledge Realty Trust is contracting with and any other factors that may interfere with the Valuer’s ability to give an independent and professional valuation of the property;

l. the Valuer shall not make false, misleading or exaggerated claims in order to secure assignments; m. the Valuer shall not provide misleading valuation, either by providing incorrect information or by withholding relevant information;

n. the Valuer shall not accept any assignment that includes reporting of the outcome based on predetermined opinions and conclusions required by the Knowledge Realty Trust; and o. the Valuer shall, prior to performing a valuation, acquaint itself with all laws or regulations relevant to such valuation.

The Unitholders may request for removal of the Valuer and appointment of another valuer to the Knowledge Realty Trust in accordance with the SEBI REIT Regulations. In case of removal of the Valuer and appointment of another Valuer to Knowledge Realty Trust taken up at the request of the Unitholders, approvalfromtheUnitholdersshallberequiredwherevotescastinfavoroftheresolutionshallbeatleast 60% of the total votes cast for the resolution or such other threshold as prescribed under applicable law.

431V. INITIAL PORTFOLIO ACQUISITION TRANSACTIONS Proposed holding structure of the Portfolio Pursuant to the completion of the Initial Portfolio Acquisition Transactions, the Portfolio is proposed to be held by the Knowledge RealtyTrust through theAsset SPVs and the Investment Entities.The proposed holdingstructureofthePortfoliopursuanttotheInitialPortfolioAcquisitionTransactionsandpriortothe Allotment of Units, is set out below:

Blackstone Sponsor Group Sattva Sponsor Group Public Unitholders Knowledge Realty Trust

100.00%

100.00% WRPL EBPPL PBPPL QITPL OBRPL (Sattva Knowledge Park) (Exora Business Park) (One Trade Tower) (Sattva Infozone) 5.00% (One BKC) (Sattva K —nS oK 0w .C 6l eP mdL g sfe Capital) (One WOW orC ldP CL enter) (FiP nA teB chP P OL ne) (SattvaG GVT loP bL al City) 8.00% OBSE1 P0 L0.00% (One BKC Solar) (Sattva K —noD 1w .I 7P l e mL dg sfe Capital) (O an ne d I Ont ne eO r n UI aC nt iP i to yL n Cal e C nte en rt )er (CessnaC BG uD siP neL ss Park) (SattvD aB ER mP iL nence) 0.75% PBPL PBSEPL DHPL OQRPL KOBPPL SDPL 100.00% (Prima Bay) 100.00% (Prima Bay Solar) (Sattva Endeavour) (One Qube) (Kosmo One) (Sattva Premia) 0.75% (CB AS MPO MM uS mP bL ai) (CAM S BP eM ngP aL luru—I) (Sattva KD nR oP wL le* dge City) (SattvS aG TN ecP hL Point) 1.50% 100.00% (SattvD a CH K oR un rP o tL w )ledge 50.00% (Sattva D ME aP gL nificia I) 50.00% SIMPL PSBPPL HRPL (CAM Hyderabad) (CAM Bengaluru—II) (Sattva Cosmo Lavelle) 1.00% 5.50% 72.50% (SattvS aH HP oL rizon) (Sattva SJ oR uP thL Avenue) ((SSaattttvvaa SS SS ao ao tf ttft tvtz vz ao ao n M n Mee, a , aS gS ga na nt itt fiit fiv cva ciaS ai aS T S S I p ITP p Ie I eLP & c &ctL( t1 r S) ru Su am am ttt, tv , vS aS aa a S t Stt ut uv pva pa r rT e T emo mou eu ec )c )hhssttoonnee,, 5.00% (KarnaS taR kP aP SL olar—I) (KarnataN kD aP SL olar—II) 74.00%

8.00% 18.00% ———————–

Note: * As of the date of this Offer Document, Sattva Knowledge City is owned by DRPL, an Asset SPV of the Knowledge Realty Trust. Pursuant to Knowledge Realty Trust the resolution dated July 3, 2025 adopted by the board of directors of DRPL, it is proposed that (i) Sattva Knowledge City—3 (Block D);

(ii) Sattva Knowledge City—2 (Block B) and Sattva Knowledge City—2 (Block C); (iii) Sattva Knowledge City—1 (Block A); (iv) Sattva Sponsor Group Knowledge City—5 (Block E-1), shall be demerged with an ‘Appointed Date’ of April 1, 2025 at an appropriate time after the completion of the listing of the Knowledge Realty Trust, into entities held/acquired by the REIT (the “DRPL Scheme of Arrangement”). The DRPL Hold Co Scheme of Arrangement shall be subject to approval from the Board of the Manager and Unitholders approval required as per the SEBI REIT Regulations. The DRPL Scheme of Arrangement shall be in compliance with all applicable provisions of the SEBI REIT Regulations SPV and circulars issued thereunder and the Manager shall take all steps and actions to ensure compliance with such requirements and CAM Entity/Investment conditions. Entity For details in relation to each of the Portfolio Assets, please see “Our Business and Properties” on page 158.

432The details of each of the Asset SPVs and Investment Entities are provided below:

Holdcos

1. Darshita Hi-Rise Private Limited (“DHRPL”) DHRPL was incorporated on December 10, 2015, under the Companies Act, 2013 as a private limited company. Its registered office is situated at 4th Floor, Salarpuria Windsor, #3, Ulsoor Road, Bengaluru 560 042, Karnataka, India.

Sattva Knowledge Court is owned by DHRPL. DHRPL also holds 50.00% of the equity shares of DEPL, which holds Sattva Magnificia I, and 5.50% of the equity shares of SRPPL. Accordingly, as part of the Initial Portfolio Acquisition Transactions, DHRPL is proposed to be the holding company of DEPL and one of the holding companies of SRPPL, which shall both be SPVs. For details in relation to DEPL and SRPPL, please refer to the sections “—SPVs—Darshita Edifice Private Limited” and “—SPVs—Shirasa Regency Park Private Limited” on pages 445 and 454, respectively.

Capital Structure of DHRPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 1,000,000 Issued, subscribed and paid-up capital 100,000

Equity shareholding pattern of DHRPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) 4,200 42.00 Neelanchal Properties LLP 2,000 20.00 Sattva Real Estate Private Limited 1,900 19.00 Sattva Sponsor 1,900 19.00 Total 10,000 100.00

2. Debonair Realtors Private Limited (“DBRPL”) DBRPL was incorporated on November 23, 2006, under the Companies Act, 1956, as a private limited company. Its registered office is situated 7 ChittaranjanAvenue, 3rd floor, Kolkata 700 072,West Bengal, India.

Sattva Eminence is owned by DBRPL. DBRPLalso holds 0.75% of equity shares of SRPPL.Accordingly, as part of the Initial Portfolio Acquisition Transactions, DBRPL is proposed to be one of the holding companies of SRPPL, which shall be an SPV. For details in relation to SRPPL, please refer to the section “—SPVs—Shirasa Regency Park Private Limited” on page 454.

433Capital Structure of DBRPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 500,000 Issued, subscribed and paid-up capital 100,000

Equity shareholding pattern of DBRPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) Apurva Salarpuria 5,250 52.50 Sattva Sponsor 3,000 30.00 Archana Salarpuria 1,750 17.50 Total 10,000 100.00

3. GV Techparks Private Limited (“GVTPL”) GVTPL was incorporated on August 23, 2019, under the Companies Act, 2013 as a private limited company. Its registered office is situated at Salarpuria Windsor No. 3, 4th Floor, Ulsoor Road, Bengaluru 560 042, Karnataka, India.

Sattva Global City is owned by GVTPL. GVTPL also holds 8.00% of equity shares of SRPPL.

Accordingly, as part of the Initial PortfolioAcquisitionTransactions, GVTPLis proposed to be one of the holding companies of SRPPL, which shall be an SPV. For details in relation to SRPPL, please refer to the

section “—SPVs—Shirasa Regency Park Private Limited” on page 454.

Capital Structure of GVTPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 2,477,350,000* Issued, subscribed and paid-up capital 2,110,000 * Including20,000non-votingequitysharesof₹10each.

Equity shareholding pattern of GVTPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder* face value of ₹10 each (%) Neelanchal Properties LLP 10,972 5.20 BREP Asia II Indian Holding CO VIII (NQ) PTE. LTD 154,983 73.45 BREP Asia II SBS Indian Holding CO VIII (NQ) LTD 889 0.42 BREP IX SBS Indian Holding CO VIII (NQ) LTD 268 0.13 Sattva Sponsor 43,888 20.80 Total 211,000 100.00 * PursuanttotheGVTPLSchemeofArrangement,MindcompRegencyParkPrivateLimitedhasbeenmergedintoGVTPL.

4344. Harkeshwar Realtors Private Limited (“HRPL”) HRPL was incorporated on November 27, 2007, under the Companies Act, 1956, as a private limited company. Its registered office is situated at 7 Chittaranjan Avenue, 3rd floor, Kolkata 700 072, West Bengal, India.

Sattva Cosmo Lavelle is owned by HRPL. HRPL also holds 1.00% of equity shares of SRPPL.

Accordingly, as part of the Initial Portfolio Acquisition Transactions, HRPL is proposed to be one of the holding companies of SRPPL, which shall be an SPV. For details in relation to SRPPL, please refer to the

section “—SPVs—Shirasa Regency Park Private Limited” on page 454.

Capital Structure of HRPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 500,000 Issued, subscribed and paid-up capital 100,000

Equity shareholding pattern of HRPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) Sattva Sponsor 1,900 19.00 Archana Salarpuria 950 9.50 Apurva Salarpuria 950 9.50 Neetneel India Private Limited 900 9.00 Mukta Commercials Private Limited 900 9.00 Rakesh Salarpuria HUF 900 9.00 Jaigania Commercials Private Limited 900 9.00 Devina Salarpuria 800 8.00 Belfast Holdings Private Limited 700 7.00 Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) 1,100 11.00 Total 10,000 100.00

5. Jaganmayi Real Estates Private Limited (“JRPL”) JRPLwas incorporated on May 3, 2018, under the CompaniesAct, 2013 as a private limited company. Its registered office is situated at Salarpuria Windsor, 4th Floor, No. 3, Ulsoor Road, Bengaluru 560 042, Karnataka, India.

Sattva SouthAvenue is owned by JRPL. JRPL also holds 8.00% of equity shares of NDPL.Accordingly, as part of the Initial Portfolio Acquisition Transactions, JRPL is proposed to be one of the holding companies of NDPL, which shall be an SPV. For details in relation to NDPL, please refer to the section “—SPVs—NABS Data Zone Private Limited” on page 449.

435Capital Structure of JRPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized share capital 1,000,000 Issued, subscribed and paid-up share capital 100,000

Equity shareholding pattern of JRPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) Sattva Sponsor 4,500 45.00 Sattva Real Estate Private Limited 811 8.11 Neelanchal Properties LLP 2,000 20.00 Darshita Landed Property LLP 847 8.47 Piyush Agarwal 143 1.43 Sanjay Kumar Agarwal 89 0.89 Siddharth Jain 89 0.89 Karthik B V 36 0.36 Mukesh Khaitan 36 0.36 Jagannath Subbarao 36 0.36 Shrikant Khaitan 18 0.18 Rajiv Agarwal 36 0.36 Swapnil Chandrakant Patel 27 0.27 Karishmah Siingh 27 0.27 Vivek Hangal 27 0.27 Sunil Kumar Mishra 18 0.18 Surendra Kumar Bajaj 27 0.27 Kavindra Kumar Mishra 27 0.27 Amit Bajoria 179 1.79 Lalit Kumar Bohania 27 0.27 Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) 1,000 10.00 Total 10,000 100.00

6. One BKC Realtors Private Limited (“OBRPL”) OBRPLwasoriginallyincorporatedunderthenameof‘SattvikiRealtyPrivateLimited’onApril11,2018, undertheCompaniesAct,2013asaprivatelimitedcompany.Subsequently,thenameofthecompanywas changed to ‘One BKC Realtors Private Limited’ pursuant to a fresh certificate of incorporation dated December 17, 2018. Its registered office is situated at One BKC, C Wing, 407, Plot No. C-66, G- Block, Bandra Kurla Complex, Bandra (E), Mumbai 400 051, Maharashtra, India.

436OneBKCisownedbyOBRPL.OBRPLalsoholds100%oftheequityshareholdingofOBSEPL.Pursuant to the Initial Portfolio Acquisition Transactions, OBRPL is proposed to be the holding company of OBSEPL which, in turn, shall be an SPV. For details in relation to OBSEPL, please refer to the section “—SPVs—One BKC Solar Energy Private Limited” on page 449.

Capital Structure of OBRPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹1 each) Authorized capital 62,000,000 Issued, subscribed and paid-up capital 62,000,000

Equity shareholding pattern of OBRPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹1 each (%) BREP Asia II Indian Holding Co. IV (NQ) Pte Ltd. 61,587,576 99.33 BREP Asia II SBS Indian Holding Co. IV (NQ) Ltd. 309,256 0.50 BREP VIII SBS Indian Holding Co. IV (NQ) Ltd. 103,168 0.17 Total 62,000,000 100.00

7. Prima Bay Private Limited (“PBPL”) PBPL was originally incorporated under the name of ‘Snitch Properties and Services Private Limited’on December13,2017,undertheCompaniesAct,2013,asaprivatelimitedcompany.Subsequently,thename ofthecompanywaschangedto‘PrimaBayPrivateLimited’pursuanttoafreshcertificateofincorporation dated May 3, 2019. Its registered office is situated at CTS No. 117A/1D, Gate No. 5, TC-II, Saki Vihar Road, Powai, Mumbai 400 072, Maharashtra, India.

Prima Bay is owned by PBPL. PBPL also holds 100% of the equity shareholding of PBSEPL and as part of the Initial PortfolioAcquisitionTransactions, PBPLis proposed to be the holding company of PBSEPL which shall be an SPV. For details in relation to PBSEPL, please refer to the section “—SPVs—Prima Bay Solar Energy Private Limited” on page 453.

Capital Structure of PBPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 250,000,000 Issued, subscribed and paid-up capital 218,121,580

Equity shareholding pattern of PBPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) BREP Asia SG L&T Holding II (NQ) Pte. Ltd. 21,570,568 98.89 BREP Asia SBS Indian L&T Holding II (NQ) Ltd. 205,623 0.94 BREP VIII SBS Indian L&T Holding II (NQ) Ltd. 35,967 0.17 Total 21,812,158 100.00

4378. Quadro Info Technologies Private Limited (“QITPL”) QITPLwasincorporatedonJanuary6,2004,undertheCompaniesAct,1956asaprivatelimitedcompany.

Its registered office is situated at Salarpuria Windsor, 4th Floor, No. 3, Ulsoor Road, Bengaluru 560 042, Karnataka, India.

Sattva Infozone is owned by QITPL. QITPL also holds 5.00% of equity shares of SRPPL. Accordingly, as part of the Initial Portfolio Acquisition Transactions, QITPL is proposed to be one of the holding companies of SRPPL, which shall be an SPV. For details in relation to SRPPL, please refer to the section “—SPVs—Shirasa Regency Park Private Limited” on page 454.

Capital Structure of QITPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 2,000,000 Issued, subscribed and paid-up capital 1,000,000

Equity shareholding pattern of QITPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) Apurva Salarpuria 19,500 19.50 Archana Salarpuria 17,750 17.75 Rakesh Salarpuria HUF 15,000 15.00 Sattva Sponsor 15,000 15.00 Vidhika Avyaan Salarpuria Trust (represented by its trustee Apurva Salarpuria) 9,750 9.75 Devina Salarpuria 8,000 8.00 Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) 15,000 15.00 Total 100,000 100.00

9. Salarpuria Developers Private Limited (“SDPL”) SDPL was incorporated on March 9, 1993, under the CompaniesAct, 1956 as a private limited company.

Its registered office is situated at 7, Chittaranjan Avenue, Kolkata 700 072, West Bengal, India.

SattvaPremiaisownedbySDPL.SDPLalsoholds0.75%ofequitysharesofSRPPL.Accordingly,aspart of the Initial PortfolioAcquisition Transactions, SDPLis proposed to be one of the holding companies of SRPPL, which shall be an SPV. For details in relation to SRPPL, please refer to the section “—SPVs—Shirasa Regency Park Private Limited” on page 454.

Capital Structure of SDPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 5,000,000 Issued, subscribed and paid-up capital 3,975,000 438Equity shareholding pattern of SDPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) Sattva Sponsor 75,000 18.87 Ramir Commercial Private Limited 73,500 18.49 Shivgauri Jewellers Private Limited 71,500 17.99 Apurva Salarpuria 36,500 9.18 Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) 44,250 11.13 Devina Salarpuria 25,000 6.29 Archana Salarpuria 25,000 6.29 Right Aid Associates Private Limited 20,000 5.03 Merlin Industrial Development Limited 15,750 3.96 Vinita Salarpuria 10,000 2.52 Rakesh Salarpuria HUF jointly with Vinita Salarpuria (Partner of Vaishali Finance Corporation) 1,000 0.25 Total 397,500 100.00

10. Salarpuria Griha Nirman Private Limited (“SGNPL”) SGNPL was incorporated on November 30, 2000, under the Companies Act, 1956, as a private limited company. Its registered office is situated at 7 ChittaranjanAvenue, Kolkata 700 072, West Bengal, India.

SattvaTechpoint is owned by SGNPL. SGNPLalso holds 1.50% of equity shares of SRPPL.Accordingly, as part of the Initial Portfolio Acquisition Transactions, SGNPL is proposed to be one of the holding companies of SRPPL, which shall be an SPV. For details in relation to SRPPL, please refer to the section “—SPVs—Shirasa Regency Park Private Limited” on page 454.

Capital Structure of SGNPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 1,000,000 Issued, subscribed and paid-up capital 1,000,000

Equity shareholding pattern of SGNPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) Apurva Salarpuria 38,951 38.95 Sattva Sponsor 19,000 19.00 Archana Salarpuria 14,940 14.94 Rakesh Salarpuria HUF 9,000 9.00 Devina Salarpuria 7,109 7.11 Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) 11,000 11.00 Total 100,000 100.00

43911. Sattva Horizon Private Limited (formerly known as Siddeshwari Griha Nirman Private Limited) (“SHPL”) SHPL was originally incorporated as ‘Siddeshwari Griha Nirman Private Limited’ on January 10, 2005, undertheCompaniesAct,1956,asaprivatelimitedcompany.Subsequently,thenameofthecompanywas changed to ‘Sattva Horizon Private Limited’pursuant to a fresh certificate of incorporation dated July 31,

2024. Its registered office is situated at 7 Chittaranjan Avenue, Kolkata 700 072, West Bengal, India.

Sattva Horizon is owned by SHPL. SHPL also holds 18.00% of equity shares of NDPL. Accordingly, as partoftheInitialPortfolioAcquisitionTransactions,SHPLisproposedtobeoneoftheholdingcompanies of NDPL, which shall be an SPV. For details in relation to NDPL, please refer to the section “—SPVs—NABS Data Zone Private Limited” on page 449.

Capital Structure of SHPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 500,000 Issued, subscribed and paid-up capital 500,000

Equity shareholding pattern of SHPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) Sattva Sponsor 21,700 43.40 Sattva Real Estate Private Limited 6,500 13.00 Darshita Landed Property LLP 2,800 5.60 Neelanchal Properties LLP 10,000 20.00 Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) 9,000 18.00 Total 50,000 100.00

12. Softzone Tech Park Limited (“STPL”) STPLwas incorporated on September 29, 2008, under the CompaniesAct, 1956, as a public company. Its registered office is situated at 7, Chittaranjan Avenue, Kolkata, 700 072, West Bengal, India.

Sattva Softzone, Sattva Supreme, SattvaTouchstone, Sattva Magnificia II and Sattva Spectrum are owned by STPL. STPL also holds 5.00% of equity shares of SRPPL.Accordingly, as part of the Initial Portfolio Acquisition Transactions, STPL is proposed to be one of the holding companies of SRPPL, which shall be an SPV. For details in relation to SRPPL, please refer to the section “—SPVs—Shirasa Regency Park Private Limited” on page 454.

An application for a composite scheme of arrangement dated November 5, 2024, was filed before the NCLT, Kolkata, by Wellgrowth Griha Nirman Private Limited, Salarpuria Properties Private Limited, Rajmata Realtors Private Limited, the Sattva Sponsor, Salarpuria Builders Private Limited and STPL which was approved by the NCLT, Kolkata on June 18, 2025 (“Softzone Scheme of Arrangement”).

PursuanttoSoftzoneSchemeofArrangement,STPLholds(i)SattvaSoftzone;(ii)SattvaTouchstone;(iii) Sattva Magnificia II; (iv) Sattva Supreme; and (v) Sattva Spectrum. The appointed date for the Softzone Scheme ofArrangement isApril 1, 2024.As of the date of this Offer Document, the Softzone Scheme of Arrangement is effective. STPL will complete the related post-facto formalities including payments of regulatory fees and duties in the manner prescribed under applicable law.

440Capital Structure of STPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 42,500,000 Issued, subscribed and paid-up capital 26,757,810

Equity shareholding pattern of STPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) Rudranath Realtors Private Limited 15,700.00 0.59% Tunganath Realtors Private Limited 15,700.00 0.59% Kalpeshwar Realtors Pvt Ltd 15,700.00 0.59% Archana Salarpuria 176,971.00 6.61% Apurva Salarpuria 184,403.00 6.89% Mukta Commercials Private Limited 91,312.00 3.41% Neetneel India Pvt. Ltd 85,176.00 3.18% Devina Salarpuria 139,906.00 5.23% Apurva Salarpuria HUF 65,000.00 2.43% Rakesh Salarpuria HUF 22,776.00 0.85% Jaigania Commercials Private Limited 68,926.00 2.58% J.J. Stock Trust Private Limited 31,226.00 1.17% Ramir Commercial Private Limited 37,076.00 1.39% Bluest Goods & Services Private Limited 31,876.00 1.19% Mandya Finance Company Limited 146,185.00 5.46% Merlin Industrial Development Limited 106,600.00 3.98% Vidhika Avyaan Salarpuria Trust (represented by its trustee, Apurva Salarpuria) 100,100.00 3.74% Baid Finex Services Private Limited 50,700.00 1.89% Baid Trade Fina Private Limited 57,980.00 2.17% Right Aid Associates Private Limited 10,407.00 0.39% Shivgauri Jewellers Private Limited 37,011.00 1.38% Rakesh Salarpuria HUF jointly with Vinita Salarpuria (Partner of Vaishali Finance Corporation) 143.00 0.01% Vinita Salarpuria 22,620.00 0.85% Canton Properties Private Limited 35,919.00 1.34% Ganpatram Dokania HUF 390.00 0.01% Belfast Holdings Private Limited 31,070.00 1.16% Sattva Sponsor 719,270.00 26.88% Bijay Kumar Agarwal 42,508.00 1.59% Niru Agarwal 32,378.00 1.21% Sattva Real Estate Private Limited 102,664.00 3.84% Darshita Landed Property LLP 49,500.00 1.85% Neelanchal Properties LLP 99,000.00 3.70% Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) 49,500.00 1.85% Bijay Kumar Agarwal HUF 88.00 0.00% Total 26,75,781 100.00% 441SPVs

1. Cessna Garden Developers Private Limited (“CGDPL”) CGDPL was incorporated on September 12, 1995, under the Companies Act, 1956, as a private limited company.ItsregisteredofficeissituatedatOneInternationalCenter,Tower-1,PlotNo.612-613,Senapati Bapat Marg, Elphinstone Road, Delisle Road, Mumbai 400 013, Maharashtra, India.

Cessna Business Park is owned by CGDPL.

Capital Structure of CGDPL as on the date of this Offer Document:

Amount (comprising of Amount in ₹(comprising compulsorily convertible of equity shares of face preference shares of face Particulars value of ₹10 each) value of ₹10 each) Authorized capital 80,000,000 20,000,000 Issued, subscribed and paid-up capital 71,858,190 1,591,350

Shareholding pattern of CGDPL as on the date of this Offer Document:

No. of compulsorily convertible No. of equity shares preference shares of of face value of face value of Shareholding Shareholder ₹10 each ₹10 each Percentage (%)* BREP Asia II Indian Holding Co. VII (NQ) Pte Ltd. 3,399,997 135,265 48.13 Radhakishan Damani 572,989 N/A 7.80 360 One Income Opportunities Fund Series 4 292,224 N/A 3.98 360 One Real Assets Advantage Fund 229,195 N/A 3.12 Nehaa Manohar 116,000 4,615 1.64 Neeta Dhiren 115,600 4,599 1.64 Ramakant Baheti 114,597 N/A 1.56 Syed Ahmed 100,000 3,978 1.42 Fareena Parveen 100,000 3,978 1.42 JM Financial Products Limited 80,219 N/A 1.09 Kothari Products Limited 68,759 N/A 0.94 Virgin Securities and Credits Private Limited** 57,299 N/A 0.78 Subham Buildwell Private Limited 57,299 N/A 0.78 RB Diversified Private Limited 57,299 N/A 0.78 Munjal Mavjibhai Lakhani 57,299 N/A 0.78 Madhu Silica Private Limited 57,299 N/A 0.78 M/s Vara Future LLP 57,299 N/A 0.78 Gangeet Investments And Reality Private Limited 57,299 N/A 0.78 442No. of compulsorily convertible No. of equity shares preference shares of of face value of face value of Shareholding Shareholder ₹10 each ₹10 each Percentage (%)* Dalmia Principal Strategies LLP 57,299 N/A 0.78 Bengani Leasing and Finance Private Limited 57,299 N/A 0.78 BAMR Properties LLP 57,299 N/A 0.78 B Arunkumar Capital and Credit Services Private Limited 57,299 N/A 0.78 Ankit Thakker 57,299 N/A 0.78 Shital Apurva Shah 45,839 N/A 0.62 Old Fir Advisors India Private Limited 45,839 N/A 0.62 Karan Bhagat & Shilpa Bhagat 45,839 N/A 0.62 J M Financial and Investment Consultancy Services Private Limited 45,839 N/A 0.62 Duro Shox Private Limited 45,839 N/A 0.62 BKC Properties Private Limited 45,839 N/A 0.62 Lav Jawahar 38,600 1,536 0.55 Kush Jawahar 38,600 1,536 0.55 Meera Jawahar 38,400 1,528 0.54 Virgin Securities and Credits Private Limited** 34,379 N/A 0.47 Shreevar Kheruka 34,379 N/A 0.47 Rovo Marketing Private Limited 34,379 N/A 0.47 Remi Elektrotechnik Limited 34,379 N/A 0.47 R H Dalmia Family Private Trust 34,379 N/A 0.47 Nigam Family Private Trust 34,379 N/A 0.47 Nawal Kishore Singh 34,379 N/A 0.47 Mukesh Singh 34,379 N/A 0.47 Lyon Investment and Industries Private Limited 34,379 N/A 0.47 Kairos Ventures LLP 34,379 N/A 0.47 Ashit Mahesh Shah 34,379 N/A 0.47 Asha Dedhia 34,379 N/A 0.47 Apurva Mahesh Shah 34,379 N/A 0.47 Thiruvallur Thattai Raghunathan & Bhanu Raghunathan 22,920 N/A 0.31 SKYS Family Private Trust 22,920 N/A 0.31 Rajendra Kumar Bachhawat 22,920 N/A 0.31 Rahul Chari 22,920 N/A 0.31 Mrudulaben H Patel 22,920 N/A 0.31 443No. of compulsorily convertible No. of equity shares preference shares of of face value of face value of Shareholding Shareholder ₹10 each ₹10 each Percentage (%)* Monica Surana 22,920 N/A 0.31 Manish Khatri 22,920 N/A 0.31 M/s TTJ Family Private Trust 22,920 N/A 0.31 M/s Bhavani Holdings 22,920 N/A 0.31 K I Varaprasad Reddy & Vasantha Koduru 22,920 N/A 0.31 Hitesh Shah 22,920 N/A 0.31 Balki Advisory Services LLP 22,920 N/A 0.31 Bakul Hiralal Shah 22,920 N/A 0.31 B S Ajaikumar 22,920 N/A 0.31 Ashish Lodha 22,920 N/A 0.31 Anurang Jain 22,920 N/A 0.31 Manohar Gopal 17,600 700 0.25 Jawahar Gopal 17,600 700 0.25 Dhiren Gopal 17,600 700 0.25 SNK Investments Private Limited 17,190 N/A 0.23 J M Assets Management Private Limited 17,190 N/A 0.23 Nilkamal Crates and Containers 11,460 N/A 0.16 Mihir Parekh 5,730 N/A 0.08 Total 7,185,819 159,135 100.00 * Onafullydilutedbasis ** Thesesubscribersarethesameentities The key terms of the compulsorily convertible preference shares of face value of ₹10 each issued by CGDPL (“CCPS”) are as follows:

1. Issue price: CCPS were issued at a price of ₹1,571 per CCPS including a premium of ₹1,561 per CCPS.

2. Dividend: the applicable rate of dividend is 0.0001% per CCPS payable annually.

3. Tenure and conversion terms: a. The term of the CCPS shall be 10 years from the date of issuance of CCPS unless converted in accordance with the terms of CCPS. b. The conversion ratio: 1 equity share of face value of ₹10 each of CGDPL to be issued on conversion of 1 CCPS.

4. The CCPS do not carry any voting rights.

5. The holders of the CCPS shall not be entitled to participate in any surplus funds of the CGDPLand shall not be entitled to participate in surplus assets and profits in case of winding up of CGDPL.

The CCPS issued by CGDPL shall be transferred to the Knowledge Realty Trust as part of the Initial Portfolio Acquisition Transactions.

4442. Darshita Edifice Private Limited (formerly known as Darshita Edifice LLP) (“DEPL”) DEPL was originally incorporated as ‘Darshita Edifice LLP’ on December 7, 2016, under the Limited Liability Partnership Act, 2008. It was subsequently converted to a private limited company and incorporated as ‘Darshita Edifice Private Limited’ under the Companies Act, 2013, pursuant to a fresh certificate of incorporation dated November 14, 2024. Its registered office is situated at Salarpuria Windsor, 4th Floor, Windsor #3, Ulsoor Road, Sivan Shetty Gardens, Bengaluru 560 042, Karnataka, India.

Sattva Magnificia I is owned by DEPL.

Capital Structure of DEPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized share capital 1,000,000 Issued, subscribed and paid-up capital 200,000

Equity shareholding pattern of DEPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) Darshita Hi-rise Private Limited 10,000 50.00 Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) 8,000 40.00 Neelanchal Properties LLP 2,000 10.00 Total 20,000 100.00

3. Darshita Housing Private Limited (“DHPL”) DHPL was incorporated on November 2, 2007, under the Companies Act, 1956 as a private limited company. Its registered office is situated at Salarpuria Windsor, 4th Floor, No. 3, Ulsoor Main Road, Ulsoor, Bengaluru 560 001, Karnataka, India.

Sattva Endeavour is owned by DHPL.

Capital Structure of DHPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value ₹10 each) Authorized capital 20,500,000 Issued, subscribed and paid-up capital 20,000,000 445Equity shareholding pattern of DHPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) Sattva Sponsor 900,000 45.00 Neelanchal Properties LLP 400,000 20.00 Sattva Real Estate Private Limited 300,000 15.00 Darshita Landed Property LLP 200,000 10.00 Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) 200,000 10.00 Total 2,000,000 100.00

4. Darshita Infrastructure Private Limited (“DIPL”) DIPL was incorporated on December 20, 2007, under the Companies Act, 1956, as a private limited company. Its registered office is situated at 5, Chittaranjan Avenue, 1st Floor, Kolkata 700 072, West Bengal, India.

Sattva Knowledge Capital is partly owned by DIPLand is partly owned by SKCPL. For details in relation to SKCPL, please refer to the section “—SPVs—Sattva Knowledge Centre Private Limited” on page 454.

Capital Structure of DIPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 2,000,000 Issued, subscribed and paid-up capital 600,000

Equity shareholding pattern of DIPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) BREP Asia SG DRPL Holding (NQ) Pte. Ltd. 29,912 49.85 Sattva Sponsor 15,000 25.00 Darshita Landed Property LLP 9,000 15.00 Neelanchal Properties LLP 6,000 10.00 BREP Asia SBS DRPL Holding (NQ) Ltd. 56 0.09 BREP VIII SBS DRPL Holding (NQ) Ltd. 32 0.06 Total 60,000 100.00

4465. Devbhumi Realtors Private Limited (“DRPL”) DRPLwasincorporatedonJanuary9,2007,undertheCompaniesAct,1956,asaprivatelimitedcompany.

Its registered office is situated at 7, ChittaranjanAvenue 3rd Floor, Kolkata 700 072, West Bengal, India.

All of the towers of Sattva Knowledge City are presently owned by DRPL.

Pursuant to the resolution dated July 3, 2025, adopted by the board of directors of DRPL, the scheme of arrangement between Devbhumi Realtors Private Limited and Octave Viventi Developers Private Limited and Devbhumi Urban Spaces Private Limited and Orwell Horizon Properties Private Limited and Bhumi Axis Infrastructures Private Limited and their respective shareholders and creditors has been withdrawn.

Further,itisproposedthat(i)SattvaKnowledgeCity—3(BlockD),(ii)SattvaKnowledgeCity—2(Block B) and Sattva Knowledge City—2 (Block C); (iii) Sattva Knowledge City—1 (Block A); (iv) Sattva Knowledge City—5 (Block E-1), shall be demerged into separate entities which will be acquired by the REIT; and (v) DRPL shall retain Sattva Knowledge City—4 (Block E-2) (the “DRPL Scheme of Arrangement”). The DRPL Scheme of Arrangement shall be subject to approval from the Board of the Manager and Unitholders approval required as per the SEBI REIT Regulations. The DRPL Scheme of Arrangement shall be in compliance with all applicable provisions of the SEBI REIT Regulations and circularsissuedthereunderandtheManagershalltakeallstepsandactionstoensurecompliancewithsuch requirements and conditions. It is proposed that the DRPL Scheme of Arrangement shall be filed post listing.

Capital Structure of DRPL as on the date of this Offer Document:

Particulars Amount in ₹ Authorized capital 195,000,000 class A equity shares of face value ₹10 each 1,950,000,000 195,000,000 class B equity shares of face value ₹10 each 1,950,000,000 203,731,520 class C equity shares of face value ₹10 each 2,037,315,200 Total 5,937,315,200 Issued, subscribed and paid-up capital 42,759,840 class A equity shares of face value ₹10 each 427,598,400 22,690,952 class B equity shares of face value ₹10 each 226,909,520 30,000,000 class C equity shares of face value ₹10 each 300,000,000 Total 954,507,920

Equity shareholding pattern of DRPL as on the date of this Offer Document:

Equitysharesoffacevalueof₹10each No.ofequity Shareholding No.ofequity Shareholding No.ofequity Shareholding Totalno.of shares— percentage shares— percentage shares— percentage equityshares Shareholder ClassA (%) ClassB (%) ClassC (%) of₹10each BREPAsia SG DRPL Holding (NQ) Pte Ltd 21,322,878 49.87 11,315,206 49.87 14,959,980 49.87 47,598,064 Sattva Sponsor 10,689,960 25.00 5,672,738 25.00 7,500,000 25.00 23,862,698 Sattva Real Estate Private Limited 4,275,984 10.00 2,269,095 10.00 3,000,000 10.00 9,545,079 Darshita Landed Property LLP 3,420,787 8.00 1,815,276 8.00 2,400,000 8.00 7,636,063 Neelanchal Properties LLP 2,993,189 7.00 1,588,367 7.00 2,100,000 7.00 6,681,556 BREPAsia SBS DRPL Holding (NQ) Ltd 40,365 0.09 21,421 0.09 28,320 0.09 90,106 BREP VIII SBS DRPL Holding (NQ) Ltd 16,677 0.04 8,849 0.04 11,700 0.04 37,226 Total 42,759,840 100.00 22,690,952 100.00 30,000,000 100.00 95,450,792

4476. Exora Business Park Private Limited (“EBPPL”) EBPPLwasoriginallyincorporatedas‘PlutoCessnaBusinessParksPrivateLimited’onOctober22,2020, undertheCompaniesAct,2013,asaprivatelimitedcompany.Subsequently,thenameofthecompanywas changed to ‘Exora Business Park Private Limited’ pursuant to a fresh certificate of incorporation dated December11,2023.ItsregisteredofficeissituatedatGroundFloor,ElectraAWing,ExoraBusinessPark, Kadubeesanahalli, Bengaluru 560 103, Karnataka, India.

Exora Business Park is owned by EBPPL.

Capital Structure of EBPPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 20,000,000 Issued, subscribed and paid-up capital 5,044,810

Equity shareholding pattern of EBPPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) BREP Asia II Indian Holding Co VII (NQ) Pte Ltd 504,480 99.99 BREP Asia II Indian Holding Co III (NQ) Pte Ltd* 1 Negligible Total 504,481 100.00 * AsanomineeofBREPAsiaIIIndianHoldingCoVII(NQ)Pte.Ltd.

7. Kosmo One Business Park Private Limited (“KOBPPL”) KOBPPLwas originally incorporated as ‘Indiabulls Infrastructure Limited’on November 21, 2005, under the Companies Act, 1956, as a public limited company. The company was converted to a private limited company and its name was changed to Indiabulls Infrastructure Private Limited’ pursuant to a fresh certificate of incorporation dated September 27, 2013. The company was converted to a public company and its name was changed to ‘Indiabulls Infrastructure Limited’ pursuant to a fresh certificate of incorporation dated February 17, 2017. The name of the company was changed to ‘Kosmo One Business Park Limited’ pursuant to a fresh certificate of incorporation dated July 7, 2020. Subsequently, the company was converted to a private company and its name was changed to ‘Kosmo One Business Park Private Limited’ pursuant to a fresh certificate of incorporation dated January 28, 2022. Its registered office is situated at Plot No. 14, 3rd Main Road,Ambattur Industrial Estate,Ambattur, Chennai 600 058, Tamil Nadu, India.

Kosmo One is owned by KOBPPL.

Capital Structure of KOBPPL as on the date of this Offer Document:

Particulars Amount in ₹ Authorized share capital 17,550,000 equity shares of face value of ₹5.70 each 100,035,000 34,000,000 preference shares of face value of ₹10 each 340,000,000 Total 440,035,000 448Particulars Amount in ₹ Issued, subscribed and paid-up share capital 8,694,421 equity shares of face value of ₹5.70 each 49,558,199.70* * Thishasbeenroundedoffto49,558,200ontheMCAdatabase.

Equity shareholding pattern of KOBPPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹5.70 each (%) BREP Asia SG L&T Holding III (NQ) Pte. Ltd. 8,598,108 98.89 BREP Asia II SBS Chennai Holding (NQ) Ltd. 81,964 0.94 BREP VIII SBS Chennai Holding (NQ) Ltd. 14,349 0.17 Total 8,694,421 100.00

8. NABS Data Zone Private Limited (“NDPL”) NDPL was originally incorporated on May 4, 2022, as ‘Shirasa Heights Private Limited’ under the CompaniesAct, 2013, as a private limited company. Subsequently, the name of the company was changed to ‘NABS Data Zone Private Limited’pursuant to a fresh certificate of incorporation dated September 13,

2022. Its registered address is situated at 4th floor Salarpuria Windsor No. 3, Ulsoor Road, Bengaluru 560 042, Karnataka, India.

Karnataka Solar—II is owned by NDPL.

Capital structure of NDPL as on the date of this Offer Document Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 1,000,000 Issued, subscribed and paid-up capital 100,000

Equity shareholding pattern of NDPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) 5,400 54.00 Mindcomp Constructions LLP 2,000 20.00 SHPL 1,800 18.00 JRPL 800 8.00 Total 10,000 100.00

9. One BKC Solar Energy Private Limited (“OBSEPL”) OBSEPL was incorporated on September 2, 2024, under the Companies Act, 2013 as a private limited company. Its registered address is situated at ONE BKC Plot No. C-66, G Block, BKC, Bandra (East), Mumbai 400 051, Maharashtra, India.

449One BKC Solar is owned by OBSEPL.

Capital structure of OBSEPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 50,000,000 Issued, subscribed and paid-up capital 30,000,000

Equity shareholding pattern of OBSEPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) OBRPL 2,999,999 99.99 Quaiser Parvez* 1 Negligible Total 3,000,000 100.00 * AsanomineeofOBRPL

10. One International Center Private Limited (“OICPL”) OICPLwasoriginallyincorporatedas‘IndiabullsRealEstateCompanyPrivateLimited’onMay10,2005, undertheCompaniesAct,1956,asaprivatelimitedcompany.Subsequently,thenameofthecompanywas changedto‘OneInternationalCenterPrivateLimited’pursuanttoacertificateofincorporationdatedJune 24, 2020. Its registered office is situated at One International Center, Tower 1, Plot no. 612-613, Senapati Bapat Marg, Elphinstone Road, Delisle Road, Mumbai 400 013, Maharashtra, India.

One International Center and One Unity Center are owned by OICPL.

Capital Structure of OICPL as on the date of this Offer Document:

Particulars Amount in ₹ Authorized share capital 4,200,000 equity shares of face value of INR 9.60 each 40,320,000 59,000,000 preference shares of face value of ₹10 each 590,000,000 Total 630,320,000 Issued, subscribed and paid-up share capital 3,833,958 equity shares of face value of ₹9.60 each 36,805,996.80* * TheNCLT,Mumbai,bywayofanorderdatedFebruary12,2025,approvedthereductioninthepaid-upsharecapitalofOICPL,pursuanttowhichtheissued,subscribed andpaid-upcapitalpostreductionofcapitaloftheOICPLwasreducedfrom₹38,339,580to₹36,805,996.80.WhileOICPLhasmadetherequisiteintimationswiththe registrarofcompaniesofOICPL,theformfilingstobesubmittedinthisregarddidnotprovidefortheinclusionofanynumericalvaluewithdecimalplaces.Asaresult, thisfigurehasbeenroundedupto₹36,805,997intheintimationmadewiththeregistrarofcompaniesofOICPL.

450Equity shareholding pattern of OICPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹9.60 each* (%) Blackstone Sponsor 3,791,550 98.89 BREP Asia SBS L&T Holding (NQ) Ltd. 36,101 0.94 BREP VIII SBS L&T Holding (NQ) Ltd. 6,307 0.17 Total 3,833,958* 100.00 * TheNCLT,Mumbai,bywayofanorderdatedFebruary12,2025,approvedthereductioninthepaid-upsharecapitalofOICPL,pursuanttowhichtheissued,subscribed andpaid-upcapitalpostreductionofcapitaloftheOICPLwasreducedfrom₹38,339,580to₹36,805,996.80.WhileOICPLhasmadetherequisiteintimationswiththe registrarofcompaniesofOICPL,theformfilingstobesubmittedinthisregarddidnotprovidefortheinclusionofanynumericalvaluewithdecimalplaces.Asaresult, thisfigurehasbeenroundedupto₹36,805,997intheintimationmadewiththeregistrarofcompaniesofOICPL.

11. One Qube Realtors Private Limited (“OQRPL”)* * OneQubeissubjecttoordersinrelationtotheInterventionApplicationfiledbeforetheHighCourtofJudicatureatDelhiin2024.PursuanttoRegulation11(4)ofthe SEBIREITRegulations,theSponsorsundertaketotakeallnecessarystepsandactionsasmayberequiredvis-à-vistheInterventionApplicationtoensurethevalidity oftheOQRPLSAAtobeconsummatedaspartoftheInitialPortfolioAcquisitionTransactions.Forfurtherdetails,see“LegalandOtherInformation”onpage703.

OQRPL was originally incorporated as ‘Ashkit Properties Limited’ on January 14, 2008, under the CompaniesAct,1956,asapubliccompany.Thenameofthecompanywaschangedto‘OneQubeRealtors Limited’pursuant to a fresh certificate of incorporation dated March 4, 2020. Subsequently, the company was converted to a private limited company and its name was changed to One Qube Realtors Private Limited’ pursuant to a fresh certificate of incorporation dated March 22, 2022. Its registered office is situatedatPlotNo.422-B,UdyogVihar,PhaseIV,VillageDundahera,Gurugram122001,Haryana,India.

One Qube is owned by OQRPL.

Capital Structure of OQRPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 2,000,000 Issued, subscribed and paid-up capital 1,352,060

Equity shareholding pattern of OQRPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) Blackstone Sponsor 133,708 98.89 BREP Asia SBS L&T Holding (NQ) Ltd. 1,275 0.94 BREP VIII SBS L&T Holding (NQ) Ltd. 223 0.17 Total 135,206 100.00

12. One World Center Private Limited (“OWCPL”) OWCPL was originally incorporated as ‘BXIN Office Parks India Private Limited’on October 28, 2019, undertheCompaniesAct,2013,asaprivatelimitedcompany.Subsequently,thenameofthecompanywas changed to ‘One World Center Private Limited’ pursuant to a fresh certificate of incorporation dated September 20, 2022. Its registered office is situated at Plot No. 422-B, Udyog Vihar, Phase IV, Village Dundahera, Gurugram 122 001, Haryana, India.

451One World Center is owned by OWCPL.

Capital Structure of OWCPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 15,000,000 Issued, subscribed and paid-up capital 4,361,360

Equity shareholding pattern of OWCPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%)* BREP Asia SG L&T Holding (NQ) Pte Ltd 431,308 98.89 BREP Asia SBS L&T Holding (NQ) Ltd 4,110 0.94 BREP VIII SBS L&T Holding (NQ) Ltd 718 0.17 Total 436,136 100.00

13. Pluto Atriza Business Parks Private Limited (“PABPPL”) PABPPL was incorporated on February 10, 2021, under the Companies Act, 2013, as a private limited company. Its registered office is situated at Fintech, Block-53, Road 5D and 52, Zone 5, GIFT City, Gandhinagar 382 355, Gujarat, India.

Fintech One is owned by PABPPL.

Capital Structure of PABPPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorised capital 1,000,000,000* Issued, subscribed and paid-up capital 740,292,960 * PABPPLhasfiledaschemedatedDecember13,2024,beforetheNCLT,Ahmedabadforreductionofcapitalresultinginthereductionofthesecuritiespremiumby ₹393,559,566whichwillbeutilisedtooff-settheentireaccumulatedlossesofPABPPL.PursuanttothereductionofsharecapitalofPABPPL,therewillnotbeany reductionintheauthorised,issued,subscribedandpaid-upcapitalofPABPPL.Hence,therewillnotbeanychangeinshareholdinginPABPPL.Thefinalorderofthe NCLT,Ahmedabadapprovingtheschemeisawaited.

Equity shareholding pattern of PABPPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) BREP Asia II Indian Holding Co. VII (NQ) Pte. Ltd. 74,029,295 99.99 BREP Asia II Indian Holding Co. III (NQ) Pte. Ltd.* 1 Negligible Total 74,029,296 100.00 * AsanomineeofBREPAsiaIIIndianHoldingCo.VII(NQ)Pte.Ltd.

45214. Pluto Business Parks Private Limited (“PBPPL”) PBPPL was incorporated on October 22, 2020, under the Companies Act, 2013 as a private limited company. Its registered office is situated at Prestige Trade Tower, Municipal No. 46 Palace Road Municipal Ward No. 77, Bengaluru 560 001, Karnataka, India.

One Trade Tower is owned by PBPPL.

Capital Structure of PBPPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorised capital 350,000,000 Issued, subscribed and paid-up capital 339,667,450

Equity shareholding pattern of PBPPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) BREP Asia II Indian Holding Co VII (NQ) Pte Ltd. 33,966,744 99.99 BREP Asia II Indian Holding Co III (NQ) Pte Ltd.* 1 Negligible Total 33,966,745 100.00 * AsanomineeofBREPAsiaIIIndianHoldingCoVII(NQ)PteLtd.

15. Prima Bay Solar Energy Private Limited (“PBSEPL”) PBSEPL was incorporated on August 31, 2024, under the Companies Act, 2013 as a private limited company. Its registered address is situated at CTS No. 117A/1D, Gate No. 5, Saki Vihar Road, Powai, Mumbai 400 072, Maharashtra, India.

Prima Bay Solar is owned by PBSEPL.

Capital structure of PBSEPL as on the date of this Offer Document Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 50,000,000 Issued, subscribed and paid-up capital 30,000,000

Equity shareholding pattern of PBSEPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) PBPL* 2,999,999 99.99 Quaiser Parvez** 1 Negligible Total 3,000,000 100.00 * Throughitsauthorizedrepresentative,SumitBhartia ** AsanomineeofPBPL

45316. Sattva Knowledge Centre Private Limited (formerly known as Jaganmayi Realtors Private Limited) (“SKCPL”) SKCPL was originally incorporated as ‘Jaganmayi Skyscape Private Limited’on June 2, 2021, under the CompaniesAct, 2013 as a private limited company. The name of the company as changed to ‘Jaganmayi Realtors Private Limited’ pursuant to a fresh certificate of incorporation dated October 28, 2021.

Subsequently, the name of the company was changed to ‘Sattva Knowledge Centre Private Limited’ pursuant to a fresh certificate of incorporation dated July 4, 2024. Its registered office is situated at Salarpuria Windsor, 4th Floor No. 3, Ulsoor Road, Bengaluru 560 042, Karnataka, India.

Sattva Knowledge Capital is partly owned by SKCPLand is partly owned by DIPL. For details in relation to DIPL, please refer to the section “—SPVs—Darshita Infrastructure Private Limited” on page 446.

Capital Structure of SKCPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 1,000,000 Issued, subscribed and paid-up capital 100,000

Equity shareholding pattern of SKCPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) 8,000 80 Mindcomp Constructions LLP 1,433 14.33 Pradyumna Kumar Mishra 130 1.30 Ravish Agarwal 81 0.81 Ashwin Sancheti 49 0.49 Vithal Vyas 41 0.41 Amit Agarwal 32 0.32 Pavan Kumar Agrawal 19 0.19 Amit Bagla 16 0.16 Sumanta Kumar Basu 24 0.24 Bhat Mahabaleshwar G 13 0.13 Rita Agarwal 162 1.62 Total 10,000 100.00%

17. Shirasa Regency Park Private Limited (“SRPPL”) SRPPL was incorporated on May 4, 2022, under the Companies Act, 2013 as a private limited company.

Its registered office is situated at 4th floor Salarpuria Windsor, No. 3, Ulsoor Road, Bengaluru 560 042, Karnataka, India.

Karnataka Solar—I is owned by SRPPL.

454Capital Structure of SRPPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 912,500,000 Issued, subscribed and paid-up capital 210,344,830

Equity shareholding pattern of SRPPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) 7,625,000 36.25 Sattva Sponsor 4,575,000 21.75 Mindcomp Constructions LLP 3,050,000 14.50 GVTPL 1,682,758 8.00 DHRPL 1,156,897 5.50 STPL 1,051,724 5.00 QITPL 1,051,724 5.00 SGNPL 315,517 1.50 HRPL 210,345 1.00 SDPL 157,759 0.75 DBRPL 157,759 0.75 Total 21,034,483 100.00

18. Worldwide Realcon Private Limited (“WRPL”) WRPLwasincorporatedonAugust2,2011,undertheCompaniesAct,1956,asaprivatelimitedcompany.

Its registered office is situated at Salarpuria Windsor, 4th Floor, No. 3, Ulsoor Road, Bengaluru 560 042, Karnataka, India.

Sattva Knowledge Park is owned by WRPL.

Capital Structure of WRPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 1,000,000* Issued, subscribed and paid-up capital* 200,000 * WRPLhasfiledaschemedatedDecember13,2024,beforetheNCLT,Bengaluruforreductionofcapitalresultinginthereductionofthesecuritiespremiumby ₹1,972,501,660whichwillbeutilizedtooff-settheentireaccumulatedlossesofWRPL.PursuanttothereductionofsharecapitalofWRPL,therewillnotbeanyreduction intheauthorized,issued,subscribedandpaid-upcapitalofWRPL.Hence,therewillnotbeanychangeintheshareholdinginWRPL.Theschemeisyettobeapproved bytheNCLT,Bengaluru.Thematterhasbeenreservedforfinalorder.

455Equity shareholding pattern of WRPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) BREP Asia SG DRPL Holding (NQ) Pte. Ltd. 9,969 49.85 Sattva Sponsor 5,000 25.00 Sattva Real Estate Private Limited 2,000 10.00 Neelanchal Properties LLP 2,000 10.00 Darshita Landed Property LLP 1,000 5.00 BREP Asia SBS DRPL Holding (NQ) Ltd. 19 0.10* BREP VIII SBS DRPL Holding (NQ) Ltd. 12 0.06 Total 20,000 100.00 * Figureroundedup.

Investment Entities

1. BSP Office Management Services Private Limited (“BSPOMSPL”) BSPOMSPL was incorporated on January 5, 2023, under the Companies Act, 2013 as a private limited company.ItsregisteredofficeissituatedatOneInternationalCenter,Tower-1,PlotNo.612-613,Senapati Bapat Marg, Elphinstone Road, Delisle Road, Mumbai 400 013, Maharashtra, India.

BSPOMSPLprovides common area maintenance services to certain of theAsset SPVs in compliance with the conditions set out under Regulation 18(5)(db) of the SEBI REIT Regulations. For further details, please refer to the section titled “Management Framework” on page 412.

Capital Structure of BSPOMSPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 1,000,000 Issued, subscribed and paid-up capital 100,000

Equity shareholding pattern of BSPOMSPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) BREP Asia SG L&T Holding III (NQ) Pte. Ltd. 9,888 98.88 BREP Asia II SBS Chennai Holding (NQ) Ltd. 95 0.95 BREP VIII SBS Chennai Holding (NQ) Ltd. 17 0.17 Total 10,000 100.00

4562. Pluto Solista Business Parks Private Limited (“PSBPPL”) PSBPPL was incorporated on November 27, 2020, under the Companies Act, 2013 as a private limited company. Its registered office is situated at Ground floor, Electra A Wing, Exora Business Park, Kadubeesanahali, Bellandur, Bengaluru South, Bengaluru 560 103, Karnataka, India.

PSBPPLprovides common area maintenance services to certain of theAsset SPVs in compliance with the conditions set out under Regulation 18(5)(db) of the SEBI REIT Regulations. For further details, please refer to the section titled “Management Framework” on page 412.

Capital Structure of PSBPPL as on the date of this Offer Document:

Amount in ₹(equity shares of face value of Particulars ₹10 each) Authorized capital 1,000,000 Issued, subscribed and paid-up capital 100,000

Equity shareholding pattern of PSBPPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) BREP Asia II Indian Holding Co VII (NQ) Pte. Ltd. 9,999 99.99 BREP Asia II Indian Holding Co III (NQ) Pte. Ltd. 1 0.01 Total 10,000 100.00 * AsanomineeofBREPAsiaIIIndianHoldingCoVII(NQ)Pte.Ltd.

3. Sattva Infra Management Private Limited (“SIMPL”) SIMPL was originally incorporated as ‘Mindcomp Buildpro Private Limited’on May 15, 2019 under the CompaniesAct, 2013, as a private limited company. Subsequently, its name was changed to ‘Sattva Infra Management Private Limited’ pursuant to a fresh certificate of incorporation dated April 22, 2020. Its registered office is situated at Salarpuria Windsor, 4th Floor, No. 3, Ulsoor Road, Bengaluru 560 042, Karnataka, India.

SIMPL provides common area maintenance services to certain of theAsset SPVs in compliance with the conditions set out under Regulation 18(5)(db) of the SEBI REIT Regulations. For further details, please refer to the section entitled “Management Framework” on page 412.

457Capital Structure of SIMPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized share capital 1,000,000 Issued, subscribed and paid-up share capital 100,000

Equity shareholding pattern of SIMPL as on the date of this Offer Document:

No. of equity shares of Shareholding Percentage Shareholder face value of ₹10 each (%) Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) 1,920 19.20 Sattva Sponsor 960 9.60 Sattva Real Estate Private Limited 960 9.60 Darshita Landed Property LLP 955 9.55 NABS Vriddhii LLP (formerly known as Neelanchal Edifice LLP) 955 9.55 Neelanchal Mansion Clump LLP 950 9.50 Neelanchal Investments (represented by Neelanchal Mansion Clump LLP, partner of Neelanchal Investments) 950 9.50 Gaurav Commodeal Private Limited 950 9.50 Neelanchal Properties LLP 800 8.00 Sattva Lifestyle Homes LLP 600 6.00 Total 10,000 100.00

4. Sattva Properties Management Private Limited (“SPMPL”) SPMPLwasoriginallyincorporatedas‘MindcompResidencePrivateLimited’onMay15,2019,underthe Companies Act, 2013, as a private limited company. Subsequently, its name was changed to ‘Sattva PropertiesManagementPrivateLimited’pursuanttoafreshincorporationcertificatedatedApril22,2020.

Its registered office is situated at Salarpuria Windsor, 4th Floor, No.3, Ulsoor Road, Bengaluru 560 042, Karnataka, India.

SPMPLprovides common area maintenance services to certain of theAsset SPVs in compliance with the conditions set out under Regulation 18(5)(db) of the SEBI REIT Regulations. For further details, please refer to the section titled “Management Framework” on page 412.

458Capital Structure of SPMPL as on the date of this Offer Document:

Amount in ₹(comprising of equity shares of face Particulars value of ₹10 each) Authorized capital 1,000,000 Issued, subscribed and paid-up capital 100,000

Equity shareholding pattern of SPMPL as on the date of this Offer Document:

Initial Portfolio Acquisition Transactions Agreements The consummation of the transactions contemplated under each of the Initial Portfolio Acquisition TransactionsAgreementswillbeundertakenimmediatelyaftertheBid/IssueClosingDateandpriortothe Allotment of Units pursuant to the Issue. As on the date of this Offer Document, the Initial Portfolio Acquisition Transactions Agreements have been executed. For details in relation to the Initial Portfolio Acquisition Transactions, please see “Risk Factors—The Initial Portfolio Acquisition Transactions will only be given effect to after the Bid/Issue Closing Date. Further, we will assume existing liabilities in relation to our Portfolio, which liabilities if realized may impact the trading price of the Units and our profitability and ability to make distributions” on page 30.

Further, with respect to One Qube, pursuant to Regulation 11(4) of the SEBI REIT Regulations, the Sponsors undertake and agree to cause any inducted sponsor succeeding any of them to undertake, to take all necessary steps and actions as may be required vis-à-vis the Intervention Application to ensure the validity of the OQRPL SAA to be consummated as part of the Initial Portfolio Acquisition Transactions.

It has been decided inter-se the Sponsors that the Blackstone Sponsor shall be responsible in this regard.

459The following is a summary of the Initial Portfolio Acquisition Transactions Agreements:

Initial Portfolio Acquisition Transaction Sr. No. Agreement Initial PortfolioAcquisitionTransaction Portfolio Agreements with Blackstone Sponsor Group

1. BSPOMSPL SAA Transfer of shareholding of BREP Asia SG — L&T Holding III (NQ) Pte. Ltd., BREPAsia II SBS Chennai Holding (NQ) Ltd. and BREPVIII SBS Chennai Holding (NQ) Ltd. in BSPOMSPL to the Knowledge Realty Trust

2. CGDPL SAA—I Transfer of shareholding of BREP Asia II Cessna Business Park Indian Holding Co VII (NQ) Pte Ltd. in CGDPL to the Knowledge Realty Trust

3. DIPL SAA—I Transfer of shareholding of BREP Asia SG Sattva Knowledge Capital DRPL Holding (NQ) Pte. Ltd., BREP Asia SBS DRPL Holding (NQ) Ltd., and BREP VIII SBS DRPL Holding (NQ) Ltd. in DIPL to the Knowledge Realty Trust

4. DRPL SAA—I Transfer of shareholding of BREP Asia SG Sattva Knowledge City DRPL Holding (NQ) Pte Ltd, BREP Asia SBS DRPL Holding (NQ) Ltd and BREP VIII SBS DRPL Holding (NQ) Ltd in DRPL to the Knowledge Realty Trust

5. EBPPL SAA Transfer of shareholding of BREP Asia II Exora Business Park Indian Holding Co VII (NQ) Pte Ltd and nominee shareholders, if any, in EBPPL to the Knowledge Realty Trust

6. GVTPL SAA—I Transfer of shareholding of BREP Asia II Sattva Global City Indian Holding CO VIII (NQ) Pte. Ltd, BREP Asia II SBS Indian Holding CO VIII

(NQ) Ltd and BREP IX SBS Indian Holding CO VIII (NQ) Ltd in GVTPL to the Knowledge Realty Trust

7. KOBPPL SAA Transfer of shareholding of BREP Asia SG Kosmo One L&T Holding III (NQ) Pte. Ltd., BREPAsia II SBS Chennai Holding (NQ) Ltd. and BREPVIII SBS Chennai Holding (NQ) Ltd. in KOBPPL to the Knowledge Realty Trust

8. OBRPL SAA Transfer of shareholding of BREP Asia II One BKC and One BKC Indian Holding Co. IV (NQ) Pte Ltd., BREP Solar Asia II SBS Indian Holding Co. IV (NQ) Ltd., and BREP VIII SBS Indian Holding Co. IV (NQ) Ltd. in OBRPL to the Knowledge Realty Trust 460Initial Portfolio Acquisition Transaction Sr. No. Agreement Initial PortfolioAcquisitionTransaction Portfolio

9. OICPL SAA Transfer of shareholding of the Blackstone One International Center Sponsor, BREP Asia SBS L&T Holding and One Unity Center

(NQ)Ltd.andBREPVIIISBSL&THolding

(NQ) Ltd. in OICPL to the Knowledge Realty Trust

10. OQRPL SAA Transfer of shareholding of the Blackstone One Qube Sponsor, BREP VIII SBS L&T Holding

(NQ)Ltd.andBREPAsiaSBSL&THolding

(NQ) Ltd. in OQRPL to the Knowledge Realty Trust

11. OWCPL SAA Transfer of shareholding of the Blackstone One World Center Sponsor, BREP Asia SBS L&T Holding

(NQ) Ltd., BREP VIII SBS L&T Holding

(NQ) Ltd. in OWCPL to the Knowledge Realty Trust

12. PABPPL SAA Transfer of shareholding of BREP Asia II Fintech One Indian Holding Co. VII (NQ) Pte. Ltd. and its nominee shareholders, if any, in PABPPL to the Knowledge Realty Trust

13. PBPL SAA Transfer of shareholding of BREP Asia SG Prima Bay and Prima Bay L&T Holding II (NQ) Pte. Ltd., BREP VIII Solar SBS Indian L&T Holding II (NQ) Ltd., BREP Asia SBS Indian L&T Holding II

(NQ) Ltd. in PBPLto the Knowledge Realty Trust

14. PBPPL SAA Transfer of shareholding of BREP Asia II One Trade Tower Indian Holding Co VII (NQ) Pte Ltd. and its nominee shareholders, if any, in PBPPL to the Knowledge Realty Trust

15. PSBPPL SAA Transfer of shareholding of BREP Asia II — IndianHoldingCoVII(NQ)Pte.Ltd.andits nominee shareholders, if any, in PSBPPL to the Knowledge Realty Trust

16. WRPL SAA—I Transfer of shareholding of BREP Asia SG Sattva Knowledge Park DRPL Holding (NQ) Pte. Ltd., BREP Asia SBS DRPL Holding (NQ) Ltd. and BREP VIII Asia SBS DRPL Holding (NQ) Ltd. in WRPL to the Knowledge Realty Trust 461Initial Portfolio Acquisition Transaction Sr. No. Agreement Initial PortfolioAcquisitionTransaction Portfolio Agreements with Sattva Sponsor Group and other shareholders

17. DBRPL SAA Transfer of shareholding of the Sattva Sattva Eminence Sponsor, Apurva Salarpuria, Archana Salarpuria in DBRPL to the Knowledge Realty Trust

18. DEPL SAA Transfer of shareholding of Vriddhii Family Sattva Magnificia I Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) and Neelanchal Properties LLP in DEPL to the Knowledge Realty Trust

19. DHPL SAA Transfer of shareholding of Vriddhii Family Sattva Endeavour Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), Sattva Sponsor, Sattva Real Estate Private Limited, Darshita Landed Property LLP and Neelanchal Properties LLP in DHPL to the Knowledge Realty Trust

20. DHRPL SAA Transfer of shareholding of Vriddhii Family Sattva Knowledge Court Trust (represented by its trustees Bijay and Sattva Magnificia I Kumar Agarwal and Niru Agarwal), Sattva Real Estate Private Limited, Neelanchal Properties LLP and Sattva Sponsor in DHRPL to the Knowledge Realty Trust

21. DIPL SAA—II Transfer of shareholding of Sattva Sponsor, Sattva Knowledge Capital Darshita Landed Property LLP and Neelanchal Properties LLP in DIPL to the Knowledge Realty Trust

22. DRPL SAA—II Transfer of shareholding of Sattva Sponsor, Sattva Knowledge City Sattva Real Estate Private Limited, Darshita Landed Property LLP and Neelanchal Properties LLP in DRPL to the Knowledge Realty Trust

23. GVTPL SAA—II Transfer of shareholding of Sattva Sponsor Sattva Global City and Neelanchal Properties LLPin GVTPLto the Knowledge Realty Trust

24. HRPL SAA Transfer of shareholding of Sattva Sponsor, Sattva Cosmo Lavelle Archana Salarpuria, Apurva Salarpuria, Neetneel India Private Limited, Mukta Commercials Private Limited, Rakesh Salarpuria HUF, Jaigania Commercials Private Limited, Devina Salarpuria, Belfast Holdings Private Limited and Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), in HRPL to the Knowledge Realty Trust 462Initial Portfolio Acquisition Transaction Sr. No. Agreement Initial PortfolioAcquisitionTransaction Portfolio

25. JRPL SAA Transfer of shareholding of Vriddhii Family Sattva South Avenue Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), Sattva Sponsor, Sattva Real Estate Private Limited, Darshita Landed Property LLP, Neelanchal Properties LLP, Piyush Agarwal, Sanjay Kumar Agarwal, Siddharth Jain, Karthik B V, Mukesh Khaitan, Jagannath Subbarao, Shrikant Khaitan, Rajiv Agarwal, Swapnil Chandrakant Patel, Karishmah Siingh,Vivek Hangal, Sunil Kumar Mishra, Surendra Kumar Bajaj, Kavindra Kumar Mishra,Amit Bajoria and Lalit Kumar Bohania in JRPLto the Knowledge Realty Trust

26. NDPL SAA Transfer of shareholding of Vriddhii Family Karnataka Solar—II Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) and Mindcomp Constructions LLP in NDPL to the Knowledge Realty Trust

27. QITPL SAA Transfer of shareholding of Vriddhii Family Sattva Infozone Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), Sattva Sponsor, Devina Salarpuria, Apurva Salarpuria, Archana Salarpuria, Rakesh Salarpuria HUF, Vidhika Avyaan Salarpuria Trust (represented by its trustee, Apurva Salarpuria) in QITPL to the Knowledge Realty Trust

28. SDPL SAA Transfer of shareholding of Archana Sattva Premia Salarpuria, Rakesh Salarpuria HUF jointly with Vinita Salarpuria (Partner of Vaishali Finance Corporation), Vinita Salarpuria, Apurva Salarpuria, Right Aid Associates Private Limited, Merlin Industrial Development Limited, Ramir Commercial Private Limited, Shivgauri Jewellers Private Limited,theSattvaSponsor,VriddhiiFamily Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) and Devina Salarpuria in SDPL to the Knowledge Realty Trust

29. SGNPL SAA Transfer of shareholding of Archana Sattva Techpoint Salarpuria, Apurva Salarpuria, Sattva Sponsor, Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), Devina Salarpuria, Rakesh SalarpuriaHUFinSGNPLtotheKnowledge Realty Trust 463Initial Portfolio Acquisition Transaction Sr. No. Agreement Initial PortfolioAcquisitionTransaction Portfolio

30. SHPL SAA Transfer of shareholding of Sattva Sponsor, Sattva Horizon Sattva Real Estate Private Limited, Darshita Landed Property LLP, Neelanchal Properties LLP, Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) in SHPL to the Knowledge Realty Trust

31. SIMPL SAA Transfer of shareholding of Vriddhii Family — Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), Sattva Sponsor, Sattva Real Estate Private Limited, Darshita Landed Property LLP, NABS Vriddhii LLP, Neelanchal Properties LLP, NeelanchalMansionClumpLLP,Neelanchal Investments, Gaurav Commodeal Private Limited, Sattva Lifestyle Homes LLP, in SIMPL to the Knowledge Realty Trust

32. SKCPL SAA Transfer of shareholding of Vriddhii Family Sattva Knowledge Capital Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), Pradyumna Kumar Mishra, Ravish Agarwal, Ashwin Sancheti, Vithal Vyas, Amit Agarwal, Pavan Kumar Agrawal, Amit Bagla, Sumanta Kumar Basu, Bhat Mahabaleshwar G, Rita Agarwal and Mindcomp Constructions LLP, in SKCPL to the Knowledge Realty Trust

33. SPMPL SAA Transfer of shareholding of Vriddhii Family — Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), Sattva Sponsor, Sattva Real Estate Private Limited, Darshita Landed Property LLP, NABS Vriddhii LLP, Neelanchal Properties LLP, NeelanchalMansionClumpLLP,Neelanchal Investments, Gaurav Commodeal Private Limited, Sattva Lifestyle Homes LLP in SPMPL to the Knowledge Realty Trust

34. SRPPL SAA Transfer of shareholding of Vriddhii Family Karnataka Solar—I Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), MindcompConstructionsLLPandtheSattva Sponsor in SRPPL to the Knowledge Realty Trust 464Initial Portfolio Acquisition Transaction Sr. No. Agreement Initial PortfolioAcquisitionTransaction Portfolio

35. STPL SAA Transfer of shareholding of Rudranath Sattva Softzone, Sattva Realtors Private Limited, Kalpeshwar Touchstone, Sattva Realtors Private Limited, Tunganath Magnificia II, Sattva Realtors Private Limited, Archana Supreme, Sattva Spectrum Salarpuria, Apurva Salarpuria, Mukta Commercial Private Limited, Neetneel India Private Limited, Devina Salarpuria, Apurva Salarpuria HUF, Rakesh Salarpuria HUF, Jaigania Commercials Private Limited, J.J.

Stock Trust Private Limited, Ramir Commercial Private Limited, Bluest Goods &ServicesPrivateLimited,MandyaFinance Company Limited, Merlin Industrial Development Limited, Vidhika Avyaan Salarpuria Trust (represented by its trustee Apurva Salarpuria), Baid Finex Services Private Limited, Baid Trade Fina Private Limited, Right Aid Associates Private Limited, Shivgauri Jewellers Private Limited, Vinita Salarpuria, Rakesh Salarpuria HUF jointly with Vinita Salarpuria (Partner of Vaishali Finance Corporation), Canton Properties Private Limited, Belfast Holdings Private Limited, Ganpatrao Dokania HUF, Sattva Sponsor, Bijay KumarAgarwal, NiruAgarwal, Sattva Real Estate Private Limited,Vriddhii Family Trust (represented by its trustees Bijay KumarAgarwalandNiruAgarwal),Darshita Landed Property LLP, Neelanchal Properties LLP and Bijay Kumar Agarwal HUF in STPL to the Knowledge Realty Trust

36. WRPL SAA—II Transfer of shareholding of Sattva Sponsor, Sattva Knowledge Park Sattva Real Estate Private Limited, Neelanchal Properties LLP and Darshita Landed Property LLP in WRPL to the Knowledge Realty Trust Agreements with other parties

37. CGDPL SAA—II Transfer of shareholding of Jawahar Gopal, Cessna Business Park Meera Jawahar, Lav Jawahar, Kush Jawahar, Manohar Gopal, Nehaa Manohar, Dhiren Gopal and Neeta Dhiren in CGDPL to the Knowledge Realty Trust

38. CGDPL SAA—III Transfer of shareholding of SyedAhmed and Cessna Business Park Fareena Parveen in CGDPL to the Knowledge Realty Trust 465Initial Portfolio Acquisition Transaction Sr. No. Agreement Initial PortfolioAcquisitionTransaction Portfolio

39. CGDPL SAA—IV Transfer of shareholding of 360 One Income Cessna Business Park Opportunities Fund Series 4, 360 One Real Assets Advantage Fund, Madhu Silica Private Limited, Subham Buildwell Private Limited, Monica Surana, Gangeet Investments and Reality Private Limited, M/s Vara Future LLP, Virgin Securities and Credits Private Limited, Duro Shox Private Limited, Munjal Mavjibhai Lakhani, Nigam Family Private Trust, Ashit Mahesh Shah, Apurva Mahesh Shah, Mukesh Singh, Nawal Kishore Singh, Shreevar Kheruka, Lyon Investment and Industries Private Limited, Kairos Ventures LLP, Remi Elektrotechnik Limited, SKYS Family Private Trust, Anurang Jain, Rahul Chari, M/s TTJ Family Private Trust, B S Ajaikumar, Bakul Hiralal Shah, Ashish Lodha, Manish Khatri, M/s Bhavani Holdings, Thiruvallur Thattai Raghunathan & Bhanu Raghunathan, K I Varaprasad Reddy & Vasantha Koduru, Karan Bhagat & Shilpa Bhagat, R H Dalmia Family Private Trust (all Sellers except 360 One Income Opportunities Fund Series 4 and 360 One Real Assets Advantage Fund are being represented by their investment manager 360 ONE alternate Assets Management Ltd.) in CGDPL to the Knowledge Realty Trust

40. CGDPL SAA—V Transfer of shareholding of Radhakishan Cessna Business Park Damani, Ramakant Baheti, JM Financial Products Limited, JM Financial and Investment Consultancy Services Private Limited, JM Assets Management Private Limited, SNK Investments Private Limited, Old Fir Advisors India Private Limited, BAMR Properties LLP, Rovo Marketing Private Limited, Kothari Products Limited, BKC Properties Private Limited, Asha Dedhia, Hitesh Shah, Ankit Thakker, Bengani Leasing and Finance Private Limited, B Arunkumar Capital and Credit Services Private Limited, Mrudulaben H Patel, RB Diversified Private Limited, Dalmia Principal Strategies LLP, Shital Apurva Shah, Virgin Securities and Credits Private Limited, Rajendra Kumar Bachhawat, Balki Advisory Services LLP, Nilkamal Crates and Containers, Mihir Parekh in CGDPL to the Knowledge Realty Trust 466Agreements with the Blackstone Sponsor Group Under these agreements, relevant entities forming part of the Blackstone Sponsor Group shall be allotted such number of Units of the Knowledge Realty Trust as required to maintain the agreed unitholding percentage as set out in “Calculations of Unitholding Percentage in Relation to the Initial Portfolio Acquisition Transactions” on page 1144.

The purchase of securities of the Portfolio from entities forming part of the Blackstone Sponsor Group which are shareholders in the Asset SPVs or Investment Entities, as applicable, are subject to certain conditions precedent by the sellers and the Manager (acting on behalf of the Knowledge Realty Trust), including, inter alia,(i)complianceinallmaterialrespectswiththeircovenantsandotherobligationsundertheseagreements;

(ii)therepresentationsandwarrantiesofthepartiestheretoremainingtrueandaccurateinallmaterialaspects as of the execution date and the closing date; (iii) for the sellers, all corporate authorization having been obtained and all corporate actions as may be necessary for the transfer of securities having been undertaken;

(iv) transactions contemplated under these agreements being permissible under applicable law. Further, the Knowledge Realty Trust is required to, have inter alia, adequately addressed any observations/clarifications/ requests for additional information from SEBI in relation to the Draft Offer Document filed in relation to the Issue; and the Knowledge Realty Trust (acting through the Manager and the Trustee) having taken all prior stepsandpreparationsinconnectionwiththeIssueandhavingconfirmedthedateinwritingtothesellers,for the filing of this Offer Document and commencement of the Issue.

The representations and warranties provided by the relevant sellers, severally, both in respect of itself and totherespectiveAssetSPVsorInvestmentEntities,andnotjointly,totheKnowledgeRealtyTrust(acting through the Trustee and the Manager) under these agreements pertain to, inter alia, fundamental matters such as power, authority and enforceability of the agreements, legal and beneficial ownership and title to the securities held by the sellers in the relevantAsset SPVs and Investment Entities being transferred by way of the agreements, voting power with respect to the securities, absence of insolvency or bankruptcy of the seller, execution, delivery and performance of the agreements not conflicting with the charter documents, applicable law, any consent or approval or order to which the seller/relevant Asset SPVs/Investment Entities, as applicable, is a party or by which it is bound and, in each case, is material to the transactions contemplated by these agreements, and absence of any contract to which the seller/Asset SPV/Investment Entity, as applicable, is a party and is material to the transactions contemplated by these agreements, and any private or governmental, action or legal proceedings that may reasonably be expected to restrain, prevent or make illegal the consummation of the transactions contemplated by these agreements, no approval or consent being required from any person in relation to the execution, delivery and performance of the agreements or the consummation of the transactions contemplated thereby. The sellers have also provided several and not joint representations and warranties totheKnowledgeRealtyTrustinrelationtofundamentalmatterspertainingtotheAssetSPVs/Investment Entities as applicable, covering, inter alia, incorporation, shareholding pattern, the relevant Asset SPV/Investment Entity, as applicable, not being insolvent or bankrupt under applicable law. The sellers have also provided several and not joint representations and warranties to the Knowledge Realty Trust (acting through the Manager and the Trustee) in relation to tax matters such as inter alia there being no demands/proceedings against the sellers under the IncomeTaxAct, 1961, which would render the transfer of securities void under the IncomeTaxAct, 1961. Further, the sellers have also agreed to provide several and not joint representations and warranties to the Knowledge Realty Trust in relation to certain business and operational matters pertaining to the Asset SPVs/Investment Entities, as applicable including inter alia, the truth and fairness of the financial statements, in all material respects, no outstanding written noticesofdefaultorbreachesreceivedbytheAssetSPV/InvestmentEntityunderitsfinancingdocuments, clear and marketable ownership or lease of the underlying land on which the Portfolio Asset is located, all securities of the Asset SPV/Investment Entity being in dematerialised form, there being no statutory bar or prohibition to develop or manage the Portfolio and the development of the Portfolio having been undertaken in compliance with applicable laws, there being no outstanding statutory dues with respect to the Portfolio Asset, Asset SPV/Investment Entity being in compliance with applicable laws and absence ofnoticeofviolationofapplicablelaw,absenceofmateriallitigation(whereintheclaimamountisgreater than an agreed amount) against the Asset SPV/Investment Entity, absence of unresolved or outstanding labour disputes, filing of tax returns and absence of any notices in relation to material tax investigation or material tax claim, compliance with applicable anti-corruption laws and anti-money laundering laws etc. Further, in relation to Asset SPVs/Portfolio acquired by the Blackstone Sponsor Group from third parties, representations in relating to the business and operations of such Asset SPVs in relation to 467inter-alia absence of litigation, labour disputes, filing of tax returns, compliance with applicable laws, etc.

are being provided from the date of acquisition of suchAsset SPVs/Portfolio by the relevant sellers/Asset SPVs as applicable.

The representations and warranties set out above are subject to the following indemnity:

(i) Each seller shall indemnify the Knowledge Realty Trust, the Manager, each member of the Sattva Sponsor Group, the Trustee and their respective officers and directors from all losses resulting from anymisrepresentationin,inaccuracyorbreachofanyofthewarrantiesprovidedbythesellersunder these agreements.

(ii) The sellers shall be severally liable for all indemnity claims which are received within 36 months from the date of closing of the agreement for breach of fundamental warranties, provided by the sellers in respect of itself, with the indemnification obligations being limited to 100% of the total value of Units (calculated on the date of closing) allotted to such sellers.

(iii) The sellers shall be severally liable for all indemnity claims which are received within 24 months of the date of closing of the agreement for breach of business and operational warranties and the sellers have agreed to be severally liable for all indemnity claims which are received within 36 months of the date of closing of the agreement for breach of tax warranties. The indemnification obligations for breach of business warranties, operational warranties, and tax warranties is limited to 10% of the total value of Units (calculated on the date of closing) allotted to each such sellers.

(iv) Indemnity claims in relation to breach of the representations and warranties can be made provided the value of the indemnity claims collectively exceed 1% of the total value of the Units allotted to allthesellerspursuanttotheagreement(thevalueofeachindemnityclaimnotbeinglessthan0.25% of the total value of the Units allotted to all the sellers pursuant to the agreement). The aggregate liability of each seller shall in no circumstance exceed 100% of the total value of the Units (calculated on the date of closing) allotted to such seller.

(v) In respect of Asset SPVs held jointly by members of the Sattva Sponsor Group and the Blackstone SponsorGroup,anyindemnificationpaymentsforclaimsbythe‘indemnifiedpersons’inconnectionwith an indemnifiable event for which claims can be made against (i) Sattva Sponsor under the share acquisition agreements entered into with the Sattva Sponsor Group and (ii) sellers forming part of the Blackstone Sponsor Group under the share acquisition agreements entered into with the Blackstone Sponsor Group shall be borne by the Sattva Sponsor and the sellers forming part of the Blackstone Sponsor Group in proportion to their aggregate shareholding in the relevant Asset SPV as on the execution date of the agreement and the indemnified persons shall be entitled to recover the full extent of the losses from the Sattva Sponsor and the sellers forming part of the Blackstone Sponsor Group in eachcaseuptotherespectiveproportionateshareoflossessubjecttothemonetarycapsassetoutabove.

In respect of Asset SPVs held jointly by members of the Blackstone Sponsor Group and other third parties, any indemnification payments for claims by the indemnified persons’ in connection with an indemnifiable event for which claims can be made against (i) sellers forming part of the Blackstone Sponsor Group under the share acquisition agreements entered into with the Blackstone Sponsor Group and (ii) other third party sellers under the share acquisition agreements entered into with the other third parties shall be subject to the limitation that the share of the sellers forming part of the Blackstone Sponsor Group in such losses shall not exceed 85% (i.e. the aggregate shareholding of the Blackstone SponsorGroupinsuchAssetSPVs)ofsuchlosses,inproportiontotheiraggregateinter-seshareholding in the relevantAsset SPV as on the execution date of the agreement and the indemnified persons shall beentitledtorecoverthefullextentofthelossesfromthesellersformingpartoftheBlackstoneSponsor Group up to 85% of such losses, subject to the monetary caps as set out above.

The indemnity available to the Knowledge Realty Trust from the sellers is limited to the extent that

(a) such representation and warranty by the seller is qualified by knowledge of the seller (in relation to absence of any threatened litigation, labour or other disputes, absence of circumstances which would adversely effect the transfer of securities under the Income Tax Act, 1961, violation of applicable anti corruption and anti-money laundering and sanctions laws in certain cases) or by materiality (in relation to ownership or lease of assets, pendency of tax claims and payment of tax dues, financial statements, filing of tax returns, compliance with charter documents, applicable law and filings and absence of notice of violation of applicable law, absence of litigations and labour disputes); or (b) such matters as are disclosed in the Draft Offer Document, this Offer Document and Final Offer Document or the individual financial statements of the relevant Asset SPV.

468The obligation of the seller to indemnify for third party claims under these agreements shall arise only upon the earlier of (i) final determination of such claim by a competent authority, or (ii) settlement being arrived at in relation to such claim. Further, while the right to control the defence of all third party claims received in relationtobreachofrepresentationsandwarrantiesshallliewiththeKnowledgeRealtyTrust,thesellersshall have the right to step in and take control of such defence by written notice to the Knowledge Realty Trust

(actingthroughtheManagerandtheTrustee).Additionally,thesellersarenotliableinteralia(i)foranythird partyclaimtotheextenttheyaredeniedtherighttocontrolthedefence,negotiationorsettlementofthethird party claim, (ii) for any indirect, consequential, special, punitive or notional losses and/or liabilities, (iii) for claims arising as a result of a change in any applicable law or accounting standard that comes into force after the execution of these agreements, and (iv) for contingent liabilities.

TheKnowledgeRealtyTrust(actingthroughtheManagerandtheTrustee)isrequiredtouseallreasonable efforts to (i) take reasonable steps, including those recommended by the seller entity, to avoid or mitigate any loss or liability suffered or incurred by the Knowledge Realty Trust (acting through the Manager and the Trustee) in relation to any actual or potential claim, and (ii) recover from another person (including under any insurance policy) any sum in respect of a matter giving rise to a claim. If any indemnity payments are made by the seller in relation to an indemnity claim, then the amounts recovered from the third party, if any, with respect to such claim are liable to be paid to the relevant seller, subject to deductions of the applicable tax and reasonable expenses and costs incurred in recovering the amount.

Till the closing date (as set out in these agreements), the sellers are required to use all reasonable efforts to, interalia,nottakeanyactionorenterintoanytransactionsthatwouldbeexpectedtoresultinachangeinthe scope,natureofactivitiesofthebusinessoftheAssetSPVorInvestmentEntities,notenterintoanyagreements or take any action to change, in any manner, the shareholding pattern of theAsset SPVor Investment Entities ornotundertakeanyrestructuringincludingmerger,consolidation,amalgamation,changeinstatusofitslegal entity, change in control (directly or indirectly), liquidation, winding up or dissolution of the Asset SPV or Investment Entities or acquire any new material assets other than in the ordinary course of business.

The sellers or the Knowledge Realty Trust (acting through the Manager and the Trustee) are permitted to terminatetheagreements,interalia,(i)uponmutualwrittenagreementoftheKnowledgeRealtyTrustand the sellers (ii) on the occurrence of any material breach by the seller or Knowledge Realty Trust (acting through the Manager and the Trustee) of their respective representations and warranties, (iii) there is a failure of the Issue or the listing of the Units of the Knowledge Realty Trust is prohibited; or (iv) if there is action or order which has come into effect or any law has been enacted or deemed applicable such that it restrains, prohibits or, amongst other things, makes illegal the consummation of the transactions contemplated in these agreements. Further, in case of termination, the terminating party shall provide written notice to the other parties of such termination wherein it shall set out, inter alia, in reasonable details the basis for the exercise of their termination rights. See “Risk Factors—The Initial Portfolio Acquisition Transactions only be given effect to after the Bid/Offer Closing Date. Further, we will assume existing liabilities in relation to our Portfolio, which if realized may impact the trading price of the units and our profitability and ability to make distributions.” on page 30. These agreements shall stand automaticallyterminatediftheclosingdoesnotoccurbytheLongStopDatei.e.,datefallingontheexpiry of three months from the execution date of the agreement, or such other date as may be agreed between the sellers and the Knowledge Realty Trust (acting through the Manager and the Trustee), in writing.

The agreements are governed under the laws of India. For these agreements, the dispute resolution shall be arbitration conducted under the rules of Singapore International Arbitration Center and the seat and venue of arbitration is Mumbai.

Agreements with the Sattva Sponsor Group and other shareholders Under these agreements, relevant entities forming part of the Sattva Sponsor Group along with certain third parties (which are shareholders of the relevant Asset SPVs/ Investment Entities, as applicable) will be allotted such number of Units of the Knowledge Realty Trust as required to maintain an agreed unitholding percentage as set out in “Calculations of Unitholding Percentage in Relation to the Initial Portfolio Acquisition Transactions” on page 1144. The recourse of the Knowledge Realty Trust (acting 469through the Manager) under the agreements will only be against the Sattva Sponsor (on behalf of the sellers forming part of the Sattva Sponsor Group) and the relevant third party sellers under the relevant Initial Portfolio Acquisition Transactions.

The purchase of securities of the Portfolio from entities forming part of the Sattva Sponsor Group along with certain third parties which are shareholders in the Asset SPVs or Investment Entities are subject to the completion of certain conditions precedent by the sellers and the Manager (acting on behalf of the KnowledgeRealtyTrust),including,interalia,(i)complianceinallmaterialrespectswiththeircovenants and other obligations under these agreements; (ii) the representations and warranties of the parties thereto remaining true and accurate in all material aspects as of the execution and the closing date; (iii) for the sellers all corporate authorization have been obtained and all corporate actions as may be necessary for the transfer of securities having been undertaken; (iv) transactions contemplated under the agreement being permissible under applicable law. Further, the Knowledge Realty Trust is required to, inter alia, have adequately addressed any observations/clarifications/requests for additional information from SEBI in relation to the Draft Offer Document filed in relation to the Issue; and the Knowledge Realty Trust having taken all prior steps and preparations in connection with the Issue and having confirmed the date in writing to the sellers, for the filing of this Offer Document and commencement of the Issue.

The representations and warranties provided by the relevant sellers, severally and not jointly, both in respect of itself and to the respective Asset SPVs or Investment Entities, to the Knowledge Realty Trust (acting through the Trustee and the Manager) under these agreements shall pertain to, inter alia, fundamental matters such as power, authority and enforceability of the agreements, legal and beneficial ownershipandtitletothesecuritiesheldbytherespectivesellersintheAssetSPVsorInvestmentEntities, as applicable, being transferred by way of the agreement, voting power with respect to the securities, absence of insolvency or bankruptcy of the seller, execution, delivery and performance of the agreement not conflicting with the charter documents, applicable law, any consent or approval or order to which the relevant seller/Asset SPV/Investment Entity as applicable is a party or by which it is bound and, in each case, is material to the transactions contemplated by the agreement, and any contract to which the seller/Asset SPV/Investment Entity is a party and is material to the transactions contemplated by the agreement, and any private or governmental, action or legal proceedings which may reasonably be expected to restrain, prevent or make illegal the consummation of the transactions contemplated by these agreements, no approval or consent being required from any person in relation to the execution, delivery and performance of the agreements or the consummation of the transactions contemplated thereby. The sellers/the Sattva Sponsor on behalf of certain sellers have also provided several and not joint representationsandwarrantiestotheKnowledgeRealtyTrustinrelationtofundamentalmatterspertaining to the Asset SPVs/Investment Entities as applicable, covering, inter alia, incorporation, shareholding pattern of the relevant Asset SPV/Investment Entity, as applicable, and not being insolvent or bankrupt underapplicablelaw.Thesellers/theSattvaSponsoronbehalfofcertainsellershavealsoprovidedseveral and not joint representations and warranties to the Knowledge Realty Trust in relation to tax matters such asinteraliatherebeingnodemands/proceedingsagainstthesellersundertheIncomeTaxAct,1961,which wouldrenderthetransferofsecuritiesvoidundertheIncomeTaxAct,1961.Further,thesellers/theSattva Sponsor on behalf of certain sellers have also agreed to provide several and not joint representations and warrantiestotheKnowledgeRealtyTrustinrelationtocertainbusinessandoperationalmatterspertaining to the Asset SPVs/Investment Entities, as applicable including inter alia, the truth and fairness of the financialstatements,inallmaterialrespects,nooutstandingwrittennoticesofdefaultorbreachesreceived bytheAssetSPV/InvestmentEntityunderitsfinancingdocuments,clearandmarketableownershipofthe underlying land on which the PortfolioAsset is located, all securities of theAsset SPV/Investment Entity being in dematerialized form, there being no statutory bar or prohibition to develop or manage the Portfolio Asset and the development of the Portfolio Asset having been undertaken in compliance with applicable laws, there being no outstanding statutory dues with respect to the Portfolio Asset, Asset SPV/Investment Entity being in compliance with applicable laws in all material respects and filings and absence of notice of violation of applicable law, absence of material litigation (wherein the claim amount is greater than an agreed amount) against the Asset SPV/Investment Entity, absence of unresolved or outstanding labour disputes, filing of tax returns and absence of any notices in relation to material tax investigation or material tax claim, compliance with applicable anti-corruption laws and anti-money 470laundering laws etc. Further, where the Sattva Sponsor is not a seller under these agreements, the Sattva Sponsor has agreed to provide warranties and representations (“SDPL Warranties”) in relation to inter-alia due and valid incorporation and existence, power and authority to execute and perform the agreement and the transactions contemplated thereunder, enforceability of the agreement, execution and performance of the agreement does not violate provisions of applicable law, its charter documents, authorisations it is subject to or any contracts to which it is a party, absence of liquidation and insolvency and that no consents or approvals are required to execute, deliver and perform the agreement or the transactions contemplated thereunder, the absence of which could restrain, prevent or make illegal the consummation of the agreement. Further, in relation to certainAsset SPVs acquired by the Sattva Sponsor Group from third parties, representations in relating to the business and operations of suchAsset SPVs in relationtointer-aliaabsenceoflitigation,labourdisputes,filingoftaxreturns,compliancewithapplicable laws, etc. are being provided from the date of acquisition of such Asset SPVs by the relevant sellers.

The representations and warranties set out above are subject to the following indemnities:

(i) The Sattva Sponsor shall indemnify the Knowledge Realty Trust, the Manager, the Trustee, the Blackstone Sponsor, each member of the Blackstone Sponsor Group, their respective officers and directors, from any and all losses resulting from any misrepresentation in, inaccuracy or breach of any of the warranties provided by the seller forming part of the Sattva Sponsor Group or the warranties provided by the Sattva Sponsor under these agreements. Further, each of the other third party sellers have agreed to severally indemnify the Knowledge Realty Trust, the Manager, the Trustee,theBlackstoneSponsor,eachmemberoftheBlackstoneSponsorGroup,SattvaSponsorand each member of the Sattva Sponsor Group and their respective officers and directors, from all losses resulting from any misrepresentation in, inaccuracy or breach of any of the warranties provided by suchthirdpartysellersundertheseagreements.TheSattvaSponsorandeachofthethirdpartysellers are together referred to as “Indemnifying Persons” and individually as an “Indemnifying Person”.

(ii) The Indemnifying Persons shall be liable for all indemnity claims which are received within 36 months from the date of closing of the agreement for breach of fundamental warranties. The Sattva Sponsor’s aggregate liability in relation to any of the fundamental warranties provided by any of the sellers forming part of the Sattva Sponsor Group or any of the SDPL Warranties, to the extent applicable shall not exceed 100% of the total value of the Units allotted to each/all such seller(s) forming part of the Sattva Sponsor Group, pursuant to these agreements. Further, the aggregate liability of the other third party sellers in relation to any of the fundamental warranties provided by each such sellers shall not exceed 100% of the total value of the Units allotted to each such other third party seller(s) pursuant to these agreements.

(iii) The Indemnifying Persons shall be liable for all indemnity claims which are received within 36 months for breach of tax warranties and the Indemnifying Persons have agreed to be liable for all indemnity claims which are received within 24 months for breach of business and operational warranties. The Sattva Sponsor’s aggregate liability in relation to the business and operational warranties and tax warranties provided by any of the sellers forming part of the Sattva Sponsor Group shall not exceed 10% of the total value of the Units allotted to all sellers forming part of the Sattva Sponsor Group, pursuant to these agreements. Further, the aggregate liability of each other third party sellers in relation to the business and operational warranties and tax warranties provided by each such sellers shall not exceed 10% of the total value of the Units allotted to each such other third party seller pursuant to these agreements.

(v) The indemnity available to the Knowledge Realty Trust from the sellers is limited to the extent that

(a) such representation and warranty by the seller is qualified by knowledge of the seller (in relation to absence of any threatened litigation, labour or other disputes, absence of circumstances which 471would adversely effect the transfer of securities under the Income Tax Act, 1961, violation of applicable anti corruption, anti-money laundering and sanctions laws) or by materiality (in relation to ownership or lease of assets, pendency of tax claims and payment of tax dues, financial statements, filing of tax returns, compliance with charter documents, applicable law and filings and absence of notice of violation of applicable law, absence of litigations and labour disputes); or

(b) such matters as are disclosed in the Draft Offer Document, this Offer Document, the Final Offer Document or the individual financial statements of the relevant Asset SPV.

(vi) Any indemnification payments for claims that can be made against the Sattva Sponsor and one or more of the other third party seller(s) shall be borne by the Sattva Sponsor and each such third party seller(s) in proportion to the aggregate inter-se shareholding of (i) all sellers forming part of the Sattva Sponsor Group (in the case of the Sattva Sponsor); and (ii) the relevant seller(s) (in the case of other third party seller(s)), respectively, in the Asset SPV/Investment Entity, as applicable as of the execution date of these agreements, and the Indemnified Persons shall be entitled to recover the full extent of losses from the Sattva Sponsor and each such third party seller(s), in each case, up to the respective proportionate share of losses of the Sattva Sponsor and the relevant third party seller(s) subject to the monetary cap(s) set out above.

(vii) The obligation of the seller to indemnify for third party claims under these agreements shall arise only upon the earlier of (i) final determination of such claim by a competent authority, or

(ii) settlement being arrived at in relation to such claim. Further, while the right to control the defenceofallthirdpartyclaimsreceivedinrelationtobreachofrepresentationsandwarrantiesshall lie with the indemnified person, the Indemnifying Persons shall have the right to step in and take control of such defense, by a written notice to the indemnified person. Additionally, the Indemnifying Persons are not liable inter alia (i) for any third party claim to the extent they are denied the right to control the defence, negotiation or settlement of the third party claim, (ii) for any indirect, consequential, special, punitive or notional losses and/or liabilities, (iii) for claims arising as a result of a change in any applicable law or accounting standard that comes into force after the execution of these agreements, and (iv) for contingent liabilities.

(viii)In respect of Asset SPVs held jointly by members of the Sattva Sponsor Group and the Blackstone Sponsor Group, any indemnification payments for claims by the indemnified persons in connection withanindemnifiableeventforwhichclaimscanbemadeagainst(i)SattvaSponsorundertheshare acquisition agreements entered into with the Sattva Sponsor Group and (ii) sellers forming part of the Blackstone Sponsor Group under the share acquisition agreements entered into with the Blackstone Sponsor Group and shall be borne by the Sattva Sponsor and the sellers forming part of the Blackstone Sponsor Group in proportion to their aggregate shareholding in the relevant Asset SPV as on the execution date of the agreements and the indemnified persons shall be entitled to recover the full extent of the losses from the Sattva Sponsor and the sellers forming part of the Blackstone Sponsor Group in each case up to the respective proportionate share of losses subject to the monetary caps as set out above.

The indemnified person are required to use all reasonable efforts to (i) take reasonable steps, including those recommended by the Indemnifying Persons, to avoid or mitigate any loss or liability suffered or incurred by the indemnified person in relation to any actual or potential claim, and (ii) recover from anotherperson(includingunderanyinsurancepolicy)anysuminrespectofamattergivingrisetoaclaim.

If any indemnity payments are made by the seller in relation to an indemnity claim, then the amounts recoveredfromthethirdparty(includingunderanypolicyofinsurance),ifany,withrespecttosuchclaim are liable to be paid to the relevant seller subject to the deductions of the applicable tax and reasonable expenses and costs incurred in recovering the amount.

Till the closing date (as set out in these agreements), the sellers are required to use all reasonable efforts to,interalia,nottakeanyactionorenterintoanytransactionsthatwouldbeexpectedtoresultinachange in the scope, nature of activities of the business of the Asset SPV or Investment Entities, not enter into any agreements or take any action to change, in any manner, the shareholding pattern of the Asset SPV 472or Investment Entities or not undertake any restructuring including merger, consolidation, amalgamation, change in status of its legal entity, change in control (directly or indirectly), liquidation, winding up or dissolution of the Asset SPV or Investment Entities or acquire any new material assets other than in the ordinary course of business.

TheSattvaSponsor(onbehalfofthesellers)ortheKnowledgeRealtyTrustarepermittedtoterminatethe agreements, inter alia (i) upon mutual written agreement of the Knowledge Realty Trust and the Sattva Sponsor (on behalf of the sellers) (ii) on the occurrence of any material breach by the seller or the Knowledge Realty Trust of their respective representations and warranties (iii) there is a failure of the IssueorthelistingoftheUnitsoftheREITisprohibited;or(iv)ifthereisactionororderwhichhascome into effect or any law has been enacted or deemed applicable such that it restrains, prohibits or, amongst other things, makes illegal the consummation of the transactions contemplated in these agreements.

Further, in case of termination, the terminating party shall provide written notice to the other parties of such termination wherein it shall set out, inter alia, in reasonable details, the basis for the exercise of their termination rights. See “Risk Factors—The Initial Portfolio Acquisition Transactions only be given effect toaftertheBid/OfferClosingDate.Further,wewillassumeexistingliabilitiesinrelationtoourPortfolio, which if realized may impact the trading price of the units and our profitability and ability to make distributions.” on page 30. These agreements shall stand automatically terminated if the closing does not occur by the Long Stop Date i.e., date falling on the expiry of 3 (three) months from the execution date oftheagreement,orsuchotherdateasmaybeagreedbetweenthesellersandtheKnowledgeRealtyTrust (through the Manager), in writing.

The agreements are governed under the laws of India. For these agreements, the dispute resolution is arbitration conducted under the rules of Singapore InternationalArbitration Center and the seat and venue of arbitration is be Mumbai.

Agreements with other parties CGDPL SAA—II, CGDPL SAA—III, CGDPL SAA—IV and CGDPL SAA—V Undertheseagreements,theshareholdersofCGDPLotherthanmembersoftheBlackstoneSponsorGroup shall be allotted such number of Units of the Knowledge Realty Trust as required to maintain an agreed unitholding percentage, which shall be determined based on the formulae as set out in “Calculations of Unitholding Percentage in Relation to the Initial Portfolio Acquisition Transactions” on page 1144. The recourse of the Knowledge Realty Trust (acting through the Trustee and the manager) under the agreements is only against the relevant sellers.

The purchase of securities of CGDPL from the shareholders of CGDPL are subject to certain conditions precedent by the sellers and the Manager (acting on behalf of the Knowledge Realty Trust), including, inter alia, (i) compliance in all material respects with their covenants and other obligations under these agreements;(ii)therepresentationsandwarrantiesofthepartiestheretoremainingtrueandaccurateinall material aspects as of the closing date; (iii) for the sellers all corporate authorization have been obtained and all corporate actions as may be necessary for the transfer of securities having been undertaken; (iv) transactions contemplated under these agreement being permissible under applicable law. Further, the Knowledge Realty Trust is required to, inter alia, have adequately addressed any observations/ clarifications/requests for additional information from SEBI in relation to the Draft Offer Document filed in relation to the Issue; and the Knowledge Realty Trust having taken all prior steps in connection with the Issue and preparations and shall have confirmed the date in writing to the sellers, for the filing of this Offer Document and commencement of the Issue.

473The representations and warranties provided by the relevant sellers, jointly and severally both in respect of itself and to the respective Asset SPVs or Investment Entities, to the Knowledge Realty Trust (acting through the Trustee and the Manager) under these agreements shall pertain to, inter alia, fundamental matters such as power, authority and enforceability of the agreements, legal and beneficial ownership and titletothesecuritiesbeingtransferredbywayoftheseagreements,certainfundamentalmatterspertaining to CGDPL, and in relation to certain business and operational matters pertaining to CGDPL, as applicable etc.

The representations and warranties set out above are subject to the following indemnity:

(i) Each seller shall indemnify the Knowledge Realty Trust, the Manager, Sattva Sponsor Group, the Blackstone Sponsor Group, the Trustee and their respective officers and directors from all losses resulting from any misrepresentation in, inaccuracy or breach of any of the warranties provided by the sellers under these agreements.

(ii) The sellers shall be jointly and severally liable for all indemnity claims which are received within 36 months from the date of closing of the agreement for breach of fundamental warranties, provided by the sellers in respect of itself, with the indemnification obligations being limited to 100% of the total value of Units (calculated on the date of closing) allotted to such sellers.

(iii) The sellers shall be jointly and severally liable for all indemnity claims which are received within 24 months of the date of closing of the agreement for breach of business warranties and the sellers have agreed to be jointly and severally liable for all indemnity claims which are received within 36 months of the date of closing of the agreement for breach of tax warranties with the indemnification obligations for breach of business warranties and tax warranties being limited to 10% of the total value of Units (calculated on the date of closing) allotted to such sellers.

(iv) Indemnity claims in relation to breach of the representations and warranties relating to business and operations of the Portfolio Assets can be made provided the value of the indemnity claims collectively exceed 1% of the total value of the Units allotted to all the sellers pursuant to the agreement (the value of each indemnity claim not being less than 0.25% of the total value of the Units allotted to all the sellers pursuant to the agreement).

The obligation of the seller to indemnify for third party claims under these agreements is only upon the earlier of (i) final determination of such claim by a competent authority, or (ii) settlement being arrived atinrelationtosuchclaim.Further,whiletherighttocontrolthedefenceofallthirdpartyclaimsreceived in relation to breach of representations and warranties shall lie with the indemnified person, the sellers shallhavetherighttostepinandtakecontrolofsuchdefence,bywrittennoticetotheindemnifiedperson.

Additionally, the sellers are not liable, inter alia, (i) for any third party claim to the extent they are denied the right to control the defence, negotiation or settlement of the third party claim, and (ii) for claims arising as a result of a change in any applicable law or accounting standard that comes into force after the execution of these agreements.

The indemnified person is required to use all reasonable efforts to (i) take reasonable steps, including those recommended by the sellers entity, to avoid or mitigate any loss or liability suffered or incurred by the indemnified person in relation to any claim, and (ii) recover from another person (including under any insurance policy) any sum in respect of a matter giving rise to a claim. If any indemnity payments are made by the seller in relation to an indemnity claim, then the amounts recovered from the third party, if any, with respect to such claim are liable to be paid to the relevant seller subject to deductions of the applicable tax and reasonable expenses and costs incurred in recovering the amount.

474Thesellers(actingjointlyandnotseverally)ortheKnowledgeRealtyTrustshallbepermittedtoterminatethe agreements,interalia,(i)uponmutualwrittenagreementoftheKnowledgeRealtyTrustandthesellers(ii)on theoccurrenceofanymaterialbreachbythesellerortherepresentationsandwarrantiesprovidedbythesellers,

(iii) there is a failure of the Issue or the listing of the Units of the REITis prohibited; or (iv) if there is action or order which has come into effect or any law has been enacted or deemed applicable such that it restrains, prohibits or, amongst other things, makes illegal the consummation of the transactions contemplated in these agreements.Further,incaseoftermination,thesellers(actingjointly)shallprovidewrittennoticetotheother parties of sch termination wherein it shall set out, inter alia, in reasonable details the basis for the exercise of theirterminationrights.See“RiskFactors—TheInitialPortfolioAcquisitionTransactionsonlybegiveneffect to after the Bid/Offer Closing Date. Further, we will assume existing liabilities in relation to our Portfolio, which if realized may impact the trading price of the units and our profitability and ability to make distributions.” on page 30.

Acquisition of future assets Under the deed of right of first offer dated July 24, 2025 entered into among the Sattva Sponsor, the Manager and the Trustee (“ROFO Deed”) and effective from the date of listing of the Units of the Knowledge Realty Trust, the Sattva Sponsor has agreed to (for the period commencing on the listing of Units pursuant to the Issue and ending one year after the relevant completion date of such eligible project asset)grantarightoffirstoffertotheTrusteeandtheManager(actingonbehalfoftheKnowledgeRealty Trust) in the event of any sale of controlling interest by the Sattva Sponsor or any of its current or future affiliates(beingentitiesdirectlyorindirectlycontrolledorundercommoncontrolwiththeSattvaSponsor)

in the following eligible assets:

(i) Sattva Verve*—a commercial office asset in Pune

(ii) Sattva Texonic*—commercial office asset in Bengaluru

(iii) Sattva Knowledge Hub*—a commercial office asset in Chennai

(iv) Sattva Knowledge Center*—a commercial office asset in Bengaluru * Indicativenamesoftheproposedproject;subjecttochange.

For further details on valuation and decision making procedures, see “Corporate Governance—Framework for making key decisions” and “Related Party Transactions” on pages 403 and 406, respectively.

Pursuant to the ROFO Deed, the Sattva Sponsor and/or its affiliate, is required to make an irrevocable invitation to offer in writing. to the Knowledge Realty Trust for the acquisition of the controlling interest in the eligible asset proposed to be sold, specifying (a) the total number of equity shares and interest in the eligible asset held by the Sattva Sponsor and/or its affiliates; (b) the total number of equity shares and interest in the eligible asset proposed to be disposed of by the Sattva Sponsor and/or its affiliates (which shall not be less than the controlling interest in such eligible asset) and (c) any other terms and conditions in connection therewith (“Intimation”).The Sattva Sponsor and/or its affiliate is also required to provide all other material information pertaining to the eligible asset to the Knowledge Realty Trust, in writing, as may be necessary, and required to enable the Knowledge Realty Trust make an offer as requested by the Knowledge Realty Trust in writing (“Information Intimation”) within the period prescribed under the ROFO Deed. The Knowledge Realty Trust is required to exercise its right of first offerwithintheperiodprescribedundertheROFODeed.IftheSattvaSponsorand/oritsaffiliatedoesnot accept the offer made by the Knowledge Realty Trust, or despite acceptance of the offer the parties fail 475to execute the definitive agreements for the purchase agreed within agreed timelines, the Sattva Sponsor and/or its affiliates shall be entitled to sell all (but not less than all) offered shares of the eligible asset to any third party at a price which is higher than or on other terms and conditions that are no more favorable than those offered to the Knowledge Realty Trust. If the Sattva Sponsor and/or its affiliate does not complete the sale to a third party within the specified timelines, it will be required to make an irrevocable invitation to the Knowledge Realty Trust for any subsequent sale of such shares. In case the Knowledge Realty Trust does not exercise its right of first offer, or fail to complete the acquisition of the offered shares within prescribed timelines, for reasons other than any breach of obligations by the Sattva Sponsor undertheROFODeed,theSattvaSponsorand/oritsaffiliatesshallbeentitledtosellall(butnotlessthan all) of the offered shares, to any person, without any restriction as to price or terms within prescribed timelines, or the expiry of the prescribed invitation period, or the expiry of the acquisition period as specified in the definitive documents, as applicable. In case the Sattva Sponsor and/or its affiliates do not consummate the third party sale within the prescribed periods, they will be required to make another irrevocable invitation to the Knowledge Realty Trust for any subsequent sale of such shares.

The Sattva Sponsor has agreed that the Sattva Sponsor and its affiliates shall not transfer any shareholding/interestintheeligibleassettoanypersonwithoutthepriorwrittenconsentoftheKnowledge Realty Trust. If the Sattva Sponsor or its affiliates, propose to transfer their controlling interest in an eligible project asset to any person, they shall ensure that the transferee complies with the terms of the ROFO Deed.

The ROFO Deed may be terminated by (A) mutual consent of the parties or (B) by the Sattva Sponsor in writing (i) if the Sattva Sponsor ceases to be a sponsor of the Knowledge RealtyTrust, (ii) if the Manager ceases to be the manager of the Knowledge Realty Trust, or (iii) if the collective aggregate shareholding of the Sattva Sponsor and/or any other entity designated by the Sattva Sponsor (including any member of the Sattva Sponsor Group and any of their respective affiliates) falls below 10% of the total share capital of the Manager, on a fully diluted basis; or (C) automatically if the Knowledge Realty Trust ceases to be listed on the Stock Exchanges.

Issuance of Units pursuant to the Initial Portfolio Acquisition Transactions Particulars Numberof Units Blackstone Sponsor [●] Blackstone Sponsor Group [●] Sattva Sponsor [●] Sattva Sponsor Group [●] Third parties [●] Total [●] (ThistablewillbeupdatedatthetimeoffilingoftheFinalOfferDocumentwithSEBIandtheStockExchanges.Fordetailsinrelationtothemannerofcalculatingthenumber of Units in case of each of theAsset SPVs and Investment Entities, please see “Calculations of Unitholding Percentage in relation to the Initial PortfolioAcquisition Transactions”onpage1144.) 476VI. FINANCIAL INFORMATION SUMMARY FINANCIALS The following tables set forth the summary financial information derived from the Special Purpose Combined Financial Statements.

The Special Purpose Combined Financial Statements referred to above are presented under “Financial Information of the Knowledge Realty Trust” on page 831. The summary financial information presented below should be read in conjunction with these financial statements, the notes thereto and “Financial Information of the Knowledge Realty Trust” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 831 and 480, respectively.

Summary Combined Balance Sheet (In ₹ millions) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Assets Non-current assets Property, plant and equipment 1,462.28 341.95 146.63 Capital work-in-progress 85.41 25.49 – Investment property 190,838.93 190,121.65 177,680.22 Investment property under development 6,598.64 9,329.80 18,620.87 Goodwill 4,698.72 4,698.72 4,698.72 Other intangible assets 124.12 0.06 0.12 Right of use assets 42.15 – – Financial assets Investments 933.28 7,466.12 9,968.63 Loans 1.28 569.90 672.32 Other financial assets 5,379.26 5,457.93 3,803.81 Deferred tax assets (net) 375.44 2,593.79 2,000.61 Non-current tax assets (net) 1,360.92 1,145.33 1,207.38 Other non-current assets 8,556.22 7,630.50 6,679.56 220,456.65 229,381.24 225,478.87 Current assets Inventories 56.68 38.53 16.15 Financial assets Investments 5,878.43 3,976.22 6,885.47 Trade receivables 1,578.77 1,418.77 1,478.07 Cash and cash equivalents 2,131.86 2,678.06 2,038.08 Other bank balances 1,185.96 1,345.42 993.76 Loans 8,748.49 6,834.35 5,512.49 Other financial assets 1,250.06 1,263.29 1,265.32 Current tax assets (net) 107.27 30.00 189.89 Other current assets 3,035.65 2,061.22 1,585.00 23,973.17 19,645.86 19,964.23 Assets held for sale 3,251.01 1.07 1.07 27,224.18 19,646.93 19,965.30 Total Assets 247,680.83 249,028.17 245,444.17 477(In ₹ millions) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Equity and Liabilities Equity Capital 2,705.05 2,619.22 2,567.19 Other equity 18,452.10 21,798.27 12,043.71 21,157.15 24,417.49 14,610.90 Liabilities Non-current liabilities Financial liabilities Borrowings 185,303.44 184,366.64 176,378.16 Lease liabilities 45.38 – 84.88 Other financial liabilities 6,496.62 5,855.99 5,192.54 Provisions 14.45 10.20 6.73 Deferred tax liabilities (net) 2,289.67 1,969.17 1,856.38 Other non-current liabilities 890.28 850.75 675.08 195,039.84 193,052.75 184,193.77 Current liabilities Financial liabilities Borrowings 12,618.30 13,209.18 25,888.48 Lease liabilities – 84.89 113.85 Trade payables Total outstanding dues of micro enterprises and small enterprises 135.91 31.17 29.07 Total outstanding dues of creditors other than micro enterprises and small enterprises 1,111.50 1,200.39 883.62 Other financial liabilities 15,468.19 15,284.19 18,278.08 Other current liabilities 2,076.15 1,713.06 1,392.12 Provisions 14.54 12.94 6.98 Current tax liabilities (net) 59.25 22.11 47.30 31,483.84 31,557.93 46,639.50 Total Liabilities 226,523.68 224,610.68 230,833.27 Total Equity and Liabilities 247,680.83 249,028.17 245,444.17 478Summary Combined Statement of Profit and Loss (In ₹ millions) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Income Revenue from operations 39,301.01 33,393.86 29,003.01 Other income 2,167.63 2,490.90 2,156.65 41,468.64 35,884.76 31,159.66 Expenses Cost of material consumed and works contract services 54.02 373.33 20.91 Operating and maintenance expenses 4,131.02 3,024.02 2,561.92 Employee benefits expense 411.94 319.67 244.40 Other expenses 3,941.41 3,864.14 3,392.23 8,538.39 7,581.16 6,219.46 Earnings before finance costs, depreciation, amortisation, exceptional items and tax (EBITDA) 32,930.25 28,303.60 24,940.20 Finance costs 17,462.35 16,927.13 15,331.76 Depreciation and amortisation expenses 3,808.05 5,875.22 5,927.81 21,270.40 22,802.35 21,259.57 Profit before exceptional items and tax 11,659.85 5,501.25 3,680.63 Exceptional items 3,502.18 – – Profit before tax 8,157.67 5,501.25 3,680.63

Tax expense:

Current tax 3,343.13 2,573.66 2,183.79 Tax adjustments relating to earlier years 50.45 11.34 (88.72) Deferred tax (credit)/charge 2,538.93 (480.34) (606.84) 5,932.51 2,104.66 1,488.23 Profit for the year 2,225.16 3,396.59 2,192.40 Other comprehensive income Items that will not be reclassified subsequently to profit or loss

(i) Re-measurement (loss)/gain on defined benefits obligations (0.95) 1.42 1.98

(ii) Income tax relating to above item 0.07 0.06 (0.25) Total other comprehensive income/(loss) for the year (0.88) 1.48 1.73 Total comprehensive income for the year 2,224.28 3,398.07 2,194.13 479MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Youshouldreadthefollowingdiscussionofourfinancialconditionandresultsofoperationstogetherwith our Special Purpose Combined Financial Statements as at and for the financial years ended March 31, 2025, 2024 and 2023, and the schedules and notes thereto, which appear elsewhere in this Offer Document. The Special Purpose Combined Financial Statements have been prepared in accordance with the Guidance Note on Combined and Carve Out Financial Statements, Guidance note on Reports in Company Prospectus (Revised 2019) issued by the Institute of Chartered Accountants of India (the “ICAI”) (the “Guidance Notes”), to the extent not inconsistent with SEBI (Real Estate Investment Trusts) Regulations, 2014, SEBI master circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 for real estate investmenttrustsdatedJuly11,2025andothercircularsissuedthereunder,asamendedandinaccordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and presentation requirements of Division II of Schedule III to the Companies Act, 2013 (as amended from time to time), with the exceptions and modifications as mentioned in the REIT Regulations.

Ind AS differs in certain respects from US GAAP and IFRS. Accordingly, the degree to which our Special Purpose Combined Financial Statements will provide meaningful information to a prospective investor in countries other than India is entirely dependent on the reader’s level of familiarity with Ind AS. Further, the Special Purpose Combined Financial Statements are special purpose financial statements and have beenpreparedbytheKnowledgeRealtyTrustandtheManagertomeettherequirementsoftheSEBIREIT Regulations and for inclusion in this Offer Document. As a result, the Special Purpose Combined Financial Statements may not be suitable for any other purpose.

We have included certain non-GAAPfinancial measures and other performance indicators relating to our financial performance and business in this Offer Document, each of which are supplemental measures of ourperformanceandliquidityandarenotrequiredby,orpresentedinaccordancewiththeIndAS,Indian GAAP, IFRS or U.S. GAAP. Such measures and indicators are not defined under Ind AS, Indian GAAP, IFRS or U.S. GAAP, and therefore, should not be viewed as substitutes for performance, liquidity or profitability measures under Ind AS, Indian GAAP, IFRS or U.S. GAAP. In addition, such measures and indicators are not standardized terms, and a direct comparison of these measures and indicators between companies/REITs may not be possible. Other companies/REITs may calculate these measures and indicators differently from us, limiting their usefulness as a comparative measure.

References herein to “we”, “our” and “us” are to the Knowledge Realty Trust, together with our Asset SPVs and Investment Entities, as the context requires.

36.

Industry, macro-economic and market data and all industry-related statements in this section have been extracted from the CBRE Report, and the Valuation Report, as the case may be, commissioned and paid for by us. The CBRE Report has been prepared and issued by CBRE for the purpose of understanding the industry in which we operate exclusively in connection with the Issue. For further details, see “Industry Overview” on page 88 and “Presentation of Financial Data and Other Information—Valuation Data” on page 11.Any reference to the CBRE Report must be read in conjunction with the full CBRE Report, which

is available on https://www.knowledgerealtytrust.com/investor-relation/industry-report.pdf and incorporated by reference in this Offer Document. For further details and risks in relation to 480commissioned reports, see “Risk Factors—This Offer Document contains information from the CBRE Report.” on page 67 and “Risk Factors—The Valuation Report obtained for our Portfolio is only indicative in nature as it is based on various assumptions and may not be representative of the true value of our assets” on page 55.

The discussion below may contain forward-looking statements and reflects our current views with respect to future events and financial performance, which are subject to numerous risks and uncertainties. Such statementsaresubjecttorisksanduncertaintieswhichcouldcauseactualresultstodiffermateriallyfrom those anticipated in these forward-looking statements. As such, you should also read “Risk Factors” and “Forward Looking Statements” on pages 29 and 12, respectively, which discuss a number of factors and contingencies that could affect our financial condition and results of operations.

According to the CBRE Report, our PortfolioAssets are considered to be of superior-quality due to their scale, accessible locations, infrastructure, amenities, sustainability, professional management and asset enhancement initiatives. Our Portfolio is one of the leading office platforms in India and is difficult to replicate given the aforementioned factors, our multi-market presence and best-in-class assets in some of 1 NOIisanon-GAAPmeasure.Fordetailsonreconciliation,see“Management’sDiscussionandAnalysisofFinancialCondition and Results of Operations—Non-GAAPMeasures” on page 526.

481the most prominent sub-markets with favorable dynamics and high barriers to entry, particularly due to land acquisition complexities and lengthy development timelines for projects in India, according to the CBRE Report.

64.9 msf, thereby ranking as the second-largest office market in India and globally. Bengaluru and Hyderabad have emerged as preferred destinations for setting up transformation and innovation hubs by GCCs which accounted for 42.7% and 19.7% of total GCC office space leasing in India from CY2022 to Q1CY2025 respectively. Mumbai Metropolitan Region (“MMR”) (which includes Mumbai) is the third largest office market in India by total stock and commanded the highest rentals across key office markets in the country in Q1CY2025. Within our Portfolio Core Markets, select sub-markets, such as Outer Ring Road (“ORR”) in Bengaluru, Bandra Kurla Complex and Surrounding Areas (“BKC and BKC-O”) in Mumbai and IT Corridor—HITEC City in Hyderabad offer favorable real estate fundamentals and command premium rents due to limited availability of quality office stock, advanced social infrastructure, excellent connectivity and proximity to dense residential catchments. (Source: CBRE Report) Our Portfolio has a Committed Occupancy of 91.4% as of March 31, 2025, which will be the highest compared to other listed Indian office REITs, as per data from the CBRE Report. Our Portfolio Assets serveadiversifiedtenantbasewith74.1%ofGrossRentalsfrommultinationaltenants,43.6%fromGCCs and 38.2% from Fortune 500 companies for the month ended March 31, 2025. Our city-center office buildings are strategically located in some of the most prominent sub-markets of Mumbai and Bengaluru and serve as preferred locations for front-office tenants, as per the CBRE Report. Our city-center office buildingsprovidehigh-qualityinfrastructuretoprominentmultinationalcorporatessuchasAmazon,Cisco and Franklin Templeton Asset Management (India) Private Limited, and house distinguished domestic organizations such as HDFC Bank Ltd and Aditya Birla. Most of our business parks/centers are located inBengaluruandHyderabadandservenotableGCCtenantssuchasApple,GoogleConnect,Novartisand Goldman Sachs. Our Portfolio’s 61.7% Retention Rate from FY2023 to FY2025 is a reflection of our superior infrastructure and focus on providing a comprehensive ecosystem to our tenants, supporting over 275,000 employees working across our PortfolioAssets as of March 31, 2025. Our PortfolioAssets offer a wide range of amenities, such as multi-cuisine food courts, exclusive members-only clubs, indoor and outdoor sports facilities, medical clinics, creche, and other health and recreation facilities.As a testament to our ability to cater to our tenants’ requirements, we have also provided customized Build-to-Suit (“BTS”) solutions which help foster long-term relationships. We also selectively provide other value-added solutions to tenants including coordination and execution of fit-outs and managed office space solutions. We believe that our high-quality tenant base, along with long-term contracted rentals (with a WALE of 8.4 years as of March 31, 2025, which will be the highest among Indian office REITs post-listing, based on data from the CBRE Report) provides stability to our Portfolio through consistent and predictable cash flows.

482India recorded its highest leasing activity in CY2024, with gross office absorption reaching 80.3 msf, surpassingthepreviouspeakwitnessedinCY2023,withayear-on-yeargrowthof17.9%.Indiaisaleader intheglobaloutsourcingindustrywithanestimatedmarketshareofapproximately58.0%inFY2025,and reigns as the “GCC capital of theWorld”.With over 2,975 GCC units in the country, India had the highest share of GCC units globally as of February 2025. The number of GCC occupiers in India grew by a 6.1% CAGR from over 700 in FY2010 to over 1,800 as of February 2025 and is expected to increase to over 2,100 by FY2028. The number of employees working in GCCs in India is expected to grow at a 6.7% CAGR to 2.8 million in FY2030 from 1.9 million in FY2024. Over the last 2 decades, the services sector inIndiahasundergoneastructuralshift,transitioningfromback-endsupportfunctionstofocusingonhigh value-added, core business activities and new generation businesses. The implementation of ‘Return to Office’ (“RTO”) policies by major corporates and favorable government policies driving outsourcing competitivenessinIndiahavealsoprovidedanimpetustothegrowingIndianofficesector.(Source:CBRE Report) OurstrategytocapitalizeonourPortfolio’sembeddedorganicgrowthfocusesonleveragingtheincreasing demand for office space by offering high-quality assets in India’s key office markets and providing a comprehensive ecosystem to our tenants and their employees. We adopt a dynamic asset management and leasing strategy which includes tailoring our approach for a particular asset based on factors such as the typeofasset,tenantprofile,sub-markettrends,propertylocation,amenitiesandotherassetcharacteristics.

Over the last three Fiscals, we have: (cid:129) Leased15.8msf;achieveda19.3%averagere-leasingspreadon6.5msfofareare-leasedandleased

4.6 msf of newly completed area (including pre-leasing and committed) and 4.7 msf of vacant area (cid:129) Improved Committed Occupancy from 84.7% as of March 31, 2023 to 91.4% as of March 31, 2025 (cid:129) Increased Base Rents at a 3-year CAGR of 5.8% through FY2025 (238 bps higher than the average Market Rent CAGR over the same period) 483(cid:129) Achieved a tenant Retention Rate of 61.7% from FY2023 to FY2025 due to our Portfolio’s quality and dynamic asset management approach (cid:129) Delivered 5.0 msf of new construction across 4 projects, including 0.7 msf from on-campus developments and 4.3 msf from new constructions (cid:129) Incurred capital expenditure of more than ₹1,000 million during last three Fiscals towards various asset repositioning and upgrade initiatives across certain of our Portfolio Assets (cid:129) Met 55.0% of our energy requirements in our Portfolio3 through renewable energy for FY2025, as part of our net zero emissions efforts TheManagerteamcomprisesseasonedprofessionalswithvastexperienceinIndiancommercialrealestate across leasing, operations, development and acquisitions. The Manager is held by certain entities of the Blackstone Sponsor Group and the Sattva Sponsor Group in the ratio of 50:50. The Blackstone Sponsor and the Sattva Sponsor, collectively, have deep knowledge of India’s corporate real estate market along with global expertise in investments, development and asset management and a proven track record of value creation. The Blackstone Sponsor is an affiliate of Blackstone Inc., which is the world’s largest alternative asset manager, with an AUM of nearly US$1.2 trillion, according to the CBRE Report. As of March31,2025,Blackstone’sglobalinvestmentsincludeanofficeportfolioofapproximately170msfand a logistics portfolio of approximately 1.2 bn sf. Blackstone has previously listed 3 real estate investment trusts in India, being Embassy Office Parks REIT, Mindspace Business Parks REIT and Nexus Select Trust. The Sattva Sponsor is part of the Sattva Group, one of India’s leading real estate development groups, as per the CBRE Report, with experience of more than 3 decades in developing and operating assets across commercial, residential, co-living (Co-Live), co-working (Simpliwork), hospitality and design-build for data centers. As of May 31, 2025, the Sattva Sponsor and its affiliates (the “Sattva Group”) have constructed an area of approximately 78 msf of real estate in India across 7 cities (Bengaluru, Mumbai, Hyderabad, Kolkata, Pune, Goa and Jaipur).

3 Excluding(a)SattvaCosmoLavellewherepowerissourcedbythetenant(b)SattvaEndeavourandSattvaSpectrumwhichwere under construction in FY2025 (c) Sattva Supreme and (d) Sattva Horizon.

484Portfolio Overview The following sets forth a map illustrating the breakdown of the LeasableArea and GAV of our Portfolio (including GAV of our CAM Assets and Solar Assets) across India as of March 31, 2025:

Area (msf) % of GAV # Assets Gurugram

0.6 1.5% 1 GIFT City

(Ahmedabad)

0.5 0.6% 1 Mumbai Hyderabad

6.0 31.9% 5 12.9 30.4% 3 Bengaluru Chennai

24.5 33.4% 18

1.9 2.2% 1 485The following table sets out information about our Portfolio as of and for the year indicated:

OurPortfolioasofandfortheyearindicated(1):

Notes: * RepresentsdataasofMarch31,2025.

(3) MarketvalueofourPortfolioasofMarch31,2025,(derivedfromtheValuationReportundertakenbyiVASPartners).See“PresentationofFinancialDataandOther Information—ValuationData”onpage11.PleasenotethatthevaluationhasbeenundertakenforeachindividualassetanddoesnotrepresenttheMarketValueofthe propertyportfolio.Noconsiderationhasbeenaffordedtowhethertherewouldbeapremium/discountattributabletothecollectiveorportfolioofassetsifsoldinone transaction.Inaddition,theMarketValuesoftheassets(asassessedbytheValuer)havebeenassessedinclusiveofCAM.TheMarketValueofeachPortfolioAssetin 487thistablerepresentstheMarketValuethathasbeenallocatedtotherelevantproperty(excludingCAM).TheMarketValueofCAMrepresentstheaggregateoftheMarket ValueallocatedtoCAMforeachPortfolioAsset.Inaddition,whiletheMarketValuesoftheassetspresentedintheValuationReport(asassessedbytheValuer)have beenassessedinclusiveofCAM,thevaluesshownrepresenttheallocatedMarketValuebetweenthepropertyanditsCAManddonotrepresenttheindividualMarket Valueofeachcomponent,ifvaluedortransactedindependently.See“SummaryValuationReport”onpage1060.

(4) WeightedagainstBaseRentalsassumingtenantsexercisetheirrenewaloptionspriortotheexpiryoftheirinitialcommitmentperiod.

Furthermore,revenuefromCAMservicesforCessnaBusinessParkdoesnotincludecommonareamaintenancefor2.8msfofLeasableAreawhichiscarriedoutby thetenant.

(9) Propertywiserevenue(netofeliminations)ofExoraBusinessParkforFY2023andapartofFY2024(uptoJuly2023)includesrevenuefromCAMservicesfromCessna BusinessPark.Seefootnote(8)above.

(10) Propertywiserevenue(netofeliminations)ofSattvaGlobalCityincludesrevenuefromCAMserviceswhichiscollectedfromtenantsofSattvaGlobalCity.

(11) Propertywiserevenue(netofeliminations)ofSattvaCosmoLavelledoesnotincludeanyrevenuefromCAMservices,whichiscarriedoutbythetenant.

The following sets forth a breakdown of the market value of our Portfolio by asset type and construction status, as of March 31, 2025:

Market Value by Asset Type Market Value by Construction Status CAM, 5.2% Solar, 0.5% Others, 5.7% Under Construction,

2.7% City-Center Office Buildings,

29.3% Business Parks and Centers,

65.0% Completed, 91.6% 488Factors affecting our Results of Operations The performance of the commercial real estate market in India, particularly in the cities and sub-markets where our Portfolio Assets are located.

We derive our revenue primarily from the leasing of office space and incidental activities. Revenue from lease rentals contributed to 85.36%, 85.76% and 87.19% of our revenue from operations for FY2025, FY2024 and FY2023, respectively. Our Portfolio is located across Hyderabad, Mumbai, Bengaluru, Chennai, Gurugram and GIFT City, Ahmedabad. Accordingly, we depend on the performance of the commercial real estate market in India, and in the cities and sub-markets where our Portfolio Assets are located.Thecommercialrealestatemarketinthesecitiesdependsuponvariousfactorsbeyondourcontrol such as economic and other market conditions, demographic trends, employment levels, availability of financing,prevailinginterestrates,competition,bargainingpoweroftenants,operatingcosts,government regulations and policies and market sentiment.

In particular, a substantial portion of our revenue from operations is derived from our Asset SPVs and Investment Entities with properties located in our Portfolio Core Markets, namely Bengaluru, Hyderabad and Mumbai, accounting for 94.69%, 95.89% and 96.82% of our revenue from operations for FY2025, FY2024 and FY2023, respectively. Accordingly, the growth of the real estate markets in these Portfolio Core Markets has largely driven the growth in our revenues. These Portfolio Core Markets have collectively absorbed more office space than 11 global cities (Tokyo, Shanghai, Beijing, Munich, Singapore, Hong Kong, Sydney, London, Los Angeles, San Francisco, and New York) combined from CY2016 to Q1CY2025, according to the CBRE Report. Backed by strong demand and sustained occupier interestcoupledwithlimitedvacancyinqualityofficestock,asteadyrentalgrowthisexpectedintheshort term,accordingtotheCBREReport.Anyincreaseordecreaseindemandforofficespaceandrentaltrends in our Portfolio Core Markets may in turn result in an increase or decrease (as the case may be) in our revenuefromoperationsfromleaserentals.Forfurtherdetails,pleasesee“IndustryOverview”onpage88.

Within these cities, our business also significantly depends on the performance of the sub-markets where the Portfolio Assets are located. Our Portfolio Assets are located in prime sub-markets, and these sub-markets have outperformed their overall markets, with a 70 bps higher 3-year average Market Rent CAGR through FY2025 and 167 bps lower vacancy as of March 31, 2025, based on data from the CBRE Report. Some examples of sub-markets in our Portfolio Core Markets are as follows:

(cid:129) IT Corridor—HITEC City, Hyderabad: We have 2 completed Portfolio Assets (Sattva Knowledge City and Sattva Knowledge Park), located in IT Corridor—HITEC City in Hyderabad, as of March 31, 2025. The IT Corridor—HITEC City sub-market had the largest occupied office stock at

63.6 msf as of March 31, 2025 and accounted for the highest office demand in the city, as per the CBRE Report. Property wise revenue (net of eliminations) of our Asset SPVs which hold our PortfolioAssets located in the ITCorridor—HITEC City sub-market contributed to 24.43%, 22.03% and 19.52% of our revenue from operations for FY2025, FY2024 and FY2023, respectively. Out of which, DRPL (which holds Sattva Knowledge City), contributed to 18.67%, 19.59% and 19.26% of ourrevenuefromoperationsforFY2025,FY2024andFY2023,respectively.SattvaKnowledgeCity is one of the largest business parks located in IT Corridor—HITEC City according to the CBRE Report, and one of the best performing assets in our Portfolio.

(cid:129) Ext-CBD, Mumbai: We have 3 Portfolio Assets, One World Center, One International Center and One Unity Center, located in the Ext-CBD sub-market, which collectively form the largest institutionally owned office assets in Mumbai City4, according to the CBRE Report. Property wise revenue (net of eliminations) of our Asset SPVs which hold our Portfolio Assets located in the Ext-CBDsub-marketcontributedto18.98%,16.82%and15.86%ofourrevenuefromoperationsfor FY2025, FY2024 and FY2023, respectively.

4 Excluding suburbs/submarkets such as Navi Mumbai (NMBD), Thane (TBD) 489(cid:129) ORR, Bengaluru: We have 7 business parks/centers located in the ORR sub-market, the largest office sub-market in India with a total completed stock of 75.0 msf as of March 31, 2025, according to the CBRE Report. Property wise revenue (net of eliminations) of ourAsset SPVs which hold our Portfolio Assets located in the ORR sub-market contributed to 19.24%, 22.26% and 24.79% of our revenue from operations for FY2025, FY2024 and FY2023, respectively.

Accordingly, any factors impacting the sub-markets where our Portfolio Assets are located, particularly those in our Portfolio Core Markets, can have a material impact on our results of operations.

The following sets forth a breakdown of property wise revenue (net of eliminations) derived from Asset SPVs and relevant Investment Entities holding our completed Portfolio Assets located in our Portfolio Core Markets and in other markets as derived from our Special Purpose Combined Financial Statements for the years indicated.

YearendedMarch31, 2025 2024 2023 (%of (%of (%of Revenue Revenue Revenue AssetSPV/ (₹in from (₹in from (₹in from InvestmentEntity Asset millions) Operations) millions) Operations) millions) Operations) Hyderabad DRPL(1) Sattva Knowledge City 7,338.53 18.67% 6,540.55 19.59% 5,585.77 19.26% WRPL(1) Sattva Knowledge Park 2,262.19 5.76% 816.57 2.45% 76.96 0.27% DIPL(1)(2) Sattva Knowledge 1,258.96 3.20% 1,099.87 3.29% 1,032.83 3.56% SKCPL(2) Capital – 0.00% – 0.00% – 0.00% SIMPL(1) CAM Hyderabad 1,856.91 4.72% 1,361.63 4.08% 1,076.42 3.71% Sub-total 12,716.59 32.36% 9,818.62 29.40% 7,771.98 26.80% Mumbai OBRPL(3) One BKC 2,850.99 7.25% 2,635.61 7.89% 2,616.92 9.02% OWCPL(3) One World Center 3,475.87 8.84% 2,915.44 8.73% 2,649.81 9.14% OICPL(3) One International Center 3,983.77 10.14% 2,701.37 8.09% 1,949.40 6.72% and One Unity Center PBPL(3) Prima Bay 1,581.84 4.02% 1,541.21 4.62% 1,464.95 5.05% Sub-total 11,892.47 30.26% 9,793.63 29.33% 8,681.08 29.93% Bengaluru CGDPL(4) Cessna Business Park 3,747.18 9.53% 3,627.90 10.86% 3,353.25 11.56% EBPPL(3)(5) Exora Business Park 2,083.46 5.30% 2,036.93 6.10% 2,260.81 7.80% GVTPL(6) Sattva Global City 1,805.39 4.59% 1,965.34 5.89% 2,070.63 7.14% STPL(1) Sattva Softzone 1,231.96 3.13% 1,376.06 4.12% 1,152.71 3.97% Sattva Touchstone 145.36 0.37% 144.44 0.43% 180.70 0.62% Sattva Supreme 30.58 0.08% (14.66) (0.04)% 62.34 0.21% Sattva Magnificia II 134.91 0.34% 133.03 0.40% 112.81 0.39% DEPL(1)(7) Sattva Magnificia I 90.33 0.23% 76.03 0.23% 63.53 0.22% DHRPL(1) Sattva Knowledge Court 790.80 2.01% 680.13 2.04% 584.27 2.01% SGNPL(1) Sattva Techpoint 481.07 1.22% 307.40 0.92% 324.83 1.12% PBPPL(3) One Trade Tower 473.55 1.20% 453.31 1.36% 370.13 1.28% 490YearendedMarch31, 2025 2024 2023 (%of (%of (%of Revenue Revenue Revenue AssetSPV/ (₹in from (₹in from (₹in from InvestmentEntity Asset millions) Operations) millions) Operations) millions) Operations) QITPL(1) Sattva Infozone 260.63 0.66% 254.58 0.76% 252.84 0.87% JRPL(1) Sattva SouthAvenue 54.64 0.14% 368.21 1.10% – 0.00% DBRPL(1) Sattva Eminence 149.86 0.38% 201.86 0.60% 120.34 0.41% HRPL(8) Sattva Cosmo Lavelle 138.86 0.35% 138.86 0.42% 125.58 0.43% SDPL(1) Sattva Premia 67.65 0.17% 61.15 0.18% 59.34 0.20% SPMPL(1) CAM Bengaluru – I 735.19 1.87% 598.84 1.79% 534.07 1.84% Sub-total 12,604.66 32.07% 12,409.42 37.16% 11,628.13 40.09% Total from our 37,213.72 94.69% 32,021.67 95.89% 28,081.19 96.82% Portfolio Core Markets Chennai KOBPPL(3) Kosmo One 1,216.61 3.10% 1,037.29 3.11% 867.94 2.99% Gurugram OQRPL(3)(9) One Qube 429.69 1.09% 127.13 0.38% 26.66 0.09% GIFT City,Ahmedabad PABPPL(3) Fintech One 179.93 0.46% 46.29 0.14% 27.11 0.09% Solar and other CAM revenue PSBPPL(3) CAM Bengaluru – II 211.54 0.54% 125.82 0.38% 0.06 0.00% BSPOMSPL(3) CAM Mumbai 49.52 0.13% 35.67 0.11% – – SRPPL Karnataka Solar – I 183.24 0.47% – – – – Total 39,301.01 100.00% 33,393.86 100.00% 29,003.01 100.00%

Notes:

(1) Propertywiserevenue(netofeliminations)fromtheseAssetSPVsexcludesrevenuefromCAMservicesreceivedfromtenantsofsuchassets,whichispaiddirectlyto ourrespectiveCAMEntities,SPMPLorSIMPL,exceptSattvaSupreme,whereCAMservicesareprovidedbyanassociateoftheSattvaSponsor.Further,revenuefrom CAMservicesinSattvaKnowledgeCitydoesnotincludecommonareamaintenancefor0.9msfofLeasableAreawhichiscarriedoutbythetenant.

(2) DIPLholds1.7msfofLeasableAreaofSattvaKnowledgeCapital.SKCPL,anotherAssetSPVoftheKnowledgeRealtyTrust,holdstheremaining0.6msfofLeasable AreaofSattvaKnowledgeCapital.Unlessotherwisestated,alloperatingdatapresentedinthissectionrepresentstheentireSattvaKnowledgeCapitalcomprising2.3msf ofLeasableArea(comprising1.7msfwhichisheldbyDIPLand0.6msfwhichhasbeenacquiredbySKCPLfromathirdpartyonApril4,2025).However,asdiscrete financialinformationinrespectofthe0.6msfofLeasableAreaisnotavailableforhistoricalperiods,theSpecialPurposeCombinedFinancialStatementsdonotinclude anyfinancialinformationwithrespecttothe0.6msfwhichhasbeenacquiredbySKCPLonApril4,2025andonlyreflectthe1.7msfofLeasableAreaheldbyDIPL.

Formoredetails,pleasesee“PresentationofFinancialDataandOtherInformation—FinancialandOperationalData”.

(3) Propertywiserevenue(netofeliminations)fromtheseAssetSPVsincludesrevenuefromCAMserviceswhichiscollectedfromtenantsofsuchassets.TheseAssetSPVs haveoutsourcedtheirCAMservicestoourCAMEntities,BSPOMSPLorPSBPPL,pursuanttotherelevantcommonareamaintenanceagreements.See“Management Framework”onpage412.Propertywiserevenue(netofeliminations)forBSPOMSPLandPSBPPLrelatetorevenuereceivedfromCAMservicesprovidedtootherthird parties.

(4) Propertywiserevenue(netofeliminations)ofCGDPL(theAssetSPVthatholdsCessnaBusinessPark)forFY2023andapartofFY2024(uptoJuly2023)doesnot includerevenuefromCAMservicesreceivedfromitstenants,whichwascollectedbyEBPPL(theAssetSPVthatholdsExoraBusinessPark).FromJuly2023onwards, revenuefromCAMserviceswascollectedbyCGDPL(theAssetSPVthatholdsCessnaBusinessPark),andaccordinglyCGDPL’spropertywiserevenue(netof eliminations)forFY2025andFY2024includesrevenuefromCAMservicescollectedsinceJuly2023.CAMservicesareoutsourcedtoourCAMEntity,PSBPPLasper footnote(3)above.Furthermore,revenuefromCAMservicesforCessnaBusinessParkdoesnotincludecommonareamaintenancefor2.8msfofLeasableAreawhich iscarriedoutbythetenant.

(5) Propertywiserevenue(netofeliminations)ofEBPPL(theAssetSPVthatholdsExoraBusinessPark)forFY2023andapartofFY2024(uptoJuly2023)includesrevenue fromCAMservicesfromCessnaBusinessPark.Seefootnote(4)above.

(6) Propertywiserevenue(netofeliminations)ofGVTPL(theAssetSPVthatholdsSattvaGlobalCity)includesrevenuefromCAMserviceswhichiscollectedfromtenants ofSattvaGlobalCity.

(7) DarshitaEdificeLLPwasconvertedintoaprivatelimitedcompanyandincorporatedas‘DarshitaEdificePrivateLimited’undertheCompaniesAct,2013,witheffect fromNovember14,2024.

(8) Propertywiserevenue(netofeliminations)ofHRPL(theAssetSPVthatholdsSattvaCosmoLavelle)doesnotincludeanyrevenuefromCAMservices,whichiscarried outbythetenant.

(9) OneQubeissubjecttoordersinrelationtotheInterventionApplicationfiledbeforetheHighCourtofJudicatureatDelhi.PursuanttoRegulation11(4)oftheSEBI REITRegulations,theSponsorsundertaketotakeallnecessarystepsandactionsasmayberequiredvis-à-vistheInterventionApplicationtoensurethevalidityofthe OQRPLSAAconsummatedaspartoftheInitialPortfolioAcquisitionTransactions.Ithasbeendecidedinter-setheSponsorsthattheBlackstoneSponsorshallbe responsibleinthisregard.Formoredetails,pleasesee“PresentationofFinancialDataandOtherInformation—FinancialandOperationalData”,“RiskFactors—Our actualresultsmaybemateriallydifferentfromtheexpectationsexpressedorimplied,orProjections,includedinthisOfferDocument.Accordingly,investorsshouldnot placeunduerelianceon,orbasetheirinvestmentdecisionsolelyonthisinformation”,and“LegalandOtherInformation”onpages5,31and703,respectively.

491Industry sectors and performance of our tenants Our business depends on the performance of our tenants, particularly multinational corporates, including GCCs. Multinational tenants represent the largest proportion of our tenant base, contributing 74.1% of Gross Rentals for the month ended March 31, 2025, compared to 38.2% from domestic corporates for the same period. Additionally, GCCs accounted for 43.6% of Gross Rentals for the month ended March 31,

2025.

India reigns as the “GCC capital of the World” and GCC export revenue in India is expected to grow at aCAGRof8.4%fromFY2024toFY2030accordingtotheCBREReport.TierIcitiesremainthepreferred destinationsforGCCsinIndia,withBengaluruastheleaderaccountingforashareof42.7%fromCY2022 to Q1CY2025 followed by Hyderabad accounting for 19.7% in the same period. As of March 31, 2025, we had 51.1% and 30.2% of our total Leasable Area in Bengaluru and Hyderabad, respectively, which positions us to benefit from the increasing demand by GCCs in India and grow our revenues. According to the CBRE Report, GCCs tend to focus on high value-added, core business activities and are less sensitive to costs compared to traditional call centers and business process outsourcing units, which may enable us to charge higher rentals for our PortfolioAssets.Additionally, global economic conditions may also affect our results of operations since several of our tenants export services or products from India or are affiliates of multinational companies. Global factors impacting their businesses may impact their ability to service their lease agreements or expand the office space that they have leased in the Portfolio Assets,therebyaffectingourrevenues.Additionally,domesticfirmsareexpandingtheirdemandforoffice space, which increased to 46.5% of commercial leasing in CY2024 compared to 30.0% in CY2015, as per theCBREReport.AswehavethehighestexposuretocitycenterofficeassetsascomparedtootherIndian office REITs, based on data from the CBRE Report, we can serve domestic tenants seeking high quality as the front offices or for their headquarters. Accordingly, any macroeconomic conditions affecting our domestictenantsmayalsohaveanimpactonthedemandforofficespaceandourrevenuefromoperations.

Our business also depends on the performance of the industry sectors of our tenants. The services sector comprised 73.9% of our tenant base in terms of Gross Rentals as of March 31, 2025. The services sector, which is the mainstay of office demand has contributed approximately 55% of India’s GDP in FY2025, according to the CBRE Report.According to the CBRE Report, the services sector (led by the technology industry) continues to be the key driver of the Indian economy. 37.5% and 23.4% of our Gross Rentals for the month ended March 31, 2025 are derived from our tenants in the technology and BFSI sectors, respectively. The remaining 39.1% of our Gross Rentals for the month ended March 31, 2025, is diversified across various industries and sectors including engineering and manufacturing, pharma and healthcare, research and consulting as well as infrastructure, real estate and logistics. As a result of our significant Gross Rentals contribution from tenants in the technology and BFSI sectors, our revenue from operations generated from lease rentals may be positively or negatively impacted by the business conditions of our tenants in these sectors. During CY2024, technology, co-working firms and BFSI firms held the highest shares of occupier demand in India at 23.3%, 20.4% and 15.3% respectively, according to the CBRE Report. However, any adverse developments affecting the industries in which our tenants operate may adversely affect their demand for office space. For instance, any tariffs and trade measures imposedbytheUnitedStatesorothercountriesmayadverselyaffectthesectorswhichourtenantsoperate in and consequently the demand for office space leasing. Our tenants’ businesses may be affected by global, macroeconomic or domestic factors beyond our control, which may result in a decrease in demand for office space and leases, or cause them to re-evaluate the renewal of leases, and negative economic conditions may result in them terminating leases earlier than expected, any of which may adversely affect our lease rentals. Additionally, CY2024 accelerated a ‘Return to Office’ (“RTO”) trend among many corporates, which has resulted in improved occupancy levels as per the CBRE Report.The RTO trend has driven the demand for office spaces and contributed to an increase in our revenue from operations.

492Occupancy rates and lease expiries ThesuccessofourbusinessdependsonourabilitytomaintainhighoccupancyatourPortfolioAssets.Our Portfolio had a Committed Occupancy of 91.4% as of March 31, 2025. Committed Occupancy rates dependonseveralfactorsincludingtheattractivenessofthemarketsandsubmarketsinwhichthePortfolio Assets are located, rents relative to competing properties, the supply of and demand for comparable properties,therangeoffacilitiesandamenitiesoffered,theabilitytominimizetheintervalsbetweenlease expiries (or terminations) and the ability to enter into new leases (including pre-leases for under construction properties or properties where leases are expiring).

According to the CBRE Report, our PortfolioAssets are amongst the superior-quality assets in India, due to their scale, accessible locations, amenities, infrastructure, sustainability and asset enhancement initiatives.Duetotheflight-to-qualityshiftinthemarketwithtenantsincreasinglypreferringhighquality office options, our Portfolio Assets have become one of the preferred options for both domestic and multinational corporates in their respective sub-market. According to the CBRE Report, our Portfolio reflects a broad proxy of the Indian office market, with a multi-market geographical presence and assets comprising both front office and integrated business parks. These factors have contributed to high occupancy rates in several of our Portfolio Assets.

We typically enter into long-term leases with our tenants, which provide us with a steady source of rental income.MostoftheleasesforourPortfoliogenerallyrangefrom5to10years,withgenerallya3to5year initial commitment period and subsequent renewal options, which provides visibility on the growth of our future cash flows.

Further, a number of our PortfolioAssets have a single or few tenants occupying the entire property or a substantial portion of the property for long durations. For instance, Sattva Cosmo Lavelle, Sattva Knowledge Capital and Sattva Horizon are fully leased to a single tenant (including their affiliated entities) as of the date of this Offer Document. Certain PortfolioAssets also have tenants who account for a significant portion of the Gross Rentals at the asset.These include Cisco Systems India Private Limited, who contributed 57.0% of Gross Rentals at Cessna Business Park and J.P. Morgan Services India Private Limited, who contributed 54.5% of Gross Rentals at Prima Bay for the month of March 31, 2025, respectively. Accordingly, the termination, re-leasing or renewal of one or more large leases may have a disproportionate impact on rental rates in a given period. Any inability to re-lease such vacant space at competitive rentals upon the exit of these tenants with large leases could also result in a decrease in our revenue.

493The table below sets out our Committed Occupancy and WALE as of the dates indicated.

Committed WALE Occupancy (in years)(1) (%) as of as of March 31, March 31, 2025 2025 Portfolio Assets Sattva Knowledge City 99.4 10.2 Sattva Knowledge Park 95.8 10.6 Sattva Knowledge Capital 100.0 20.6 One BKC 98.8 2.6 One World Center 85.7 3.0 One International Center 82.4 3.0 One Unity Center 62.2 6.7 Prima Bay 95.4 4.6 Cessna Business Park 97.4 14.8 Exora Business Park 91.8 7.3 Sattva Global City 81.2 8.4 Sattva Softzone 91.0 6.3 Sattva Knowledge Court 98.2 12.2 Sattva Techpoint 100.0 11.8 One Trade Tower 100.0 4.2 Sattva Touchstone 43.3 2.6 Sattva Infozone 100.0 5.1 Sattva Magnificia 100.0 8.1 Sattva Eminence 46.6 6.9 Sattva Cosmo Lavelle 100.0 0.8 Sattva Premia 71.7 0.5 Sattva Supreme 32.2 4.7 Kosmo One 94.7 5.2 One Qube 82.6 8.3 Fintech One 98.0 9.4 Sattva South Avenue 12.4 9.2 Sattva Horizon 100.0 19.5 AVERAGE 91.4 8.4

Note:

(1) Weighted according to Base Rentals assuming tenants exercise their renewal options post expiry of their initial commitment period.

We adopt a dynamic asset management and leasing strategy which includes tailoring our leasing strategy for a particular asset based on factors such as the type of asset, tenant profile, sub-market trends, property location and amenities and other asset characteristics.As part of our leasing strategy, we also engage with our tenants to understand their growth plans and requirements and adapt our leasing strategy accordingly.

We have undertaken several tenant engagement initiatives aimed promoting the health, wellbeing and social interactions of our tenants to promote tenant satisfaction and loyalty. However, in the event our tenant engagement initiatives and leasing strategies are unsuccessful or are discontinued for any reason, andtenantsdonotrenewleasesorterminateleasesearlierthanexpectedwiththecontractednoticeperiod, generally ranging from three to six months, it may take time to find new tenants which can lead to periods where we have vacant areas within the PortfolioAssets that do not generate lease rentals and in turn, can adversely impact our results of operations.

494Rental rates and escalations Our revenue from operations is primarily comprised of revenue from lease rentals and income from maintenance services that we provide to our tenants at our Portfolio Assets. Revenue from lease rentals contributed to 85.36%, 85.76% and 87.19% of our revenue from operations for FY2025, FY2024 and FY2023, respectively. Maintenance services provided to our tenants in our PortfolioAssets contributed to

13.54%, 12.65% and 12.41% of our revenue from operations for FY2025, FY2024 and FY2023, respectively. For more information on our common area maintenance service arrangements, see “Management Framework” on page 412.

Accordingly, our revenue from operations is directly affected by the lease rental rates and the rates of our CAM services at our Portfolio Assets. Lease rental rates are affected by various factors, including the location, connectivity, quality and upkeep and maintenance of the asset, sustainability measures, prevailing economic, income and demographic conditions in the submarket, changes in the market rental rates and competing projects and assets in the vicinity, changes in governmental policies, demand and supply dynamics in the sub-market, range of amenities and facilities and our continued ability to maintain the assets and provide services that meet the requirements of existing and prospective tenants.

Additionally, any inability to charge our tenants fees for our CAM services at acceptable rates may also have an adverse impact on our revenues and profitability.

Further, our existing lease agreements typically have built-in rent escalations, which has led to growth in our revenues historically and we expect it to continue to generate stable and predictable growth in our revenuefromoperations.Amajorityofourleaseshavetypicalrentescalationsbuilt-inofupto15%every three years and more recently, we have successfully created a new standard for our Portfolio with more aggressive annual built-in rent escalations of 4.5% to 5.0%. The contractual escalations provide stable cash flow growth and a natural hedge against inflation. Our Portfolio had a Committed Occupancy of

91.4% as of March 31, 2025 and we are well-positioned to achieve organic growth through a combination of contractual rent escalations, re-leasing at market rents and lease-up of vacant space.Approximately 7.4 msf of Leasable Area is expected to come up for expiries between FY2026 and FY2030 which has an embedded average mark-to-market potential of 23.1%. This presents us with a rental growth opportunity through re-leasing at higher rentals, which can increase our revenue.

Our total expenses, including operating and maintenance expenses.

Our total expenses amounted to ₹8,538.39 million, ₹7,581.16 million and ₹6,219.46 million, or 20.59%,

21.13% and 19.96% of our total income for FY2025, FY2024 and FY2023, respectively. Our total expenses consist of (a) cost of material consumed and works contract services, (b) operating and maintenance expenses, (c) employee benefits expense, and (d) other expenses.

As such, our profitability is subject to our ability to monitor our expenses. Our expenses may be affected byvariousfactors,includingthosebeyondourcontrol,suchasassetoccupancylevels,fuelprices,general cost inflation, increase in the prices of raw materials and the costs of other operating consumables, periodic renovation, refurbishment and other costs related to re-leasing.We also provide CAM services to tenants in our Portfolio Assets where we derive income from the provision of such services. Any cost increases which we are not able to pass on to our tenants could impact our ability to control our expenses discussed above, which in turn may adversely affect our profitability, margins and cash flows.

Circumstances such as a decline in market rent or pre-term lease cancellation may cause revenue to decrease, although the expenses of owning and operating a property may not decline in line with the decrease in revenue. While certain expenses may vary with occupancy, fixed expenses such as those relating to general maintenance, housekeeping, equipment upkeep, manpower and security services may not decline even if a property is not fully occupied.

495Additionally, as our Portfolio Assets age, the costs of maintenance increases, and without significant expenditureonrefurbishment,theGAVcoulddecline.ThequalityanddesignofourPortfoliohaveadirect influence over the demand for space in, and the rental rates of, our Portfolio.As such, we may be required tomaintainourPortfolioAssetsmorefrequentlytopreservetheirstatusassuperior-qualityassetsinIndia, which could increase our operating and maintenance expenses.

Cost of financing Finance costs amounted to ₹17,462.35 million, ₹16,927.13 million and ₹15,331.76 million, or 42.11%,

47.17% and 49.20% of our total income for FY2025, FY2024 and FY2023, respectively, and primarily comprised interest expense on term loans and bank facilities. Additionally, substantially all of our borrowings are on a floating rate basis, which accounted for 88.29%, 84.13% and 83.52% of our total borrowings as at March 31, 2025, 2024 and 2023, respectively.As the cost of financing is material for us, any inability to obtain funding at competitive interest rates or any increase in interest rates may result in an increase in our finance costs and adversely affect our results of operations. Further, our finance cost is contingent to external factors such as monetary policies of the Reserve Bank of India.

We may incur further debt and a significant amount of such future debt may be utilized in the operation and development of our business. The terms of any debt financing may include restrictive covenants, as well as restrictions that affect ourAsset SPVs’distribution and operating policies, including the ability to obtain additional loans.Additionally, new properties that are recently completed, acquired or redeveloped may not produce revenue immediately, and the cash flow from such properties may be insufficient to pay the operating expenses and principal and interest on debt incurred for the acquisition or development of such properties until they are leased.As a result, cash flows of the relevantAsset SPVs may be impacted due to increased debt servicing requirements until such time that the leasing operations of such newly developedoracquiredpropertiesarestabilized.Consequently,ourcashflowsandoperatingresultsandour ability to make distributions to Unitholders could be adversely affected by required repayments or related interest or restrictive covenants and other risks of our debt financing.

Government regulations and policies including taxes and duties TherealestatesectorinIndiaishighlyregulatedandthereareanumberoflawsandregulationsthatapply toourbusiness.Accordingly,wemayhavetodevoteasignificantamountoftimeandresourcestocomply with the numerous laws and regulations that apply to our business. Regulations applicable to our business include those related to land acquisition, funding sources, the ratio of built-up area to land area, land usage, the suitability of building sites, road access, necessary community facilities, open spaces or green cover, water supply, sewage disposal systems, electricity supply, environmental clearances or approvals and size of the project, tax laws including rules and legislations pertaining to the levy of income tax, property tax, stamp duty and GST. Our Asset SPVs are also required to ensure compliance with the Companies Act, 2013. Our business is also subject to employment laws pertaining to payment of remuneration, bonus, gratuity, pension and provision of other benefits to employees. For further details, see “Regulations and Policies” on page 733. We are also required to comply with the SEBI REIT Regulations, which oversee the setup, operations and governance of REITs in India as well as provisions of the applicable foreign exchange laws. We strive to continuously maintain compliance with these regulationsandincurvariouscostsintheprocess,includingfeestogovernmentauthorities,feestolawyers and consultants, property tax and other taxes and duties.

496Any changes in property tax may also affect our results from operations. Rates and taxes (including propertytaxes)amountedto₹1,210.41million,₹1,094.79millionand₹1,006.36million,or2.92%,3.05% and 3.23% of our total income for FY2025, FY2024 and FY2023, respectively.

The operations of our SolarAssets are dependent on state government tariff orders and may be adversely impacted if tariffs are reduced or additional surcharges, taxes or increases in open access charges are imposed. For instance, during FY2025, the Karnataka Electricity Regulatory Commission (KERC) issued the CombinedTariff Order 2025, revising the solar power tariff in Karnataka from the existing ₹8.00/kWh to ₹5.95/kWh for FY2026, ₹5.70/kWh for FY2027 and ₹5.40/kWh for FY2028. Such reduction and any future reductions in tariffs by any applicable state authorities will have an adverse impact on the revenues of ourAsset SPVs with solar assets (namely SRPPL, theAsset SPV that holds Karnataka Solar—I which was commissioned in July 2024, and NDPL, OBSEPL and PBSEPL which hold our under construction solar assets, Karnataka Solar—II, One BKC Solar and Prima Bay Solar, respectively). Conversely, an increase in tariffs could lead to an increase in revenues of these Asset SPVs with solar assets.

In addition, as of March 31, 2025, we had 6.9 msf of CompletedArea across 2 PortfolioAssets which is notified as SEZ, representing 14.9% of Total Leasable Area. On December 6, 2023, the Ministry of Commerce and Industry, Government of India, issued the Special Economic Zones (Fifth Amendment) Rules, 2023 amending the SEZ regulations, permitting the demarcation and denotification of non- processing areas within an SEZ relating to complete floors with appropriate access control mechanisms subject to the repayment of tax benefits and certain other conditions. However, there is uncertainty in the manner of calculation of the quantum of duty benefit to be refunded to the relevant governmental authority. Sattva Global City, one of our SEZ parks, has 1.4 msf (35.1% of its Completed Area) of non-SEZ area, including 0.9 msf which was recently denotified, which enables us to attract non-SEZ tenants.

Development timeline and costs As of March 31, 2025, our Portfolio comprised 1.2 msf of Under ConstructionArea and 8.0 msf of Future DevelopmentArea. The timely development of our pipeline is expected to positively impact our financial performance.

Wetypicallycommenceconstructionbasedonacomprehensiveassessmentofupcomingsupplyandrecent absorption trends, various other micro and macro factors impacting the demand for our assets as well as the availability of suitable financing. Depending on the specific needs of tenants, we may also construct office space on a ‘built-to-suit’ basis. These initiatives enhance our ability to develop and maintain long-termrelationshipswithourtenants.Adevelopment’stimelinedependsonfactorssuchassize,design and tenant specifications, if any. Further, we selectively offer tenant improvement solutions including capital expenditure and project management consulting and execution of fit-outs for tenants, where we develop fully fitted-out spaces as compared to partially finished or warm shell spaces. This enables us to increase the Gross Rentals we can charge (which includes fit-outs) and provides us with an opportunity to increase our margins. As of March 31, 2025, 4.6 msf of Leasable Area in our Portfolio was provided through this fit-out model and includes area leased to Goldman Sachs in Sattva Knowledge City, Bosch in Sattva Knowledge Park and Go Digit in Sattva Techpoint.

The time and costs required to complete a project depends on various factors, including business plans, the availability of financing, labor and raw materials, the receipt of regulatory clearances, access to utilities such as electricity and water, the operating and financial condition of the vendors and contractors we use in our business, and other contingencies such as adverse weather conditions. While the industry construction costs have increased due to the rise in costs of input materials led by macroeconomic factors and inflation, we believe our design and procurement strategy, centralized procurement team and long-term relations with key vendors and contractors will enable us to optimize our construction costs.

However, there is no assurance we will be successful in doing so. Any delays or failure to complete a project could result in, among others, any of the following:

497(cid:129) costs substantially exceeding those originally budgeted for; (cid:129) failure to achieve the projected returns of the asset; (cid:129) delaysincommencementofcommittedleasesintheasset,resultinginalossofrevenueandpotential termination of such leases;

(cid:129) dissatisfaction among our tenants, resulting in negative publicity and decreased demand for our assets; (cid:129) penalties under the terms of agreements with tenants or otherwise in connection with any delays in the completion of the project; and (cid:129) expiration of relevant approvals.

See “Risk Factors—There can be no assurance that the Under Construction Area or Future Development Area will be completed in its entirety in accordance with anticipated timelines or costs or that we will achieve the results expected from such projects, which may adversely affect our business, financial condition,resultsofoperationsandcashflowsandaffectourabilitytomeetourProjections.”onpage57.

We capitalize our construction and borrowing costs in relation to our properties under construction and capitalize brokerage costs on leasing in respect of our investment property. When construction is completed, borrowing costs are charged to our statement of profit and loss as finance costs, causing an increase in expenses.

Future acquisitions Going forward, we intend to selectively acquire, from the Sattva Sponsor under the ROFO Deed or from third parties, commercial real estate assets that meet our investment criteria and objectives. For further details, please see “Our Business and Properties—Business and Growth Strategies—Leverage our brand-agnostic platform to implement an accretive acquisition strategy with a robust balance sheet”, “Risk Factors—We may not be successful in any future acquisitions, and there can be no assurance that we will be able to successfully manage any assets we may acquire in the future. Further, any of our acquisitions in the future may be subject to risks” and “Initial Portfolio Acquisition Transactions—AcquisitionofFutureAssets”onpages194,62and475,respectively.Eachnewacquisition thatwecompletemaymateriallyaffectouroverallresultsofoperationsandfinancialposition.Inaddition, our acquisition strategy may require a significant amount of working capital and long-term funding. Our abilitytoacquirepropertieswilldependonourabilitytoraisefundingfromfurtherissuanceorunits,debt financing on commercially viable terms or other sources of funds, which will in part be affected by the prevailing market conditions, interest rates and the price of our units at the time of acquisition.

Competition We operate in highly competitive markets. Competition in these markets is based primarily on location, rentalrates,buildingquality,reputationofthedeveloper,accesstoparking,andlevelsofservicesprovided to tenants, among others.

Competition from other developers in India may adversely affect our ability to lease our projects, and continued development by other market participants could result in saturation or oversupply of the real estate market which could adversely impact our revenues from commercial operations.

We may also have conflicts of interest with our Sponsors and Sponsor Group. See “Risk Factors—There may be conflicts of interests between the Lead Managers and/or their associates and affiliates and the Manager, the Sattva Sponsor, the Sattva Sponsor Group, the Blackstone Sponsor, the Blackstone Sponsor Group,theTrusteeand/ortheirrespectiveassociates/affiliates.”onpage64.Increasingcompetitioncould result in price and supply volatility which could materially and adversely affect our results of operations.

498See “Industry Overview” on page 88.

Basis of preparation of the Special Purpose Combined Financial Statements The Special Purpose Combined Financial Statements comprise the Special Purpose Combined Balance SheetasatMarch31,2025,March31,2024andMarch31,2023;theSpecialPurposeCombinedStatement of Profit and Loss (including other comprehensive income), the Special Purpose Combined Statement of CashFlows,theSpecialPurposeCombinedStatementofChangesinEquityfortheyearsendedMarch31, 2025, March 31, 2024 and March 31, 2023 and a summary of material accounting policies and other explanatory information with other additional disclosures. The Special Purpose Combined Financial Statements have been prepared in accordance with the Guidance Note on Combined and Carve Out Financial Statements, Guidance note on Reports in Company Prospectus (Revised 2019) issued by the Institute of Chartered Accountants of India (the “ICAI”) (the “Guidance Notes”), to the extent not inconsistent with SEBI (Real Estate Investment Trusts) Regulations, 2014, SEBI master circular no.

SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 for real estate investment trusts dated July 11, 2025 (“SEBI

Circular”)andothercircularsissuedthereunder(“REITRegulations”),asamendedandinaccordancewith IndianAccountingStandards(IndAS)notifiedundertheCompanies(IndianAccountingStandards)Rules, 2015 (as amended from time to time) and presentation requirements of Division II of Schedule III to the CompaniesAct,2013(asamendedfromtimetotime),withtheexceptionsandmodificationsasmentioned in REIT Regulations, notes and accounting policies described in the Special Purpose Combined Financial Statements. Specific attention is drawn to the following aspects:

(cid:129) In preparing these Special Purpose Combined Financial Statements, “Capital” represent shareholder’s investment in the Asset SPVs and Investment Entities. (cid:129) As on date of the Special Purpose Combined Financial Statements, Knowledge Realty Trust has not issued any units and hence, the earnings per unit could not be computed.

The Special Purpose Combined Financial Statements are special purpose financial statements and have beenpreparedbytheManagertomeettherequirementstheREITRegulationsandforinclusionintheoffer document(s) prepared by the Manager in connection with the proposed initial public issue of units of Knowledge Realty Trust. As a result, the Special Purpose Combined Financial Statements may not be suitable for any other purpose.

All the assets,Asset SPVs and Investment Entities which are proposed to be owned by Knowledge Realty Trust collectively form part of Special Purpose Combined Financial Statements. Further, the Special Purpose Combined Financial Statements are prepared based on an assumption that all the assets (except for 0.6 msf area of Sattva Knowledge Capital acquired subsequent to March 31, 2025) were part of Knowledge Realty Trust.Accordingly, all theAsset SPVs (includingAsset SPVs and Investment Entities directly or indirectly acquired by the Sponsors afterApril 1, 2022 or proposed to be acquired) have been combined for the period presented.

Inaddition,asatMarch31,2023,MRPPLheld99.53%equityinterestinGVTPL.Thebalance0.47%held by the third party shareholder was acquired by MRPPL during the year ended March 31, 2024.

Accordingly, GVTPL has been combined considering 100% equity interest of Knowledge Realty Trust from April 1, 2022 and consideration paid by MRPPL for acquisition of the balance 0.47% has been recognized as liability as at April 1, 2022. Liability is recognized at amortized cost with the subsequent measurement through statement of profit and loss.

Subsequent to the year ended March 31, 2025, the Softzone Scheme ofArrangement (i.e. merger of SBPL and carve out assets of Sattva Supreme, Sattva Magnifica II and Sattva Touchstone (together referred as “Demerged Undertakings”) into STPL) is approved by the National Company Law Tribunal with the appointed date ofApril 1, 2024. However, as required by the SEBI Master Circular in the preparation of this Special Purpose Combined Financial Statements, the Demerged Undertakings are considered as part of Knowledge RealtyTrust for all the periods presented in accordance with the guidance prescribed in the SEBI Master Circular, with their net assets as at April 1, 2022 being considered at book value in the preparation of the Special Purpose Combined Financial Statements.

499Summary of Material Accounting Policies and Estimates Set forth below is a summary of our material accounting policies and estimates used in the preparation of our Special Purpose Combined Financial Statements.

Material Accounting Policies Revenue from lease rentals LeasesinwhichKnowledgeRealtyTrustdoesnottransfersubstantiallyalltherisksandrewardsincidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lock-in term. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lock-in term onthesamebasisasrentalincome.Contingentrentsarerecognizedasrevenueintheperiodinwhichthey are earned.

Revenue from contracts with customers Revenue is recognized upon transfer of control of promised goods or services to a customer at an amount that reflects the consideration Knowledge Realty Trust expects to receive in exchange for those goods or services.

Revenue is measured at the amount of transaction price. This involves, inter alia, discounting of the consideration due to the present value if payment extends beyond normal credit terms. Revenue is recognized when recovery of the consideration is probable, and the amount of revenue can be measured reliably.

Revenue from contract with customers majorly include income from maintenance services. Revenue is recognized as and when the services are rendered based on the terms of the contracts. Knowledge Realty Trust collects goods and service tax on behalf of the government and therefore, it is not an economic benefit flowing to Knowledge Realty Trust. Hence, it is excluded from revenue. Knowledge Realty Trust raises invoices as per the terms of the contract, upon which the payment is due to be made by the customers. If the consideration in a contract includes a variable amount (like volume rebates/incentives, cash discounts etc.), Knowledge Realty Trust estimates the amount of consideration to which it will be entitled in exchange for rendering the services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amountofcumulativerevenuerecognizedwillnotoccurwhentheassociateduncertaintywiththevariable consideration is subsequently resolved.The estimate of variable consideration for expected future volume rebates/incentives, cash discounts etc. are made on the most likely amount method. Revenue is disclosed net of such amounts.

Sale of renewable energy—Revenue from sale of power is recognized net of cash discount over time for each unit of electricity delivered at the contracted rate.

Contractualprojects—Revenuefromcontractualprojectsisrecognizedovertime,usinganinputmethod with reference to the stage of completion of the contract activity at the end of the reporting period, measured based on the proportion of contract costs incurred for work performed to date relative to the estimated total contract costs. Knowledge Realty Trust recognizes revenue only when it can reasonably measure its progress in satisfying the performance obligation. Until such time, Knowledge Realty Trust recognizesrevenuetotheextentofcostincurred,providedKnowledgeRealtyTrustexpectstorecoverthe costs incurred towards satisfying the performance obligation. The stage of completion on a project is measuredonthebasisofproportionofthecontractworkbaseduponthecontracts/agreementsenteredinto by Knowledge Realty Trust with its customers.

500Use of judgments and estimates In the application of Knowledge Realty Trust’s accounting policies, the management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The areas involving critical estimates or judgments are: (cid:129) Determining fair value of investment property, including impairment assessment of investment property and goodwill. The determination of the fair value of investment property requires the use of estimates such as future cash flows from the assets (such as market rent, market parking rent, rent growth rate, parking income growth rate, market lease tenure, market escalations, maintenance income prevailing in the market etc.) and discount rates applicable to those assets. These estimates are based on local market conditions existing at the balance sheet date. Impairment exists when the carryingvalueofanassetorcashgeneratingunitexceedsitsrecoverableamount,whichisthehigher of its fair value less costs of disposal and its value in use. The value in use calculation is based on adiscountedcashflow(“DCF”)model.Thecashflowsarederivedfromthebudgets.Therecoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for the purpose of determining fair values.

(cid:129) Useful lives of investment property and property, plant and equipment: Management reviews its estimate of the useful lives of investment property and property, plant and equipment at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical and economic obsolescence that may change the utility of assets.

(cid:129) Assessment of lease term for revenue recognition:The management has considered lease term as the non-cancellable term of the lease, after considering all facts and circumstances including renewal, termination and market conditions.

(cid:129) Deferred tax assets are recognized for unused tax losses and minimum alternate tax (MAT) credit, to the extent that it is probable that taxable profit will be available against which the losses/MAT credit can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.

(cid:129) Recognition and measurement of provisions and contingencies: Key assumptions about the likelihood and magnitude of an outflow of resources.

Principal Components of our Statement of Profit and Loss Total income Our total income comprises revenue from operations and other income.

Revenue from operations

Our revenue from operations comprises the following sources: (i) revenue from lease rentals (comprising lease rental income, lease equalisation income and rental income on discounting of lease deposits 501received), and (ii) revenue from contracts with customers (comprising of maintenance services, food and beverage revenue, income from generation of renewable energy and other operating revenue at our Portfolio Assets).

The following table sets forth a breakdown of our revenue from operations for the years indicated.

Yearended March 31, 2025 2024 2023 Particulars (₹in millions) Revenue from lease rentals 33,545.48 28,639.37 25,286.71 Lease rental income 31,835.66 26,951.90 24,006.18 Lease equalisation income 957.76 1,163.10 671.58 Rental income on discounting of lease deposits received 752.06 524.37 608.95 Total revenue from contracts with customers 5,755.53 4,754.49 3,716.30 Maintenance services 5,321.30 4,223.64 3,600.37 Food and beverage revenue 46.36 34.10 – Income from generation of renewable energy 183.24 – – Other operating revenue – Others including works contract services 204.63 496.75 115.93 Revenue from operations 39,301.01 33,393.86 29,003.01 Revenue from lease rentals Revenue from lease rentals comprises of lease rental income, lease equalisation income and rental income on discounting of lease deposits received, as discussed below:

(cid:129) Lease rental income: Lease rental income comprises rental income earned from the leasing of our PortfolioAssets,incomefromparkingspacesleasedatourPortfolioAssetsandfit-outrentals(where we recover the value of the fit-outs provided through fit-out rentals to the extent such leases are classified as operating lease as per accounting requirements), each as per the relevant agreement;

(cid:129) Lease equalisation income: Lease rental income is accounted for on a straight-line basis over the lock-in term and accordingly, adjustment to give the effect of straight-lining is accounted as lease equalisation income; and (cid:129) Rental income on discounting of lease deposits received: Lease deposits received from tenants is recognized at present value and difference is amortized as rental income on discounting of lease deposits received over the lock-in term.

Revenue from contracts with customers Revenue from contracts with customers primarily comprises of maintenance services and income from generation of renewable energy, as discussed below: (cid:129) Maintenance services: Income from maintenance services consists of the revenue that we receive fromourtenantsfortheCAMservicesthatweprovideacrossourPortfolioAssetsaspertherelevant agreement, and also includes revenue from CAM services provided to third parties, if any, located within the assets; and 502(cid:129) Income from generation of renewable energy: Income from generation of renewable energy comprises income that we receive in connection with the generation and sale of renewable energy to our tenants.

Other operating revenue Other operating revenue primarily includes works contract services, ancillary income and property management and consulting services that we provide to our tenants and other parties, such as project management consulting and execution of fit-outs for tenants looking to minimize their initial expenses or outsource their fit-out works.

Property-wise revenue from operations (net of eliminations) The Special Purpose Combined Financial Statements include property wise revenue (net of eliminations)

disclosed as per REIT Regulations:

YearendedMarch31, 2025 2024 2023 Propertywise %of Propertywise %of Propertywise %of revenue revenue revenue revenue revenue revenue (netof from (netof from (netof from eliminations) operations eliminations) operations eliminations) operations AssetSPV Propertyname Location Majorrevenuecomponents (₹inmillions) % (₹inmillions) % (₹inmillions) % DRPL(1) Sattva Hyderabad Rentalincome,revenue 7,338.53 18.67% 6,540.55 19.59% 5,585.77 19.26% Knowledge fromsaleoffoodand City beveragesandother operatingincome WRPL(1) Sattva Hyderabad Rentalincomeand 2,262.19 5.76% 816.57 2.45% 76.96 0.27% Knowledge otheroperatingincome Park DIPL(1)(2) Sattva Rentalincomeand 1,258.96 3.20% 1,099.87 3.29% 1,032.83 3.56% Knowledge Hyderabad SKCPL(2) otheroperatingincome – 0.00% – 0.00% – 0.00% Capital OBRPL(3) OneBKC Mumbai Rentalincomeand 2,850.99 7.25% 2,635.61 7.89% 2,616.92 9.02% revenuefrom maintenanceservices OWCPL(3) OneWorld Mumbai Rentalincome,revenue 3,475.87 8.84% 2,915.44 8.73% 2,649.81 9.14% Center frommaintenance servicesandother operatingincome OICPL(3) One Mumbai Rentalincome,revenue 3,983.77 10.14% 2,701.37 8.09% 1,949.40 6.72% International frommaintenance Centerand servicesandother OneUnity operatingincome Center PBPL(3) PrimaBay Mumbai Rentalincomeand 1,581.84 4.02% 1,541.21 4.62% 1,464.95 5.05% revenuefrom maintenanceservices CGDPL(4) Cessna Bengaluru Rentalincomeand 3,747.18 9.53% 3,627.90 10.86% 3,353.25 11.56% Business revenuefrom Park maintenanceservices EBPPL(3)(5) Exora Bengaluru Rentalincomeand 2,083.46 5.30% 2,036.93 6.10% 2,260.81 7.80% Business revenuefrom Park maintenanceservices GVTPL(6) Sattva Bengaluru Rentalincomeand 1,805.39 4.59% 1,965.34 5.89% 2,070.63 7.14% GlobalCity revenuefrom maintenanceservices STPL(1) Sattva Bengaluru Rentalincome 1,231.96 3.13% 1,376.06 4.12% 1,152.71 3.97% Softzone DHRPL(1) Sattva Bengaluru Rentalincome 790.80 2.01% 680.13 2.04% 584.27 2.01% Knowledge Court SGNPL(1) Sattva Bengaluru Rentalincome 481.07 1.22% 307.40 0.92% 324.83 1.12% Techpoint PBPPL(3) OneTrade Bengaluru Rentalincomeand 473.55 1.20% 453.31 1.36% 370.13 1.28% Tower revenuefrom maintenanceservices SHPL Sattva Bengaluru Rentalincome – 0.00% – 0.00% – 0.00% Horizon 503YearendedMarch31, 2025 2024 2023 Propertywise %of Propertywise %of Propertywise %of revenue revenue revenue revenue revenue revenue (netof from (netof from (netof from eliminations) operations eliminations) operations eliminations) operations AssetSPV Propertyname Location Majorrevenuecomponents (₹inmillions) % (₹inmillions) % (₹inmillions) % STPL(1) Sattva Bengaluru Rentalincome 145.36 0.37% 144.44 0.43% 180.70 0.62% Touchstone QITPL(1) Sattva Bengaluru Rentalincome 260.63 0.66% 254.58 0.76% 252.84 0.87% Infozone DEPL(1)(7) Sattva Bengaluru Rentalincome 90.33 0.23% 76.03 0.23% 63.53 0.22% Magnificia I STPL(1) Sattva Bengaluru Rentalincome 134.91 0.34% 133.03 0.40% 112.81 0.39% Magnificia II JRPL(1) Sattva Bengaluru Otheroperating 54.64 0.14% 368.21 1.10% – 0.00% South income Avenue DBRPL(1) Sattva Bengaluru Rentalincome 149.86 0.38% 201.86 0.60% 120.34 0.41% Eminence HRPL(8) Sattva Bengaluru Rentalincome 138.86 0.35% 138.86 0.42% 125.58 0.43% Cosmo Lavelle SDPL(1) Sattva Bengaluru Rentalincome 67.65 0.17% 61.15 0.18% 59.34 0.20% Premia STPL(1) Sattva Bengaluru Rentalincome 30.58 0.08% (14.66) (0.04)% 62.34 0.21% Supreme DHPL Sattva Bengaluru Rentalincome – 0.00% – 0.00% – 0.00% Endeavour STPL(1) Sattva Bengaluru Rentalincome – 0.00% – 0.00% – 0.00% Spectrum KOBPPL(3) KosmoOne Chennai Rentalincomerevenue 1,216.61 3.10% 1,037.29 3.11% 867.94 2.99% frommaintenance servicesandother operatingincome OQRPL(4)(9) OneQube Gurugram Rentalincomeand 429.69 1.09% 127.13 0.38% 26.66 0.09% revenuefrom maintenanceservices PABPPL(3) Fintech GIFTCity, Rentalincomeand 179.93 0.46% 46.29 0.14% 27.11 0.09% One Ahmedabad revenuefrom maintenanceservices BSPOMSPL(3)* CAM Mumbai Revenuefrom 49.52 0.13% 35.67 0.11% – 0.00% services maintenanceservices PSBPPL(3)* CAM Bengaluru Revenuefrom 211.54 0.54% 125.82 0.38% 0.06 0.00% services maintenanceservices SPMPL* CAM Bengaluru Revenuefrom 735.19 1.87% 598.84 1.79% 534.07 1.84% services maintenanceservices andotheroperating income SIMPL* CAM Hyderabad Revenuefrom 1,856.91 4.72% 1,361.63 4.08% 1,076.42 3.71% services maintenanceservices SRPPL Solarplant Karnataka Incomefrom 183.24 0.47% – 0.00% – 0.00% generationof renewableenergy Revenuefromoperations 39,301.01 100.00% 33,393.86 100.00% 29,003.01 100.00%

Notes: * InvestmentEntityoftheKnowledgeRealtyTrust.

(1) Propertywiserevenue(netofeliminations)fromtheseAssetSPVsfromtenantsofsuchassets,whichispaiddirectlytoourrespectiveCAMEntities,SPMPLorSIMPL, saveexceptforSattvaSupreme,whereCAMservicesareprovidedbyanassociateoftheSattvaSponsor.Further,revenuefromCAMservicesinSattvaKnowledgeCity doesnotincludecommonareamaintenancefor0.9msfofLeasableAreawhichiscarriedoutbythetenant.

(2) DIPLholds1.7msfofLeasableAreaofSattvaKnowledgeCapital.SKCPL,anotherAssetSPVoftheKnowledgeRealtyTrust,holdstheremaining0.6msfofLeasable AreaofSattvaKnowledgeCapital.Unlessotherwisestated,alloperatingdatapresentedinthissectionrepresentstheentireSattvaKnowledgeCapitalcomprising2.3 msfofLeasableArea(comprising1.7msfwhichisheldbyDIPLand0.6msfwhichhasbeenacquiredbySKCPLfromathirdpartyonApril4,2025).However,asdiscrete financialinformationinrespectofthe0.6msfofLeasableAreaisnotavailableforhistoricalperiods,theSpecialPurposeCombinedFinancialStatementsdonotinclude anyfinancialinformationwithrespecttothe0.6msfwhichhasbeenacquiredbySKCPLandonlyreflectthe1.7msfofLeasableAreaheldbyDIPL.Formoredetails, pleasesee“PresentationofFinancialDataandOtherInformation—FinancialandOperationalData”.

(4) Propertywiserevenue(netofeliminations)ofCGDPL(theAssetSPVthatholdsCessnaBusinessPark)forFY2023andapartofFY2024(uptoJuly2023)doesnot includerevenuefromCAMservicesreceivedfromitstenants,whichwascollectedbyEBPPL(theAssetSPVthatholdsExoraBusinessPark).FromJuly2023onwards, revenuefromCAMserviceswascollectedbyCGDPL(theAssetSPVthatholdsCessnaBusinessPark),andaccordinglyCGDPL’spropertywiserevenue(netof 504eliminations)forFY2025andFY2024includesrevenuefromCAMservicescollectedsinceJuly2023.CAMservicesareoutsourcedtoourCAMEntity,PSBPPLasper footnote(3)above.Furthermore,revenuefromCAMservicesforCessnaBusinessParkdoesnotincludecommonareamaintenancefor2.8msfofLeasableAreawhich iscarriedoutbythetenant.

(6) Propertywiserevenue(netofeliminations)ofGVTPL(theAssetSPVthatholdsSattvaGlobalCity)includesrevenuefromCAMserviceswhichiscollectedfromtenants ofSattvaGlobalCity.

(7) DarshitaEdificeLLPwasconvertedintoaprivatelimitedcompanyandincorporatedas‘DarshitaEdificePrivateLimited’undertheCompaniesAct,2013,witheffect fromNovember14,2024

(8) Propertywiserevenue(netofeliminations)ofHRPL(theAssetSPVthatholdsSattvaCosmoLavelle)doesnotincludeanyrevenuefromCAMservices,whichiscarried outbythetenant.

Other income

Our other income primarily comprises the following sources: (i) interest income on fixed deposits, inter corporate deposit, on debentures, redeemable preference shares and compulsorily convertible preference shares, income tax/indirect tax refund, finance lease receivables (comprising income from fit-out rentals where such leases are classified as finance leases) and others (security deposits etc), (ii) gain on fair valuationofmutualfundsandinvestments,(iii)gainonsettlementofinter-companybalanceswithrelated parties, (iv) profit on sale of PPE and investment property, (v) profit on sale of investments, (vi) sale of scrap, (vii) liabilities written back, (viii) provision written back in respect of deferred consideration,

(ix) insurance claim received and (x) miscellaneous income.

505The following table sets forth a breakdown of our other income for the years indicated:

Yearended March 31, 2025 2024 2023 Particulars (₹in millions) Interest income on fixed deposits 367.51 293.13 167.87 inter corporate deposits 390.88 280.35 303.70 on debentures, redeemable preference shares and compulsorily convertible preference shares 385.40 621.16 728.03 income tax/indirect tax refund 14.75 22.29 108.95 finance lease receivable 80.01 107.79 28.70 others (security deposits etc.) 54.87 43.58 83.25 Gain on fair valuation of mutual funds 72.60 85.29 179.71 Gain on fair valuation of investments 88.16 – – Gain on settlement of inter-company balances with related parties – 99.77 115.66 Profit on sale of investments 243.45 201.65 190.21 Sale of scrap 14.43 3.42 5.00 Profit on sale of PPE and investment property 1.85 – – Liabilities written back 229.35 245.51 49.50 Provision written back in respect of deferred consideration – 226.74 – Insurance claim – 76.77 20.00 Miscellaneous income 224.37 183.45 176.07 Total 2,167.63 2,490.90 2,156.65

Note:

(1) Inter-corporatedepositsgivenanddebentures,redeemablepreferencesharesandcompulsorilyconvertiblepreferencesharessubscribedbycertainAssetSPVshasbeen repaid/convertedsubsequenttoMarch31,2025.

Expenses

Our expenses comprise the following: (i) cost of material and work contract services, (ii) operating and maintenance expenses, (iii) employee benefits expenses, and (iv) other expenses.

Cost of material consumed and work contract services Cost of material consumed primarily includes cost of food and beverages sold at Sattva Knowledge City andcostofworkcontractservicesprimarilyincludesexpensesincurredtowardsconstructionofabuilding under works contract.

Operating and maintenance expenses Operating and maintenance expenses mainly comprise cost of power and fuel (net of recoveries), manpower charges, common area maintenance expense, repairs and maintenance related to operations and other operating expenses.

506Employee benefits expenses Employee benefits expenses mainly comprise salaries, bonus and allowance.

Other expenses Other expenses primarily comprise legal and professional fees, rates and taxes (including property taxes), insuranceexpense,propertyservicemanagementfees,allowancesforexpectedcreditlossesonloans,loss on measurement of financials instrument measured at fair value, loss on sale/discard of PPE and investment property and miscellaneous expenses.

Finance Costs Financecostsprimarilycomprise(i)interestexpenseon(a)termloansandbankoverdrafts;(b)unwinding ofleasedepositsreceivedfromtenants;(c)debenturesandbonds;(d)inter-corporateborrowings,(ii)other borrowings costs, and (iii) less finance costs attributable to the qualifying assets.

Financecostsattributabletothequalifyingassetsi.e.underconstructionproperties,iscapitalized.Finance cost incurred post capitalization of assets is charged to statement of profit and loss, causing an increase in our finance costs.

Depreciation and amortization Depreciation and amortization expenses comprise the depreciation/amortization of property, plant and equipment, right-of-use assets, intangible assets and investment property.

Tax expense Tax expense comprises (i) current tax; (ii) tax adjustments relating to earlier years and (iii) deferred tax

(credit)/charge. Deferred tax includes Minimum Alternate Tax (“MAT”) credit entitlement and MAT written off, if any.

Other comprehensive income Items of other comprehensive income primarily comprise re-measurements of defined benefit liability and income tax relating to that.

Results of Operations

The following tables summarizes our combined results of operations for the years indicated:

YearendedMarch31, 2025 2024 2023 (₹in %oftotal (₹in %oftotal (₹in %oftotal Particulars millions) income millions) income millions) income INCOME Revenue from operations 39,301.01 94.77% 33,393.86 93.06% 29,003.01 93.08% Other income 2,167.63 5.23% 2,490.90 6.94% 2,156.65 6.92% Total Income (I) 41,468.64 100.00% 35,884.76 100.00% 31,159.66 100.00% EXPENSES Cost of material consumed and works contract services 54.02 0.13% 373.33 1.04% 20.91 0.07% Operating and maintenance expenses 4,131.02 9.96% 3,024.02 8.43% 2,561.92 8.22% Employee benefits expense 411.94 0.99% 319.67 0.89% 244.40 0.78% 507YearendedMarch31, 2025 2024 2023 (₹in %oftotal (₹in %oftotal (₹in %oftotal Particulars millions) income millions) income millions) income Other expenses 3,941.41 9.50% 3,864.14 10.77% 3,392.23 10.89% Total expenses (II) 8,538.39 20.59% 7,581.16 21.13% 6,219.46 19.96% Earnings before finance cost, depreciation, amortization, exceptional items and tax (EBITDA) (I) – (II) 32,930.25 79.41% 28,303.60 78.87% 24,940.20 80.04% Finance costs 17,462.35 42.11% 16,927.13 47.17% 15,331.76 49.20% Depreciation and amortization expenses 3,808.05 9.18% 5,875.22 16.37% 5,927.81 19.02% 21,270.40 51.29% 22,802.35 63.54% 21,259.57 68.23% Profit before exceptional items and tax 11,659.85 28.12% 5,501.25 15.33% 3,680.63 11.81% Exceptional items 3,502.18 8.45% – 0.00% – 0.00% Profit before tax 8,157.67 19.67% 5,501.25 15.33% 3,680.63 11.81%

Tax expense:

Current tax 3,343.13 8.06% 2,573.66 7.17% 2,183.79 7.01% Tax adjustments relating to earlier years 50.45 0.12% 11.34 0.03% (88.72) (0.28)% Deferred tax (credit)/charge 2,538.93 6.12% (480.34) (1.34)% (606.84) (1.95)% 5,932.51 14.31% 2,104.66 5.87% 1,488.23 4.78% Profit for the year 2,225.16 5.37% 3,396.59 9.47% 2,192.40 7.04% Other comprehensive income Items that will not be reclassified subsequently to profit or loss

(i) Re-measurement (loss)/gain on defined benefits obligations (0.95) 0.00% 1.42 0.00% 1.98 0.01%

(ii) Income tax relating to above item 0.07 0.00% 0.06 0.00% (0.25) 0.00% Total other comprehensive income/

(loss) for the year (0.88) 0.00% 1.48 0.00% 1.73 0.01% Total comprehensive income for the year 2,224.28 5.36% 3,398.07 9.47% 2,194.13 7.04% FY2025 compared to FY2024 Revenue from operations Our revenue from operations for FY2025 was ₹39,301.01 million, an increase of ₹5,907.15 million, or

17.69%, compared to ₹33,393.86 million in FY2024. The increase was primarily due to the following

factors:

Revenue from lease rentals Revenue from lease rentals increased by ₹4,906.11 million or 17.13%, to ₹33,545.48 million in FY2025 from ₹28,639.37 million in FY2024. This growth was primarily due to an increase in lease rental income 508by ₹4,883.76 million or 18.12%, to ₹31,835.66 million in FY2025 from ₹26,951.90 million in FY2024.

Lease rental income increased primarily as a result of: (cid:129) Contractual rent escalations and re-leasing of 3.0 msf at a 28.8% re-leasing spread; and (cid:129) Lease up of 3.0 msf vacant area mainly in Sattva Knowledge Park, Sattva Global City, One International Center, Sattva Knowledge City, Fintech One and One Qube in FY2025 and lease up of

1.5 msf signed during FY2024 (which started generating revenues for the full year in FY2025).

These increases were partially offset by a decrease in rental income due to tenant exits in Sattva Softzone and Exora Business Park in FY2025 and Sattva Global City in FY2024 (where the impact of these exits was reflected in full year revenue for FY2025).

Revenue from contracts with customers Revenue from contracts with customers increased by ₹1,001.04 million or 21.05%, to ₹5,755.53 million in FY2025 from ₹4,754.49 million in FY2024. Such increase was primarily due to the increase in maintenance services which increased by ₹1,097.66 million or 25.99% to ₹5,321.30 million in FY2025 from ₹4,223.64 million in FY2024. This increase was primarily due to contractual CAM rate escalations and lease up of vacant area, in line with the increase in revenue from lease rentals. Further, income from generation of renewable energy increased to ₹183.24 million in FY2025 from nil in FY2024 on account of the commencement of operation of our solar plant operated by SRPPL (the Asset SPV that holds Karnataka Solar—I which was commissioned in July 2024) during FY2025. Such increases were partially offsetbyadecreaseinotheroperatingincomeby₹292.12millionor58.81%to₹204.63millioninFY2025 from ₹496.75 million in FY2024 mainly due to lower construction activity towards the works contract services.

We set forth below the reasons for the changes in our revenue at certain key Asset SPV or Investment Entity (as derived from the property wise revenues (net of eliminations) included in our Special Purpose Combined Financial Statements. See “—Principal Components of our Statement of Profit and Loss—Revenue from Operations—Property-wise Revenue from Operations (net of eliminations)” on page 503 above).

Sattva Knowledge City Revenue from operations from DRPL (the Asset SPV that holds Sattva Knowledge City) increased by ₹797.98 million or 12.20%, to ₹7,338.53 million in FY2025 from ₹6,540.55 million in FY2024. This increase was primarily due to rent escalations, new lease-up of approximately 0.2 msf in FY2025 and lease-up of approximately 0.3 msf signed during FY2024 (which started generating revenues for the full year in FY2025).

Cessna Business Park Revenue from operations from CGDPL (the Asset SPV that holds Cessna Business Park) increased by ₹119.28 million or 3.29%, to ₹3,747.18 million in FY2025 from ₹3,627.90 million in FY2024. This increase was primarily due to rent escalations and revenue from CAM services at Cessna Business Park which was collected by CGDPLfrom July 2023 onwards. Prior to July 2023, revenue from CAM services at Cessna Business Park was collected by EBPPL (the Asset SPV that holds Exora Business Park). This increase was partially offset by tenant exits during FY2025.

One World Center Revenue from operations from OWCPL (the Asset SPV that holds One World Center) increased by ₹560.43 million or 19.22%, to ₹3,475.87 million in FY2025 from ₹2,915.44 million in FY2024. This 509increase was primarily due to rent escalations, new lease-up of approximately 0.1 msf and lease-up of approximately 0.1 msf signed during FY2024 (which started generating revenues for the full year in FY2025).

One International Center and One Unity Center Revenue from operations from OICPL(theAsset SPV that holds One International Center and One Unity Center)increasedby₹1,282.40millionor47.47%,to₹3,983.77millioninFY2025from₹2,701.37million in FY2024. This increase was primarily due to (a) new lease-up of approximately 0.3 msf in One International Center (b) new lease-up of approximately in One Unity Center, (c) rent escalations and

(d) and lease-up of approximately 0.6 msf signed during FY2024 in both the assets (which started generating revenues for the full year in FY2025).

One BKC Revenue from operations from OBRPL(theAsset SPVthat holds One BKC) increased by ₹215.38 million or 8.17%, to ₹2,850.99 million in FY2025 from ₹2,635.61 million in FY2024.This increase was primarily due to new lease-up and rent escalations, including 0.1 msf of re-leasing at 27.3% higher rates.

Revenue from operations from WRPL (the Asset SPV that holds Sattva Knowledge Park) increased by ₹1,445.62 million or 177.04%, to ₹2,262.19 million in FY2025 from ₹816.57 million in FY2024. This increase was primarily due to new lease-up of approximately 1.6 msf in FY2025 and lease-up of approximately 0.9 msf signed during FY2024 (which started generating revenues for the full year in FY2025).

Exora Business Park Revenue from operations from EBPPL (the Asset SPV that holds Exora Business Park) increased by ₹46.53millionor2.28%,to₹2,083.46millioninFY2025from₹2,036.93millioninFY2024.Thisincrease was primarily due to rent escalations and new lease-up, partially offset by tenant exits during FY2025.

Sattva Global City Revenue from operations from GVTPL (the Asset SPV that holds Sattva Global City), decreased by ₹159.95 million or 8.14%, to ₹1,805.39 million in FY2025 from ₹1,965.34 million in FY2024. This decrease was primarily due to a reduction in leasing business revenue attributable to tenant exits during FY2024 (where the impact of these exits was reflected in full year revenue for FY2025), partially offset by new lease-up during FY2025.

Prima Bay Revenue from operations from PBPL (the Asset SPV that holds Prima Bay) increased by ₹40.63 million or 2.64%, to ₹1,581.84 million in FY2025 from ₹1,541.21 million in FY2024.This increase was primarily due to rent escalations.

Sattva Knowledge Capital Revenue from operations from DIPL (the Asset SPV that holds 1.7 msf of Sattva Knowledge Capital) increased by ₹159.09 million or 14.46%, to ₹1,258.96 million in FY2025 from ₹1,099.87 million in FY2024. This increase was primarily due to rent escalations.

Sattva Softzone, Sattva Supreme, Sattva Touchstone, Sattva Spectrum and Sattva Magnificia I and II Revenue from operations from STPL (the Asset SPV that holds Sattva Softzone, Sattva Supreme, Sattva Touchstone, Sattva Spectrum and Sattva Magnificia II pursuant to the Softzone Scheme ofArrangement) decreasedby₹96.06millionor5.86%,to₹1,542.81millioninFY2025from₹1,638.87millioninFY2024.

510ThisdecreasewereprimarilyduetotenantexitsduringFY2025inSattvaSoftzone,partiallyoffsetbyrent escalations. Sattva Spectrum did not generate any revenue from operations as it was under construction in FY2024 and FY2025.

Revenue from operations from DEPL (the Asset SPV that holds Sattva Magnificia I) increased by ₹14.30 million or 18.81%, to ₹90.33 million in FY2025 from ₹76.03 million in FY2024 primarily due to rent escalations.

Others RevenuefromoperationsfromtheotherAssetSPVswithcommercialrealestateassets,namely(1)PBPPL (the Asset SPV that holds One Trade Tower), (2) KOBPPL (the Asset SPV that holds Kosmo One),

(3) PABPPL (the Asset SPV that holds Fintech One), (4) DBRPL (the Asset SPV that holds Sattva Eminence),(5)HRPL(theAssetSPVthatholdsSattvaCosmoLavelle),(6)SDPLtheAssetSPVthatholds Sattva Premia), (7) OQRPL (the Asset SPV that holds One Qube), (8) QITPL (the Asset SPV that holds Sattva Infozone), (9) DHRPL(theAsset SPVthat holds Sattva Knowledge Court), (10) SGNPL(theAsset SPVthatholdsSattvaTechpoint)and(11)JRPL(theAssetSPVthatholdsSattvaSouthAvenuewhichwas recentlycompletedinMay2024)increasedby₹567.08millionor15.43%,to₹4,243.29millioninFY2025 from ₹3,676.21 million in FY2024. This increase was primarily on account of the following:

(cid:129) increaseinrevenuefromoperationsofKosmoOneby₹179.32millionor17.29%mainlyattributable to new lease-up during FY2024 (which started generating revenues for the full year in FY2025); (cid:129) increaseinrevenuefromoperationsofOneQubeby₹302.56millionor237.99%mainlyattributable to due to new lease-up of approximately 0.2 msf in FY2025;

(cid:129) increase in revenue from operations of Sattva Techpoint by ₹173.67 million or 56.50% mainly attributable to new lease-up in FY2025 and new lease-up during FY2024 (which started generating revenues for the full year in FY2025); and (cid:129) increase in revenue from operations of Fintech One by ₹133.64 million or 288.70% mainly attributable to due to new lease-up of approximately 0.3 msf in FY2025, partially offset by a decrease in revenue from operations of Sattva South Avenue by ₹313.57 million or

85.16% due to a decrease in revenue generated from works contract services.

Additionally, certainAsset SPVs which hold projects that are under construction or have yet to commence rentals, namely (1) DHPL (the Asset SPV that holds Sattva Endeavour), (2) SHPL (the Asset SPV that holds Sattva Horizon which was recently completed in H1FY2025) and (3) certainAsset SPVs with solar assets (namely NDPL, OBSEPLand PBSEPLwhich hold under construction solar assets) did not generate revenue from operations for FY2024 and FY2025.

Other income Our other income decreased by ₹323.27 million or 12.98%, to ₹2,167.63 million in FY2025 from ₹2,490.90 million in FY2024. This decrease was primarily due to: (cid:129) provision written back by Fintech One in respect of deferred consideration payable towards acquisition of building amounting to ₹226.74 million in FY2024, to nil in FY2025; and (cid:129) a decrease in interest income on debentures, redeemable preference shares and compulsorily convertible preference shares amounting to ₹235.76 million, or 37.95%, to ₹385.40 million in FY2025from₹621.16millioninFY2024,mainlyonaccountofredemptionofdebenturesduringthe year.

511These decreases were partially offset by: (cid:129) an increase in interest income on inter corporate deposits amounting to ₹110.53 million, or 39.43%, from ₹280.35 million in FY2024 to ₹390.88 million in FY2025; and (cid:129) anincreaseingainonfairvaluationofinvestmentsof₹88.16millioninFY2025fromnilinFY2024.

Operating and maintenance expenses Our operating and maintenance expenses increased by ₹1,107.00 million or 36.61%, to ₹4,131.02 million inFY2025from₹3,024.02millioninFY2024.Thisincreasewasprimarilydueto(a)anincreaseinrepairs andmaintenancerelatedtooperationsby₹769.69millionor67.83%to₹1,904.50millioninFY2025from ₹1,134.81millioninFY2024,mainlyonaccountofcertainone-timerepairsexpenditureincurredbysome of theAsset SPVs in FY2025, (b) an increase in common area maintenance expenses by ₹157.29 million or 37.26%, to ₹579.46 million in FY2025 from ₹422.17 million in FY2024, and (c) an increase in manpower charges by ₹127.05 million or 12.74%, to ₹1,123.95 million in FY2025 from ₹996.90 million in FY2024, in line with the increase in CAM activities.

Employee benefits expense Ouremployeebenefitsexpenseincreasedby₹92.27millionor28.86%,to₹411.94millioninFY2025from ₹319.67 million in FY2024. This increase was primarily due to an increment in salaries, increase in number of employees in FY2025 and completion of building construction in FY2024 and FY2025, which led to employee costs that were previously capitalized as part of costs of construction now being recognized as expenses in our Statement of Profit and Loss.

Other expenses Ourotherexpensesincreasedby₹77.27millionor2.00%,to₹3,941.41millioninFY2025from₹3,864.14 million in FY2024. This increase was primarily due to an increase in (a) legal and professional fees by ₹193.92 million or 29.08%, to ₹860.69 million in FY2025 from ₹666.77 million in FY2024 mainly on account of increases in expenses at Sattva Knowledge City, Sattva Knowledge Park and Sattva Softzone,

(b)ratesandtaxes(includingpropertytax)by₹115.62millionor10.56%,to₹1,210.41millioninFY2025 from ₹1,094.79 million in FY2024, (c) property service management fees by ₹123.67 million or 25.92%, to ₹600.77 million in FY2025 from ₹477.10 million in FY2024 mainly on account of an increase in revenue in the Asset SPVs where property service management fees are payable and (d) repairs and maintenance—others by ₹123.57 million or 104.15%, to ₹242.22 million in FY2025 from ₹118.65 million in FY2024. Such increases were largely offset by a decrease in (a) loss on sale/discard of PPE and investment property to ₹0.06 million in FY2025 from ₹244.73 million in FY2024 mainly on account of the redesigning and development of Sattva Global City in FY2024, (b) allowances for expected credit losses on loans/advances to nil in FY2025 from ₹201.77 million in FY2024, mainly on account of recognition of provision on loan given by OBRPL (the Asset SPV that holds One BKC) to a third party in FY2024, where provision for the year has been recorded as an exceptional item in FY2025 and (c) loss on redemption/ re-measurement of financials instruments by ₹133.82 million or 35.99%, to ₹238.03 million in FY2025 from ₹371.85 million in FY2024.

Earnings before finance costs, depreciation, amortization, exceptional items and tax (EBITDA) As a result of the foregoing, our earnings before finance costs, depreciation, amortization, exceptional itemsandtax(EBITDA)increasedby₹4,626.65millionor16.35%,to₹32,930.25millioninFY2025from ₹28,303.60 million in FY2024. Such increase is primarily driven by an increase in revenue from leases by ₹4,906.11 million and revenue from maintenance services by ₹1,097.66 million, partially offset by an increase in operating and maintenance expenses by ₹1,107.00 million and employee benefits expenses by ₹92.27 million and a decrease in other income by ₹323.27 million.

512Finance costs Our finance costs increased by ₹535.22 million or 3.16%, to ₹17,462.35 million in FY2025 from ₹16,927.13 million in FY2024. This increase was primarily due to (a) an increase in interest expense on term loans and bank overdrafts by ₹694.32 million or 4.28%, to ₹16,934.01 million in FY2025 from ₹16,239.69 million in FY2024 mainly on account of an increase in interest rates and an increase in term loan and overdraft balances in FY2025 to refinance the redemption of debenture and bonds and (b) a decrease in deductions attributable to the qualifying assets by ₹295.60 million or 37.86%, to ₹485.24 million in FY2025 from ₹780.84 million in FY2024 due to the capitalization of investment property under developmentatWRPL(theAssetSPVthatholdsSattvaKnowledgePark)inFY2024andSHPL(theAsset SPV that holds Sattva Horizon) in FY2025.

Such increases were partially offset by a decrease in interest expense on debentures and bonds by ₹487.15 million or 90.19%, to ₹52.98 million in FY2025 from ₹540.13 million in FY2024 mainly at OICPL (the Asset SPV that holds One International Center and One Unity Center) and OWCPL (the Asset SPV that holds One World Center).

Depreciation and amortization expenses Our depreciation and amortization expenses decreased by ₹2,067.17 million or 35.18%, to ₹3,808.05 million in FY2025 from ₹5,875.22 million in FY2024. This decrease was primarily due to the decrease in depreciation on investment property mainly on account of change in useful life of building acrossallAssetSPVs,exceptforSattvaKnowledgeCitywhereitsusefullifewasadjustedinFY2024,and the adoption of the straight-line depreciation method with effect from April 1, 2024 in the case of a few Asset SPVs.

Exceptional items Exceptional items amounting to ₹3,502.18 million in FY2025 were in relation to the redemption of instruments subscribed by some of the Asset SPVs which were issued by their related parties and are required to be settled or redeemed prior to Listing. Consequently, theseAsset SPVs have, during FY2025, redeemed/settled the instruments, and as a result, recognized a loss of ₹1,492.18 million pursuant to the redemption of the said instruments. In addition, till March 31, 2024, OBRPL (the Asset SPV that holds One BKC) had given loans amounting to ₹2,196.49 million to two parties classified under Non-current loans—Others and Current loans—Secured—Others, on which credit loss allowance of ₹403.49 million was recognized till the year then ended in FY2024. Further, during FY2025, OBRPL had advanced an additional loan amounting to ₹217.00 million to one of the said parties. As at March 31, 2025, the management of OBRPL has reassessed the recoverability of the said outstanding loans, taking into considerationenforceabilityofthesecuritiesgiven,andhasrecognizedadditionalallowanceforcreditloss due to non-recoverability of said loans of ₹2,010.00 million during FY2025.

Profit before tax Asaresultoftheforegoing,werecordedaprofitbeforetaxof₹8,157.67millionforFY2025,ascompared to a profit before tax amounting to ₹5,501.25 million in FY2024, an increase of ₹2,656.42 million or

48.29%.

Tax expense Our tax expense increased by ₹3,827.85 million or 181.87%, to ₹5,932.51 million in FY2025 from ₹2,104.66 million in FY2024. Tax expenses for FY2025 comprised current tax expense including tax adjustments relating to the earlier years of ₹3,393.58 million and a deferred tax charge of ₹2,538.93 million.Theincreaseinourtaxexpenseismainlyonaccountof(a)anincreaseinprofitbeforeexceptional items and tax in FY2025 as compared to FY2024 and (b) deferred tax charges amounting to ₹2,165.91 million in FY2025 due to write-offs of certain deferred asset balances recognized on business and house property losses by certain Asset SPVs.

513Profit for the year As a result of the foregoing, our profit for the year for FY2025 was ₹2,225.16 million, a decrease of ₹1,171.43 million or 34.49%, compared to ₹3,396.59 million in FY2024.

FY2024 compared to FY2023 Revenue from operations Our revenue from operations for FY2024 was ₹33,393.86 million, an increase of ₹4,390.85 million, or

15.14%, compared to ₹29,003.01 million in FY2023. The increase was primarily due to the following

factors:

Revenue from lease rentals Revenue from lease rentals increased by ₹3,352.66 million or 13.26%, to ₹28,639.37 million in FY2024 from ₹25,286.71 million in FY2023. This growth was primarily due to an increase in lease rental income by ₹2,945.72 million or 12.27%, to ₹26,951.90 million in FY2024 from ₹24,006.18 million in FY2023.

Lease rental income increased primarily as a result of: (cid:129) Contractual rent escalations and re-leasing of 3.1 msf at a 17.2% re-leasing spread; (cid:129) Lease up of 1.5 msf vacant area in One International Center, One Unity Center, One World Center, Kosmo One, Sattva Knowledge City and Sattva Softzone in FY2024 and lease up of 2.2 msf signed during FY2023 (which started generating revenues for the full year in FY2024); and (cid:129) Leaseupof1.1msffromadditionalareacompletedinFY2024mainlyinSattvaKnowledgeParkand One Qube.

These increases were partially offset by a decrease in rental income due to tenant exits in One BKC and Sattva Global City during FY2024.

Revenue from contracts with customers Revenue from contracts with customers increased by ₹1,038.19 million or 27.94%, to ₹4,754.49 million in FY2024 from ₹3,716.30 million in FY2023. Such increase was primarily due to the increase in maintenanceserviceswhichincreasedby₹623.27millionor17.31%to₹4,223.64millioninFY2024from ₹3,600.37 million in FY2023. This increase was primarily due to contractual CAM rate escalations and leaseupofvacantareaandadditionalareacompletedinFY2024,inlinewiththeincreaseinrevenuefrom lease rentals. Further, other operating income increased by ₹380.82 million to ₹496.75 million in FY2024 from ₹115.93 million in FY2023 mainly due to higher construction activity towards the works contract services.

Sattva Knowledge City Revenue from operations from DRPL (the Asset SPV that holds Sattva Knowledge City) increased by ₹954.78 million or 17.09%, to ₹6,540.55 million in FY2024 from ₹5,585.77 million in FY2023. This increase was primarily due to rent escalations, new lease-up of approximately 0.3 msf in FY2024 and lease-up of approximately 0.5 msf signed during FY2023 (which started generating revenues for the full year in FY2024).

514Cessna Business Park Revenue from operations from CGDPL (the Asset SPV that holds Cessna Business Park) increased by ₹274.65 million or 8.19%, to ₹3,627.90 million in FY2024 from ₹3,353.25 million in FY2023. This increase was primarily due to rent escalations and revenue from CAM services at Cessna Business Park which was collected by CGDPLfrom July 2023 onwards. Prior to July 2023, revenue from CAM services at Cessna Business Park was collected by EBPPL (the Asset SPV that holds Exora Business Park).

One World Center RevenuefromoperationsfromOWCPL(theAssetSPVthatholdsOneWorldCenter)increasedby₹265.63 million or 10.02%, to ₹2,915.44 million in FY2024 from ₹2,649.81 million in FY2023. This increase was primarily due to rent escalations and new lease-up of approximately 0.1 msf.

One International Center and One Unity Center Revenue from operations from OICPL(theAsset SPV that holds One International Center and One Unity Center) increased by ₹751.97 million or 38.57%, to ₹2,701.37 million in FY2024 from ₹1,949.40 million in FY2023. This increase was primarily due to (a) new lease-up of approximately 0.5 msf in One Unity Center (b) new lease-up of approximately 0.1 msf in One International Center and (c) rent escalations.

One BKC Revenue from operations from OBRPL(theAsset SPV that holds One BKC) increased by ₹18.69 million, to₹2,635.61millioninFY2024from₹2,616.92millioninFY2023.Thisincreasewasprimarilyduetorent escalations, partially offset by tenant exits during FY2024.

Sattva Knowledge Park Revenue from operations from WRPL (the Asset SPV that holds Sattva Knowledge Park) increased by ₹739.61 million or 961.03%, to ₹816.57 million in FY2024 from ₹76.96 million in FY2023.This increase was primarily due to lease-up of approximately 0.9 msf in FY2024.

Exora Business Park Revenue from operations from EBPPL (the Asset SPV that holds Exora Business Park) decreased by ₹223.88 million or 9.90%, to ₹2,036.93 million in FY2024 from ₹2,260.81 million in FY2023. This decrease was primarily due to a decrease in leasing business revenue attributable to a reduction in CAM incomeinFY2024followingthetransferofCAMbusinessatCessnaBusinessParktoCGDPL(whichwas previously collected by EBPPLup to July 2023) as well as tenant exits during FY2024, partially offset by rent escalations and new lease-up at higher rentals. See “—Cessna Business Park” on page 509.

Sattva Global City Revenue from operations from GVTPL (the Asset SPV that holds Sattva Global City), decreased by ₹105.29 million or 5.08%, to ₹1,965.34 million in FY2024 from ₹2,070.63 million in FY2023. This decrease was primarily due to reduction in leasing business revenue attributable to tenant exits during FY2024 which was partially offset by rent escalations.

Prima Bay Revenue from operations from PBPL (the Asset SPV that holds Prima Bay) increased by ₹76.26 million or 5.21%, to ₹1,541.21 million in FY2024 from ₹1,464.95 million in FY2023.This increase was primarily due to rent escalations and leases signed during FY2023 (which started generating revenues for the full year in FY2024).

515Sattva Knowledge Capital Revenue from operations from DIPL (the Asset SPV that holds 1.7 msf of Sattva Knowledge Capital) increasedby₹67.04millionor6.49%,to₹1,099.87millioninFY2024from₹1,032.83millioninFY2023.

This increase was primarily due to rent escalations.

Sattva Softzone, Sattva Supreme, Sattva Touchstone, Sattva Spectrum and Sattva Magnificia I and II Revenue from operations from STPL (the Asset SPV that holds Sattva Softzone, Sattva Supreme, Sattva Touchstone, Sattva Spectrum and Sattva Magnificia II pursuant to the Softzone Scheme ofArrangement) increased by ₹130.31 million or 8.64%, to ₹1,638.87 million in FY2024 from ₹1,508.56 million in FY2023.

Theseincreaseswereprimarilyduetorentescalationsandnewlease-upinSattvaSoftzone,partiallyoffset bytenantexitsduringFY2024inSattvaSupremeandSattvaTouchstone.SattvaSpectrumdidnotgenerate any revenue from operations as it was under construction in FY2023 and FY2024.

Revenue from operations from DEPL (theAsset SPV that holds Sattva Magnificia I) increased by ₹12.50 million or 19.68%, to ₹76.03 million in FY2024 from ₹63.53 million in FY2023.

Others RevenuefromoperationsfromtheotherAssetSPVswithcommercialrealestateassets,namely(1)PBPPL (the Asset SPV that holds One Trade Tower), (2) KOBPPL (the Asset SPV that holds Kosmo One),

(3) PABPPL (the Asset SPV that holds Fintech One), (4) DBRPL (the Asset SPV that holds Sattva Eminence),(5)HRPL(theAssetSPVthatholdsSattvaCosmoLavelle),(6)SDPLtheAssetSPVthatholds Sattva Premia), (7) OQRPL (the Asset SPV that holds One Qube), (8) QITPL (the Asset SPV that holds Sattva Infozone), (9) DHRPL (the Asset SPV that holds Sattva Knowledge Court), and (10) SGNPL (the Asset SPV that holds Sattva Techpoint) increased by ₹917.17 million or 33.24%, to ₹3,676.21 million in FY2024 from ₹2,759.04 million in FY2023. This increase was primarily on account of the following:

(cid:129) increaseinrevenuefromoperationsofKosmoOneby₹169.35millionor19.51%mainlyattributable to new lease-up in FY2024; and (cid:129) increaseinrevenuefromoperationsofOneQubeby₹100.47millionor376.86%mainlyattributable to lease-up of new area completed in FY2024.

Additionally, certain Asset SPVs which hold projects that are under construction, namely (1) JRPL (the Asset SPV that holds Sattva South Avenue), (2) DHPL (the Asset SPV that holds Sattva Endeavour),

(3) SHPL(theAsset SPV that holds Sattva Horizon which was recently completed in H1FY2025) and (4) ourAssetSPVswithsolarassets(namelySRPPL,theAssetSPVthatholdsKarnatakaSolar—Iwhichwas commissionedinJuly2024,andNDPL,OBSEPLandPBSEPLwhichholdunderconstructionsolarassets) did not generate revenue from operations for FY2023 and FY2024.

Other income Ourotherincomeincreasedby₹334.25millionor15.50%,to₹2,490.90millioninFY2024from₹2,156.65 million in FY2023. This increase was primarily due to: (cid:129) provision written back by Fintech One in respect of deferred consideration payable towards acquisition of building amounting to ₹226.74 million in FY2024, from nil in FY2023;

516(cid:129) anincreaseinliabilitieswrittenbackamountingto₹196.01million,or395.98%,from₹49.50million in FY2023 to ₹245.51 million in FY2024, mainly at Sattva Knowledge City and One International Center; and (cid:129) an increase in interest income on fixed deposits amounting to ₹125.26 million, or 74.62%, from ₹167.87 million in FY2023 to ₹293.13 million in FY2024, mainly at One International Center and Sattva Global City.

These increases were partially offset by: (cid:129) a decrease in interest income on debentures, redeemable preference shares and compulsorily convertible preference shares amounting to ₹106.87 million, or 14.68%, to ₹621.16 million in FY2024 from ₹728.03 million in FY2023; and (cid:129) a decrease in interest income on income tax/indirect tax refunds amounting to ₹86.66 million, or

79.54%, to ₹22.29 million in FY2024 from ₹108.95 million in FY2023, mainly at STPL (the Asset SPV that holds Sattva Softzone, Sattva Supreme, Sattva Touchstone, Sattva Spectrum and Sattva Magnificia II pursuant to the Softzone Scheme of Arrangement).

Operating and maintenance expenses Our operating and maintenance expenses increased by ₹462.10 million or 18.04%, to ₹3,024.02 million in FY2024 from ₹2,561.92 million in FY2023. This increase was primarily due to (a) an increase in manpower charges by ₹183.08 million or 22.50%, to ₹996.90 million in FY2024 from ₹813.82 million in FY2023, in line with the increase in CAM activities (b) common area maintenance expenses by ₹220.81 million or 109.66%, to ₹422.17 million in FY2024 from ₹201.36 million in FY2023 and (c) an increase in other operating expenses by ₹71.44 million or 609.56% to ₹83.16 million in FY2024 from ₹11.72 million in FY2023.

Employee benefits expense Ouremployeebenefitsexpenseincreasedby₹75.27millionor30.80%,to₹319.67millioninFY2024from ₹244.40 million in FY2023. This increase was primarily due to an increment in salaries, increase in number of employees in FY2024 and completion of building construction in FY2023 and FY2024, which led to employee costs that were previously capitalized as part of costs of construction now being recognized as expenses in our Statement of Profit and Loss.

Other expenses Our other expenses increased by ₹471.91 million or 13.91%, to ₹3,864.14 million in FY2024 from ₹3,392.23 million in FY2023. This increase was primarily due to an increase in (a) loss on sale/discard of PPE and investment property by ₹236.29 million to ₹244.73 million in FY2024 from ₹8.44 million in FY2023 mainly on account of the redesigning and development of Sattva Global City, (b) legal and professional fees by ₹159.97 million or 31.56%, to ₹666.77 million in FY2024 from ₹506.80 million in FY2023mainlyonaccountofincreaseinexpenseatOICPLandOWCPLand(c)ratesandtaxes(including property taxes) by ₹88.43 million or 8.79%, to ₹1,094.79 million in FY2024 from ₹1,006.36 million in FY2023 mainly at Sattva Knowledge Park and Sattva Knowledge City on account of capitalization of buildings. Such increases were partially offset by a decrease in allowance for expected credit losses on trade receivables/security deposit by ₹170.58 million or 82.08%, to ₹37.23 million in FY2024 to ₹207.81 millioninFY2023mainlyatOBRPL(theAssetSPVthatholdsOneBKC)andadecreaseinmiscellaneous expenses by ₹93.78 million or 39.74%, to ₹142.20 million in FY2024 from ₹235.98 million in FY2023.

517Earnings before finance costs, depreciation, amortization, exceptional items and tax (EBITDA) As a result of the foregoing, our earnings before finance costs, depreciation, amortization, exceptional itemsandtax(EBITDA)increasedby₹3,363.40millionor13.49%,to₹28,303.60millioninFY2024from ₹24,940.20 million in FY2023. Such increase is primarily driven by an increase in revenue from lease rentals by ₹3,352.66 million, revenue from maintenance services by ₹623.27 million and other income by ₹334.25 million, partially offset by increase in other expenses by ₹471.91 million and operating and maintenance expenses by ₹462.10 million.

Finance costs Our finance costs increased by ₹1,595.37 million or 10.41%, to ₹16,927.13 million in FY2024 from ₹15,331.76 million in FY2023. This increase was primarily due to an (a) increase in interest expense on term loans and bank overdrafts by ₹1,950.69 million or 13.65%, to ₹16,239.69 million in FY2024 from ₹14,289.00 million in FY2023 mainly on account of increase in interest rates and (b) decrease in deductions attributable to the qualifying assets by ₹236.99 million or 23.28%, to ₹780.84 million in FY2024 from ₹1,017.83 million in FY2023 due to the capitalization of investment property under development at WRPL (the Asset SPV that holds Sattva Knowledge Park).

Such increases were partially offset by a decrease in interest expense on (a) debentures and bonds by ₹266.48 million or 33.04%, to ₹540.13 million in FY2024 from ₹806.61 million in FY2023 mainly at OICPL(theAsset SPVthat holds One International Center and One Unity Center), (b) unwinding of lease deposits from tenants by ₹132.20 million or 19.89%, to ₹532.29 million in FY2024 from ₹664.49 million in FY2023 and (c) other borrowings costs, including prepayment charges, by ₹134.36 million or 46.19%, to ₹156.50 million in FY2024 from ₹290.86 million in FY2023 mainly towards write-off of processing fees in FY2023 on account of refinancing of a term loan at OBRPL(theAsset SPV that holds One BKC).

Depreciation and amortization expenses Our depreciation and amortization expenses decreased by ₹52.59 million or 0.89%, to ₹5,875.22 million in FY2024 from ₹5,927.81 million in FY2023. This decrease was primarily due to the decrease in depreciation on investment property of Sattva Knowledge City mainly on account of change in useful life of building and depreciation method to straightlining with effect from April 1, 2023. Such decrease was partially offset by the increase in depreciation of Sattva Knowledge Park on account of capitalization of the building during the middle of FY2023 and FY2024.

Profit before tax Asaresultoftheforegoing,werecordedaprofitbeforetaxof₹5,501.25millionforFY2024,ascompared to a profit before tax amounting to ₹3,680.63 million in FY2023, an increase of ₹1,820.62 million or

49.46%.

Tax expense Our tax expense increased by ₹616.43 million or 41.42%, to ₹2,104.66 million in FY2024 from ₹1,488.23 million in FY2023. Tax expenses for FY2024 comprised current tax expense of ₹2,573.66 million and deferred tax credit of ₹480.34 million. The increase in tax expenses are in line with the increase in our profit before tax for the year.

Profit for the year As a result of the foregoing, our profit for the year for FY2024 was ₹3,396.59 million, an increase of ₹1,204.19 million or 54.93%, compared to ₹2,192.40 million in FY2023.

518Liquidity and Capital Resources As of March 31, 2025, we had cash and cash equivalents of ₹2,131.86 million. Cash and cash equivalents primarily consist of balances in current accounts, in deposits with original maturity of less than 3 months, escrow account, cash on hand and cash and bank balances. Our primary uses of cash relates to payments for operating expenses, finance costs including payments of interest on loans and capital expenditures to fund construction and asset upgrades. We have in the past met our working capital and other capital requirements primarily from internal cash flows, term loans and bank facilities as well as the issue of optionally convertible debentures, non-convertible bonds and debentures. Following the Issue, we expect that our liquidity requirements will be financed through cash and bank balances, cash flows from our business operations, bank facilities and/or other funds raised from issuing equity or debt securities.

As of the date of this Offer Document, our Manager believes that we will have sufficient working capital to fulfil our present requirements for the next 12 months.

The following table sets forth a selected summary of our statement of cash flows for the years indicated:

Yearended March 31, 2025 2024 2023 (₹in millions) Net cash flow from operating activities 27,231.41 20,948.49 22,336.64 Net cash flow used in investing activities (4,799.20) (5,028.46) (7,292.98) Net cash flow used in financing activities (22,987.41) (15,280.04) (14,865.80) Net (decrease)/increase in cash and cash equivalents (546.20) 639.99 177.86 Cash and cash equivalents at the beginning of the year 2,678.06 2,038.07 1,860.22 Cash and cash equivalents at the end of the year 2,131.86 2,678.06 2,038.08 Net Cash Flow from Operating Activities FY2025 Net cash flow from operating activities for FY2025 was ₹27,231.41 million. Our profit before tax was ₹8,157.67 million which was adjusted for changes in working capital, income taxes paid (net of refunds) and also aggregate of all non-cash items relating to financing and investing activities as well as other non-cash items, by a net amount of ₹21,571.09 million, primarily for:

(cid:129) Finance costs amounting to ₹17,462.35 million; (cid:129) Depreciation and amortization expenses amounting to ₹3,808.05 million; (cid:129) Exceptional items amounting to ₹3,502.18 million; (cid:129) Interest income amounting to ₹1,293.44 million; and (cid:129) Lease equalisation income amounting to ₹957.76 million.

There were also changes in working capital, primarily comprising: (cid:129) An increase in other financial liabilities amounting to ₹1,026.75 million mainly on account of lease deposit received on new leases;

519(cid:129) An increase in other assets amounting to ₹552.79 million mainly on account of an increase in balances with government authorities in relation to GST receivables on development work at Sattva KnowledgeCityandSattvaKnowledgeParkandanincreaseinprepaidexpensesonaccountofIssue expenses (to the extent not written off or adjusted);

(cid:129) An increase in other liabilities amounting to ₹899.91 million mainly on account of increase in deferred lease rentals towards lease deposits received on new leases; (cid:129) An increase in trade receivables amounting to ₹197.88 million; and (cid:129) An increase in other financial assets amounting to ₹193.42 million.

In addition, we had income taxes paid (net of refunds) of ₹3,515.58 million during FY2025.

FY2024 Net cash flow from operating activities for FY2024 was ₹20,948.49 million. Our profit before tax was ₹5,501.25 million which was adjusted for changes in working capital, income taxes paid (net of refunds) and also aggregate of all non-cash items relating to financing and investing activities as well as other non-cash items, by a net amount of ₹19,870.59 million, primarily for:

(cid:129) Finance costs amounting to ₹16,927.31 million; (cid:129) Depreciation and amortization expenses amounting to ₹5,875.22 million; (cid:129) Interest income amounting to ₹1,368.29 million; and (cid:129) Lease equalization income amounting to ₹1,163.10 million.

There were also changes in working capital, primarily comprising: (cid:129) A decrease in other financial liabilities amounting to ₹2,447.62 million, primarily on account of payment of outstanding purchase consideration towards business transfer agreement entered in FY2020 by MRPPL in respect of Sattva Global City;

(cid:129) An increase in other liabilities amounting to ₹830.36 million; (cid:129) An increase in other assets amounting to ₹521.16 million mainly on account of increase in balances withgovernmentauthoritiesinrelationtoGSTreceivablesonunderconstructionpropertiesatSattva Knowledge City, Sattva Knowledge Park and Sattva Horizon; and (cid:129) An increase in trade payables amounting to ₹363.86 million.

In addition, we had income taxes paid (net of refunds) of ₹2,535.14 million during FY2024.

FY2023 Net cash flow from operating activities for FY2023 was ₹22,336.64 million. Our profit before tax was ₹3,680.63 million which was adjusted for changes in working capital, income taxes paid (net of refunds) and also aggregate of all non-cash items relating to financing and investing activities as well as other non-cash items, by a net amount of ₹18,807.13 million, primarily for:

(cid:129) Finance costs amounting to ₹15,331.76 million; (cid:129) Depreciation and amortization expenses amounting to ₹5,927.81 million;

520(cid:129) Interest income amounting to ₹1,420.49 million; and (cid:129) Lease equalization income amounting to ₹671.58 million.

There were also changes in working capital, primarily comprising: (cid:129) An increase in other financial liabilities amounting to ₹1,073.86 million mainly on account of increase in lease deposits at Sattva Knowledge City;

(cid:129) An increase in other liabilities amounting to ₹516.73 million; (cid:129) An increase in trade receivables amounting to ₹432.47 million; (cid:129) An increase in other assets amounting to ₹264.49 million mainly on account of increase in balances withgovernmentauthoritiesinrelationtoGSTreceivablesonunderconstructionpropertiesatSattva Knowledge City and Sattva Knowledge Park; and (cid:129) Adecrease in other financial assets amounting to ₹446.37 million mainly on account of a refund of security deposit paid to a third party at Sattva Softzone, partially offset by an increase in other financial assets of the other Portfolio Assets.

In addition, we had income taxes paid (net of refunds) of ₹1,581.79 million during FY2023.

Net Cash used in Investing Activities FY2025 Our net cash flow used in investing activities for FY2025 was ₹4,799.20 million, primarily due to: (cid:129) Purchaseofproperty,plantandequipment,capitalworkinprogress,investmentproperty,investment property under developments and intangible assets amounting to ₹6,601.92 million due to development and construction works carried out at various Asset SPVs; and (cid:129) Intercorporate deposits, including optionally convertible debentures (“OCDs”) net of repayments amounting to ₹2,797.41 million, mainly on account of additional loans given to related parties by various Asset SPVs, partially offset by amounts received on the redemption of OCDs in some of these Asset SPVs.

partially offset by: (cid:129) Proceeds from sale of investments (net of purchases) amounting to ₹3,117.86 million primarily relating to proceeds from sale of mutual fund and redemption of investment in non-convertible debentures by various Asset SPVs.

FY2024 Our net cash flow used in investing activities for FY2024 was ₹5,028.46 million, primarily due to: (cid:129) Purchaseofproperty,plantandequipment,capitalworkinprogress,investmentproperty,investment property under developments and intangible assets amounting to ₹8,452.12 million due to development and construction works carried out at various Asset SPVs; and (cid:129) Investmentsofbankdeposits(netofredemptions)amountingto₹2,462.00millionprimarilyrelating toinvestmentinfixeddepositsbyCGDPL(theAssetSPVthatholdsCessnaBusinessPark),OWCPL (the Asset SPV that holds One World Center), OICPL (the Asset SPV that holds One International 521CenterandOneUnityCenter),DRPL(theAssetSPVthatholdsSattvaKnowledgeCity)andMRPPL (the holding company of GVTPL (the Asset SPV that holds Sattva Global City)),

partially offset by: (cid:129) Proceeds from sale of investments (net of purchases) amounting to ₹5,771.12 million primarily relatingtoproceeds(netofpurchase)fromsaleofmutualfundinvestmentbyOICPL(theAssetSPV that holds One International Center and One Unity Center) and OWCPL (the Asset SPV that holds One World Center) amounting to ₹2,174.07 million and ₹1,948.52 million respectively.

FY2023 Our net cash flow used in investing activities for FY2023 was ₹7,292.98 million, primarily due to: (cid:129) Purchase of investments (net of proceeds) amounting to ₹1,260.31 million primarily relating to investment in mutual fund by SIMPL(our Investment Entity responsible for CAM services), EBPPL (the Asset SPV that holds Exora Business Park) and OWCPL (the Asset SPV that holds One World Center),partiallyoffsetbysaleofmutualfundbyCGDPL(theAssetSPVthatholdsCessnaBusiness Park); and (cid:129) Purchaseofproperty,plantandequipment,capitalworkinprogress,investmentproperty,investment property under developments and intangible assets amounting to ₹8,681.90 million due to development and construction works carried out at various Asset SPVs,

partially offset by: (cid:129) Proceeds from intercorporate deposits, including optionally convertible debentures (“OCDs”) given/repaid (net) amounting to ₹2,332.10 million mainly in DRPL(theAsset SPVthat holds Sattva Knowledge City).

Net Cash used in Financing Activities FY2025 Our net cash used in financing activities for FY2025 was ₹22,978.41 million, primarily due to (a) the repayment of other long-term borrowings of ₹131,423.25 million, (b) payment towards capital reduction of₹5,649.61millionbyOICPL(theAssetSPVthatholdsOneInternationalCenterandOneUnityCenter), PBPL(theAsset SPV that holds Prima Bay), EBPPL(theAsset SPV that holds Exora Business Park) and KOBPPL (the Asset SPV that holds Kosmo One), (c) redemption of non convertible debentures of ₹5,150.29 million mainly at OICPL (the Asset SPV that holds One International Center and One Unity Center) and OWCPL (the Asset SPV that holds One World Center) and (d) interest paid of ₹17,569.10 million.

Such cash outflows were partially offset by cash inflows from proceeds from other long-term borrowings of ₹140,119.78 million.

FY2024 Our net cash used in financing activities in FY2024 was ₹15,280.04 million, primarily due to

(a) repayment of other long-term borrowings of ₹87,675.53 million, (b) repayment of inter corporate deposits (net) of ₹1,422.32 million and (c) interest paid of ₹16,023.38 million.

Such cash outflows were partially offset by cash inflows from (a) proceeds from other long-term borrowings of ₹83,349.58 million and (b) proceeds from issue of equity shares of ₹6,000.10 million by MRPPL, a holding Company of GVTPL (the Asset SPV that holds Sattva Global City).

522FY2023 Our net cash used in financing activities in FY2023 was ₹14,865.80 million, primarily due to (a) repayment of other long-term borrowings of ₹53,723.52 million, (b) repayment of inter corporate deposits

(net) of ₹6,122.62 million mainly on account of repayments of inter corporate deposits (net) amounting to ₹4,052.90 million at Sattva Softzone, and (c) interest paid of ₹14,249.76 million.

Such cash outflows were partially offset by cash inflows from proceeds from other long-term borrowings of ₹59,892.86 million primarily on account of net proceeds from long-term borrowings at OICPL (the Asset SPV that holds One International Center and One Unity Center) and OBRPL (the Asset SPV that holds One BKC) to refinance short-term borrowings.

Borrowings The following table presents a breakdown of borrowings as at March 31, 2025:

As at March 31, 2025 Particulars (₹in millions) Borrowings – non-current At amortized cost Secured

(a) Term Loan Banks 187,233.38 Financial institutions 2,525.59

(b) Bank overdrafts 5,726.90 Sub-total 195,485.87

Less: current maturities of long-term debt (10,182.43) Total borrowings – non-current (A) 185,303.44 Borrowings – current At amortized cost Secured Loan repayable on demand From banks – Bank overdraft 727.19 Sub-total 727.19 523As at March 31, 2025 Particulars (₹in millions) Unsecured Inter Corporate Borrowings From related parties 1,708.68 From others – Secured Current maturities of long-term debt 10,182.43 Total borrowings – current (B) 12,618.30 Total Borrowings (C = A+B) 197,921.74 As of March 31, 2025, we had ₹22,999.24 million of credit facilities which was available for drawdown.

As of March 31, 2025, we had ₹174,738.30 million of floating rate borrowings and ₹23,183.44 million of fixed rate borrowings. As of March 31, 2025, we had ₹196,213.06 million of secured borrowings and ₹1,708.68 million of unsecured borrowings.

Capital Expenditures Historical Capital Expenditures Capital expenditure comprises additions during the year to property, plant and equipment, capital work in progress, investment property, investment property under developments and intangible assets.

For the year ended March 31, 2025, the payment for purchase of property, plant and equipment, capital work in progress, investment property, investment property under developments and intangible assets was ₹6,601.92million,primarilytowards(a)constructionofsolarplantatSRPPL,(b)advancepaidbySKCPL for acquisition of 0.6 msf of Leasable Area of Sattva Knowledge Capital, and (c) under construction buildings and other development work mainly at Sattva Spectrum, Sattva Endeavour, Sattva Horizon, Sattva Global City and Sattva Knowledge Park.

For the year ended March 31, 2024, the payment for purchase of property, plant and equipment, capital work in progress, investment property, investment property under developments and intangible assets was ₹8,452.12million,primarilytowards(a)underconstructionbuildingsandotherdevelopmentworkmainly at Sattva Knowledge City, Sattva Knowledge Park, Sattva Endeavour, Sattva Horizon and Sattva Global City (b) purchase of land at Sattva Global City and (c) fit-out of furniture and fixtures for tenants at One International Center.

For the year ended March 31, 2023, the payment for purchase of property, plant and equipment, capital work in progress, investment property, investment property under developments and intangible assets was ₹8,681.90 million, primarily towards (a) under construction buildings at Sattva Knowledge Park, Sattva Knowledge City, Sattva Horizon, Sattva Endeavour and One Qube, (b) purchase of land and other development work at Sattva Global City and (c) fit-out of furniture and fixtures for tenants at Sattva Softzone and Sattva Knowledge Court.

Planned Capital Expenditures Our planned capital expenditure as at March 31, 2025 was ₹10,904 million, primarily towards our development projects in progress for FY2026 to FY2029, as summarized in the table below. For further details, please refer to “Projections” on page 532.

524Balance cost to be incurred as at March 31, 2025 Particulars (₹in millions)(1) Portfolio Assets Sattva Endeavour 269 Sattva Spectrum(2) 205 Sattva Global City(3) 5,680 Solar Assets Karnataka Solar – II 1,201 One BKC Solar 221 Prima Bay Solar 246 Upgrade Projects or balance capital expenditure(2) 3,081 Total 10,903

Notes:

(1) Abovecostdoesnotincludeexpensesexpectedtobeincurredforthedevelopment/constructionoftheproposedfuturedevelopmentof6.9msfatSattvaGlobalCitywhich isexpectedtogetcompletedafterMarch31,2029.

(2) Capitalexpenditureincludesthecapitalexpenditurefor100%oftheassets(includingthelandownerarea)forSattvaSpectrum,SattvaSouthAvenue,andSattvaHorizon.

(3) FutureDevelopment.

(4) Estimatedone-timecapitalexpenditureforupgradationofthepropertiesprimarilyinSattvaKnowledgeCityandSattvaGlobalCityandbalancecapitalexpenditure payableinrecentlycompletedassetsnamelySattvaKnowledgePark,SattvaHorizon,SattvaSouthAvenueandKarnatakaSolar—I.InSolareEnergyPrivateLimitedhas arighttoacquireleaseholdrightsoveradditionallandmeasuring14acres30guntasallsituatedatPhaseI.IEPLhasenteredintoanagreementtosub-leasethe aforesaidlandinfavorofSRPPL,expectedtobecompletedbyonorbeforeSeptember30,2025.

We expect to fund the above planned capital expenditures through internal accruals, security deposits on pre-leasing, sanctioned construction financing and lease rental discounting which are available to us.

Ouractualcapitalexpendituremaydifferfromtheamountssetoutaboveduetovariousfactors,including ourfuturecashflows,resultsofoperationsandfinancialcondition,changesinthelocaleconomyinIndia, the availability of financing on terms acceptable to us, problems in relation to possible construction/development delays, defects or cost overrun, delays in obtaining or receipt of governmental approval, changes in the legislative and regulatory environment and other factors that are beyond our control.

Contractual Obligations and Commitments The following table summarizes our contractual obligations as of March 31, 2025:

Carrying value as at Yearended March 31, 0 to 12 More than 2025 Total months 1-5 years 5Years (₹in millions) Borrowings (current and non-current) and interest accrued (including future interest) 198,151.69 324,245.04 28,805.15 99,183.33 196,256.56 Trade payables 1,247.41 1,247.41 1,247.41 – – Lease liabilities (current and non-current) 45.38 85.21 – 6.68 78.53 Lease deposits (current and non-current) 19,305.79 20,837.98 12,960.00 7,501.99 375.99 525Carrying value as at Yearended March 31, 0 to 12 More than 2025 Total months 1-5 years 5Years (₹in millions) Other financial liabilities (current and non-current) 2,429.07 2,429.07 2,370.87 58.20 – Total 221,179.34 348,844.71 45,383.43 106,750.20 196,711.08 OurcapitalandothercommitmentsasperIndAS16asofMarch31,2025amountedto₹6,141.54million.

These capital commitments are primarily related to (a) acquisition of 0.6 msf of Leasable Area of Sattva Knowledge Capital of ₹3,486.00 million, (b) construction of solar plant for Karnataka Solar – II of ₹1,149.30 million, (c) construction of buildings at Sattva Endeavour, Sattva Spectrum and Sattva Global City of ₹498.91 million and (d) capital expenditure towards development at Sattva Knowledge Park of ₹530.58 million. We plan to fund these contractual obligations and contractual commitments through our internal cash flows and external debt or equity raises.

Off-Balance Sheet Arrangements and Contingent Liabilities We do not have any material off-balance sheet arrangements.

The table below sets forth our contingent liabilities as per IndAS 37 Provisions, Contingent Liability and Contingent Assets, as of March 31, 2025:

As at March 31, 2025 (₹in millions) Contingent liabilities In respect of Income Tax matters 1,218.39 In respect of custom duty matters 28.59 In respect of Value Added Tax (‘VAT’)/service tax/ Goods and Service Tax (‘GST’) matters 3,797.65 In respect of other matters 425.12 Non-GAAP Measures The body of generally accepted accounting principles is commonly referred to as “GAAP”. Our management believes that the presentation of certain non-GAAPmeasures are supplementary measures of our performance which provides additional useful information to investors regarding our performance and trends related to our results of operations and liquidity that is not required by, or presented in accordance with, IndAS, Indian GAAP, IFRS or U.S. GAAP.Accordingly, we believe that when non-GAAPfinancial information is viewed with GAAP or Ind AS financial information, investors are provided with a more meaningful understanding of our ongoing operating performance and financial results. However, these financial measures are not measures of our financial performance or liquidity based on GAAP, IndAS or any other internationally accepted accounting principles, and you should not consider such items in isolation or as an alternative to the historical financial results or other indicators of our cash flow based on Ind AS or IFRS. In addition, these non-GAAP measures are not standardized terms and these non-GAAP financial measures, as defined by us and included herein, may not be comparable to similarly-titled measures as presented by other entities due to differences in the way non-GAAPfinancial measures are calculated and hence have limited usefulness as comparative measures.

526Net Operating Income (“NOI”) and NOI Margin Based on the ‘management approach’ as specified in Ind AS 108, our chief operating decision maker (“CODM”) evaluates our performance and allocates resources based on an analysis of various performance indicators by operating segments. NOI as calculated by us is a primary driver of our managerial assessments and decision-making process. We therefore consider NOI to be a meaningful supplemental financial measure of our performance when considered with the Special Purpose Combined Financial Statements determined in accordance with Ind AS. We believe NOI is helpful to investors in understanding the performance of our business segments because it provides a direct measure of our operating results.

NOI and NOI Margin do not have a standardized meaning, nor are they recognized measures under Ind AS or IFRS and may not be comparable with measures with similar names presented by other companies/REITs. NOI and NOI Margin should not be considered by themselves or as substitutes for comparable measures under Ind AS or IFRS or other measures of operating performance, liquidity, or ability to pay dividends. Our NOI and NOI Margin may not be comparable to the NOI and NOI Margin ofothercompanies/REITsduetothefactthatnotallcompanies/REITsusethesamedefinitionofNOIand NOIMargin.Accordingly,therecanbenoassurancethatourbasisforcomputingthisnon-GAAPmeasure is comparable with that of other companies/REITs.

We define NOI for each of our segments as follows:

Offices: NOI for offices is defined as: (cid:129) Revenue from operations (which includes (i) revenue from lease rentals and (ii) income from maintenance services) less (cid:129) Operating expenses (which includes (i) operating and maintenance expenses excluding certain one time repair and maintenance expenses, (ii) employee benefits expenses of CAM Entities, (iii) propertytax,and(iv)certainotherexpenses,whichincludeinsuranceandallotherexpensesofCAM Entities).

Other segment: NOI for our other segments is defined as: (cid:129) Revenue from operations (which includes (i) income from generation of renewable energy, (ii) food and beverage income, and (iii) other operating revenue) less (cid:129) Operating expenses (which includes (i) operating and maintenance expenses related to Solar assets,

(ii) employee benefits expenses of our SPVs with Solar Assets, and (iii) related other expenses, excluding property tax and (iv) cost of material consumed and works contract services).

Certain income (such as interest, dividend and other income) and certain expenses (such as depreciation, amortization, impairment and finance cost) are not specifically allocable to segments and accordingly these expenses are adjusted against our NOI.

We define NOI Margin as a ratio of NOI to revenue from operations.

527ThefollowingtablespresentsareconciliationfromprofitfortheyeartoNOIandNOIMarginfortheyears

indicated below:

Yearended March 31, 2025 2024 2023 Particulars (₹in millions, unless otherwise stated) Profit for the year 2,225.16 3,396.59 2,192.40

Add: Tax expense 5,932.51 2,104.66 1,488.23 Profit before tax 8,157.67 5,501.25 3,680.63

Add: Exceptional items(1) 3,502.18 – – Profit before exceptional items and tax 11,659.85 5,501.25 3,680.63

Add: Depreciation and amortization expenses 3,808.05 5,875.22 5,927.81

Add: Finance costs 17,462.35 16,927.13 15,331.76 Earnings before finance costs, depreciation, amortization, exceptional items and tax

(EBITDA) (A) 32,930.25 28,303.60 24,940.20

Add: Unallocated non-operating expenses(2) 3,560.05 3,008.13 2,791.22

Less: Unallocated non-operating income(2) 2,167.63 2,490.90 2,156.65 Segment Results – NOI (A) 34,322.67 28,820.83 25,574.77 Revenue from operations (B) 39,301.01 33,393.86 29,003.01 NOI Margin (C = A/B) (%) 87.33% 86.31% 88.18%

Notes:

(1) Exceptionalitemsamountingto₹3,502.18millioninFY2025wereinrelationtotheredemptionofinstrumentssubscribedbysomeoftheSPVswhichwereissuedbytheir relatedpartiesandarerequiredtobesettledorredeemedpriortoListing.Consequently,theseSPVshave,duringFY2025,redeemed/settledtheinstruments,andasa result,recognizedalossof₹1,492.18millionpursuanttotheredemptionofthesaidinstruments.Inaddition,tillMarch31,2024,OBRPL(theAssetSPVthatholdsOne BKC)hadgivenloansamountingto₹2,196.49milliontotwopartiesclassifiedunderNon-currentloans—OthersandCurrentloans—Secured—Others,onwhichcredit lossallowanceof₹403.49millionwasrecognizedtilltheyearthenendedinFY2024.Further,duringFY2025,OBRPLhadadvancedanadditionalloanamountingto ₹217.00milliontooneofthesaidparties.AsatMarch31,2025,themanagementofOBRPLhasreassessedtherecoverabilityofthesaidoutstandingloans,takinginto considerationenforceabilityofthesecuritiesgiven,andhasrecognizedadditionalallowanceforcreditlossduetonon-recoverabilityofsaidloansof₹2,010.00million duringFY2025.

(2) AspersegmentreportingasperIndAS108forrespectiveyears.

Earnings before finance costs, depreciation, amortization, exceptional items and tax We use earnings before finance costs, depreciation, amortization, exceptional items and tax (“EBITDA”) internally as a performance measure. We believe it provides useful information to investors regarding our financial condition and results of operations because it provides a direct measure of the operating results ofourbusinesssegments.OthercompaniesmayusedifferentmethodologiesforcalculatingEBITDA,and accordingly, our presentation of the same may not be comparable to other companies.

Accordingly, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies/REITs.

We define EBITDA Margin as a ratio of EBITDA to revenue from operations.

528We believe that the comparable Ind AS metric to our EBITDA is profit for the year. Therefore, the following tables present a reconciliation from profit for the year to EBITDAand EBITDAMargin for the

years indicated below:

Yearended March 31, 2025 2024 2023 Particulars (₹in millions, unless otherwise stated) Profit for the year 2,225.16 3,396.59 2,192.40

Add: Tax expense 5,932.51 2,104.66 1,488.23 Profit before tax 8,157.67 5,501.25 3,680.63

Add: Exceptional items(1) 3,502.18 – – Profit before exceptional items and tax 11,659.85 5,501.25 3,680.63

Add: Depreciation and amortization expenses 3,808.05 5,875.22 5,927.81

Add: Finance costs 17,462.35 16,927.13 15,331.76 Earnings before finance costs, depreciation, amortization, exceptional items and tax

(EBITDA) (A) 32,930.25 28,303.60 24,940.20 Revenue from operations (B) 39,301.01 33,393.86 29,003.01 EBITDA Margin (C =A/B) (%) 83.79% 84.76% 85.99%

Note:

Quality of Earnings Discussion Set forth below is a brief summary of our material accounting policies relating to the key components of

our results of operations:

Qualitative Disclosures about Market Risk We are exposed to credit risk, liquidity risk and market risk in the normal course of our business. Our risk management approach seeks to minimize the potential material adverse effects from these exposures. We have implemented risk management policies and guidelines that set out our tolerance for risk and our general risk management philosophy. Accordingly, we have established a framework and process to monitor the exposures to implement appropriate measures in a timely and effective manner.

Credit Risk Credit risk is the risk of financial loss to Knowledge Realty Trust if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from an Asset SPV’s or Investment Entity’s receivables from customers, loans and cash and cash equivalents. The carrying amount of financial assets represents the maximum credit exposure.

Liquidity Risk Liquidity risk is the risk that an Asset SPV or Investment Entity will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. An Asset SPV’s or Investment Entity’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal 529and stressed conditions, without incurring unacceptable losses or risking damage to such Asset SPV’s or Investment Entity’s reputation. Borrowings of our Asset SPVs and Investment Entities comprises lease rental discounting loans, where the servicing of the debt is backed up by monthly lease rentals receivable from customers and through escrow mechanism, thus mitigating the exposure to liquidity risks.

Market Risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates which will affect the Asset SPV’s or Investment Entity’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

Interest Rate Risk The Asset SPVs’ or Investment Entities’ main interest rate risk arises from long-term borrowings with variable rates, which exposes it to cash flow interest rate risk.

The exposure of Knowledge Realty Trust’s borrowings to interest rate changes at the end of year are as

follows:

As at March 31, 2025 2024 2023 (₹in millions) Variable rate borrowings 174,738.30 166,224.60 168,935.10 Fixed rate borrowings 23,183.44 31,351.22 33,331.54 Total Borrowings 197,921.74 197,575.82 202,266.64 A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased/(decreased) profit by the amounts as under:

Yearended March 31, 2025 2024 2023 (₹in millions) Interest rates – increase by 100 basis points (1,747.38) (1,662.25) (1,689.35) Interest rates – decrease by 100 basis points 1,747.38 1,662.25 1,689.35 Equity Risk TheAssetSPVs’andInvestmentEntities’listedornon-listedsecuritiesaresusceptibletomarketpricerisk arising from uncertainties about future values of the investment securities. The management of theAsset SPVs and Investment Entities manage the equity price risk through diversification and by placing limits on individual and total equity instruments. Reports on the equity portfolio are submitted to the Asset SPVs’and Investment Entities’management on a regular basis. TheAsset SPVs’and Investment Entities’ board of directors review and approve all equity investment decisions.

Known Trends and Uncertainties Our business has been affected and is likely to continue to be affected by the trends identified in “Our Business and Properties” and “Risk Factors”. Except as described in the “Our Business and Properties” and “Risk Factors” sections on pages 158 and 29, respectively, there are no known trends or uncertainties which are expected to have a material adverse impact on our revenue from operations.

530Unusual or Infrequent Events or Transactions Other than as described in this section and in “Risk Factors” and “Our Business and Properties” on pages 29 and 158, respectively, there have been no events or transactions which may be described as “unusual” or “infrequent”.

Significant economic changes that materially affected or are likely to affect revenue from operations Other than as described in this section and in “Risk Factors”, “Industry Overview” and “Our Business and Properties” on pages 29, 88 and 158, respectively, there have been no significant economic changes that materially affected or are likely to affect income from continuing operations.

Material Increases in Net Revenues and Sales Material increases in our net revenues and sales are primarily due to the reasons described in “—Results of Operations” above on page 507.

Total Revenues of Each Major Industry Segment in which we Operate

We report our financial results according to two operating segments: revenue from office and others. For further details of segment reporting as per IndAS 108 for FY2025, FY2024 and FY2023, see Note 51 on operating segments to the Special Purpose Combined Financial Statements on page 976.

Future Change in Relationships between Costs and Income OtherthanasdescribedinthissectionandthesectionsofthisOfferDocumententitled“RiskFactors”and “Our Business and Properties” on pages 29 and 158, respectively, there are no known factors which will have a material adverse impact on our operations or financial condition to our Manager’s knowledge.

New Product or Business Segments As of the date of this Offer Document, we do not have any plans for new business segments.

Competitive Conditions For a description of the competitive conditions in which we operate, see the section of this Offer Document entitled “—Factors affecting our Results of Operations—Competition” on page 498.

Tenant Concentration For the details of our tenant concentration, see “Risk Factors—A significant portion of our revenues is derived from a limited number of large tenants, multinational tenants, including global capability centres (“GCCs”), as well as tenants in the technology and banking, financial services and insurance (“BFSI”) sectors. Any conditions that impact these tenants or the respective sectors or cities in which they operate may adversely affect our business, results and financial condition.” on page 39.

Seasonality Our business is not subject to material seasonal fluctuations.

Related Party Transactions For details on the procedure for dealing with related party transactions, please see “Related Party Transactions—Procedure for dealing with Related Party Transactions” on page 406.

Significant Developments since March 31, 2025 Unless otherwise disclosed in this Offer Document, the Manager believes that there have not been any circumstances since March 31, 2025 which materially and adversely affects or are likely to affect our business or profitability, the value of our assets, or ability to pay our liabilities within the next 12 months.

531PROJECTIONS Independent Auditor’s Report on projections of facility rentals, revenue from operations, net operating income, earnings before interest, tax, depreciation and amortization, cash flow from operating activities and net distributable cash flows and underlying assumptions To The Board of Directors, Knowledge Realty Office Management Services Private Limited (formerly known as Trinity Office Management Services Private Limited) (the “Manager”) in its capacity as the Manager of Knowledge Realty Trust (the “Trust”) One International Center, 14th Floor, Tower-1, Plot No 612-613, Senapati Bapat Marg, Elphistone Road, Lower Parel West, Mumbai 400013.

1. We have examined the accompanying statement of projected facility rentals, statement of projected revenue from operations, statement of projected net operating income, statement of projected earningsbeforeinterest,tax,depreciationandamortization,statementofprojectedcashflowsfrom operating activities and statement of projected net distributable cash flows of Knowledge Realty Trust (the “Trust”), Devbhumi Realtors Private Limited, Worldwide Realcon Private Limited, Darshita Infrastructure Private Limited, Sattva Knowledge Centre Private Limited, One BKC Realtors Private Limited, One World Center Private Limited, One International Center Private Limited, Prima Bay Private Limited, Cessna Garden Developers Private Limited, Exora Business ParkPrivateLimited,GVTechparksPrivateLimited,SoftzoneTechParkLimited,DarshitaHi-Rise Private Limited, Pluto Business Parks Private Limited, Sattva Horizon Private Limited, Darshita Edifice Private Limited, Jaganmayi Real Estates Private Limited, Debonair Realtors Private Limited, Salarpuria Developers Private Limited, Darshita Housing Private Limited, Kosmo One Business Park Private Limited, One Qube Realtors Private Limited, Pluto Atriza Business Parks Private Limited, Shirasa Regency Park Private Limited, One BKC Solar Energy Private Limited, Prima Bay Solar Energy Private Limited, NABS Data Zone Private Limited, Harkeshwar Realtors Private Limited, Quadro Info Technologies Private Limited and Salarpuria Griha Nirman Private Limited(individuallyreferredtoas“AssetSPV”)andPlutoSolistaBusinessParksPrivateLimited, BSP Office Management Services Private Limited, Sattva Properties Management Private Limited and Sattva Infra Management Private Limited (collectively referred to as “Investment Entities”) (the Trust, Asset SPVs and Investment Entities together referred to as the “Knowledge Realty Group”), for the years ending March 31, 2026, March 31, 2027, March 31, 2028 and March 31, 2029 along with the basis of preparation and the significant assumptions (Statement of projections along with the related assumptions for the Knowledge Realty Group are hereinafter referred to as the “Projection Information”), annexed to this report for the purpose of inclusion in the Offer Document and Final Offer Document (“Offering Documents”) prepared by Knowledge Realty Office Management Services Private Limited (formerly known as Trinity Office Management Services Private Limited) (the “Manager”) in connection with the proposed Initial Public Offering of Units of the Trust (the “Offering”). Assets SPVs and Investment Entities are proposed to be acquired by the Trust from each of their respective existing shareholders.

2. The preparation and presentation of the Projection Information, including the underlying assumptions, in accordance with the requirements of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 issued by the Securities and Exchange Board of India (“SEBI”) on September 26, 2014, as amended from time to time and any circulars issued thereunder (the “REIT Regulations”), is the responsibility of the Manager.

5323. The Projection Information has been prepared by the Manager for inclusion in the Offering Documents using a set of assumptions including hypothetical assumptions about future events and management’s actions that are not necessarily expected to occur, as set out in Note II (A) to the Projection Information and has been approved by the Board of Directors of the Manager.

Consequently, users are cautioned that the Projection Information may not be appropriate for any purpose other than that described above.

4. We have examined the Projection Information taking into consideration:

(a) the terms of our engagement agreed with you vide our engagement letter dated October 7, 2024 requesting us to carry out work on the Projection Information, proposed to be included in the Offering; and

(b) Standard on Assurance Engagement 3400, “The Examination of Prospective Financial Information”, issued by the Institute of Chartered Accountants of India.

5. WehaveexaminedtheevidencesupportingtheassumptionsandotherinformationintheProjection Information on a test basis. Our responsibility is to examine the evidence supporting the assumptions (excluding the hypothetical assumptions) and other information in the Projection Information. Our responsibility does not include verification of the accuracy of the projections.

Therefore, we do not vouch for the accuracy of the Projection Information.

6. Based on our examination of the evidence supporting the assumptions (excluding the hypothetical assumptions mentioned in Note II (A) to the Projection Information), read with para 8 (a) below, nothing has come to our attention which causes us to believe that these assumptions (other than the hypothetical assumptions mentioned in Note II (A) to the Projection Information) do not provide a reasonable basis for the Projection Information.

7. Further,nothinghascometoourattentionthatcausesustobelieve,thattheProjectionInformation read with the basis of preparation and notes therein, has not been properly prepared on the basis oftheassumptionsassetoutinNoteItoIXtotheProjectionInformationandonaconsistentbasis, to the extent applicable, with the accounting policies and the basis of preparation used for the preparation of the historical special purpose combined financial statements of Knowledge Realty Trust which is to be included in the Offering Documents. Our report on such historical special purpose combined financial statements expressed unmodified opinion.

8. We draw attention to the following: a. AsmorefullyexplainedinNoteII(A)totheProjectionInformation,KnowledgeRealtyTrust has assumed hypothetical assumptions including assumptions in relation to certain restructuring in preparation of Projection Information and the assumption that post offer capital structure and corporate structure were in existence since April 1, 2025.

9. Eventsandcircumstancesfrequentlydonotoccurasexpected.Eveniftheeventsanticipatedunder the hypothetical assumptions described above occur, actual results are still likely to be different from the Projection Information since other anticipated events frequently do not occur as expected and the variation may be material. The actual results may therefore differ materially from those forecasted and projected. For the reasons set out above, we do not express any opinion as to the possibility of achievement of the Projection Information.

53310. REIT Regulations require the independent auditor to issue a report on the Projection Information and this report is issued for the sole purpose of the Offering in accordance with REITRegulations.

Our work has not been carried out in accordance with auditing or other standards and practices generally accepted in jurisdictions outside India, including in the United States of America, and accordingly should not be relied upon as if it had been carried out in accordance with those standards and practices. US securities regulations do not require profit forecasts to be reported on by a third party.This report should not be relied upon by prospective investors in the United States ofAmerica, including persons who are Qualified Institutional Buyers as defined under Rule 144A under the United States Securities Act of 1933 participating in the Offering. We accept no responsibility and deny any liability to any person who seeks to rely on this report and who may seek to make a claim in connection with any offering of securities on the basis that they had acted inrelianceonsuchinformationundertheprotectionsaffordedbyUnitedStatesofAmericalawand regulation.

11. Wehavenoresponsibilitytoupdateourreportforeventsandcircumstancesoccurringafterthedate of the report.

12. ThisreportisintendedsolelyforyourinformationandforinclusionintheOfferingDocumentsand is not to be used, referred to or distributed for any other purpose.

For S R B C & CO LLP Chartered Accountants

Firm registration number: 324982E/E300003 per Abhishek Agarwal Partner Membership No.: 112773

UDIN: 25112773BMSBTG3068 Mumbai July 18, 2025 534General Terms, Definitions and Abbreviations Term Definition REIT Related Terms Knowledge Realty Knowledge Realty Trust, set up on October 10, 2024 as an irrevocable trust Trust under provisions of the Indian Trusts Act, 1882 and registered with SEBI as a real estate investment trust under the REIT Regulations Knowledge Realty Knowledge Realty Trust Group is comprised of the Knowledge Realty Trust, Trust Group Asset SPVs, Investment Entities Asset SPVs Collectively, the Holdcos and the SPVs “Asset(s)” or Assets which will be directly or indirectly owned by Knowledge RealtyTrust “Portfolio Asset(s)” prior to listing in terms of the SEBI REIT Regulations, in this case being collectively, Sattva Knowledge City(1), Sattva Knowledge Park, Sattva Knowledge Capital, One BKC, One World Center, One International Center Complex, Prima Bay, Cessna Business Park, Exora Business Park, Sattva Global City, Sattva Softzone Complex(2), Sattva Knowledge Court, Sattva Techpoint, One Trade Tower, Sattva Horizon, Sattva Infozone, Sattva Magnificia I, Sattva South Avenue, Sattva Eminence, Sattva Cosmo Lavelle, SattvaPremia,SattvaEndeavour,KosmoOne,OneQube(3),FintechOne,and the Solar Assets CAM Common Area Maintenance CAM Assets Collectively, CAM Mumbai, CAM Bengaluru—I, CAM Bengaluru—II and CAM Hyderabad CAM Entities/ Collectively, BSPOMSPL, PSBPPL, SPMPL and SIMPL Investment Entities Commercial Offices Commercial office assets which will be directly or indirectly owned by Knowledge Realty Trust prior to listing in terms of the SEBI REIT Regulations, in this case being collectively, Sattva Knowledge City(1), Sattva Knowledge Park, Sattva Knowledge Capital, One BKC, One World Center, One International Center Complex, Prima Bay, Cessna Business Park, Exora Business Park, Sattva Global City, Sattva Softzone Complex(2), Sattva KnowledgeCourt,SattvaTechpoint,OneTradeTower,SattvaHorizon,Sattva Infozone, Sattva Magnificia I, Sattva SouthAvenue, Sattva Eminence, Sattva Cosmo Lavelle, Sattva Premia, Sattva Endeavour, Sattva Spectrum, Kosmo One, One Qube(3), and Fintech One Holdco(s) or Holding An entity defined as “holdco” or “holding company” under Regulation 2(qai) Company(ies) of the SEBI REIT Regulations, collectively, DHRPL, DBRPL, GVTPL, HRPL, JRPL, OBRPL, PBPL, SDPL, SGNPL, SHPL, STPL(2) and QITPL IPO or Issue Initial Public Offering of the units of Knowledge Realty Trust Karnataka Solar Collectively, Karnataka Solar—I and Karnataka Solar—II Assets Manager Knowledge Realty Office Management Services Private Limited One International Complex comprising One International Center and One Unity Center Center Complex 535Term Definition Portfolio Collectively, Portfolio Assets and Portfolio Investment Sattva Softzone Complex comprising Sattva Softzone, Sattva Touchstone, Sattva Magnifica Complex(2) II, Sattva Spectrum and Sattva Supreme Shareholder Debt Debt to be provided by the Knowledge Realty Trust to the relevant Asset SPVs and Investment Entities, inter alia, for the purpose of partial or complete repayment of loans, facilities and deferred payment obligations availed from banks, other financial institutions and other parties and for general corporate purposes Solar Assets Collectively, the Solar Parks and Karnataka Solar Assets Solar Parks Collectively, One BKC Solar and Prima Bay Solar SPV Special purpose vehicles, as defined in Regulation 2(l)(zs) of the SEBI REIT Regulations collectively, (i) CGDPL, (ii) DEPL, (iii) DHPL, (iv) DIPL,

(v) DRPL(1) (vi) EBPPL, (vii) KOBPPL, (viii) NDPL, (ix) OBSEPL, (x) OICPL, (xi) OQRPL(3), (xii) OWCPL, (xiii) PABPPL, (xiv) PBPPL, (xv) PBSEPL, (xvi) SKCPL, (xvii) SRPPL, (xviii) WRPL Trustee Axis Trustee Services Limited DRPL Scheme of As of the date of this report, Sattva Knowledge City is owned by DRPL, an Arrangement(1) Asset SPV of the Knowledge Realty Trust. Pursuant to the resolution dated July 3, 2025, adopted by the board of directors of DRPL, it is proposed that

(i) Sattva Knowledge City—3 Block D); (ii) Sattva Knowledge City—2 (Block B) and Sattva Knowledge City—2 Block C); (iii) Sattva Knowledge City—1 (Block A); (iv) Sattva Knowledge City—5 (Block E-1), shall be demerged with an ‘Appointed Date’ of April 1, 2025 at an appropriate time afterthecompletionofthelistingoftheKnowledgeRealtyTrust,intoentities held/acquired by the REIT (the “DRPL Scheme of Arrangement”) in compliance with all applicable laws (including the SEBI REIT Regulations) and the Manager shall take all steps and actions to ensure compliance with such requirements and conditions.

Softzone Scheme of Composite scheme of arrangement dated November 5, 2024, which was Arrangement(2) approved by the National Company Law Tribunal, Kolkata on June 18, 2025 pursuanttowhichSTPLholds(i)SattvaSoftzone;(ii)SattvaTouchstone;(iii) Sattva Magnificia II; (iv) Sattva Supreme; and (v) Sattva Spectrum. The Appointed Date for the Softzone Scheme of Amalgamation is April 1, 2024.

For the purpose of Projections, we have assumed the Softzone Scheme of Arrangement to be effective as of April 1, 2025 536Term Definition General Terms Special Purpose The Special Purpose Combined Financial Statements of Knowledge Realty Combined Financial TrustGroup,whichcomprisetheSpecialPurposeCombinedBalanceSheetas Statements at March 31, 2025, March 31, 2024 and March 31, 2023, Special Purpose Combined Statement of Profit and Loss (including other comprehensive income), Special Purpose Combined Cash Flow Statement, Special Purpose Combined Statement of Changes in Equity for the years ended March 31, 2025, March 31, 2024, and March 31, 2023 and a summary of material accounting policies and other explanatory information. The Special Purpose Combined Financial Statements have been prepared in accordance with the basis of preparation described in Note 2 to the Special Purpose Combined Financial Statements.

Knowledge Realty Trust Group (in relation to the Combined Financial Statements) includes OICPL, EBPPL, OWCPL, OBRPL, PBPPL, PBPL, CGDPL, PABPPL, OQRPL, KOBPPL, DBRPL, WRPL, DIPL, GVTPL, STPL(2), QITPL, DHRPL, HRPL, DRPL(1), SGNPL, DEPL, SDPL, DHPL, JRPL, SHPL, SKCPL, BSPOMSPL, PSBPPL, SPMPL, SIMPL, SRPPL, NDPL, OBSEPL and PSBPEL CSR Corporate Social Responsibility CY Year ending December 31 Fiscal or FY Year ending March 31 Ind AS Indian Accounting Standards INR or ₹ Indian rupees IT Act Income Tax Act, 1961 mm Million NA Not Applicable NM Not Material Projections Projections of the Knowledge Realty Trust Group, prepared in accordance with the SEBI REIT Regulations and the SEBI Guidelines Projections Period FY2026, FY2027, FY2028 and FY2029 SEBI Securities and Exchange Board of India Operational and Financial Metrics Base Rentals (₹) Rental income contracted from the leasing of Completed Area; does not include fit-out and parking income and other income from F&B, retail, telecom and other amenity tenants Base Rent Base Rentals for the specified period (₹ psf per month) (Occupied Area * Monthly factor) 537Term Definition Cash flows from Cash flows from operating activities is computed in accordance with the operating activities or requirements of Ind-AS 7—Statement of Cash Flows CFO(4) Committed Area Area for which (a) an agreement to lease/letter of intent has been signed,

(b) lease commencement date is after the relevant fiscal/period and the building has received occupancy certificate prior to the relevant fiscal/period and (c) area for which a Hard Option is available with agreed future leasing conditions and the building has received occupancy certificate prior to the relevant fiscal/period Committed Occupied Area + Committed Area Occupancy % Completed Area Completed Area (sf) The Leasable Area of a property for which occupancy certificate has been received EBITDA(5) Earnings before finance costs, depreciation, amortisation, exceptional items and tax. For further details on calculation of EBITDA, refer to Indicative Profit and Loss Statement Framework Used for the purposes of Projections and Drivers and assumptions for NOI and EBITDA EBITDA Margin %(5) EBITDA Revenue from operations Hard Option Firmcommitmentsbythelessorwithinaleaseagreementthatgivesthelessee an exclusive right but not an obligation for a specified period to lease an additional identified vacant completed space where terms of the area for which the option is available have already been agreed for In-place Rent Base Rent for the relevant period (psf per month) kWh Kilowatt hour Leasable Area (sf) Total square footage that can be occupied by a tenant for the purpose of determining a tenant’s rental obligations. Leasable Area is the sum of Completed Area, Under Construction Area and Future Development Area.

Leasable area includes carpet area plus applicable proportions of common areas, staircases, balconies, lift lobbies, basements, terrace, parking, stilt areas, besides other common facilities in the building Letters of Intent Non-binding agreements with tenants to lease space in commercial offices Market Rent Base Rent estimates, as per the Industry Report (in the case of the relevant sub-market)andaspertheValuationReport(inthecaseoftherelevantasset), that can be expected from leasing of the asset to a tenant as of March 31, 2025; does not include fit-out and parking income and other income from F&B, retail, telecom and other amenity tenants Market Rentals Market Rent multiplied by the applicable Leasable Area assumed to be occupied by, or assigned to tenants pursuant to the relevant new lease(s) msf Million square feet NDCF(6) Net Distributable Cash Flow for the Knowledge RealtyTrust Group proposed to be calculated by the Manager in the manner laid out in our Distribution Policy, see “Distribution” on page 578. For further details, refer to Drivers and Assumptions for NDCF and see “Distribution” on page 578 538Term Definition NOI(8) Net Operating Income calculated by subtracting Direct Operating expenses from Revenue from operations. For further details on calculation of NOI, refer to Indicative Profit and Loss Statement Framework Used for the purposes of Projections and Drivers and assumptions for NOI and EBITDA Margin %(7) NOI Revenue from operations Occupancy Occupied Area in % Completed Area Occupied Area Completed Area for which lease agreements/lease and license agreements have been signed with tenants (and for Projections Period, assumed to be signed) psf pm per square feet per month PLF Plant load factor Future Development Leasable Area of a property for which (i) either the master plan for Area (sf) development has been obtained and internal development plans are yet to be finalized or the master plan and internal development plans are yet to be finalized; and (ii) applications for requisite approvals required under the law for commencement of construction are yet to be made PPA Power Purchase Agreement Revenue from For details on components of Revenue from operations, refer to Indicative Operations(8) Profit and Loss Statement Framework Used for the Purposes of Projections sf Square feet Stabilized occupancy Estimated Occupancy once a commercial asset achieves stabilization of operations Under construction Leasable Area of a property for which the master plan for development has area (sf) been obtained, internal development plans have been finalised and requisite applications for receipt of approvals for the commencement of construction requiredunderlawhavebeenmade/applied,constructionhascommencedand the occupancy certificate is yet to be received Vacancy allowance Provision made to account for unforeseen exits, any unanticipated delays in lease-up of existing area, re-leasing or leasing of area pursuant to new developments WALE Weighted Average Lease Expiry (weighted according to Base Rentals).

Calculated assuming tenants for Occupied Area exercise all their renewal options post expiry of their initial commitment period

Notes:

(1) Asofthedateofthisreport,SattvaKnowledgeCityisownedbyDRPL,anAssetSPVoftheKnowledgeRealtyTrust.PursuanttotheresolutiondatedJuly3,2025adopted bytheboardofdirectorsofDRPL,itisproposedthat(i)SattvaKnowledgeCity—3BlockD);(ii)SattvaKnowledgeCity—2(BlockB)andSattvaKnowledgeCity—2 BlockC);(iii)SattvaKnowledgeCity—1(BlockA);(iv)SattvaKnowledgeCity—5(BlockE-1),shallbedemergedwithan‘AppointedDate’ofApril1,2025atan appropriatetimeafterthecompletionofthelistingoftheKnowledgeRealtyTrust,intoentitiesheld/acquiredbytheREIT(the“DRPLSchemeofArrangement”)in compliancewithallapplicablelaws(includingtheSEBIREITRegulations)andtheManagershalltakeallstepsandactionstoensurecompliancewithsuchrequirements andconditions.

(2) AnapplicationforacompositeschemeofarrangementdatedNovember5,2024,wasfiledbeforetheNCLT,Kolkata,byWellgrowthGrihaNirmanPrivateLimited, SalarpuriaPropertiesPrivateLimited,RajmataRealtorsPrivateLimited,theSattvaSponsor,SalarpuriaBuildersPrivateLimitedandSTPLwhichwasapprovedbythe NCLT,KolkataonJune18,2025(“SoftzoneSchemeofArrangement”).PursuanttoSoftzoneSchemeofArrangement,STPLholds(i)SattvaSoftzone;(ii)Sattva Touchstone;(iii)SattvaMagnificiaII;(iv)SattvaSupreme;and(v)SattvaSpectrum.ForthepurposeoftheProjections,wehaveassumedthattheSoftzoneSchemeof ArrangementiseffectiveasofApril1,2025.

(3) BlackstoneSponsorGroupacquired50%interestinOQRPL(theAssetSPVowningOneQube)in2018andtheremainingin2019fromthirdparties.Theacquisition wasundertakenatarms’lengthwithrequisitegovernmentapprovals(includingapprovaloftheHaryanaStateIndustrial&InfrastructureDevelopmentCorporation (“HSIIDC”))andfreefromanylitigations.Subsequently,OQRPLreceivednoticeofathirdpartylitigationbeforetheHighCourtofJudicatureatDelhiwherebyanorder datedDecember15,2023,hadbeenissued,andawarrantofsaledatedJanuary18,2024,hadbeenissuedbytheCivilCourtofGurugram,againstthepredecessors intitle,directingtheattachmentandsaleofOneQube(“OneQubeOrder”).Immediatelyuponbecomingawareofsuchlitigation,OQRPLsoughttobeimpleadedin thematterandfiledaninterventionapplicationinJanuary2024,seekingtostaytheOneQubeOrderandmodifyittotheextentitrelatestoOneQube(“Intervention 539Application”).TheHighCourtofJudicatureatDelhihasinteraliastayedtheexecutionofthesaleofthepropertyunderthewarrantofsaleinJanuary2024.TheHigh CourtofJudicatureatDelhihasdirectedOQRPLtomaintainstatusquowithrespecttothesaleoftheproperty,untilthedisposaloftheapplicationwhileOQRPLis permittedtoenterintoleaseswithrespecttoOneQubewithatermofupto30years.Argumentshavebeenconcluded,andasofthedateofthisOfferDocument,the finalorderoftheHighCourtofJudicatureatDelhiinrespectofsuchapplicationispending.Forfurtherdetails,see“LegalandOtherinformation”onpage703.While thereisnorestrictiononanychangeinshareholdingofOQRPL,OneQubeissubjecttoordersofthecourts.Unlessotherwisestated,allfinancialandoperatingdata presentedinthissectionincludesOneQubeandshouldthereforebeviewedwithcaution.TheSponsorsundertaketotakeallnecessarystepsandactionsasmaybe requiredvis-à-vistheInterventionApplicationtoensurethevalidityoftheOQRPLSAAtobeconsummatedaspartoftheInitialPortfolioAcquisitionTransactions.

(4) CashflowsfromoperatingactivitiesfortheProjectionsPeriodhavebeencalculatedonthesamebasisasthehistoricalCashflowsfromoperatingactivities,subject totheinherentlimitationsgenerallyinvolvedinpresentingProjectionfigures,aswellastheassumptionssetforthinthisreport.Suchassumptionsandinherentlimitations maydistortcomparabilityacrosshistoricalandProjectionsPeriod.

(5) EBITDAandEBITDAMargin%arenotrecognizedmeasuresunderIndAS.EBITDAandEBITDAMargin%shouldnotbeconsideredbythemselvesorassubstitutes fornetincome,operatingincomeorcashflowsfromoperationsorrelatedmarginsorothermeasuresofoperatingperformance,liquidityorabilitytopaydividends.

EBITDAdoesnothaveastandardizeddefinitionunderIndAS,andthemethodofcalculatingEBITDAmaybedifferentfromthemethodusedbymostothercompanies tocalculateEBITDA(whichusuallyinvolvesaddinginterest,taxes,depreciationandamortizationtoacompany’snetincome).Although,theManagerbelievesthatthe methodofcalculatingEBITDAforKnowledgeRealtyTrustGroupdoesnotresultinmaterialdifferencesfromthewaythatmostcompaniescalculateEBITDA,itcannot beassuredthatEBITDAcalculationforKnowledgeRealtyTrustGroupwillalwaysbecomparablewithsimilarlynamedmeasurespresentedbyothercompanies.EBITDA andEBITDAMargin%forProjectionsPeriodhavebeencalculatedonthesamebasisashistoricalEBITDAandEBITDAMargin%,subjecttotheinherentlimitations generallyinvolvedinpresentingProjectionfigures,aswellastheassumptionssetforthinthisreport.Suchassumptionsandinherentlimitationsmaydistortcomparability acrosshistoricalandProjectionsPeriod.

(6) NDCFisasignificantperformancemetric,theframeworkforwhichislaiddownintheSEBIREITRegulations,SEBIMasterCircularandguidelinesissuedthereunder.

WecalculateNDCFinthemannerspecifiedin“Distribution”onpage578.TheManagerbelievesthismetricservesasausefulindicatoroftheKnowledgeRealtyTrust’s expectedabilitytoprovideacashreturnoninvestment.NDCFisnotarecognizedmeasureunderIndASorIFRSandmaynotbecomparablewithmeasureswithsimilar namespresentedbyothercompanies/REITs.NDCFshouldnotbeconsideredbyitselforasasubstitutefornetincome,operatingincomeorcashflowfromoperating activitiesorrelatedmarginsorothermeasuresofoperatingperformance,liquidityorabilitytopaydividends.

(7) NOIandNOIMargin%aresignificantperformancemetricsusedbytheManagerasaprimarydriverofperformanceevaluationandallocationofresources.TheManager believesthatNOIandNOIMargin%provideusefulinformationtoinvestorsregardingthefinancialperformanceandresultsofoperationsbecauseitprovidesadirect measureoftheoperatingresultsofthebusinesssegments.NOIandNOIMargin%arenotrecognizedmeasuresunderIndAS,andmaynotbecomparablewithmeasures withsimilarnamespresentedbyothercompanies.NOIandNOIMargin%shouldnotbeconsideredbythemselvesorassubstitutesfornetincome,operatingincome orcashflowfromoperationsorrelatedmarginsorothermeasuresofoperatingperformance,liquidityorabilitytopaydividends.NOIandNOIMargin%havebeen calculatedonthesamebasisashistoricalNOIandNOIMargin%,subjecttotheinherentlimitationsgenerallyinvolvedinpresentingProjectionfigures,aswellasthe assumptionssetforthinthisreport.SuchassumptionsandinherentlimitationsmaydistortcomparabilityacrosshistoricalandProjectionsPeriod.

(8) RevenuefromoperationsfortheProjectionsPeriodhasbeencalculatedonthesamebasisashistoricalRevenuefromoperations,subjecttotheinherentlimitations generallyinvolvedinpresentingProjectionfigures,aswellastheassumptionssetforthinthisreport.Suchassumptionsandinherentlimitationsmaydistortcomparability acrosshistoricalandProjectionsPeriod.

540weivrevO oiloftroP noitcurtsnoCrednU aerAelbasaeL erutuF/)fsm(aerA detelpmoC /)fsm(/2)fsm( aerAtnempoleveD /)fsm(aerA )WM(yticapaC )WM(yticapaC/)fsm( )WM(yticapaC otdesoporpekats% deificepssselnu deificepssselnu deificepssselnu tessAfoepyT noitacoL TRKybdleheb ytitnE emaN stessA oiloftroP seciffO laicremmoC

3.7 –

3.7 kraP ssenisuB dabaredyH %001 detimiL etavirP srotlaeR imuhbveD ytiC egdelwonK avttaS )1()LPRD(

3.3 –

3.3 kraP ssenisuB dabaredyH %001 detimiL etavirP noclaeR ediwdlroW kraP egdelwonK avttaS )LPRW(

3.2 –

3.2 kraP ssenisuB dabaredyH %001 detimiL etavirP erutcurtsarfnI atihsraD latipaC egdelwonK avttaS ertneC egdelwonK avttaS dna )LPID( )LPCKS( detimiL etavirP

7.0 –

7.0 retneC-ytiC iabmuM %001 detimiL etavirP srotlaeR CKB enO CKB enO eciffO )LPRBO( gnidliuB

7.1 –

7.1 retneC-ytiC iabmuM %001 detimiL etavirP retneC dlroW enO retneC dlroW enO eciffO )LPCWO( gnidliuB

8.1 –

8.1 retneC-ytiC iabmuM %001 detimiL etavirP retneC lanoitanretnI enO retneC lanoitanretnI enO eciffO )LPCIO( gnidliuB

0.1 –

0.1 retneC-ytiC iabmuM %001 detimiL etavirP retneC lanoitanretnI enO retneC ytinU enO eciffO )LPCIO( gnidliuB

8.0 –

8.0 kraP ssenisuB iabmuM %001 )LPBP( detimiL etavirP yaB amirP yaB amirP

2.4 –

2.4 kraP ssenisuB urulagneB %001 etavirP srepoleveD nedraG ansseC kraP ssenisuB ansseC )LPDGC( detimiL

2.2 –

2.2 kraP ssenisuB urulagneB %001 detimiL etavirP kraP ssenisuB aroxE kraP ssenisuB aroxE )LPPBE( 541noitcurtsnoCrednU aerAelbasaeL erutuF/)fsm(aerA detelpmoC /)fsm(/2)fsm( aerAtnempoleveD /)fsm(aerA )WM(yticapaC )WM(yticapaC/)fsm( )WM(yticapaC otdesoporpekats% deificepssselnu deificepssselnu deificepssselnu tessAfoepyT noitacoL TRKybdleheb ytitnE emaN

1.21

0.8

1.4 kraP ssenisuB urulagneB %001 )LPTVG( detimiL etavirP skraphceT VG ytiC labolG avttaS

0.1 –

0.1 kraP ssenisuB urulagneB %001 )2()LPTS( detimiL kraP hceT enoztfoS enoztfoS avttaS

9.0 –

9.0 kraP ssenisuB urulagneB %001 )LPRHD( detimiL etavirP esir-iH atihsraD truoC egdelwonK avttaS

3.0 –

3.0 ssenisuB urulagneB %001 detimiL etavirP namriN ahirG airupralaS tniophceT avttaS retneC )LPNGS(

2.0 –

2.0 retneC-ytiC urulagneB %001 detimiL etavirP kraP ssenisuB otulP rewoT edarT enO eciffO )LPPBP( gnidliuB

6.0 –

6.0 ssenisuB urulagneB %001 )LPHS( detimiL etavirP noziroH avttaS noziroH avttaS retneC

3.0 –

3.0 ssenisuB urulagneB %001 )2()LPTS( detimiL kraP hceT enoztfoS enotshcuoT avttaS retneC

4.0 –

4.0 ssenisuB urulagneB %001 detimiL etavirP seigolonhceT ofnI ordauQ enozofnI avttaS retneC )LPTIQ(

2.0 –

2.0 ssenisuB urulagneB %001 dna detimiL etavirP ecifidE atihsraD II dna I aicifingaM avttaS retneC ,LPED( detimiL kraP hceT enoztfoS ))2(LPTS

3.0 –

3.0 ssenisuB urulagneB %001 detimiL etavirP setatsE laeR iyamnagaJ eunevA htuoS avttaS retneC )LPRJ(

2.0 –

2.0 ssenisuB urulagneB %001 detimiL etavirP srotlaeR rianobeD ecnenimE avttaS retneC )LPRBD(

1.0 –

1.0 retneC-ytiC urulagneB %001 detimiL etavirP srotlaeR rawhsekraH ellevaL omsoC avttaS eciffO )LPRKH( gnidliuB 542noitcurtsnoCrednU aerAelbasaeL erutuF/)fsm(aerA detelpmoC /)fsm(/2)fsm( aerAtnempoleveD /)fsm(aerA )WM(yticapaC )WM(yticapaC/)fsm( )WM(yticapaC otdesoporpekats% deificepssselnu deificepssselnu deificepssselnu tessAfoepyT noitacoL TRKybdleheb ytitnE emaN

1.0 –

1.0 ssenisuB urulagneB %001 detimiL etavirP srepoleveD airupralaS aimerP avttaS retneC )LPDS(

1.0 –

1.0 ssenisuB urulagneB %001 )2()LPTS( detimiL kraP hceT enoztfoS emerpuS avttaS retneC

7.0

7.0 – ssenisuB urulagneB %001 )LPHD( detimiL etavirP gnisuoH atihsraD ruovaednE avttaS retneC

5.0

5.0 – ssenisuB urulagneB %001 )2()LPTS( detimiL kraP hceT enoztfoS murtcepS avttaS retneC

9.1 –

9.1 kraP ssenisuB iannehC %001 etavirP kraP ssenisuB enO omsoK enO omsoK )LPPBOK( detimiL

6.0 –

6.0 kraP ssenisuB marguruG %001 detimiL etavirP srotlaeR ebuQ enO ebuQ enO )3()LPRQO(

5.0 –

5.0 ssenisuB dabademhA %001 etavirP skraP ssenisuB azirtA otulP enO hcetniF retneC )LPPBAP( detimiL

3.64

2.9

1.73 laicremmoC latoT seciffO stessA MAC AN AN AN MAC iabmuM %001 etavirP secivreS tnemeganaM eciffO PSB iabmuM MAC )LPSMOPSB( detimiL AN AN AN MAC urulagneB %001 etavirP skraP ssenisuB atsiloS otulP II – urulagneB MAC )LPPBSP( detimiL AN AN AN MAC urulagneB %001 etavirP tnemeganaM seitreporP avttaS I – urulagneB MAC )LPMPS( detimiL AN AN AN MAC dabaredyH %001 detimiL etavirP tnemeganaM arfnI avttaS dabaredyH MAC )LPMIS( 543noitcurtsnoCrednU aerAelbasaeL erutuF/)fsm(aerA detelpmoC /)fsm(/2)fsm( aerAtnempoleveD /)fsm(aerA )WM(yticapaC )WM(yticapaC/)fsm( )WM(yticapaC otdesoporpekats% deificepssselnu deificepssselnu deificepssselnu tessAfoepyT noitacoL TRKybdleheb ytitnE emaN )stessA oiloftroP fo traP( stessAraloS

8.03 –

8.03 raloS urulagneB %001 detimiL etavirP kraP ycnegeR asarihS I – raloS akatanraK )LPPRS(

2.42

2.42 – raloS urulagneB %001 )LPDN( detimiL etavirP enoZ ataD SBAN II – raloS akatanraK

9.3

9.3 – raloS iabmuM %001 detimiL etavirP ygrenE raloS CKB enO raloS CKB enO )LPESBO(

1.4

1.4 – raloS iabmuM %001 detimiL etavirP ygrenE raloS yaB amirP raloS yaB amirP )LEPBSP(

0.36

2.23

8.03 stessAraloS

latoT :setoN 935egapnosnoitaiverbbAdnasnoitinifeD,smreTlareneGfo1etoNotrefeR )1( 935egapnosnoitaiverbbAdnasnoitinifeD,smreTlareneGfo2etoNotrefeR )2( 935egapnosnoitaiverbbAdnasnoitinifeD,smreTlareneGfo3etoNotrefeR )3( 544Indicative Profit and Loss Statement Framework Used for the Purposes of Projections Serial No. Key Components Additional Description A Base Rentals Rental income contracted from the leasing of assets;

does not include fit-out and car parking income B Car Parking Income Revenue earned from the operations of the parking facilities located at the Commercial Offices C Fit-out Rentals/Tenant Customized alterations and enhancements as per Improvements tenants’ requirements, the value of which is recovered through fit-out rentals D Vacancy Allowance Provision made to account for unforeseen exits, any unanticipated delays in lease-up of existing area, re-leasing or leasing of area pursuant to new developments E = A+B+C+D Facility Rentals F Ind AS Adjustments Includes impact of straight lining of Base Rentals and deferred revenue adjustment on account of security deposits from tenants G Income from Generation Revenuegeneratedfromgenerationofsolarpowerfrom of Renewable Energy Solar Assets H Maintenance Services Income from maintenance services consists of the Income revenue received from tenants for the CAM services.

These recoveries include a margin on the expenses incurred for providing such CAM services in accordance with existing agreements with tenants I = E+F+G+H Revenue from Operations(1) Expenses for Commercial Offices include (i) Operating and maintenance expenses; (ii) property taxes; and

(iii) insurance Expenses in relation to Solar Assets include (i) Open J Direct Operating Access Charges, (ii) Insurance Expenses, (iii) Other expenses All expenses in relation to CAM Entities are considered to be Direct Operating expenses K = I-J NOI(3) L Indirect Operating Expenses for Commercial Offices include (i) property Expenses(2) management fees; (ii) repairs to buildings; and

(iii) other expenses (primarily including employee benefit expenses, legal and professional charges, rates and taxes and CSR expenses but excluding property taxes, rent and insurance which are considered to be Direct Operating expenses) Expenses in relation to Solar Assets includes

(i) Employee benefits expense, (ii) Operating and Maintenance Expense and (iii) Other expenses (excluding expenses which are considered to be Direct Operating expenses) M = J + L Total Operating expenses N Interest and other Refer to Trust Level Income and Expenses for details income O Trust level expenses Include Manager fees and other expenses primarily including audit fees, trustee fees, valuer fees, printing and stationery expenses, unitholder meeting expenses, legal and professional fees etc.

P = K-L+N-O EBITDA(4) 545Notes:

(1) RevenuefromOperationsfortheProjectionsPeriodhasbeencalculatedonthesamebasisashistoricalRevenuefromoperations,subjecttotheinherentlimitations generallyinvolvedinpresentingProjectionfigures,aswellastheassumptionssetforthinthisreport.Suchassumptionsandinherentlimitationsmaydistortcomparability acrosshistoricalandProjectionsPeriod

(2) OperatingExpenses(DirectaswellasIndirectOperatingExpenses)forProjectionsyearshavebeencalculatedonthesamebasisashistoricalOperatingExpenses, subjecttotheinherentlimitationsgenerallyinvolvedinpresentingprojectionfigures,aswellastheassumptionssetforthinthisreport.Suchassumptionsandinherent limitations may distort comparability across historical and Projections Period. Direct and indirect expenses have been determined by the Manager based on internal/managementreportingonthebasisofwhichhistoricaldisclosuresonOperatingsegmentshasbeenpreparedunderIndAS108OperatingSegments

(3) NOIisnotarecognizedmeasureunderIndASandmaynotbecomparablewithmeasureswithsimilarnamespresentedbyothercompanies.NOIshouldnotbeconsidered byitselforasasubstituteforothermeasuresofoperatingperformance,liquidityorabilitytopaydividends.Forfurtherdetails,refertoGeneralTerms,Definitionsand Abbreviations

(4) EBITDAisnotarecognizedmeasureunderIndASandmaynotbecomparablewithmeasureswithsimilarnamespresentedbyothercompanies.EBITDAshouldnotbe consideredbyitselforasasubstituteforothermeasuresofoperatingperformance,liquidityorabilitytopaydividends.Forfurtherdetails,refertoGeneralTerms, DefinitionsandAbbreviations Ind AS Adjustments in accordance with applicable accounting policies ItisclarifiedthatinadditiontothelineitemsreflectedinIndicativeProfitandLossStatementFramework Used for the Purposes of Projections, Revenue from operations are impacted by applicable Ind AS adjustments.

Select key IndAS adjustments made to arrive at Revenue from operations forAsset SPVs and Investment

Entities include: (cid:129) Straight lining of contractual rent escalation on lease contracts over period of lock-in. (cid:129) Fair valuation of lease deposits wherein the deposit liability has been recognised at fair value using a discounting rate. The difference between the transaction price and the fair value of lease deposits is recognised as deferred lease rental and recognised as an income over the lock-in term of lease.

546Projected Facility Rentals, Revenue from Operations, NOI, EBITDA, Cash flows from operating activities and NDCF for Knowledge Realty Trust Group (on a combined basis) Projected Facility Rentals for Knowledge Realty Trust Group (on a combined basis) ₹mn FY26 FY27 FY28 FY29 Portfolio Assets Commercial Offices Sattva Knowledge City 7,720 8,220 8,354 8,657 Sattva Knowledge Park 3,060 3,689 4,055 4,156 Sattva Knowledge Capital 1,910 2,004 2,150 2,199 One BKC 2,640 2,846 2,982 3,980 One World Center 3,630 4,021 4,379 4,608 One International Center Complex 5,094 6,037 6,554 7,101 Prima Bay 1,482 1,522 1,639 1,667 Cessna Business Park 3,692 3,840 3,903 4,209 Exora Business Park 2,234 2,472 2,659 2,851 Sattva Global City 1,920 2,139 2,873 3,491 Sattva Softzone Complex(1) 1,774 2,470 2,551 2,711 Sattva Knowledge Court 881 908 954 993 Sattva Techpoint 513 534 558 531 One Trade Tower 399 430 280 448 Sattva Horizon 333 458 493 527 Sattva Infozone 288 303 318 235 Sattva Magnificia I 93 93 104 99 Sattva South Avenue 134 296 299 326 Sattva Eminence 132 201 201 211 Sattva Cosmo Lavelle 159 221 232 244 Sattva Premia 49 81 99 102 Sattva Endeavour – 633 636 660 Kosmo One 979 1,045 1,063 1,115 One Qube(2) 615 726 761 801 Fintech One 321 343 339 308 Total – Commercial Offices 40,052 45,532 48,436 52,230 547Notes:

(1) RefertoNote2ofGeneralTerms,DefinitionsandAbbreviationsonpage539

(2) RefertoNote3ofGeneralTerms,DefinitionsandAbbreviationsonpage539 For and on behalf of the Board of Directors of Knowledge Realty Office Management Services Private Limited (as Manager for the Knowledge Realty Trust) Shirish Godbole Chief Executive Officer

Place: Mumbai

Date: July 18, 2025 548Projected Revenue from Operations(1) for Knowledge Realty Trust Group (on a combined basis) ₹mn FY26 FY27 FY28 FY29 Portfolio Assets Commercial Offices Sattva Knowledge City 7,807 8,219 8,350 8,673 Sattva Knowledge Park 3,006 3,571 3,831 4,136 Sattva Knowledge Capital 1,910 2,004 2,150 2,199 One BKC 2,979 3,469 3,716 4,287 One World Center 4,112 4,387 4,952 5,264 One International Center Complex 6,045 6,650 7,084 7,840 Prima Bay 1,625 1,720 1,844 1,905 Cessna Business Park 3,993 4,080 4,197 4,465 Exora Business Park 2,572 2,781 3,013 3,242 Sattva Global City 2,389 2,551 3,436 4,274 Sattva Softzone Complex(2) 1,948 2,443 2,529 2,686 Sattva Knowledge Court 845 890 947 984 Sattva Techpoint 513 532 554 548 One Trade Tower 474 506 410 530 Sattva Horizon 333 458 493 527 Sattva Infozone 280 303 318 283 Sattva Magnificia I 93 93 104 99 Sattva South Avenue 196 287 288 321 Sattva Eminence 152 198 198 209 Sattva Cosmo Lavelle 164 239 240 243 Sattva Premia 55 95 95 99 Sattva Endeavour 144 612 615 644 Kosmo One 1,312 1,379 1,429 1,504 One Qube(3) 728 826 886 972 Fintech One 386 397 398 372 Total – Commercial Offices 44,061 48,690 52,077 56,306 549₹mn FY26 FY27 FY28 FY29 Solar Assets (Part of Portfolio Assets) Karnataka Solar – I 431 408 385 389 Karnataka Solar – II – 332 314 313 One BKC Solar 35 47 47 48 Prima Bay Solar 30 40 41 41 Total – Solar Assets 496 827 787 791 CAM Assets CAM Mumbai 1,862 1,955 2,053 2,155 CAM Bengaluru – II 631 662 695 730 CAM Bengaluru – I 918 1,276 1,332 1,392 CAM Hyderabad 1,927 2,005 2,100 2,204 Total – CAM Assets 5,338 5,898 6,180 6,481 Inter Property Eliminations(5) (2,617) (2,610) (2,853) (2,998) Total 47,278 52,805 56,191 60,580

Notes:

(1) RevenuefromOperationsfortheProjectionsPeriodhasbeencalculatedonthesamebasisashistoricalRevenuefromoperations,subjecttotheinherentlimitations generallyinvolvedinpresentingprojectionfigures,aswellastheassumptionssetforthinthisreport.Suchassumptionsandinherentlimitationsmaydistortcomparability acrosshistoricalandtheProjectionsPeriodRefertoPurposeandbasisofpreparation,Notes,GeneralTerms,DefinitionsandAbbreviationsfordetails

(2) RefertoNote2ofGeneralTerms,DefinitionsandAbbreviationsonpage539

(3) RefertoNote3ofGeneralTerms,DefinitionsandAbbreviationsonpage539

(4) PrimarilyonaccountofrevenueofCAMMumbai,CAMBengaluru—II,OneBKCSolarandPrimaBaySolarastheseassetsrecoverincomefromcertainAssetSPVs, whofurtherrecoveritfromtenants.

For and on behalf of the Board of Directors of Knowledge Realty Office Management Services Private Limited (as Manager for the Knowledge Realty Trust) Shirish Godbole Chief Executive Officer

Place: Mumbai

Date: July 18, 2025 550Projected Net Operating Income(1) for Knowledge Realty Trust Group (on a combined basis) ₹mn FY26 FY27 FY28 FY29 Portfolio Assets Commercial Offices Sattva Knowledge City 7,649 8,060 8,173 8,489 Sattva Knowledge Park 2,890 3,488 3,746 4,048 Sattva Knowledge Capital 1,888 1,981 2,126 2,173 One BKC 2,606 3,077 3,304 3,855 One World Center 3,604 3,853 4,392 4,676 One International Center Complex 5,188 5,712 6,097 6,805 Prima Bay 1,405 1,488 1,601 1,649 Cessna Business Park 3,622 3,693 3,789 4,038 Exora Business Park 2,220 2,411 2,625 2,834 Sattva Global City 2,051 2,195 2,979 3,707 Sattva Softzone Complex(2) 1,889 2,385 2,465 2,624 Sattva Knowledge Court 806 850 905 940 Sattva Techpoint 500 518 540 531 One Trade Tower 385 412 312 427 Sattva Horizon 300 423 456 488 Sattva Infozone 270 293 307 258 Sattva Magnificia I 91 91 102 96 Sattva South Avenue 181 283 284 316 Sattva Eminence 142 190 190 201 Sattva Cosmo Lavelle 158 233 233 236 Sattva Premia 48 92 93 96 Sattva Endeavour 142 602 604 634 Kosmo One 980 1,030 1,062 1,120 One Qube(3) 591 683 736 814 Fintech One 330 338 336 307 Total – Commercial Offices 39,936 44,381 47,457 51,362 551₹mn FY26 FY27 FY28 FY29 Solar Assets (Part of Portfolio Assets) Karnataka Solar – I 324 307 290 292 Karnataka Solar – II – 251 236 236 One BKC Solar 35 47 47 48 Prima Bay Solar 30 40 41 41 Total – Solar Assets 389 645 614 617 CAM Assets CAM Mumbai 514 540 567 596 CAM Bengaluru – II 380 399 419 440 CAM Bengaluru – I 520 776 806 840 CAM Hyderabad 1,044 1,075 1,126 1,180 Total – CAM Assets 2,458 2,790 2,918 3,056 Total 42,783 47,816 50,989 55,035

Notes:

(1) FordetailsinrelationtoNOI,refertoGeneralTerms,DefinitionsandAbbreviations

(2) RefertoNote2ofGeneralTerms,DefinitionsandAbbreviationsonpage539

(3) RefertoNote3ofGeneralTerms,DefinitionsandAbbreviationsonpage539 For and on behalf of the Board of Directors of Knowledge Realty Office Management Services Private Limited (as Manager for the Knowledge Realty Trust) Shirish Godbole Chief Executive Officer

Place: Mumbai

Date: July18, 2025 552Projected EBITDA(1) for Knowledge Realty Trust Group (on a combined basis) ₹mn FY26 FY27 FY28 FY29 Portfolio Assets Commercial Offices Sattva Knowledge City 7,224 7,608 7,714 8,014 Sattva Knowledge Park 2,722 3,285 3,524 3,820 Sattva Knowledge Capital 1,783 1,871 2,008 2,053 One BKC 2,460 2,921 3,140 3,636 One World Center 3,404 3,633 4,152 4,423 One International Center Complex 4,908 5,378 5,735 6,413 Prima Bay 1,323 1,405 1,511 1,558 Cessna Business Park 3,420 3,480 3,574 3,805 Exora Business Park 2,097 2,276 2,479 2,678 Sattva Global City 1,884 2,013 2,744 3,426 Sattva Softzone Complex(2) 1,791 2,250 2,325 2,475 Sattva Knowledge Court 758 800 853 886 Sattva Techpoint 472 489 509 501 One Trade Tower 363 389 296 402 Sattva Horizon 282 398 429 459 Sattva Infozone 254 276 290 245 Sattva Magnificia I 86 86 97 91 Sattva South Avenue 174 267 267 298 Sattva Eminence 134 179 179 189 Sattva Cosmo Lavelle 149 221 220 223 Sattva Premia 45 87 87 90 Sattva Endeavour 142 567 569 597 Kosmo One 927 973 1,004 1,059 One Qube(3) 557 643 694 770 Fintech One 313 319 317 290 Total – Commercial Offices 37,672 41,814 44,717 48,401 553₹mn FY26 FY27 FY28 FY29 SOLAR Assets (Part of Portfolio Assets) Karnataka Solar – I 305 287 270 271 Karnataka Solar – II – 235 220 220 One BKC Solar 28 38 38 38 Prima Bay Solar 25 33 33 33 Total – Solar Assets 358 593 561 562 CAM Assets CAM Mumbai 514 540 567 596 CAM Bengaluru – II 380 399 419 440 CAM Bengaluru – I 520 776 806 840 CAM Hyderabad 1,044 1,075 1,126 1,180 Total – CAM Assets 2,458 2,790 2,918 3,056 Trust level expenses (291) (328) (347) (369) Total EBITDA 40,197 44,869 47,849 51,650

Notes:

(1) FordetailsinrelationtoEBITDA,refertoGeneralTerms,DefinitionsandAbbreviations

(2) RefertoNote2ofGeneralTerms,DefinitionsandAbbreviationsonpage539

Place: Mumbai

Date: July 18, 2025 554Projected cash flows from operating activities(1) for Knowledge Realty Trust Group (on a combined basis) ₹mn FY26 FY27 FY28 FY29 Portfolio Assets Commercial Offices Sattva Knowledge City 6,217 6,529 6,514 6,810 Sattva Knowledge Park 2,821 3,280 3,538 3,491 Sattva Knowledge Capital 1,742 1,817 1,933 1,969 One BKC 2,038 2,623 2,604 3,335 One World Center 3,214 3,510 3,777 3,864 One International Center Complex 4,863 4,865 5,289 5,473 Prima Bay 1,221 1,380 1,387 1,418 Cessna Business Park 2,615 2,715 2,830 2,691 Exora Business Park 1,999 2,089 2,212 2,375 Sattva Global City 1,740 2,077 2,610 3,215 Sattva Softzone Complex(2) 1,608 1,842 1,877 1,973 Sattva Knowledge Court 735 746 773 800 Sattva Techpoint 370 385 403 363 One Trade Tower 346 367 158 401 Sattva Horizon 282 398 429 459 Sattva Infozone 190 199 209 147 Sattva Magnificia I 81 81 90 73 Sattva South Avenue 190 275 276 291 Sattva Eminence 119 142 142 149 Sattva Cosmo Lavelle 23 159 167 175 Sattva Premia 4 81 71 73 Sattva Endeavour 197 589 590 613 Kosmo One 905 901 947 908 One Qube(3) 627 691 735 765 Fintech One 297 302 288 261 Total – Commercial Offices 34,444 38,043 39,849 42,092 555₹mn FY26 FY27 FY28 FY29 Solar Assets (Part of Portfolio Assets) Karnataka Solar – I 266 250 234 234 Karnataka Solar – II – 226 215 213 One BKC Solar 28 38 38 38 Prima Bay Solar 25 33 33 33 Total – Solar Assets 319 547 520 518 CAM Assets CAM Mumbai 365 383 402 422 CAM Bengaluru – II 269 283 297 312 CAM Bengaluru – I 369 550 571 595 CAM Hyderabad 738 762 798 837 Total – CAM Assets 1,741 1,978 2,068 2,166 Trust level expenses (291) (328) (347) (369) Total 36,213 40,240 42,090 44,407

Notes:

(1) CashflowsfromoperatingactivitiesfortheProjectionsPeriodhavebeencalculatedonthesamebasisasthehistoricalCashflowsfromoperatingactivitiessubjectto theinherentlimitationsgenerallyinvolvedinpresentingProjectionsfigures,aswellastheassumptionssetforthinthisreport.Suchassumptionsandinherentlimitations maydistortcomparabilityacrosshistoricalandProjectionsPeriod.Forfurtherdetails,refertoGeneralTerms,DefinitionsandAbbreviations

(2) RefertoNote2ofGeneralTerms,DefinitionsandAbbreviationsonpage539

Place: Mumbai

Date: July 18, 2025 556Projected NDCF(1)(2) for Knowledge Realty Trust Group (on a combined basis) ₹mn FY26 FY27 FY28 FY29 Portfolio Assets Commercial Offices Sattva Knowledge City 6,217 6,449 6,564 6,840 Sattva Knowledge Park 1,581 2,025 2,298 2,188 Sattva Knowledge Capital 1,297 1,367 1,493 1,539 One BKC 1,066 1,620 1,631 2,392 One World Center 1,530 1,806 2,092 2,200 One International Center Complex 4,116 4,096 4,541 4,744 Prima Bay 608 768 775 806 Cessna Business Park 2,613 2,705 2,830 2,701 Exora Business Park 1,278 1,352 1,491 1,669 Sattva Global City 1,740 2,077 2,610 3,215 Sattva Softzone Complex(3) 1,556 1,770 1,816 1,921 Sattva Knowledge Court 582 583 620 648 Sattva Techpoint 400 385 403 363 One Trade Tower 346 367 158 401 Sattva Horizon 282 398 429 459 Sattva Infozone 200 199 209 147 Sattva Magnificia I 76 81 90 73 Sattva South Avenue 193 275 276 291 Sattva Eminence 111 142 142 149 Sattva Cosmo Lavelle 23 159 167 175 Sattva Premia 4 81 71 73 Sattva Endeavour 192 589 590 613 Kosmo One 443 440 485 447 One Qube(4) 627 691 735 765 Fintech One 297 302 288 261 Total – Commercial Offices 27,378 30,727 32,804 35,080 557₹mn FY26 FY27 FY28 FY29 Solar Assets (Part of Portfolio Assets) Karnataka Solar – I 266 250 234 234 Karnataka Solar – II – 221 215 213 One BKC Solar 23 38 38 38 Prima Bay Solar 20 33 33 33 Total – Solar Assets 309 542 520 518 CAM Assets CAM Mumbai 370 383 402 422 CAM Bengaluru – II 274 283 297 312 CAM Bengaluru – I 384 550 571 595 CAM Hyderabad 753 762 798 837 Total – CAM Assets 1,781 1,978 2,068 2,166 Net Interest Expense at REIT level (1,674) (1,719) (1,959) (2,157) Trust level expenses (291) (328) (347) (369) Total 27,503 31,200 33,086 35,238

Notes:

(1) FordetailsinrelationtoNDCF,refertoGeneralTerms,DefinitionsandAbbreviations

(2) WhilethepostOfferCapitalandcapitalstructurewouldbeineffectimmediatelyoncompletionoftheIPO,forthepurposesofthisreport,Projectionsareprepared assumingKnowledgeRealtyTrustGroup’scapitalstructurewillcomeintoeffectfromApril1,2025.HenceNetDistributableCashFlowhasbeencomputedanddisclosed forthefiscalyearpostexpectedlistingdatei.e.forFY2026andFY2027

(3) RefertoNote2ofGeneralTerms,DefinitionsandAbbreviationsonpage539

(4) RefertoNote3ofGeneralTerms,DefinitionsandAbbreviationsonpage539 For and on behalf of the Board of Directors of Knowledge Realty Office Management Services Private Limited (as Manager for the Knowledge Realty Trust) Shirish Godbole Chief Executive Officer

Place: Mumbai

Date: July 18, 2025 558Knowledge Realty Trust Group Basis and notes to Projections I. Purpose and basis of preparation The Projections have been prepared by the Manager solely for inclusion in the Offer Document in connection with the proposed Initial Public Offering of Units of Knowledge Realty Trust in accordance with the requirements of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 issued by SEBI on September 26, 2014, as amended from time to time and any circulars and guidelines issued thereunder (the “REIT Regulations”).

Therefore, the use of the Projections may not be appropriate and should not be used or relied upon for any purpose other than that described above.

The Projections are prepared based on the accounting policies used for preparation of the Special Purpose Combined Financial Statements as required by the REIT Regulations, which are prepared using the measurement and recognition principles of Ind AS as defined in Rule 2(1)(a) of the Companies (Indian Accounting Standards) Rules, 2015 prescribed under Section 133 of the Companies Act, 2013 read with the SEBI REIT Regulations and SEBI Master Circular, the Guidance note on Reports in Company Prospectuses (Revised 2019), and the Guidance Note on Combined and Carve-Out Financial Statements issued by the Institute of CharteredAccountants of India (“Guidance Note”). Though the aforesaid Projections are prepared under the Ind AS framework, they do not provide for all the detailed disclosures as required under Ind AS.

It is noted that Projections for all entities refer to standalone assets / entities, including combined entities of MRPPL & GVTPL, STPL, and do not include any impact of synergies, income or expenses due to consolidation of other entities or investments.

The proposed capital and corporate structure of the Knowledge Realty Trust Group is assumed to be in effect from April 1, 2025 for the purpose of Projections. It should thus be noted that the composition of Revenue from Operations, nature of expenses and drivers of NOI, EBITDA and NDCF and related margins in the Projections differ from those for the historical Special Purpose Combined Financial Statements.

II. Significant assumptions for the Projections A. The Projections contain assumptions about future events and management actions which may or may not necessarily occur and which are by their nature, subject to significant risks and uncertainties. The future events referred to involve risks, uncertainties and other factors which may cause the actual results or performance to be materially different from the Projections. Some of such key assumptions are:

(cid:129) Debt of certain Asset SPVs and Investment Entities as of March 31, 2025 is replaced with Shareholder Debt financed primarily via IPO proceeds and REIT Debt Financing by Knowledge Realty Trust with effect from April 1, 2025.

(cid:129) All the pending capital restructuring, merger and demerger schemes filed by the respectiveAsset SPVs, as mentioned in note 63 of Special Purpose Combined Financial Statements, are assumed to be approved by appropriate regulatory body with the appointed date mentioned in the respective schemes.

(cid:129) IPOdateasApril1,2025,includingtheexpectedamountof₹48,000mntoberaisedand portion of external debt of certainAsset SPVs to be prepaid, financed primarily via IPO proceeds.

559(cid:129) Assumed One Qube to be part of Portfolio. For further details, see “Legal and Other Information” on page 703. (cid:129) Filing and consequent approval by appropriate authority of DRPL Scheme of Arrangement with appointed date as April 1, 2025. It is clarified that as on the date of this Projection Report, the board of Directors of the Manager and DRPL have taken on record the intent to pursue the said demerger.

(cid:129) Filing and consequent approval by appropriate authority of Capital Reduction Schemes to be filed by OBRPL, OICPL, DIPL, CGDPL and OQRPL (individually referred to as “Entity”). It is clarified that as on the date of this Projection Report, the board of DirectorsoftheManagerandrespectiveEntityhavetakenonrecordtheintenttopursue the said capital reduction.

B. The Projections and assumptions are based on estimates deemed appropriate and reasonable by the Manager as at the date of the Projections i.e., July 18, 2025. The Projections were adopted by the Board of Directors of the Manager on July 18, 2025. However, the investors should consider these estimates, assumptions as well as the Projections and make their own assessment of the future performance of Knowledge Realty Trust Group. Investors should be aware that future events cannot be predicted with any certainty and there may be deviations from the figures reflected in the Projections.

It is clarified that the Projections have been prepared on the basis of a mixture of best-estimate (i.e., assumptions as to future events which are expected to take place and the actions expected to take place as of the date the information is prepared) and hypothetical assumptions (about future events and actions which may or may not necessarily take place).

Select material assumptions which may have some uncertainty are identified as a part of the

report and the resulting sensitivity of those results have been disclosed in Annexure A:

Sensitivity Analysis on Material Assumptions.

For the purposes of this report, CBRE South Asia Private Limited has been appointed as an independent industry expert and has conducted detailed analysis of the office real estate industry including macro-economic conditions, city fundamentals, office demand drivers, demand supply fundamentals and outlook. Wherever applicable and appropriate based on the Manager’s judgment, certain estimates and analysis undertaken by the industry expert have been used to form an assessment of market fundamentals, industry drivers and outlook amongstotherthings.Itis,however,notedthattheassumptionsusedintheProjectionsbythe Managermightdifferfromtheinformationandassumptionsaspertheanalysisoftheindustry expert.

560III. Snapshot of select key line items for Knowledge Realty Trust Group The table below represents a summary of select key line items for the period of Projections. ₹mn, except percentages FY26 FY27 FY28 FY29 Portfolio Assets Facility Rentals 40,052 45,532 48,436 52,230 Revenue from operations(1) 44,557 49,517 52,864 57,097 Net Operating Income(2) 40,325 45,026 48,071 51,979 NOI Margin (%)(2) 90.5% 90.9% 90.9% 91.0% EBITDA(3) 38,030 42,407 45,278 48,963 EBITDA Margin (%)(3) 85.4% 85.6% 85.7% 85.8% Cashflow from Operating Activities 34,763 38,590 40,369 42,610 CAM Assets(4) Facility Rentals NA NA NA NA Revenue from operations(1) 5,338 5,898 6,180 6,481 Net Operating Income(2) 2,458 2,790 2,918 3,056 NOI Margin (%)(2) 46.0% 47.3% 47.2% 47.2% EBITDA(3) 2,458 2,790 2,918 3,056 EBITDA Margin (%)(3) 46.0% 47.3% 47.2% 47.2% Cashflow from Operating Activities 1,741 1,978 2,068 2,166 Knowledge Realty Trust Group Facility Rentals 40,052 45,532 48,436 52,230 Revenue from operations(1)(5) 47,278 52,805 56,191 60,580 Net Operating Income(2)(6) 42,783 47,816 50,989 55,035 NOI Margin (%)(2) 90.5% 90.6% 90.7% 90.8% EBITDA(3)(7) 40,197 44,869 47,849 51,650 EBITDA Margin (%)(3)(6) 85.0% 85.0% 85.2% 85.3% Cashflow from Operating Activities(7) 36,213 40,240 42,090 44,407 NDCF(8) 27,503 31,200 33,086 35,238

Notes:

(1) RevenuefromOperationsfortheProjectionsPeriodhasbeencalculatedonthesamebasisashistoricalrevenuefromoperations,subjecttotheinherentlimitations generallyinvolvedinpresentingprojectionfigures,aswellastheassumptionssetforthinthisreport.Suchassumptionsandinherentlimitationsmaydistortcomparability acrosshistoricalandtheProjectionsPeriodRefertoPurposeandbasisofpreparation,Notes,GeneralTerms,DefinitionsandAbbreviationsfordetails

(2) FordetailsinrelationtoNOIandNOIMargin,refertoGeneralTerms,DefinitionsandAbbreviations

(3) FordetailsinrelationtoEBITDAandEBITDAMargin,refertoGeneralTerms,DefinitionsandAbbreviations

(4) RefertoNote6ofGeneralTerms,DefinitionsandAbbreviationsonpage540

(5) RevenuefromoperationsisnetofInterPropertyEliminations

(6) EBITDAisnetofTrustlevelexpenses

(7) CashflowfromOperatingActivitiesisnetoftrustlevelexpenses

(8) FordetailsinrelationtoNDCF,refertoGeneralTerms,DefinitionsandAbbreviations 561IV. Revenue drivers and assumptions Summary Observations DuringtheperiodofProjections,subjecttotheassumptionsstatedhereinandlimitationsinherentinthese Projections, Knowledge Realty Trust Group is assumed to generate a 11.4% Revenue from Operations CAGR (over 4-year period from FY2025 to FY2029E), driven by multiple factors. The impact of key

growth drivers is reflected in the table below: %growth contribution Total tototal Particulars(₹mn) FY26 FY27 FY28 FY29 (FY25-FY29) Growth Revenue from operations for the previous year(1) 39,301 47,278 52,805 56,191 39,301 Total growth for the year 7,977 5,527 3,386 4,389 21,279 100% Contractual Rental Escalations(2) 5,635 2,298 2,156 1,674 11,763 55% Lease up of Completed Vacant Area(3) 1,877 2,360 538 470 5,245 25% Mark to Market Opportunity 42 376 776 909 2,103 10% Lease-up of Newly Constructed Area(4) – 1,047 – 304 1,351 6% Others(5) 423 (554) (84) 1,032 817 4% Revenue from operations for the current year 47,278 52,805 56,191 60,580 60,580

Notes:

(1) FordetailsinrelationtoRevenuefromOperations,refertoGeneralTerms,DefinitionsandAbbreviations

(2) IncludesrevenueimpactfromleaseswhicharecontractedasofMarch31,2025butdidnotyieldrentalsforthefullyearduringFY2025

(3) Lease-upofvacantareaisprimarilydrivenbySattvaGlobalCity,ExoraBusinessPark,OneInternationalCenter,OneUnityCenter,SattvaSouthAvenue,OneWorld Center,SattvaKnowledgePark,SattvaSoftzoneandSattvaTouchstone

(4) LeasingofareapursuanttonewlyconstructedareaisdrivenbySattvaEndeavour,SattvaSpectrumandFutureDevelopmentinSattvaGlobalCity

(5) OthersincludeimpactonrevenuefromSolarAssets,vacancyallowance,CAMservices,impactofdowntimeandInd-ASadjustments Portfolio Assets and Portfolio Investments A. Facility Rentals Key revenue growth drivers include (i) Contractual rental growth/escalations; (ii) Lease-up of completed vacant area; (iii) Mark to market opportunity; and (iv) Leasing of new area pursuant to new construction/developments.

i. Contractual rental growth/escalations: a. Contractualrentalgrowth/escalationsinexistingleases:Fortheescalationinexistingleases, theManagerhasusedcontractualtermsunderexistingleaseagreements,agreementstolease, letters of intent and options to lease. The overall tenure of leases in the Portfolio typically rangefivetotenyearswithaninitialcommitmentperiodofthreetofiveyearsandsubsequent renewal options. For the purpose of Projections, the Manager has assumed that tenants will exercisetheiroption(s)forrenewalattheendoftheinitialcommitmentperiod.Mostexisting leaseshaveabuilt-incontractualescalationof15%attheendofeverythree-yearperiodfrom theleasecommencementdate.Someoftherecentlysignedleaseshaveanannualbuilt-inrent escalation of 4.5% to 5.0%.

562The table below sets out CompletedArea, Committed Occupancy and WALE for our Commercial Offices as of March 31, 2025:

Committed CompletedArea Occupancy WALE

(msf) (%) (yrs)(1) Sattva Knowledge City 7.3 99.4% 10.2 Sattva Knowledge Park 3.3 95.8% 10.6 Sattva Knowledge Capital 2.3 100.0% 20.6 One BKC 0.7 98.8% 2.6 One World Center 1.7 85.7% 3.0 One International Center 1.8 82.4% 3.0 One Unity Center 1.0 62.2% 6.7 Prima Bay 0.8 95.4% 4.6 Cessna Business Park 4.2 97.4% 14.8 Exora Business Park 2.2 91.8% 7.3 Sattva Global City 4.1 81.2% 8.4 Sattva Softzone 1.0 91.0% 6.3 Sattva Knowledge Court 0.9 98.2% 12.2 Sattva Techpoint 0.3 100.0% 11.8 One Trade Tower 0.2 100.0% 4.2 Sattva Horizon 0.6 100.0% 19.5 Sattva Touchstone 0.3 43.3% 2.6 Sattva Infozone 0.4 100.0% 5.1 Sattva Magnificia (I & II) 0.2 100.0% 8.1 Sattva South Avenue 0.3 12.4% 9.2 Sattva Eminence 0.2 46.6% 6.9 Sattva Cosmo Lavelle 0.1 100.0% 0.8 Sattva Premia 0.1 71.7% 0.5 Sattva Supreme 0.1 32.2% 4.7 Kosmo One 1.9 94.7% 5.2 One Qube 0.6 82.6% 8.3 Fintech One 0.5 98.0% 9.4 Total – Portfolio 37.1 91.4% 8.4

Note:

(1) WeightedaccordingtoBaserentalsassumingtenantsexercisealltheirrenewaloptionspostexpiryoftheirinitialcommitmentperiod b. Fullyearimpactofcontractualleases:ForFY2027,rentalgrowthisalsoimpactedbyrentals from leases which are contracted as of March 31, 2025 but did not yield rentals for the full year in FY2026.

563ii. Lease-up of vacant area:

Vacant area, lease-up timelines, Market Rent and Market Rent growth across the Portfolio are as follows:

VacantArea(1)

(msf)As at Office Market Annual March 31, Rent Market Rent 2025 Lease-up timelines(2) (₹psf pm)(3) growth Portfolio Assets Sattva Knowledge City <0.1 Q2CY2026 100 5% Sattva Knowledge Park 0.1 Q1CY2026 100 5% One BKC <0.1 Q3CY2025 375/420(4) 5% One World Center 0.2 Q1CY2027 230 5% One International Center 0.3 Q3CY2026 200 5% One Unity Center 0.4 Q2CY2026 240 5% Prima Bay <0.1 Q3CY2025 160 5% Cessna Business Park 0.1 Q3CY2025 95 5% Exora Business Park 0.2 Q4CY2025 100 5% Sattva Global City 0.9 Q1CY2028 60 5% Sattva Softzone <0.1 Q2CY2026 105 5% Sattva Knowledge Court <0.1 Q4CY2025 73 5% Sattva Touchstone 0.2 Q2CY2026 78 5% Sattva South Avenue 0.3 Q1CY2026 65 5% Sattva Eminence <0.1 Q4CY2025 85 5% Sattva Premia <0.1 Q3CY2025 78 5% Sattva Supreme <0.1 Q1CY2026 80 5% Kosmo One 0.1 Q3CY2025 55 5% One Qube <0.1 Q3CY2025 120 5% Fintech One <0.1 Q3CY2025 62 5% Total – Portfolio 3.2 Q1CY2028

Notes:

(1) NetofcommittedoccupancyasonMarch31,2025

(2) Lease-upofvacantareaassumedtostartfromJuly2025andcompletebythetimelinesmentionedinthetable

(3) AsofMarch31,2025.Doesnotincludefit-outandparkingincomeandotherincomefromF&B,retail,telecomandotheramenitytenants

(4) OfficeMarketrentof₹375psfpmforTowerAandTowerBand₹420psfpmforTowerC The Manager has assessed the lease-up timelines based on ongoing discussions with tenants, prior experience and assessment of market conditions among other factors. Market Rents as per the above table do not include car parking income typically associated with every lease. The car parking income is estimated to range between 4-6% of the Market Rent across the Commercial Offices (except for Prima Bay, One International Center, One Unity Center, One World Center, Sattva Horizon where no additional car parking income is assumed; also car parking income for One BKC and One Qube is assumed to be

1.4%and2%ofMarketRentrespectively).SuchMarketRent(adjustedforimpactofMarketRentgrowth) is assumed to be achieved for all new leases across the Commercial Offices. The sensitivity of results of

Knowledge Realty Trust Group to any changes in Market Rent has been disclosed in Annexure A:

Sensitivity Analysis on Material Assumptions. Refer to Purpose and basis of preparation for details.

564The Manager has assumed that all new leases will be warm shell leases and no additional fit-out rentals will be received from such leases. For all new leases, the Manager has assumed term of 9 years. The manager has assumed contractual escalations of 5% at the end of each year on the applicable Market Rentals for One BKC, One World Center, One International Center, One Unity Center, and Prima Bay at theendofeachyear.Forotherassets,contractualescalationsof15%isassumedattheendofevery3years on the applicable Market Rentals. For all new leases, 5% escalation at the end of each year has been assumed on car parking income.

iii. Mark to market opportunity:

Due to the long term contractual nature of the existing leases and relatively higher Market Rent growth, weighted average Market Rents for the Portfolio are 22.6% above In-place Rents (weights based on Completed Area multiplied by Committed Occupancy). The Manager estimates that expiring leases will be re-leased at the then prevailing Market Rent (adjusted for impact of Market Rent growth).

On expiry, the Manager has assumed three months of downtime period followed by three-month rent-free period.

It is clarified that certain leases (generating rentals primarily from telecom tower, retail kiosks and food-court operators) are not considered to be leased at the then prevailing Market Rent. Such leases are expected to be renewed at terms similar to existing contract terms.

Lease expiries for the period of Projections are summarized in the following table.

FY26 FY27 FY28 FY29 Market Rent/Annual MarketRent Area In-placeRent Area In-placeRent Area In-placeRent Area In-placeRent growth expiring atexpiry expiring atexpiry expiring atexpiry expiring atexpiry (₹psf PortfolioAssets(1) (msf)(2) (₹psfpm) (msf)(2) (₹psfpm) (msf)(2) (₹psfpm) (msf)(2) (₹psfpm) pm/pa)(1) PortfolioAssets Sattva Knowledge City 0.3 89 – – 0.3 96 <0.1 79 100 One BKC 0.2 346 0.1 322 0.2 310 <0.1 342 420 OneWorld Center 0.2 233 0.2 206 0.2 209 0.4 238 230 One International Center 0.1 176 0.4 179 0.2 177 0.2 198 200 Cessna Business Park – – 0.1 94 <0.1 92 0.2 113 95 Exora Business Park – – <0.1 93 0.1 77 <0.1 80 100 Sattva Global City <0.1 71 0.5 51 <0.1 63 – – 60 OneTradeTower – – – – 0.1 210 – – 200 Sattva Infozone – – – – – – 0.2 59 60 Kosmo One <0.1 43 0.3 44 <0.1 58 0.4 44 55 Total(4) 1.3 1.7 1.5 1.8

Notes:

(1) Includeassetareaexpiringmorethanorequalto0.1msfduringanyyearoftheprojectionsperiod

(2) AsofMarch31,2025.Doesnotincludefit-outandparkingincomeandotherincomefromF&B,retail,telecomandotheramenitytenants

(3) Includesofficeareaonly

(4) Includestotalareaexpiringofentireportfolio(includingassetshavingareaexpiringoflessthan0.1msfduringanyyearoftheprojectionsperiod) 565iv. Leasing of new area pursuant to new construction/developments:

For a new development, leasing discussions typically begin once the development has significantly progressed (around 6-12 months prior to completion).

Below are the key completion assumptions for the Under construction area and Future DevelopmentArea getting completed during the period of Projections.

Under construction and Future Development Area and Timeline Details msf Sattva Global City Sattva Global City

6.9 46.3 Sattva Global City Sattva Spectrum 1.1

0.5

37.1 Sattva Endeavour

0.7 Existing FY26 FY28 Beyond FY29 Total Below are the rent details for the blocks shown above which are expected to be completed during the

Projections Period:

Under Office Market Construction Completion Rent Area (msf) Date (₹psf pm)(1) Escalation Under construction Sattva Endeavour 0.7 Q1CY2026 65 5% Sattva Spectrum 0.5 Q1CY2026 75 5% Future Development Area Sattva Global City(2) 1.1 Q1CY2028 62 5%

Notes:

(1) AsofMarch31,2025.Doesnotincludefit-outandparkingincomeandotherincomefromF&B,retail,telecomandotheramenitytenants

(2) 1.1msfoffuturedevelopmentareaofSattvaGlobalCityexpectedtobecompletedduringtheProjectionsPeriod. v. Vacancy Allowance Given the large size of the portfolio, the Manager has assumed a vacancy allowance of 0-5.0% on base rentals(excludingcertainotherrentalsprimarilyfromtelecomtower,retailkiosk,foodcourtoperatorsand anyimpactofIndASadjustments)toaccountforanyunforeseenexits,anyunanticipateddelayinlease-up of existing area, re-leasing or leasing of area pursuant to new developments. Vacancy allowance is determined based on existing vacancy levels, market competitive environment, tenant pipeline among other factors for each asset.

B. Income from generation of renewable energy RevenueisdrivenbytheManager’sassessmentofunitsofrenewableenergyavailableforsaleandaverage tariff estimated to be charged to tenants.

566a. Karnataka Solar I and Karnataka Solar II: Tariff rate as of March 31, 2025 is ₹5.5 per kWh and PLFisexpectedat25-26%.Anannualderatingof0.6%-1.0%forPLFanda2.5%annualescalation for tariff has been considered for the purposes of the Projections.

b. One BKC Solar: Tariff rate as of March 31, 2025, is ₹6.10 per kWh and PLF is expected at 26%.

Anannualderatingof0.8%forPLFanda2.0%annualescalationfortariffhasbeenconsideredfor the purposes of the Projections. Further, the adopted tariff is exclusive of open access charges of INR 3 per kWh which would be directly paid by the Asset SPV to the concerned authority.

c. Prima Bay Solar: Tariff rate as of March 31, 2025, is ₹4.90 per kWh and PLF is expected at 26%.

Other expenses including operations and maintenance, rates and taxes, audit fees, legal and professional fees, insurance premium, etc. have been considered with an escalation of 2%-5% per annum.

C. Maintenance services income Revenue from operations includes maintenance service income which comprises revenue received from tenants for the CAM services provided. Such income is expected to grow by 5% per year. Additionally, maintenance service income will also grow on account of incremental leasing through re-leasing, vacant lease-up and leases from new developments.

The manager has also considered below in the Projections. – BSPOMSPL carries out CAM services for all of One BKC and One World Center including strata sold/landowner area not forming part of the Portfolio – PSBPPL carries out CAM for all of One Trade Tower including strata sold/landowner area not forming part of the Portfolio – CAM services by certain tenants are undertaken by themselves – SPMPL carries out CAM services for all of Sattva Knowledge Court, Sattva Eminence, Sattva Magnificia (I & II), SattvaTouchstone, Sattva SouthAvenue, Sattva Horizon, and Sattva Spectrum including strata sold/landowner area not forming part of the Portfolio V. Drivers and assumptions for NOI and EBITDA NOI = Revenue from operations less: Direct Operating expenses.

EBITDA = NOI less: Indirect Operating Expenses less: Trust Level Expenses add: interest and other income Please refer to Indicative Profit and Loss Statement Framework Used for the Purposes of Projections for additional details on calculation of NOI and EBITDA.

NOI, EBITDA, NOI Margin %, and EBITDAMargin % do not have a standardized meaning, and are not recognized measures under Ind AS, and they may not be comparable with measures with similar names presented by other companies. These metrics should not be considered by themselves or as substitutes for comparable measures under IndAS or other measures of operating performance, liquidity or ability to pay dividends. For further details, refer to General Terms, Definitions and Abbreviations.

567NOI(1) NOI Margin % for the Knowledge Realty Trust Group for FY2023, FY2024 and FY2025 were 88%, 86% and 87% respectively. During the period of Projections, Knowledge Realty Trust Group is assumed to generate an NOI Margin % of approximately 90% and 12.5% NOI CAGR (over 4-year period from FY2025 to FY2029E).

DuringtheperiodofProjections,subjecttotheassumptionsstatedhereinandlimitationsinherentinthese Projections, Knowledge Realty Trust Group is assumed to generate growth in NOI driven by multiple factors. The impact of key growth drivers is reflected in the table below.

%growth contribution tototal Total growth Particulars(₹mn) FY26 FY27 FY28 FY29 (FY25-FY29) (FY25-FY29) NOI as per last fiscal year(1) 34,323 42,783 47,816 50,989 34,323 Total growth for the year 8,460 5,033 3,173 4,046 20,712 100% Revenue from Contractual Escalations(2) 5,635 2,298 2,156 1,674 11,763 57% Lease up of Completed Vacant Area(3) 1,877 2,360 538 470 5,245 25% Mark to Market Opportunity 42 376 776 909 2,103 10% Lease-up of Newly Constructed Area(4) – 1,047 – 304 1,351 7% Others(5) 906 (1,048) (297) 689 250 1% NOI for the fiscal year 42,783 47,816 50,989 55,035 55,035

Notes:

(1) FordetailsinrelationtoNOI,refertoGeneralTerms,DefinitionsandAbbreviations

(2) IncludesimpactfromleaseswhicharecontractedasofMarch31,2025butdidnotyieldrentalsforthefullyearduringFY2025

(3) Lease-upofvacantareaisprimarilydrivenbynewleasesinSattvaGlobalCity,ExoraBusinessPark,OneInternationalCenter,OneUnityCenter,SattvaSouthAvenue, OneWorldCenter,SattvaKnowledgePark,SattvaSoftzone,andSattvaTouchstone

(4) LeasingofareapursuanttonewlyconstructedareaisdrivenbySattvaEndeavour,SattvaSpectrumandFutureDevelopmentinSattvaGlobalCity

(5) OthersincludeimpactonNOIfromSolarAssets,vacancyallowance,NOIfromCAMservices,Ind-ASadjustments,directexpenses,impactofdowntimeandinterproperty eliminations EBITDA EBITDA Margin % for FY2023, FY2024 and FY2025 were 86%, 85% and 84% respectively.

568Expenses: Commercial Offices

The expenses considered for the calculation of NOI and EBITDA are explained below: i. Direct Operating expenses a. Operating and maintenance expenses: The Manager has assumed these expenses based on existing arrangements for the respective Portfolio Assets. Accordingly, the expenses are projected as follows, with an annual escalation of 5% during the projection period.

Accordingly, the expenses are projected as follows, with an annual escalation of 5% during the projection period. — One International Center, One Unity Center, Exora Business Park, One World Center, One BKC, OneTradeTower, Prima Bay, Cessna Business Park, Fintech One, One Qube

and Kosmo One: These PortfolioAssets have outsourced their CAM activities to CAM Assets. Accordingly, their operating and maintenance expenses are assumed based on CAM charges payable to our CAM Assets for the total completed area of these assets.

NOI and EBITDA of these assets have been calculated after considering the CAM expenses on total completed area. — Sattva Global City: Expenses include power and fuel costs, housekeeping and security services, and repairs and maintenance, excluding repairs to buildings and property management fees. These expenses are assumed based on historical trends for the completed area.

— All other Portfolio Assets: For these assets, CAM Assets collect CAM revenue from tenants and perform CAM activities. These PortfolioAssets pay CAM charges to CAM Assets for the vacant area. Accordingly, operating and maintenance expenses for these assets are assumed only for the vacant areas of the respective Commercial Offices, payabletoourCAMAssets.NOIandEBITDAoftheseassetshavebeencalculatedafter considering the CAM expenses only related to vacant area.

— Out of the above expenses, CAM Charges payable to CAM Assets by Asset SPVs are eliminated at the REIT Level. b. Propertytax:PropertytaxisassumedtobepayableonCompletedAreabyrespectiveentities.

The Manager has assumed a 5% annual escalation in property tax during the period of Projections. Historically, property taxes have not witnessed a linear increase and have been subject to periodic increases as per regulatory norms.

c. Insurance: Insurance expenses for FY2025 is based on historical trends and is assumed to escalate at 5% per annum for the Projections Period. ii. Indirect Operating expenses d. Property management fees: Pursuant to property management agreements entered into between the Manager and the entities housing the Commercial Offices, the Manager is entitled to property management fees of 3% of Facility Rentals.

e. Other operating expenses: Expenses amounting to 2.5% of Facility Rentals have been assumed to account for repairs to buildings, legal and professional fees, rates and taxes and other such expenses. Expenses on account of CSR have been assumed in line with applicable laws.

569Expenses: CAM Entities During the period of Projections, all expenses in relation to CAM Entities are considered to be Direct Operatingexpenses.Expensesareassumedbasedonhistoricaltrendsandisassumedtoescalateat5%per annum for the Projections Period. It mainly includes power and fuel costs, housekeeping and security services, and repairs and maintenance.

Expenses: Solar DuringtheperiodofProjections,theoperatingexpensesandEBITDAmarginforSolarassetsareassumed

as per below:

FY2026/FY2027/FY2028/FY2029 Karnataka Karnataka (as%ofRevenuefromOperations) Solar–I Solar–II OneBKCSolar PrimaBaySolar <1%/<1%/<1%/ <1%/<1%/<1%/ Direct Operating expenses 25%/25%/25%/25% NA/25%/25%/25% <1% <1% Total Operating expenses (including Direct Operating expenses and Indirect Operating expenses) 29%/30%/30%/30% NA/29%/30%/30% 19%/19%/20%/21% 18%/18%/19%/20% EBITDAmargin 71%/70%/70%/70% NA/71%/70%/70% 81%/81%/80%/79% 82%/82%/81%/80% Based on a review of relevant regulatory guidelines 24% open access charges (as share of revenue) have beenfactoredfortheProjectionsforKarnatakaSolar—IandKarnatakaSolar—II.Theopenaccesscharges of INR 3 per kWh for One BKC Solar and Prima Bay Solar would be directly paid by OBRPLand PBPL, the respective Asset SPVs, to the concerned authority.

For other expenses such as insurance, operation and maintenance cost, lease rental, employee expenses and other administrative expenses, the Manager has considered a 2% inflation over FY2025 Expenses.

Trust level income and expenses The expenses used for the calculation of EBITDA at the Knowledge Realty Trust level are explained

below: i. Expenses: Expenses at the Knowledge Realty Trust level are mainly assumed based on estimated terms and conditions of the relevant agreements and/or based on Manager’s experience and judgment.ThenatureofTrustlevelexpensesandassumptionsintheforecastsaredescribedbelow:

a. REITManagement fees: In addition to the property management fees paid byAsset SPVs and Investment Entities to the Manager, the Manager is also entitled to REITmanagement fees to be calculated at 1% of distributions to be paid by the Knowledge Realty Trust to its unitholders (such calculations are based on the distributions before taking into account the impact of such fees). Applicable taxes on distributions have been assumed for such calculation.

b. Other expenses: Other expenses for the Knowledge Realty Trust include audit fees, trustee fees, valuer fees, printing and stationery expenses, unitholder meeting expenses, legal and professional fees among other expenses.These expenses have been assumed to be ₹13 mn for FY2026, FY2027, FY2028 and FY2029, each fiscal year.

ii. Interestandotherincome:Aneffectivepost-taxinterestof1.5%perannumisassumedtobeearned on cashflows generated during the year. No income has been assumed on cash balance assumed to be retained by all entities at all times to account for potential working capital requirements which may arise in the future.

570VI. Drivers and assumptions for Cash flows from operating activities Leasing commissions Leasing commissions based on two months of applicable Market Rentals (excluding car parking income and certain other income primarily from telecom towers, retail kiosks, food court operators) have been assumed to be paid on all new leases, which is in line with the historical trends.

As per the principles laid down in IndAS 116, leasing commission is capitalized and depreciated over the lock in term of the lease without considering the option to renew the lease at the end of the initial lock-in period. However, leasing commissions is treated as an outflow for calculation of Cash flows from operating activities.

Changes in security deposit FortheleasesinCommercialOffices,tenantsaretypicallyrequiredtopaysecuritydepositsandthesemay be used to offset rent defaults and any penalties. This minimises the risk of rental default by the tenants.

The Manager has assumed inflow of security deposits on new leasing, contractual escalation in existing leases, and outflow on a tenant vacating (outflow on a tenant vacating is based on the contracted security depositsforsuchtenant).SecuritydepositsinflowofsixmonthsofMarketRentals(excludingcarparking income and certain other income primarily from telecom towers, retail kiosks, food court operators) have been assumed for all new leases.

Income taxes Income taxes have been computed at income tax rates applicable for FY2025 which are expected to apply for the entire Projections Period.The taxes have been computed as per the provisions of Chapter IVof the ITAct, after hypothetical assumptions (including change in organization structure), as described in Note I to the Projection Information. Unabsorbed depreciation of earlier years and expected losses of future years, if any, have been carried forward and considered for set-off as per the provisions of Chapter VI of the IT Act. Some of the entities are expected to discharge income tax as per the provisions of Section 115JBoftheITActbasedonthebookprofits.MATcreditisconsideredinaccordancewiththeprovisions of Section 115JAAof the ITAct. Some of the entities have offered the Lease Rentals to tax under income from house property in the earlier years. It has been assumed that the said entities shall discharge their tax liabilityonthesamebasisinthefutureyearsaswell,subjecttotheeffectofanychangeintheorganisation structure. Whilst interest paid on debt is generally tax deductible, its treatment depends on the specific facts of each entity, and in the case of some SPVs, the entire interest may not be tax deductible. During the Projections Period, the Knowledge Realty Trust is estimated to receive cash flows from the SPVs and Investment Entity in the form of interest income, dividend payment by SPVs and potential repayment of principal by Asset SPVs and Investment Entities which are considered exempt under IT Act.

For the purpose of calculation of tax expense of Portfolio Asset, total tax expense of the SPV has been allocated appropriately on the basis on projected taxable income of the respective Portfolio Asset within the SPV.

571VII. Drivers and assumptions for NDCF Summary Observations ThetablebelowprovidesabridgefromofCashflowsfromoperatingactivitiesofKnowledgeRealtyTrust

to NDCF: ₹mn FY26 FY27 FY28 FY29 Cashflow from Operating Activities(1) 36,213 40,240 42,090 44,407 Construction/Upgrade Capex(2)(3) (3,158) (4,201) (3,783) (3,407) Debt Drawdown 3,158 4,201 3,783 3,407 Interest Expense (excluding interest on Shareholder Debt at Asset SPV) (7,096) (7,096) (7,096) (7,183) Interest Income and Others 502 274 582 737 Interest expense on REIT debt (2,116) (2,218) (2,490) (2,723) NDCF(4) 27,503 31,200 33,086 35,238 NDCF Mix (Indicative Range) Dividends 62%-76% Interest on shareholder loan 16%-22% Shareholder loan Repayment 8%-17%

Notes:

(1) IncludesimpactofTrustlevelexpenses

(2) Capexincludesthecapitalexpenditurefor100%oftheassets(includingthelandownerarea),SattvaSpectrum,SattvaSouthAvenue,andSattvaHorizon

(3) Includes₹1,294mnand₹2,820mntowardsadditional1.1msfoffuturedevelopmentofSattvaGlobalVillageinFY2028andFY2029respectively,expectedtobecompeted posttheprojectionsperiod

(4) FordetailsonNDCF,refertoGeneralTerms,DefinitionsandAbbreviations NDCF receivable by the Knowledge Realty Trust may be in the form of dividends, interest income (interest on shareholder loan), principal repayment (shareholder loan repayment) from theAsset SPVs or the Investment Entities. It may also include proceeds of any capital reduction or buyback from theAsset SPVs or the Investment Entities, as per applicable laws.

As per the REIT Regulations, not less than 90% of the NDCF of the Asset SPVs are required to be distributed to the Knowledge RealtyTrust/intermediate Holding Company (‘Holdco’), as the case may be, in proportion of their shareholding in the SPV, subject to applicable provisions of the Companies Act,

2013. 100% of the cash flows received by the Holdco from the underlying SPVs are required to be distributed to the Knowledge Realty Trust, and not less than 90% of the NDCF generated by the Holdco onitsownshallbedistributedtotheKnowledgeRealtyTrust.ForthepurposeofProjections,theManager has assumed that 100% of cash generated during the year after accounting for all outflows will be distributed for the Projections Period.

As per the REIT Regulations, not less than 90% of the NDCF of the Knowledge Realty Trust are required to distributed to the Unitholders. Such REIT Distributions shall be calculated and declared in accordance with the applicable regulations. For the purpose of Projections, the Manager has assumed that 100% of cash generated during the year after accounting for all outflows will be distributed for the Projections Period.

Presently,theManagerproposestocalculatetheNDCFforKnowledgeRealtyTrustinthemannerlaidout in our Distribution Policy, see “Distribution” on page 578 as per SEBI REIT Regulations, SEBI Master

Circular and guidelines issued thereunder.

During the Projections Period, the NDCF distribution mix is expected to be 62%-76% in form of dividends, 16%-22% in form of interest on shareholder loan, and 8%-17% in form of shareholder loan repayment.

572VIII. Other key assumptions (relevant for cash outflow from income tax payments for computing Cash flows from operating activities and the calculations of NDCF):

Capital expenditure Manager’s assessment of construction cost and timelines of upcoming projects is based on discussions with third party consultants, prior experience, and expectations around market conditions among other things. Construction cost is financed through external debt during the period of construction. Post completionofconstructiontheoutstandingdebt(includinginterestduringconstruction)hasbeenassumed to be refinanced by Shareholder Debt. Refer to “—Finance Costs” on page 507 for additional details.The following table summarizes construction timeline and costs assumed during the period of Projections for projects expected to start generating revenue during the Projections Period and certain identified major

maintenance and upgrade projects:

Leasable Balance Cost to Expected Particulars Area/Capacity be incurred(1) Completion Portfolio Assets Sattva Endeavour 0.7 269 Q1CY2026 Sattva Spectrum(2) 0.5 205 Q1CY2026 Sattva Global City(3) 1.1 5,680 Q1CY2028 Solar Assets Karnataka Solar – II 24.2 MW AC 1,201 Q2CY2026 One BKC Solar 3.9 MW AC 221 Q4CY2025 Prima Bay Solar 4.1 MW AC 246 Q4CY2025 Upgrade or balance Capex(2)(4) NA 3,081 2025/2026 Total 10,903

Notes:Theaboveinformationisindicativeonly.

(1) AsatMarch31,2025.Abovecostdoesnotincludeexpensesexpectedtobeincurredforthedevelopment/constructionoffortheproposedfuturedevelopmentof6.9msf atSattvaGlobalCitytowhichisexpectedtogetcompletedafterMarch31,2029

(2) Capexincludesthecapitalexpenditurefor100%oftheassets(includingthelandownerarea)forSattvaSpectrum,SattvaSouthAvenue,andSattvaHorizon

(3) FutureDevelopment

(4) Estimatedone-timecapitalexpenditureforupgradationofthepropertiesprimarilyinSattvaKnowledgeCityandSattvaGlobalCityandbalancecapexpayableinrecently completedassetsnamelySattvaKnowledgePark,SattvaHorizon,SattvaSouthAvenue,andKarnatakaSolarI.InSolareEnergyPrivateLimited(“IEPL”)hasaright toacquireleaseholdrightsoveradditionallandmeasuring14acres30guntasallsituatedatPhaseI.IEPLhasenteredintoanagreementtosub-leasetheaforesaid landinfavorofSRPPL,expectedtobecompletedbyonorbeforeSeptember30,2025.

Depreciation and Amortization Depreciation is calculated on the depreciable amount of Investment Property and Property, plant and equipment and leasehold land over their estimated useful lives based on the same method which has been used for the preparation of the historical Special Purpose Combined Financial Statements of Knowledge Realty Trust Group as at March 31, 2025. Depreciable amount is the cost of the assets or other amount substituted for cost, less its estimated residual value. Depreciation for income tax purpose has been consideredattheapplicableratesofdepreciationundertheITActforFY2025whichareexpectedtoapply for the Projections Period.

573Finance costs The Manager intends to maintain an optimal mix of debt and equity to provide flexibility to Knowledge RealtyTrusttomanageitsriskexposure,implementitsstrategiesandprovidetotalreturnstoUnitholders.

Accordingly,post-listing,theManagershallidentifywhichoftheexistingdebtfacilitiesordebtsecurities attheAssetSPVs,andInvestmentEntitiesaretoberetainedorprepaid.Post-listing,theManagerwillalso evaluate whether to avail new facilities from financial institutions or access capital markets by issuing bonds for debt funding at the Asset SPVs, Investment Entities or at the Trust level with the objective of securing diversified source of funds, optimizing the overall cost of capital and balancing the maturity profile.

Based on the market environment and Manager’s ongoing discussions with various financial institutions,

the Manager has made the following assumptions for the purpose of Projections: i. External debt as of March 31, 2025 at theAsset SPVs and Investment Entities level is assumed to be partly refinanced with Shareholder Debt and Equity infusion.

ii. Construction and major upgrade needs have been assumed to be financed by additional external debt at an interest rate of 10.00% per annum. Entire debt undertaken for construction of assets is to be refinanced with Shareholder Debt.

(cid:129) Construction is completed before March 31, 2025: Debt is expected to be refinanced with non-amortizing debt carrying the existing external debt coupon rate of up to March 31, 2025.

On April 1, 2025, the debt is replaced with shareholder debt. (cid:129) Construction is completed on or after April 1, 2025: Debt is replaced with shareholder debt as on date of completion of construction.

iii. Shareholder Debt is assumed to be funded primarily by external debt and IPO proceeds raised at the Trust level. iv. Shareholder Debt to the Asset SPVs or Investment Entities is assumed to carry a coupon rate of

12.50% per annum. v. The external debt raised by the Knowledge Realty Trust is assumed to be interest bearing during theProjectionsPeriodwith7.50%rateofinterestbasedontheManager’songoingdiscussionswith various financial institutions.

Additionally, Ind AS adjustment in relation to unwinding of security deposits from tenants are expected to lead to additional finance costs during the Projections Period. Discounting rate used for the purposes of unwinding of lease deposits has been considered at the same rate as considered by respective SPV in its historical financial statements.

Additionally, certain capital structure related changes afterApril 1, 2025 have been taken into account by the Manager for the purposes of Projections.

574IX. Additional assumptions The Manager has made the following additional assumptions in preparing the Projections as on the date

of this report: i. No further assets (apart from the Portfolio) are assumed to be acquired and noAssets are assumed to be divested during the Projections Period. ii. The Manager has assumed that 100% of cash generated during the year after accounting for all outflows and cash balance to meet working capital requirements will be distributed for the Projections Period.

iii. All leases are enforceable and will be performed in accordance with their terms. iv. No further equity capital is assumed to be raised during the Projections Period and no additional outflows, except replacement of debt at Asset SPV where construction of assets to complete after April 1, 2025, have been considered in case of potential external debt financing by the Knowledge Realty Trust.

v. It is assumed that there will be no material change in taxation legislations or other applicable legislations during the Projection Period. vi. TheProjectionshavebeenpreparedusingIndASstandardsandinterpretationsthatareeffectivefor the IndAS financial statements as at and for the period ended March 31, 2025. The Projections do not take into account the impact of any new Ind AS standard or interpretation not effective as at March 31, 2025, as the impact of the same is not expected to be significant.

vii. NochangeinthefairvalueofallinvestmentclassifiedasfairvaluethroughP&Lhasbeenassumed throughout the Projections Period. Further, no sale and purchase of financial instruments/ investment has been assumed throughout the Projections Period other than sale of investment as a part of Initial Portfolio Acquisition Transactions.

viii. No additional outflow has been assumed on account of any litigation related matters including current pending litigations.

575Annexure A: Sensitivity Analysis on Material Assumptions I. Below table shows impact on the results of operations of the Knowledge Realty Trust in case of changes in Market Rent and car parking income. The analysis assumes all other variables remain the same.

Market rent decreases by 10% FY2026 FY2027 FY2028 FY2029 Revenue from operations 46,947 51,957 54,905 58,819 % change from base case (0.7%) (1.6%) (2.3%) (2.9%) NOI 42,451 46,967 49,703 53,274 % change from base case (0.8%) (1.8%) (2.5%) (3.2%) EBITDA 40,168 44,103 46,655 50,015 % change from base case (0.8%) (1.8%) (2.5%) (3.2%) Cash flows from operating activities 36,154 39,554 41,060 43,052 % change from base case (1.0%) (1.8%) (2.5%) (3.1%) NDCF 27,152 30,469 32,024 33,843 % change from base case (1.3%) (2.3%) (3.2%) (4.0%) Market rent decreases by 5% FY2026 FY2027 FY2028 FY2029 Revenue from operations 47,112 52,381 55,548 59,699 % change from base case (0.4%) (0.8%) (1.1%) (1.5%) NOI 42,617 47,392 50,346 54,154 % change from base case (0.4%) (0.9%) (1.3%) (1.6%) EBITDA 40,328 44,505 47,261 50,843 % change from base case (0.4%) (0.9%) (1.3%) (1.6%) Cash flows from operating activities 36,328 39,914 41,582 43,738 % change from base case (0.5%) (0.9%) (1.3%) (1.6%) NDCF 27,327 30,833 32,552 34,537 % change from base case (0.6%) (1.2%) (1.6%) (2.0%) Market rent increases by 5% FY2026 FY2027 FY2028 FY2029 Revenue from operations 47,443 53,230 56,835 61,460 % change from base case 0.3% 0.8% 1.1% 1.5% NOI 42,948 48,241 51,632 55,915 % change from base case 0.4% 0.9% 1.3% 1.6% EBITDA 40,648 45,307 48,474 52,500 % change from base case 0.4% 0.9% 1.3% 1.6% Cash flows from operating activities 36,678 40,637 42,631 45,115 % change from base case 0.5% 0.9% 1.2% 1.5% NDCF 27,678 31,562 33,614 35,932 % change from base case 0.6% 1.2% 1.6% 2.0% 576Market rent increases by 10% FY2026 FY2027 FY2028 FY2029 Revenue from operations 47,609 53,654 57,478 62,341 % change from base case 0.7% 1.6% 2.3% 2.9% NOI 43,113 48,665 52,275 56,796 % change from base case 0.8% 1.8% 2.5% 3.2% EBITDA 40,808 45,709 49,081 53,328 % change from base case 0.8% 1.8% 2.5% 3.2% Cash flows from operating activities 36,853 40,999 43,158 45,797 % change from base case 1.0% 1.8% 2.5% 3.1% NDCF 27,855 31,928 34,147 36,562 % change from base case 1.3% 2.3% 3.2% 3.8% II. Below table shows impact on the results of operations of the Knowledge Realty Trust in case of delay in lease-up of vacant area. The analysis assumes all other variables remain the same.

Lease up of vacant area delayed by 3 months FY2026 FY2027 FY2028 FY2029 Revenue from operations 45,963 52,758 56,099 60,215 % change from base case (2.8%) (0.1%) (0.2%) (0.6%) NOI 41,461 47,768 50,896 54,670 % change from base case (3.1%) (0.1%) (0.2%) (0.7%) EBITDA 39,217 44,886 47,781 51,318 % change from base case (3.1%) (0.0%) (0.2%) (0.7%) Cash flows from operating activities 35,306 40,294 42,082 44,262 % change from base case (3.3%) 0.0% (0.1%) (0.4%) NDCF 26,328 31,176 33,058 35,070 % change from base case (4.3%) (0.1%) (0.1%) (0.5%)

Note:Forbasecase,refertoProjectionsasreflectedintabletitledProjectedRevenuefromoperations,NOI,EBITDA,CashflowsfromoperatingactivitiesandNDCFfor KnowledgeRealtyTrust(onacombinedbasis)andPortfolioInvestments 577DISTRIBUTION Statements contained in this section “Distribution” that are not historical facts are forward-looking statements. Such statements are subject to certain risks and uncertainties that could cause actual results todiffermateriallyfromthosethatmaybeprojected.Undernocircumstancesshouldtheinclusionofsuch information herein be regarded as a representation, warranty, or prediction with respect to the accuracy of the underlying assumptions by the Knowledge Realty Trust, the Trustee, the Sponsors, the Manager, the Lead Managers or any other person. Investors are cautioned not to place undue reliance on these forward-looking statements that are stated only as at the date of this Offer Document. Please see “Forward-Looking Statements” on page 12.

ThenetdistributablecashflowsoftheKnowledgeRealtyTrustarebasedonthecashflowsgeneratedfrom assetsandinvestmentsoftheKnowledgeRealtyTrust.Fordetailsofthebusinessandoperationspresently undertaken by the Portfolio, see “Our Business and Properties” on page 158.

In terms of the SEBI REIT Regulations, not less than 90% of the net distributable cash flows of the SPVs are required to be distributed to the Knowledge Realty Trust/Holdcos, as the case may be, in proportion of their shareholding in the SPVs, subject to applicable provisions of the CompaniesAct and the Limited LiabilityPartnershipAct,2008.100%ofthecashflowsreceivedbytheHoldcosfromtheunderlyingSPVs arerequiredtobedistributedtotheKnowledgeRealtyTrust,andnotlessthan90%ofthenetdistributable cash flows generated by the Holdcos on their own shall be distributed to the Knowledge Realty Trust, subject to applicable provisions of the Companies Act. Cash flows generated by all REIT assets shall be considered. Presently, net distributable cash flows receivable by the Knowledge Realty Trust may be in the form of dividends, interest income, principal repayment, sale proceeds out of disposal of investments of any or assets directly/indirectly held by Knowledge Realty Trust or proceeds of any capital reduction or buyback from the SPVs and Holdcos.

Distribution Policy TheManagershalldeclareanddistributeatleast90%ofthenetdistributablecashflowsoftheKnowledge RealtyTrustasdistributions(“REITDistributions”)totheUnitholders.SuchREITDistributionsshallbe declared and made once every quarter in a Financial Year. Further, in accordance with the SEBI REIT Regulations, REIT Distributions shall be made within 5 working days from the record date. The record date is required to be two working days from the date of declaration of REIT Distributions, excluding the date of declaration and the record date. The REIT Distributions, when made, shall be made in Indian Rupees.

The net distributable cash flows shall be calculated in accordance with the SEBI REIT Regulations and any circular, notification or guidelines issued thereunder and the SEBI Master Circular. Presently, the

Knowledge Realty Trust proposes to calculate REIT Distributions in the manner provided below:

I. Calculation of NDCFs at SPV(s)/Holdco(s) level:

Particulars Cash flow from operating activities as per Cash Flow Statement of Holdco/SPV

Add: Cash Flows received from SPV’s which represent distributions of NDCF computed as per relevant framework (please refer to note 1 and 8 below) (relevant in case of Holdcos)

Add: Treasury income/income from investing activities (interest income received from FD, tax refund, any other income in the nature of interest, profit on sale of Mutual funds, investments, assets etc., dividend income etc., excluding any Ind AS adjustments. Further clarified that these amounts will be considered on a cash receipt basis) 578Particulars

Add: Proceeds from sale of real estate investments, real estate assets or shares of SPVs or Investment Entities

adjusted for the following: (cid:129) Applicable capital gains and other taxes (cid:129) Related debts settled or due to be settled from sale proceeds (cid:129) Directly attributable transaction costs (cid:129) Proceeds reinvested or planned to be reinvested as per Regulation 18(16)(d) of SEBI REIT Regulations or any other relevant provisions of the SEBI REIT Regulations

Add: Proceeds from sale of real estate investments, real estate assets or sale of shares of SPVs or Investment Entities not distributed pursuant to an earlier plan to reinvest as per Regulation 18(16)(d) of SEBI REIT Regulations or any other relevant provisions of the SEBI REIT Regulations, if such proceeds are not intended to be invested subsequently

Less: Finance cost on Borrowings as per Profit and Loss Account excluding finance cost on any shareholder debt/loan from REIT. The amortization of any transaction costs can be excluded provided such transaction costs have already been deducted while computing NDCF of previous period when such transaction costs were paid

Less: Debt repayment (to include principal repayments as per scheduled EMI’s except if refinanced through new debt including overdraft facilities and to exclude any debt repayments/debt refinanced through new debt, in any form or equity raise as well as repayment of any shareholder debt/loan from REIT)

Less: any reserve required to be created under the terms of, or pursuant to the obligations arising in accordance with, any:

(i). loan agreement entered with banks/financial institution from whom the REIT or any of its SPVs/Holdcos have availed debt, or

(ii). terms and conditions, covenants or any other stipulations applicable to debt securities issued by the REIT or any of its SPVs/Holdcos, or

(iii). terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the REIT or any of its SPVs/Holdcos, or

(iv). agreement pursuant to which the SPV/Holdcos operates or owns the real estate asset, or generates revenue or cashflows from such asset (such as transmission services agreement, power purchase agreement, lease agreement, and any other agreement of a like nature, by whatever name called); or

(v). statutory, judicial, regulatory, or governmental stipulations (please refer to note 2 below)

Less: any capital expenditure on existing assets owned/leased by the SPVs or Holdcos, to the extent not funded by debt/equity or from reserves created in the earlier years (please refer to note 9 below) NDCFs for Holdco/SPV’s II. Calculation of NDCFs at the Knowledge Realty Trust level:

Particulars Cashflows from operating activities of the REIT

Add: Cash flows received from SPVs/Investment Entities which represent distributions of NDCF computed as per relevant framework (please refer to note 1 and 8 below)

Add: Treasury income/income from investing activities of the REIT (interest income received from FD, any investment entities as defined in Regulation 18(5), tax refund, any other income in the nature of interest, profit on sale of Mutual funds, investments, assets etc., dividend income etc., excluding any Ind AS adjustments.

Further clarified that these amounts will be considered on a cash receipt basis)

Add: Proceeds from sale of real estate investments, real estate assets or shares of SPVs/Holdcos or Investment

Entities adjusted for the following: (cid:129) Applicable capital gains and other taxes (cid:129) Related debts settled or due to be settled from sale proceeds (cid:129) Directly attributable transaction costs (cid:129) Proceeds reinvested or planned to be reinvested as per Regulation 18(16)(d) of SEBI REIT Regulations or any other relevant provisions of the SEBI REIT Regulations

Add: Proceeds from sale of real estate investments, real estate assets or sale of shares of SPVs/Holdcos or Investment Entities not distributed pursuant to an earlier plan to re-invest as per Regulation 18(16)(d) of SEBI REIT Regulations or any other relevant provisions of the SEBI REIT Regulations, if such proceeds are not intended to be invested subsequently 579Particulars

Less: Finance cost on Borrowings as per Profit and Loss Account. However, amortization of any transaction costs, can be excluded provided such transaction costs have already been deducted while computing NDCF previous period when such transaction costs were paid

Less: Debt repayment at REIT level (to include principal repayments as per scheduled EMI’s except if refinanced through new debt including overdraft facilities and to exclude any debt repayments/debt refinanced through new debt in any form or funds raised through issuance of units)

Less: any reserve required to be created under the terms of, or pursuant to the obligations arising in accordance with, any:

(i). loan agreement entered with financial institution, or

(ii). terms and conditions, covenants or any other stipulations applicable to debt securities issued by the REIT or any of its SPVs/Holdcos, or

(iii). terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the REIT or any of its SPVs/Holdcos, or

(iv). agreement pursuant to which the REIT operates or owns the real estate asset, or generates revenue or cashflows from such asset (such as, concession agreement, transmission services agreement, power purchase agreement, lease agreement, and any other agreement of a like nature, by whatever name called), or

(v). statutory, judicial, regulatory, or governmental stipulations (please refer to note 2 below)

Less: any capital expenditure on existing assets owned/leased by the REIT, to the extent not funded by debt/ equity or from contractual reserves created in the earlier years (please refer to note 9 below) NDCFs at REIT level (Distributable Income)

Notes:

1. TheNDCFcomputedatSPVlevelforaparticularperiodshallbeaddedunderthislineitem,eveniftheactualcashflowsfromtheSPVtotheREIThastakenplacepost thatparticularperiod,butbeforefinalizationandadoptionofaccountsoftheREIT.

2. TheREITretainstheoptiontodistributeanysurplusamounts,unlesssuchsurplusisrequiredtocreatereservesforanysubsequentperiod.However,anyreservecreated outofdebtfundsatthetimeofavailingdebtasperthetermsofthefinancingdocumentsshallnotbereduced.

3. Theoptiontoretain10%distributionunderRegulation18(16)shallbecomputedbytakingtogethertheretentiondoneatHoldCo,SPVlevelandREITlevel,inaccordance withApplicableLaw.

4. SurpluscashavailableinREIT/SPVs/Holdcosdueto:

(i). 10%ofNDCFwithheldinlinewiththeSEBIREITRegulationsinanyearlieryearorhalfyearor;

(ii). suchsurplusbeingavailableinanewHoldCo/SPVonacquisitionofsuchSPV/HoldcobytheREIT;or

(iii). anyotherreason,excludingifsuchsurpluscashisavailableduetoanydebtraisecouldbeconsideredfordistributionbytheSPV/HoldcototheREIT/HoldCo, orbytheREITtoitsUnitholdersinpartorinfull.Also,suchdistributionofsurplusfundsshallbeseparatelydisclosedaftertheNDCFcomputationforthe respectiveperiod.Providedthatwithregardtothepoint4(ii)above,ifanacquisitionofsuchSPVwasfundedbyexternaldebt,thensurpluscashavailablewith suchSPVshouldfirstbeusedtorepaysuchexternaldebt.Aftersuchdebtrepayment,remainingsurplus,ifany,canbeusedfordistribution.

5. Anyrestrictedcash(disclosedassuch)shouldnotbeconsideredforNDCFcomputationbytheSPV/HoldcoortheREIT(e.g.unspentCSRbalanceforanyyeardeposited inaseparateaccountasperCompaniesAct,2013whichwillbeutilizedinsubsequentyears,DSRAreserve,majormaintenancereserveetc.).

6. TheREITandtheHoldcos/SPVsshallnotdistributeanycashflowsbyobtainingexternaldebt,excepttotheextentclarifiedinnote2and7(thiswillexcludeanyworking capital/ODfacilitiesobtainedbyREIT/Holdcos/SPVsaspartoftreasurymanagement/workingcapitalpurposesaslongastheyaresquaredoffwithinthequarter).

7. Proceedsfromsaleofrealestateinvestments,realestateassetsorsharesofHoldcos/SPVsorInvestmentEntitiesadjustedfortransactioncostsorrepaymentofdebt takenforsuchassetsorotheritemsasmentionedabovewhichisintendedtobereinvestedorplannedtobereinvestedasperRegulation18(16)(d)ofSEBIREIT Regulations,maybetemporarilyparkedinoverdraftaccountsorusedtorepayanyadditional/unrelateddebt.Furtherifsuchproceedsarenotintendedtobereinvested asperthetimelineprovidedintheSEBIREITRegulationsandsuchnetproceedsaretobedistributedbacktoUnitholders,thenredrawingsuchtemporarilyparkedfunds todistributesuchnetproceedswillnotbeconsideredasacontraventionofnote6above.

8. CashflowsreceivedfromHoldcos/SPV’s/InvestmentEntitieswhichrepresentdistributionsofNDCFcomputedaspertherelevantframeworkattheREITand/orHoldCo levelforfurtherdistributiontoUnitholdersshallexcludeanysuchcashflowsusedbytheREITand/orHoldCoforonwardlendingtoanyotherHoldcos/SPVs/Investment Entitiestomeetoperational/interestexpensesordebtservicingofsuchotherentities.

9. Capitalexpenditureshallincludeamountsincurredandpaidtowardsassetenhancementandarecapitalizedtoassetvalueinthefinancialstatementsincludinglease payments.Itisfurtherclarifiedthatexistingassetsasreferredtointhislineitemincludesanynewstructure/building/otherinfrastructureconstructedonanexisting realestateassetwhichisalreadyapartoftheREIT.

10. DebtrepaymentatREITlevelwillnotbereducedfromNDCFtotheextentsuchdebtisrefinancedattheHoldCo/SPVlevelandsuchproceedsfromrefinancinghave beentransferredbytheHoldCo/SPVtotheREITforsuchdebtrepayment.Similarly,debtrepaymentatHoldCo/SPVlevelwillnotbereducedfromNDCFtotheextent suchdebtisrefinancedattheREITlevelandsuchproceedsfromrefinancinghavebeentransferredbytheREITtotheHoldCo/SPVforsuchdebtrepayment.

11. ManageroftheREITisrequiredtoensurethefollowingwhilemakingdistributions:

(i). TheperiodofmakingdistributionshouldbefollowedconsistentlyandthesameshouldbepartofdistributionpolicyoftheREITwhichshouldbedisclosedin theofferdocument,annualreportandthewebsiteoftheREIT.

(ii). Foreachdistribution,itshouldbeensuredthatcashflowsfromallassets,whetherheldbytheREIToranyoftheunderlyingSPVsorHoldCos,arebeing distributedtogether.

(iii). Thefirstdistribution(whethermonthly/quarterly/half-yearly,etc.)outoftheNDCFcomputedforafinancialyear(orperiodthereof)shouldbeminimum90%/such percentage(incaseofHoldCos)assetoutundertheREITRegulations.Thereafter,minimumdistributionrequirementshouldbemetonacumulativebasisfor thesubsequentdistributionsoutoftheNDCFforsuchfinancialyear.

(iv). Incaseofanychangeindistributionpolicyotherthanregulatorychanges,unitholderapprovalshallberequiredwherevotescastinfavouroftheresolutionare morethanfiftypercentofthetotalvotecast.

580In terms of the SEBI REIT Regulations, if the distribution is not made within five working days from the record date, which shall be two working days from the date of the declaration of distribution, excluding the date of declaration and the record date (or such other period as may be prescribed under the REIT Regulations), the Manager shall be liable to pay interest to the Unitholders at the rate of 15% per annum until the distribution is made (or such other period as may be prescribed under the REIT Regulations).

Such interest shall not be recovered in the form of fees or any other form payable to the Manager by the Knowledge Realty Trust.

Unitholders should note that there is no assurance or guarantee that distributions will be made in any amount or at all.

For a discussion on the risks relating to distribution, please see “Risk Factors—We do not provide any assurance or guarantee of any distributions to the Unitholders. We may not be able to make distributions toUnitholdersinthemannerdescribedinthisOfferDocumentoratall,andthelevelofdistributionsmay decrease.” on page 32.

581LEVERAGE AND CAPITALIZATION Capital structure of the Knowledge Realty Trust including borrowing and deferred payments^ (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 2,705.05 [●] Other equity 18,452.10 [●] Total (A) 21,157.15 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 1,708.68 [●] Interest accrued 0.12 [●] Other than related parties Non-current borrowings 185,303.44 [●] Current borrowings – Current maturities of long-term debt 10,182.43 [●] – Current borrowings other than current maturities of long-term debt 727.19 [●] Interest accrued 229.83 [●] Total debt (B) 198,151.69 [●] Total capitalization (A + B) 219,308.84 [●] * WillbedetermineduponcompletionoftheIssue.

Notes:

1. Anydiscrepanciesbetweenthetotalcapitalizationamountsatthecombinedlevelandthesumsofamountsinthebelowmentionedentity-wisedisclosuresaredueto consolidationadjustments.

582Consolidated capital structure of STPL, one of the Asset SPVs including borrowing and deferred payments STPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 20.18 [●] Other equity 4,100.15 [●] Total (A) 4,120.33 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 708.40 [●] Interest accrued – [●] Other than related parties Non-current borrowings 1,600.55 [●] Current borrowings – Current maturities of long-term debt 926.11 [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued 2.24 [●] Total debt (B) 3,237.30 [●] Total capitalization (A + B) 7,357.63 [●] * WillbedetermineduponcompletionoftheIssue.

583Standalone capital structure of the remaining Asset SPVs and Investment Entities including borrowing and deferred payments WRPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 0.20 [●] Other equity 2,686.86 [●] Total (A) 2,687.06 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 2,511.04 [●] Interest accrued 248.65 [●] Other than related parties Non-current borrowings 15,204.60 [●] Current borrowings – Current maturities of long-term debt 308.70 [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued 39.48 [●] Total debt (B) 18,312.47 [●] Total capitalization (A + B) 20,999.53 [●] * WillbedetermineduponcompletionoftheIssue.

584DIPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 0.60 [●] Other equity (1,239.66) [●] Total (A) (1,239.06) [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 3,238.48 [●] Interest accrued 233.15 [●] Other than related parties Non-current borrowings 7,074.13 [●] Current borrowings – Current maturities of long-term debt 471.57 [●] – Current borrowings other than current maturities of long-term debt 407.45 [●] Interest accrued 1.82 [●] Total debt (B) 11,426.60 [●] Total capitalization (A + B) 10,187.54 [●] * WillbedetermineduponcompletionoftheIssue.

585SKCPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 0.10 [●] Other equity (32.74) [●] Total (A) (32.64) [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 547.37 [●] Interest accrued – [●] Other than related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Total debt (B) 547.37 [●] Total capitalization (A + B) 514.73 [●] * WillbedetermineduponcompletionoftheIssue.

586OBRPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 62.00 [●] Other equity 2,715.70 [●] Total (A) 2,777.70 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Other than related parties Non-current borrowings 19,635.62 [●] Current borrowings – Current maturities of long-term debt 76.82 [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Total debt (B) 19,712.44 [●] Total capitalization (A + B) 22,490.14 [●] * WillbedetermineduponcompletionoftheIssue.

587OWCPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 4.36 [●] Other equity (14,334.72) [●] Total (A) (14,330.36) [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Other than related parties Non-current borrowings 25,109.52 [●] Current borrowings – Current maturities of long-term debt 58.58 [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued 6.08 [●] Total debt (B) 25,174.18 [●] Total capitalization (A + B) 10,843.82 [●] * WillbedetermineduponcompletionoftheIssue.

588OICPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 36.81 [●] Other equity (4,772.30) [●] Total (A) (4,735.49) [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Other than related parties Non-current borrowings 28,798.68 [●] Current borrowings – Current maturities of long-term debt 124.78 [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued 6.99 [●] Total debt (B) 28,930.45 [●] Total capitalization (A + B) 24,194.96 [●] * WillbedetermineduponcompletionoftheIssue.

589PBPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 218.12 [●] Other equity 2,282.07 [●] Total (A) 2,500.19 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Other than related parties Non-current borrowings 9,455.19 [●] Current borrowings – Current maturities of long-term debt 307.22 [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Total debt (B) 9,762.41 [●] Total capitalization (A + B) 12,262.60 [●] * WillbedetermineduponcompletionoftheIssue.

590CGDPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 40.00 [●] Other equity (12,498.55) [●] Total (A) (12,458.55) [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Other than related parties Non-current borrowings 20,313.82 [●] Current borrowings – Current maturities of long-term debt 226.59 [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Total debt (B) 20,540.41 [●] Total capitalization (A + B) 8,081.86 [●] * WillbedetermineduponcompletionoftheIssue.

591EBPPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 5.04 [●] Other equity 4,385.50 [●] Total (A) 4,390.54 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Other than related parties Non-current borrowings 12,311.44 [●] Current borrowings – Current maturities of long-term debt 109.02 [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued 2.91 [●] Total debt (B) 12,423.37 [●] Total capitalization (A + B) 16,813.91 [●] * WillbedetermineduponcompletionoftheIssue.

592DHRPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 0.10 [●] Other equity 196.26 [●] Total (A) 196.36 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 221.37 [●] Interest accrued – [●] Other than related parties Non-current borrowings 2,631.78 [●] Current borrowings – Current maturities of long-term debt 163.65 [●] – Current borrowings other than current maturities of long-term debt 52.43 [●] Interest accrued 0.35 [●] Total debt (B) 3,069.58 [●] Total capitalization (A + B) 3,265.94 [●] * WillbedetermineduponcompletionoftheIssue.

593SGNPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 1.00 [●] Other equity 2,587.18 [●] Total (A) 2,588.18 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Other than related parties Non-current borrowings 441.64 [●] Current borrowings – Current maturities of long-term debt 38.43 [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued 1.93 [●] Total debt (B) 482.00 [●] Total capitalization (A + B) 3,070.18 [●] * WillbedetermineduponcompletionoftheIssue.

594PBPPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 339.67 [●] Other equity 1,626.85 [●] Total (A) 1,966.52 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Other than related parties Non-current borrowings 2,104.69 [●] Current borrowings – Current maturities of long-term debt 11.50 [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued 0.93 [●] Total debt (B) 2,117.12 [●] Total capitalization (A + B) 4,083.64 [●] * WillbedetermineduponcompletionoftheIssue.

595SHPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 0.50 [●] Other equity (232.89) [●] Total (A) (232.39) [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 82.89 [●] Interest accrued – [●] Other than related parties Non-current borrowings 2,746.39 [●] Current borrowings – Current maturities of long-term debt 13.80 [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued 2.06 [●] Total debt (B) 2,845.14 [●] Total capitalization (A + B) 2,612.75 [●] * WillbedetermineduponcompletionoftheIssue.

596QITPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 1.00 [●] Other equity 2,354.48 [●] Total (A) 2,355.48 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 26.68 [●] Interest accrued – [●] Other than related parties Non-current borrowings 6.20 [●] Current borrowings – Current maturities of long-term debt 0.24 [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Total debt (B) 33.12 [●] Total capitalization (A + B) 2,388.60 [●] * WillbedetermineduponcompletionoftheIssue.

597DEPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 0.20 [●] Other equity 16.84 [●] Total (A) 17.04 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 415.81 [●] Interest accrued – [●] Other than related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Total debt (B) 415.81 [●] Total capitalization (A + B) 432.85 [●] * WillbedetermineduponcompletionoftheIssue.

598JRPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 0.10 [●] Other equity (68.23) [●] Total (A) (68.13) [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 1,426.25 [●] Interest accrued – [●] Other than related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Total debt (B) 1,426.25 [●] Total capitalization (A + B) 1,358.12 [●] * WillbedetermineduponcompletionoftheIssue.

599DBRPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 0.10 [●] Other equity 293.94 [●] Total (A) 294.04 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 3.06 [●] Interest accrued – [●] Other than related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Total debt (B) 3.06 [●] Total capitalization (A + B) 297.10 [●] * WillbedetermineduponcompletionoftheIssue.

600HRPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 0.10 [●] Other equity 1,040.49 [●] Total (A) 1,040.59 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Other than related parties Non-current borrowings 13.08 [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Total debt (B) 13.08 [●] Total capitalization (A + B) 1,053.67 [●] * WillbedetermineduponcompletionoftheIssue.

601SDPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 3.98 [●] Other equity 199.14 [●] Total (A) 203.12 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Other than related parties Non-current borrowings 23.72 [●] Current borrowings – Current maturities of long-term debt 17.39 [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued 0.11 [●] Total debt (B) 41.22 [●] Total capitalization (A + B) 244.34 [●] * WillbedetermineduponcompletionoftheIssue.

602DHPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 20.00 [●] Other equity (20.66) [●] Total (A) (0.66) [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 2,158.03 [●] Interest accrued – [●] Other than related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt 1,133.00 [●] – Current borrowings other than current maturities of long-term debt 155.54 [●] Interest accrued 1.03 [●] Total debt (B) 3,447.60 [●] Total capitalization (A + B) 3,446.94 [●] * WillbedetermineduponcompletionoftheIssue.

603KOBPPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 49.56 [●] Other equity (4,344.19) [●] Total (A) (4,294.63) [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Other than related parties Non-current borrowings 6,426.06 [●] Current borrowings – Current maturities of long-term debt 93.75 [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued 42.73 [●] Total debt (B) 6,562.54 [●] Total capitalization (A + B) 2,267.91 [●] * WillbedetermineduponcompletionoftheIssue.

604OQRPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 1.35 [●] Other equity 703.96 [●] Total (A) 705.31 [●] Debt Related parties Non-current borrowings 250.00 [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued 15.40 [●] Other than related parties Non-current borrowings 3,594.72 [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued 0.63 [●] Total debt (B) 3,860.75 [●] Total capitalization (A + B) 4,566.06 [●] * WillbedetermineduponcompletionoftheIssue.

605PABPPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 740.29 [●] Other equity 313.84 [●] Total (A) 1,054.13 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Other than related parties Non-current borrowings 2,006.24 [●] Current borrowings – Current maturities of long-term debt 54.60 [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued 0.49 [●] Total debt (B) 2,061.33 [●] Total capitalization (A + B) 3,115.46 [●] * WillbedetermineduponcompletionoftheIssue.

606BSPOMSPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 0.10 [●] Other equity 133.43 [●] Total (A) 133.53 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Other than related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Total debt (B) – [●] Total capitalization (A + B) 133.53 [●] * WillbedetermineduponcompletionoftheIssue.

607PSBPPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 0.10 [●] Other equity 133.29 [●] Total (A) 133.39 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Other than related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Total debt (B) – [●] Total capitalization (A + B) 133.39 [●] * WillbedetermineduponcompletionoftheIssue.

608SPMPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 0.10 [●] Other equity 1,852.01 [●] Total (A) 1,852.11 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Other than related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Total debt (B) – [●] Total capitalization (A + B) 1,852.11 [●] * WillbedetermineduponcompletionoftheIssue.

609SIMPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 0.10 [●] Other equity 2,856.49 [●] Total (A) 2,856.59 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 5.03 [●] Interest accrued – [●] Other than related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 18.91 [●] Interest accrued – [●] Total debt (B) 23.94 [●] Total capitalization (A + B) 2,880.53 [●] * WillbedetermineduponcompletionoftheIssue.

610SRPPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 210.34 [●] Other equity 1,021.70 [●] Total (A) 1,232.04 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 281.85 [●] Interest accrued – [●] Other than related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Total debt (B) 281.85 [●] Total capitalization (A + B) 1,513.89 [●] * WillbedetermineduponcompletionoftheIssue.

611NDPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 0.10 [●] Other equity (0.24) [●] Total (A) (0.14) [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 1.23 [●] Interest accrued – [●] Other than related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Total debt (B) 1.23 [●] Total capitalization (A + B) 1.09 [●] * WillbedetermineduponcompletionoftheIssue.

612DRPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 954.51 [●] Other equity 13,865.54 [●] Total (A) 14,820.05 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Other than related parties Non-current borrowings 17,540.54 [●] Current borrowings – Current maturities of long-term debt 2,293.92 [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued 27.76 [●] Total debt (B) 19,862.22 [●] Total capitalization (A + B) 34,682.27 [●] * WillbedetermineduponcompletionoftheIssue.

613GVTPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity@ Capital 2.11 [●] Other equity 172.09 [●] Total (A) 174.20 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt 5,665.58 [●] – Current borrowings other than current maturities of long-term debt 6,722.19 [●] Interest accrued – [●] Other than related parties Non-current borrowings 8,264.84 [●] Current borrowings – Current maturities of long-term debt 3,752.75 [●] – Current borrowings other than current maturities of long-term debt 92.86 [●] Interest accrued 92.29 [●] Total debt (B) 24,590.51 [●] Total capitalization (A + B) 24,764.71 [●] * WillbedetermineduponcompletionoftheIssue.

@ PursuanttotheGVTPLSchemeofArrangement,MRPPLhasbeenmergedintoitswhollyownedsubsidiary,GVTPL,withappointeddateApril1,2025.MRPPLhad CapitalandOtherEquityofRs.52.31millionandRs.12,213.32millionrespectivelyasatMarch31,2025.TheimpactoftheGVTPLSchemeofArrangementisnot consideredintheSpecialPurposesCombinedFinancialStatements.

614OBSEPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 30.00 [●] Other equity (2.87) [●] Total (A) 27.13 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 256.25 [●] Interest accrued – [●] Other than related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Total debt (B) 256.25 [●] Total capitalization (A + B) 283.38 [●] * WillbedetermineduponcompletionoftheIssue.

615PBSEPL (in ₹ million) Pre-Issueasat Adjusted March31, forthe Particulars 2025 post-Issue* Equity Capital 30.00 [●] Other equity (2.90) [●] Total (A) 27.10 [●] Debt Related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt 256.25 [●] Interest accrued – [●] Other than related parties Non-current borrowings – [●] Current borrowings – Current maturities of long-term debt – [●] – Current borrowings other than current maturities of long-term debt – [●] Interest accrued – [●] Total debt (B) 256.25 [●] Total capitalization (A + B) 283.35 [●] * WillbedetermineduponcompletionoftheIssue.

616FINANCIAL INDEBTEDNESS ThedetailsofindebtednessoftheAssetSPVsandtheInvestmentEntitiesasatJuly2,2025,togetherwith abriefdescriptionofcertainmaterialcovenantsoftherelevantfinancingagreements,areprovidedbelow:

(in ₹ million) Outstanding amount as at July 2, Sanctioned amount 2025 Category of borrowing (in ₹million) (in ₹million) Asset SPVs Nature Term loans (including accrued interest)* 207,470.00 189,076.37 Working capital (including accrued interest) 39,510.00 18,884.08 Inter corporate deposits (including accrued interest) 310.00 310.00 Sub total (A) 247,290.00 208,270.45 Investment Entities Nature Term loans (including accrued interest) – – Working capital (including accrued interest) 85.10 6.30 Inter corporate deposits (including accrued interest) – – Sub total (B) 85.10 6.30 Total Borrowings (C) = (A+B) 247,375.10 208,276.75 * Excludesamountspertainingtocertainworkingcapitalfacilitieswhicharesub-limitsofthetermloanfacilitiesandpresentedseparatelyinthetableabove.

Note: AscertifiedbyM/s.SainiPatiShah&CoLLP,CharteredAccountants,firmregistrationnumber:137904W/W100622,throughtheircertificatedatedJuly29,2025.

Further,M/s.SainiPatiShah&CoLLP,CharteredAccountantshaveconfirmedthatasatJuly2,2025,eachoftheAssetSPVsandtheInvestmentEntitieshaveutilized theborrowingssetoutaboveforthepurposeforwhichsuchborrowingswereavailed.

PrincipaltermsoftheborrowingsavailedbytheAssetSPVsandInvestmentEntitiesfrombanksand

financial institutions:

1. Interest: In terms of the loans availed by the Asset SPVs and Investment Entities, the interest rate is typically summation of the base rate of a specified lender and spread. The spread varies between different loans for different banks. Some of the arrangements also provide for increases in the rate of interest in the event of any specific non-compliances.

2. Term:ThetermoftheloansavailedbytheAssetSPVsandInvestmentEntitiestypicallyrangesfrom three to 15 years.

3. Security: In terms of our borrowings where security needs to be created, we are typically required to (and in certain cases on an exclusive basis) create:

(a) Security by way of assignment of lease rentals pertaining to specific buildings, properties and/or specific tenants;

(b) First exclusive mortgage on certain properties and land, together with all structures and appurtenances thereon and thereunder;

(d) First exclusive charge on all the movable properties of the borrower in relation to certain properties;

617(e) First exclusive charge on current assets and receivables of the borrower in relation to certain properties;

(f) First exclusive charge over the relevant escrow accounts, debt service reserve accounts and in all funds from time to time deposited therein or other securities representing all amounts credited thereto;

(g) Corporate guarantees and personal guarantees by directors, promoters, other individuals, holding company and respective associates;

(h) Undertaking to pay the monthly instalments in case of breach/cancelation of lease deeds, due to rent free period clause in lease agreements or tenants vacating the premises;

(i) First exclusive charge over all the rights, title, interest, benefits, claims and demands of the borrower in, to and under the loan documents; and

(j) Negative lien over assets of the borrower, and provide indemnities and undertakings.

This is an indicative list and there may be additional requirements for creation of security under the various borrowing arrangements entered into by theAsset SPVs and Investment Entities that may be acceptable to the lenders.

4. Re-payment: The repayment period for term loans typically ranges from 36 months to 180 months.

Some of our lenders typically have a right to accelerate the repayment of the loan in one lump sum or shorter instalments if in the opinion of the lender the cash flows of the company so permit.

5. Pre-payment: Pre-payment of the loans is typically permitted with certain lenders charging a pre-paymentpenaltyofupto2%oftheamountoutstandingorproposedtoberepaid.Certainlenders may charge pre-payment penalty at their discretion or if a stipulated minimum amount is pre-paid.

Loans may be prepaid without any penalty depending on certain events, including, in some cases, a put/call option being exercised by the borrower/lender upon listing of the units of the Knowledge Realty Trust.

6. Restrictive Covenants: The facilities availed by our Asset SPVs and Investment Entities typically contain certain covenants, whereby the Asset SPVs and Investment Entities are restricted from undertaking certain actions without the prior consent of the lender, including:

(a) Change in capital structure/constitution/shareholding/control/ownership/management/board of directors or entering into arrangement whereby the business is managed or controlled directly or indirectly;

(b) Transfer or disposal or dissolving of projects and mortgaged properties or reconstitution of the Asset SPVs and Investment Entities;

(c) Formulation of any scheme of merger/demerger/business transfer/asset transfer/slump sale/ amalgamation/reconstruction/consolidation/reorganization/asset transfer or buyback of shares;

(d) Amendments to charter documents;

(e) Declaration of dividend except out of profits of the current year or as allowed under the Companies Act, 2013 or upon occurrence of an event of default or disposal of fixed assets;

(f) Pledge of promoter shareholding with any lending institution;

(g) Material change in the business of the borrower;

(h) Withdrawal of capital invested in the business by promoters, directors, shareholders, their relatives and friends in business, directors during the currency of the loan facility;

618(i) Approach capital market for mobilizing additional resources either in the form of debts or equity;

(j) Not change the practice with regard to remuneration of the directors on its board, other than where mandated by any applicable law;

(k) Creating further charges on the assets provided as security to the lender;

(l) Providing any guarantee on behalf of any entity to other lenders; and

(m) Incurring further indebtedness except as permitted by the lender.

The covenants above are only indicative, and there may be additional restrictive conditions and covenants under the various borrowing arrangements entered into by the Asset SPVs and the Investment Entities.

7. Events of Default: Borrowing arrangements entered into by Asset SPVs and Investment Entities typicallycontaincustomarystandardeventsofdefaultforborrowingarrangements,includingbutnot

limited to:

(a) Failure to pay, when due, of any principal amounts, interest, penal interest, any commission or fee, costs, charges or any other amount owed under the loan documents;

(b) Non-performance of material obligations under the loan documents;

(d) Institution of any legal proceedings against the borrower which could cause a material adverse effect;

(e) Revocation,terminationorsuspensionofamaterialapprovalorclearance,whichhasamaterial adverse effect on the borrower;

(f) Compulsory acquisition, nationalization or expropriation of material assets of the borrower which has a material adverse effect on the borrower;

(g) Initiation of insolvency resolution process of the borrower;

(h) Change in shareholding/ownership/control/management/board of directors of the borrower without prior permission of the lenders;

(i) Cross-defaults;

(j) Supply of misleading information;

(k) Any event resulting in a material adverse effect;

(l) Breach of any financial covenants stipulated in the loan documents;

(m) Violation of any term of the relevant agreement or any other borrowing agreement;

(n) Utilization of funds for purposes other than the sanctioned purpose; and

(o) Failure to create/perfect security as required by the lender.

619This is an indicative list and there are additional terms that may amount to an event of default under the various borrowing arrangements entered into by the Asset SPVs and the Investment Entities.

For further details, see “Risk Factors—We may be subject to certain restrictive covenants and variable interest rates under our financing agreements that could limit our flexibility in managing our business, abilitytousecashorotherassetswhichcouldcauseourdebtserviceobligationstoincreasesignificantly” on page 50.

Giventhenatureoftheseborrowingsandthetermsofrepaymentorprepayment,theaggregateoutstanding borrowing amounts may vary from time to time. Further, certain of the facilities may be recalled at any time or theAsset SPVs and/or the Investment Entities may be required to mandatorily prepay the facility fornon-compliancewithanyofthecovenantsmentionedabove.Inadditiontotheabove,eachoftheAsset SPVsandInvestmentEntitiesmay,fromtimetotime,enterintore-financingarrangementsanddrawdown funds thereunder, prior to the filing of the Final Offer Document or the Listing Date. In the event any of the above borrowings are repaid, prepaid or re-financed or further drawn-down post the date of this Offer Document, the relevant details in relation to the same will be provided in the Final Offer Document, as applicable.

Proposed Financial Indebtedness The Manager intends to maintain an optimal mix of debt and equity to provide flexibility to Knowledge RealtyTrusttomanageitsriskexposure,implementitsstrategiesandprovidetotalreturnstoUnitholders.

Accordingly,post-listing,theManagershallidentifywhichoftheexistingdebtfacilitiesordebtsecurities availed by the Asset SPVs and Investment Entities are to be retained or prepaid.

The selection of debt proposed to be prepaid or repaid will be based on various factors and commercial considerations, including (i) terms of the debt, including applicable interest rates and amortization schedule, (ii) any conditions attached to the debt restricting ability to prepay/repay such debt and the time taken to fulfill, or obtain waivers for fulfillment of such conditions, (iii) terms and conditions of such consents and waivers, (iv) levy of any prepayment penalties and the quantum thereof, and (v) provisions of any laws, rules and regulations.

Pursuant to the Issue, a portion of the Net Proceeds is proposed to be utilized towards, inter alia, partial or complete repayment or prepayment of certain financial indebtedness availed by the Asset SPVs and Investment Entities. We have entered into the Shareholder Debt Documentation with certain Asset SPVs as on the date of this Offer Document with respect to the proposed refinancing and propose to enter into the Shareholder Debt Documentation with certain other Asset SPVs and Investment Entities simultaneously with the consummation of the Initial PortfolioAcquisition Transactions prior to listing of ourUnits.FordetailsofthetermsofsuchShareholderDebtDocumentation,pleaseseethesectionentitled “Use of Proceeds—Details of utilization of Net Proceeds” on page 626.

Post-listing, the Manager will also evaluate whether to avail new facilities from financial institutions or access capital markets by issuing bonds for debt funding at theAsset SPVs, Investment Entities, or at the Knowledge Realty Trust level with the objective of securing diversified source of funds, optimizing the overall cost of capital and balancing the maturity profile.

ThisOfferDocumentdoesnot,directlyorindirectly,relatetoanyinvitation,offerorsaleofanysecurities, instruments or loans (including listed non-convertible debentures or bonds, if any) that may be issued by the Knowledge Realty Trust after the listing of the Units.Any person or entity investing in such issue or transaction by the Knowledge Realty Trust should consult its own advisors. Neither the Lead Managers, nor their associates or affiliates have any responsibility or liability for such issue or transaction by the Knowledge Realty Trust.

620VII. ABOUT THE ISSUE THE ISSUE ThefollowingisageneralsummaryofthetermsoftheIssue.Thissummaryshouldbereadinconjunction with, and is qualified in its entirety by, the more detailed information appearing elsewhere in this Offer

Document:

Issue Up to [●] Units aggregating up to ₹48,000 million Less Strategic Investor Portion Up to 120,000,000 Units aggregating up to ₹12,000 million, subject to a maximum of 25% of the Issue Issue (excluding Strategic Investor Up to [●] Units aggregating up to ₹[●] million Portion) Of which Institutional Investor Portion (not Not more than [●] Units more than 75% of the Issue (excluding Strategic Investor Portion)) Non-Institutional Investor Portion Not less than [●] Units (not less than 25% of the Issue (excluding Strategic Investor Portion)) Floor Price ₹[●] Cap Price ₹[●] Issue Price ₹[●] Face value Not applicable Minimum Bid Size [●] Bid/Issue Opening Date(1) August 5, 2025 Bid/Issue Closing Date August 7, 2025 Sponsors Together, the Blackstone Sponsor and the Sattva Sponsor Blackstone Sponsor BREP Asia SG L&T Holding (NQ) Pte. Ltd Sattva Sponsor Sattva Developers Private Limited Trustee Axis Trustee Services Limited Manager Knowledge Realty Office Management Services Private Limited (formerly known as Trinity Office Management Services Private Limited) Authority for the Issue The Issue was authorized and approved by the board of directorsoftheManageronFebruary26,2025,andbythe REIT IPO Committee on March 6, 2025 read with the approvals of the board of directors of the Manager on May 29, 2025, and July 18, 2025.

Tenure of the Knowledge Realty Trust The Knowledge Realty Trust shall remain in force perpetually until it is dissolved or terminated in accordance with the Trust Deed and the SEBI REIT Regulations. For details, please see “Formation Transactions” and “The Trustee” on pages 84 and 380, respectively.

621Units issued and outstanding [●] immediately prior to the Issue Units issued and outstanding [●] immediately after the Issue Sponsors’ Units Up to [●] Units to the Blackstone Sponsor and up to [●] Units to the Sattva Sponsor The Units to be held by the Blackstone Sponsor and the Sattva Sponsor will be allotted to them pursuant to the Initial Portfolio Acquisition Transactions, immediately prior to the Allotment pursuant to the Issue Distribution Please see “Distribution” on page 578 Indian Taxation For details of possible tax benefits available to the Knowledge Realty Trust and to its Unitholders under the applicable direct tax laws in India, please see “Taxation” on page 749 Use of proceeds Please see “Use of Proceeds” on page 625 Listing and timelines for Listing Prior to this Issue, there was no market for the Units.The Units are proposed to be listed on the NSE and BSE.

In-principle approvals for listing of the Units have been received from BSE and NSE on May 19, 2025, respectively. The Manager shall apply to BSE and NSE for the final listing and trading approvals, after the Allotment and after the credit of the Units to the beneficiary accounts with the Depository Participants.

The Units are required to be listed within six Working Days from the Bid/Issue Closing Date Designated Stock Exchange NSE Transfer restriction Please see “Rights of Unitholders” on page 698 Commitment received from Strategic See—“Strategic Investor Portion” below Investors Closing Date The date on which allotment of the Units pursuant to the Issue is expected to be made, i.e., on or aboutAugust 13, 2025 Ranking The Units being issued and transferred shall rank pari passu in all respects, including rights in respect of distribution. The Unitholders will be entitled to participate in distribution, if any, declared by the Knowledge Realty Trust after the date of Allotment Please see “Rights of Unitholders” on page 698 Alteration of terms of the Issue In case of any alteration of the terms of the Units, including the terms of the Issue, which may adversely affecttheinterestoftheUnitholders,anapprovalfromthe Unitholdersshallberequiredwherethevotescastinfavor of the resolution should be more than 50% of the total votes cast for the resolution Lock-in and Rights of Unitholders For details, see “Information concerning the Units” and “Rights of Unitholders” on pages 656 and 698, respectively.

622Risk Factors Prior to making an investment decision, investors should carefully consider the matters discussed under the section titled “Risk Factors” on page 29

(1) TheManagermay,inconsultationwiththeLeadManagers,considerparticipationbyAnchorInvestorsinthisIssueforupto60%oftheInstitutionalInvestorPortion inaccordancewiththeSEBIREITRegulationsandtheSEBIMasterCircular.TheAnchorInvestorBid/IssuePeriodshallbeoneWorkingDaypriortotheBid/Issue OpeningDate.

Date of Unit Subscription Agreements July 24, 2025 Strategic Investor Allocation Price* ₹100 per Unit Total number of Units proposed to be Up to 120,000,000 Units aggregating to ₹12,000 subscribed/ total subscription amount** million Numberof Units proposed Subscription Strategic Investor to be subscribed Amount (₹) Life Insurance Corporation (LIC) of India 30,000,000 3,000,000,000 SBI Life Insurance Company Limited 20,000,000 2,000,000,000 UTI Asset Management Company Limited 17,500,000 1,750,000,000 360 One Prime Limited 15,000,000 1,500,000,000 HDFC Life Insurance Company Limited 10,000,000 1,000,000,000 Kotak Mahindra Life Insurance Company Limited 5,000,000 500,000,000 SBI General Insurance Company Limited 5,000,000 500,000,000 Bengani Leasing & Finance Private Limited 4,000,000 400,000,000 Subham Capital Private Limited 4,000,000 400,000,000 Supriyata Capital Private Limited 4,000,000 400,000,000 Reliance General Insurance Co Limited 3,000,000 300,000,000 Dharmayug Investments Limited 1,500,000 150,000,000 Signet Capital Private Limited 1,000,000 100,000,000 Total 120,000,000 12,000,000,000 * IntheeventthattheStrategicInvestorAllocationPriceislowerthantheIssuePrice,theStrategicInvestorshaveagreedtodepositthedifferencebetweentheStrategic InvestorAllocationPriceandtheIssuePriceintotheEscrowAccountwithintwoWorkingDaysofthePricingDate.

** TheStrategicInvestorshaveundertakentodepositthetotalsubscriptionamountintheEscrowAccountpriortotheBid/IssueOpeningDate.

Allocation to Bidders in all categories, exceptAnchor Investor Portion and the Strategic Investor Portion shall be made on a proportionate basis within the specified investor categories and the number of Units Allotted shall be rounded off to the nearest integer, subject to minimumAllotment in accordance with the SEBI REIT Regulations and the SEBI Master Circular.

The Issue is being made through the Book Building Process, wherein not more than 75% of the Issue (excluding Strategic Investor Portion) shall be available for allocation to Institutional Investors on a proportionate basis, provided that the Manager, in consultation with the Lead Managers, may allocate up to60%oftheInstitutionalInvestorPortiontoAnchorInvestorsonadiscretionarybasisinaccordancewith the SEBI REIT Regulations and the SEBI Master Circular. Further, not less than 25% of the Issue (excluding Strategic Investor Portion) shall be available for allocation on a proportionate basis to Non-Institutional Investors, subject to valid Bids being received at or above the Issue Price. In case of under-subscriptioninanycategory,theunsubscribedportionineithercategorymaybeAllottedtoBidders in the other category at the discretion of the Manager, in consultation with the Lead Managers and the Designated Stock Exchange.

623There shall not be multiple classes of Units, other than the subordinate units that may be issued to the Sponsors and their respective Associates. Further, in accordance with the SEBI REIT Regulations and SEBI Master Circular, no Unitholder shall enjoy superior voting rights or any other rights over another Unitholder.

There shall be only one denomination of Units at any given time. The Manager shall comply with such disclosure and accounting norms as may be specified by SEBI from time to time.

In case the Knowledge Realty Trust does not receive (i) the minimum subscription of at least 90% of the Issue specified in this Offer Document; or (ii) subscription for the minimum public unitholding in accordance with Regulation 14(2A) of the SEBI REIT Regulations, or (iii) if the number of prospective Allottees forming part of the public is less than 200, the Manager shall refund the entire subscription money received.

In case the Knowledge Realty Trust receives oversubscription of the Issue, then the Manager, in consultation with the Lead Managers, reserves the right to retain oversubscription of not more than 25% of the Issue in accordance with the SEBI REIT Regulations and the SEBI Master Circular. The Manager, in consultation with the Lead Managers, will decide whether or not to retain any oversubscription in the Issue only after the Bid/Issue Closing Date.

The maximum subscription from any investor, other than the Sponsors, its related parties and its associates, taken together with Units held by them and persons acting in concert with them in the Knowledge Realty Trust, shall not be more than 25% of the total unit capital of the Knowledge Realty Trust.

No person connected with the Issue shall offer any incentive, whether direct or indirect, in any manner, whether in cash or kind or services or otherwise to any person for making an application for Allotment of Units, except for any fees or commission for services rendered in relation to the Issue.

The Units, onAllotment, shall be traded only in the dematerialized segment of the Stock Exchanges. For further details, including in relation to manner and method of application, please see “Issue Information” on page 660.

624USE OF PROCEEDS Proceeds of the Issue The gross proceeds of the Issue will be up to ₹48,000 million and the Net Proceeds from the Issue will be up to ₹[●]. The Net Proceeds from the Issue will be utilized towards the following objects:

(cid:129) Partial or full repayment or prepayment of certain financial indebtedness of theAsset SPVs and the Investment Entities; (cid:129) General purposes

The details of the Net Proceeds are set forth in the following table: (in ₹ millions) Particulars Estimated amount Gross Proceeds of the Issue# 48,000.00 Expenses in relation to the Issue [●] Net Proceeds* [●] # Includes,theproceeds,ifany,receivedpursuanttoanyparticipationbyStrategicInvestor(s)intheIssue.

* TobedetermineduponfinalisationoftheIssuePrice.

Requirements of funds

The Net Proceeds are proposed to be used in accordance with the details provided in the following table: (in ₹ millions) Particulars Estimated amount Partial or full repayment or prepayment of certain financial indebtedness of the Asset SPVs and the Investment Entities 46,400.00 General purposes* [●] * TobedetermineduponfinalisationoftheIssuePrice.Theamountutilizedforgeneralpurposesshallnotexceed10%oftheNetProceeds.

TheTrusteeandtheManagershallensurethatthesubscriptionamountsarekeptinaseparatebankaccount inthenameoftheKnowledgeRealtyTrustandareonlyutilizedforadjustmentagainstAllotmentofUnits or refund of money to the applicants until such Units are listed.

The Manager proposes to deploy the Net Proceeds during the financial year 2026, depending on various factors, including the actual timing of completion of the Issue and the receipt of the Net Proceeds. The fund requirements mentioned above, and the proposed deployment are based on the estimates of the Manager and have not been appraised by any bank, financial institution or any other external agency. The fund requirements may vary due to factors beyond the Manager’s control such as market conditions, competitive environment, regulatory considerations, interest rate, fee payable and exchange rate fluctuations. To the extent the Manager is unable to utilize any portion of the Net Proceeds towards the proposed object of partial or full repayment or prepayment of certain financial indebtedness of theAsset SPVs and the Investment Entities, the Manager shall deploy such portions of the Net Proceeds towards general purposes subject to applicable law and the total utilization towards general purposes shall not exceed 10% of the Net Proceeds in accordance with the SEBI REITRegulations. Further, in the event that the Manager is unable to utilize any portion of the Net Proceeds towards the proposed deployment in the 625financial year 2026, the Manager shall deploy the Net Proceeds in subsequent financial years in accordancewithapplicablelaw.Consequently,thefundrequirementsaresubjecttorevisionsinthefuture, at the discretion of the Manager.

Details of utilization of Net Proceeds

The details of utilization of the Net Proceeds are set forth herein below:

1. Partial or full repayment or prepayment of certain financial indebtedness of the Asset SPVs and the Investment Entities Our Portfolio comprising of the Asset SPVs and the Investment Entities, have from time-to-time availed borrowings from banks, NBFCs, and other parties to finance their business and operations, through term loans, advances, construction financing loans, lease rental discounting facilities and refinancing facilities etc.As of July 2, 2025, the total amount of outstanding borrowings availed by the Asset SPVs and Investment Entities was ₹208,276.75 million, out of which the total amount of outstanding loans availed by theAsset SPVs from banks, NBFCs and other parties, was ₹208,270.45 million, and the total amount of outstanding loans availed by the Investment Entities from banks, NBFCs and other parties was ₹6.30 million. For details of these financing arrangements including the terms and conditions, please see “Financial Indebtedness” on page 617.

The Manager, on behalf of the Knowledge Realty Trust, proposes to invest an estimated amount of ₹46,400 million from the Net Proceeds in our Asset SPVs and the Investment Entities, towards the partial and/or complete repayment or prepayment of the outstanding loans of theAsset SPVs and/or the Investment Entities and, by way of lending to the Asset SPVs or subscribing to debt or equity or equity linked instruments issued by the Asset SPVs and/or the Investment Entities, or a combination thereof. The proposed investment is intended to be made by way of entering into separate documentation with the respective Asset SPVs and the Investment Entities.

The selection of debt facilities proposed to be prepaid or repaid will be based on various factors and commercial considerations, including (i) terms of the debt, including applicable interest rates and amortization schedule, (ii) any conditions attached to the debt restricting ability to repay or prepay suchdebtandthetimetakentofulfill,orobtainwaiversforfulfillmentofsuchconditions,(iii)terms and conditions of such consents and waivers, (iv) levy of any prepayment penalties and the quantum thereof, and (v) provisions of any laws, rules and regulations.

Given the nature of these borrowings and the terms of repayment or prepayment, the aggregate outstanding borrowing amounts may vary from time to time. In addition to the above, each of the AssetSPVsandtheInvestmentEntitiesmay,fromtimetotime,enterintore-financingarrangements and draw down funds thereunder, prior to the filing of the Final Offer Document or listing of the Units of the Knowledge Realty Trust. Accordingly, the actual amount outstanding on the date of repayment may be different from the amount specified in this Offer Document.

626Terms of the Shareholder Debt Documentation with Asset SPVs The Knowledge Realty Trust has entered into the Shareholder Debt Document with certain Asset SPVs as on the date of this Offer Document and proposes to enter into the Shareholder Debt Document with certain other Asset SPVs simultaneously with the consummation of the Initial Portfolio Acquisition Transactions prior to listing of the Units of the Knowledge Realty Trust.

The terms of the Shareholder Debt proposed to be provided to the Asset SPVs are listed below.

Terms Particulars Purpose ThepurposeofthedebtprovidedtotheAssetSPVswillbeasmentioned in the Shareholder Debt Documentation, including for the purpose of partial or complete repayment or prepayment of loans, facilities and deferred payment obligations availed from banks and other financial institutions or other parties and general corporate purposes.

Term 15 years or any other tenor specified in the respective Shareholder Debt Documentation.

Interest The debt shall carry an interest in the range of 11.00% to 14.00% per annum.

Repayment/ The debt shall be repayable/redeemable in accordance with the terms of Redemption the relevant Shareholder Debt Documentation.

Security The debt shall be secured or unsecured as may be specified in the Shareholder Debt Documentation.

Governing Law The Shareholder Debt Documentation shall be governed by the laws of India.

The Knowledge Realty Trust proposes to invest in equity shares issued by certain Asset SPVs, the terms of such subscription will be decided by the Manager and shall be subject to the SEBI REIT Regulations and other applicable law.

Terms of the Shareholder Debt Documentation with the Investment Entities The Knowledge Realty Trust will enter into the Shareholder Debt Documentation with certain Investment Entities simultaneously with the consummation of the Initial Portfolio Acquisition Transactions prior to listing of the Units of the Knowledge Realty Trust.

627The terms of the Shareholder Debt proposed to be provided to the Investment Entities are listed below.

Terms Particulars Purpose The purpose of the debt provided to the Investment Entities will be as mentioned in the Shareholder Debt Documentation, including for the purpose of partial or complete repayment or prepayment of loans, facilities and deferred payment obligations availed from banks and other financial institutions or other parties and general corporate purposes.

Instrument Non-convertible debentures Term 15 years or any other tenor specified in the respective Shareholder Debt Documentation.

Interest The debt shall carry an interest in the range of 11.00% to 14.00% per annum.

Repayment/ The debt shall be repayable/redeemable in accordance with the terms of Redemption the relevant Shareholder Debt Documentation.

Security The debt shall be secured or unsecured as may be specified in the Shareholder Debt Documentation.

Governing Law The Shareholder Debt Documentation shall be governed by the laws of India.

Any debt issue under the Shareholder Debt Documentation will be made in compliance with the requirements prescribed under the relevant provisions of Companies Act, including to the extent applicable, the Companies (Acceptance of Deposits) Rules, 2014, as amended.

[Remainder of the page intentionally left blank] 6281oiloftroP eht yb deliava snaol gnidnatstuo fo sliateD sliated era gniwollof ehT .snoitaredisnoc laicremmoc dna srotcaf suoirav no desab eb lliw diap-erp ro diaper ylluf ro yllaitrap eb ot desoporp tbed fo noitceles ehT ,yaperp/yaperyamoiloftroPehthcihwfotuo,5202,2yluJnosaseitraprehtodnasnoitutitsnilaicnanifsknabmorfoiloftroPehtybdeliavasnaolgnidnatstuoniatrecfo :sdeecorP teN eht morf ,snaol eht fo lla ro yna ,lluf ni ro trap ni gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS sVPStessA detimiLetavirPsrotlaeRimuhbveD

21.372

00.003,1 *.A.N stnemlatsni ylhtnom derutcurts 081 ni elbayapeR tnuoma naol eht fo %00.2 ot lauqe tnuoma nA %57.8 5102,41rebmetpeS esael rednu ytilicaf-bus tfardrevO 5aidnIfoknaBetatS .1 ts1foetadehtmorfhtnomtxenehtmorfgnicnemmoc .e.i,revoekathguorhttnemyaperpfoesacnidiaperp rof ytilicaf gnitnuocsid latner si tseretni htiw naol eritne eht litnu tnemesrubsid fo esac ni deviaw era segrahc tnemyaperp sesoprupssenisub diaper secruosnwofotuotnemyaperp

56.313,1

00.059,1 5102,61rebmetpeS stnemlatsni ylhtnom derutcurts 081 ni elbayapeR tnuoma naol eht fo %00.2 ot lauqe tnuoma nA %57.8 5102,41rebmetpeS esaelrednuytilicaf-busnaolmreT ts1foetadehtmorfhtnomtxenehtmorfgnicnemmoc .e.i,revoekathguorhttnemyaperpfoesacnidiaperp rof ytilicaf gnitnuocsid latner si tseretni htiw naol eritne eht litnu tnemesrubsid fo esac ni deviaw era segrahc tnemyaperp sesoprupssenisub diaper secruosnwofotuotnemyaperp

80.021

00.050,1 *.A.N stnemlatsni ylhtnom derutcurts 441 ni elbayapeR noitercsids’rednelehttA %57.8 7102,6yluJ esael rednu ytilicaf-bus tfardrevO

83.071

00.052 ts1foetadehtmorfhtnomtxenehtmorfgnicnemmoc teemotytilicafgnitnuocsidlatner si tseretni htiw naol eritne eht litnu tnemesrubsid LPRD fo hctamsim ytidiuqil eht diaper denoitcnas llarevo eht fo tuO( a ,noillim

00.003,1₹ fo tnuoma

00.052₹ fo tnuoma denoitcnas )timil-busasatuodevracsinoillim

05.249,2

00.002,5 ,01tsuguAneewteB stnemlatsni ylhtnom derutcurts 441 ni elbayapeR noitercsids’rednelehttA %57.8 7102,6yluJ esaelrednuytilicaf-busnaolmreT yraurbeF dna 7102 ts1foetadehtmorfhtnomtxenehtmorfgnicnemmoc teemotytilicafgnitnuocsidlatner 8102,22 si tseretni htiw naol eritne eht litnu tnemesrubsid LPRDfohctamsimytidiuqileht diaper

19.914,1

00.003,2 9102,82hcraM stnemlatsni ylhtnom derutcurts 861 ni elbayapeR tnuomadiap-erpehtfo%00.1otlauqetnuomanA %57.8 9102,02hcraM esaelrednuytilicaf-busnaolmreT ts1foetadehtmorfhtnomtxenehtmorfgnicnemmoc teemotytilicafgnitnuocsidlatner si tseretni htiw naol eritne eht litnu tnemesrubsid LPRDfohctamsimytidiuqileht diaper

01.653,1

00.000,2 9102,41rebotcO stnemlatsni ylhtnom derutcurts 861 ni elbayapeR tnuomadiap-erpehtfo%00.1otlauqetnuomanA %57.8 9102,01rebotcO esaelrednuytilicaf-busnaolmreT rood(tnemesrubsidts1foetadehtmorfgnicnemmoc teemotytilicafgnitnuocsidlatner )tnemyaperrofmuirotaromtuohtiwdnaronetroodot LPRDfohctamsimytidiuqil

57.503,4

00.053,6 neewteB stnemlatsni ylhtnom derutcurts 861 ni elbayapeR tnuomadiap-erpehtfo%00.1otlauqetnuomanA %57.8 9102,01rebotcO esaelrednuytilicaf-busnaolmreT 9102 ,91 rebotcO ts1foetadehtmorfhtnomtxenehtmorfgnicnemmoc teemotytilicafgnitnuocsidlatner dna tuohtiw dna ronet rood ot rood( tnemesrubsid LPRDfohctamsimytidiuqil 9102,13rebmeceD )tnemyaperrofmuirotarom 629gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS

00.701,3

00.000,4 9102,81rebmevoN ylhtnom 861 ni elbayaper tnuoma lapicnirP tnuomadiap-erpehtfo%00.1otlauqetnuomanA %57.8 9102,6rebmevoN tsniaga ytilicaf naol mreT dnaummaJehT .2 ehtfohtnomtxenehtmorfgnicnemmocstnemlatsni slatneresaelerutuffognitnuocsid detimiLknaBrimhsaK yletarapesdecivresebottseretni;tnemesrubsidtsrif na gnitadiuqil fo esoprup eht rof slavretniylhtnomtaeudnehwdnasa reworrobehtfonaolmretgnitsixe noillim00.005,4₹fo

72.18

00.056,1 *.A.N ylhtnom 861 ni elbayaper tnuoma lapicnirP ;tnuomadiap-erpehtfo%00.2otlauqetnuomanA %57.8 9102,6rebmevoN ytilicaftfardrevoderucesenilporD ehtfohtnomtxenehtmorfgnicnemmocstnemlatsni nidegrahcebllahsytlaneptnemyaperp-on,revewoH esaelerutuffognitnuocsidtsniaga yletarapesdecivresebottseretni;tnemesrubsidtsrif swolf hsac eht fo tuo diaperp si ytilicaf eht esac eht fo noitadiuqil rof slatner slavretniylhtnomtaeudnehwdnasa .stcejorpfoelasehtmorfgnitareneg gnitsixeehtfognidnatstuolaudiser roftnuomaecnalabdnanaoltcejorp sesoprupssenisubs’reworrobeht

01.748,3

00.005,4 neewteB ehtretfagnitratsstnemlatsniylhtnomderutcurts651 gniebtnuomanaolehtfo%00.2otlauqetnuomanA %01.8 0202,61yraunaJ mreteepurgnitnuocsidlatneresaeL detimiLknaBCFDH .3 0202 ,31 yraurbeF foetadehtmorfshtnom8fomuirotaromehtfodne elbacilppaeblliwsegrahchcuson,revewoH.diaperp sdrawot ytilicaf naol 3202,32yluJdna tnemesrubsidtsrif ehtfosdeecorpelasehtmorfsitnemyaperpehtfi latipac fo tnemesrubmier .sdnufnworiehtfotuodiaproynapmoc/ytreporp LPRDyberutidnepxe fi elbacilppa era segrahc tnemyaperp on ,rehtruF gnieb tnemyaperp ro gnitsil TIER fo tuo diaperp gniebtnemyaperproetartesertseretninanoedam .noisufniytiuqeroslaurccalanretnifotuoedam detimiLetavirPesiR-iHatihsraD

64.221

00.004 *.A.N noillim

00.004₹ tsal eht htiw enil ni nwodnuR diaperptnuomaehtfo%00.2otlauqetnuomanA %03.8 1202,03yluJ tfardrevognitnuocsidlatneresaeL 3detimiLknaBsixA .4 denoitcnashtiwytilicafnaolmretehtfotnemyaper :sesacgniwollofehtniailaretnitpecxe fo erusolc eht rof ytilicaf wolebnoillim00.016,1₹fotnuoma lanretni fo tuo edam gnieb tnemyap-erp )a noillim005,2₹fonaolnoitcurtsnoc /sdeecorp gnireffo cilbup laitini/slaurcca ,rednel rehtona htiw gnidnatstuo nettirwroirphtiw,tbedeninazzemdettimrep rehto dna sesnepxe noitcasnart dna;syad51foeciton IBRybdewollasasesoprup ,noitcnas fo raey tsrif eht retfa tnemyaperp )b .syad51foecitonnettirwroirphtiw

31.943,1

00.016,1 1202,21tsuguA stnemlatsni ylhtnom derutcurts 081 ni elbayapeR diaperptnuomaehtfo%00.2otlauqetnuomanA %03.8 1202,03,yluJ naolmretgnitnuocsidlatneresaeL tnemesrubsidtsriffoetadehtmorf :sesacgniwollofehtniailaretnitpecxe fo erusolc eht rof ytilicaf lanretni fo tuo edam gnieb tnemyap-erp )a noillim005,2₹fonaolnoitcurtsnoc /sdeecorp gnireffo cilbup laitini/slaurcca ,rednel rehtona htiw gnidnatstuo nettirwroirphtiw,tbedeninazzemdettimrep rehto dna sesnepxe noitcasnart dna;syad51foeciton IBRybdewollasasesoprup ,noitcnas fo raey tsrif eht retfa tnemyaperp )b .syad51foecitonnettirwroirphtiw

05.904,1

00.094,1 1202,32rebmetpeS stnemlatsni ylhtnom derutcurts 081 ni elbayapeR diaperptnuomaehtfo%00.2otlauqetnuomanA %03.8 1202,03yluJ naolmretgnitnuocsidlatneresaeL tnemesrubsidtsriffoetadehtmorf :sesacgniwollofehtniailaretnitpecxe fo erusolc eht rof ytilicaf lanretni fo tuo edam gnieb tnemyap-erp )a noillim005,2₹fonaolnoitcurtsnoc /sdeecorp gnireffo cilbup laitini/slaurcca ,rednel rehtona htiw gnidnatstuo nettirwroirphtiw,tbedeninazzemdettimrep rehto dna sesnepxe noitcasnart dna;syad51foeciton IBRybdewollasasesoprup ,noitcnas fo raey tsrif eht retfa tnemyaperp )b .syad51foecitonnettirwroirphtiw 630gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS detimiLkraPhceTenoztfoS

92.330,1

00.000,3 6102,61rebmetpeS ylhtnomderutcurtshguorhtshtnom441nielbayapeR 03 evig ot deriuqer si ynapmoc eht revewoh ;liN %06.8 6102,51rebmetpeS ssenisubroftiderchsacenilporD arthsarahaMfoknaB .5 .rewopgniward/timilehtfosnoitcuder tnemyap-erpfoesacnidoirepeciton’syad tcejorp eht niatniam ot esoprup dellackraphcetlairtsudnitastessa yltneserp( enoztfoS airupralaS otdna)enoztfoSavttaSsanwonk stcejorpwenpoleved

37.044

00.057,1 6102,61rebmetpeS stnemlatsni ylhtnom derutcurts 441 ni elbayapeR 03 evig ot deriuqer si ynapmoc eht revewoh ;liN %06.8 6102,51rebmetpeS otesoprupssenisubrofnaolmreT tnemesrubsidfohtnomtxenehtmorfgnicnemmoc tnemyap-erpfoesacnidoirepeciton’syad ta stessa tcejorp eht niatniam dellac krap hcet lairtsudni yltneserp( enoztfoS airupralaS otdna)enoztfoSavttaSsanwonk stcejorpwenpoleved

49.561

00.044 *.A.N stnemlatsniylhtnomdetauqe231nielbayapeR ;tnemyaperpfotnuomaehtfo%3otlauqetnuomanA %05.7 8102,9rebotcO foesoprupehtrofytilicaftfardrevO ^detimiLknaBlaredeF .6 ehtfiylppatonllahssegrahctnemyaperp,revewoH stnemeriuqerssenisub .secruosnwomorfedamsitnemyaperp dahsnaolesehT^ deliavaneebylsuoiverp

89.964

00.000,1 8102,11rebotcO stnemlatsni ylhtnom detauqe 231 ni elbayapeR secruosnwomorfedamsitnemyaperpehtfi,liN %05.7 8102,9rebotcO stnemeriuqerssenisubfonaolmreT seitreporPairupralaSyb ronaolehtfolasrubsidfoetadehtmorfgnicnemmoc eradna,detimiLetavirP htiwgnolatnuomanaoleritneehtllitfoerehttrapyna ehtnignidnatstuowon llufnidiaperasegrahc/stsocrehtodnatseretni hceTenoztfoSfoeman tnausrup,detimiLkraP emehcSenoztfoSehtot .tnemegnarrAfo

00.006,1

00.006,1 *.A.N eht fo noitpo eht ta elbayaper tnuoma lapicnirP liN %02.7 5202,72enuJ tisoped dexif tsniaga tfardrevO 8detimiLknaBSEY .7 ehtforonethtnom21ehtnihtiwemitynatareworrob tnemyaperfoesoprupehtsdrawot yletarapesdecivresebotsitseretnidna,naol erew hcihw snaol derucesnu fo sdrawot dezilitu yletamitlu ,xepodnatcejorpfotnempoleved IBRybdetibihorpton 631gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS detimiLetavirPyaBamirP

05.120,3

00.005,3 1202,52hcraM sastnemlatsniylhtnomderutcurts081nielbayapeR ailaretnielbayapebtonllahsmuimerptnemyaperP %05.8 1202,7yraunaJ naolmretgnitnuocsidlatneresaeL adoraBfoknaB .8 ebotsawtseretnidnaswolfhsacslatneresaelrep :fi )i( fo esoprup eht rof ytilicaf nodetibednehwdnasa,sisabylhtnomnodecivres gnitsilehtottnausrupedamsitnemyaperpeht )a stinu deifitnedi eht gnisahcrup htnomehtfoyadtsaleht sti ro reworrob eht fo serahs ytiuqe eht fo teeferauqsnoillim32.0otgnilatot kcotsnaidnIdezingoceranoynapmocgnidloh kraPssenisuBT&Lni)aerateprac( ynaroserahsehtforefsnartehtroegnahcxe ,)yaB amirP sa nwonk yltneserp( ro;aidnIniTIERaotreworrobehtfostessa )ii(iawoPkraPssenisuByaBamirP dna seef noitcasnart fo tnemyap eht ot tnausrup edam si tnemyaperp eht )b sesnepxe fo ecnerrucco ro rednel eht fo snoitcurtsni ehtfosmretehtrepsatnemyaperpyrotadnam .tnemeergaytilicaf

71.492,6

00.005,6 2202,03rebmetpeS sastnemlatsniylhtnomderutcurts461nielbayapeR ailaretnielbayapebtonllahsmuimerptnemyaperP %59.8 2202,61rebmetpeS naolmretgnitnuocsidlatneresaeL ebotsawtseretnidnaswolfhsacslatneresaelrep fognitsilehtottnausrupedamsitnemyaperpehtfi fo esoprup eht rof ytilicaf nodetibednehwdnasa,sisabylhtnomnodecivres royltceridrehtie(reworrobehtfoserahsytiuqeeht mret gnidnatstuo fo erusolcerof htnomehtfoyadtsaleht dezingoceranoynapmocgnidlohstiro)yltceridni dna rednel rehtona htiw naol aidnIniTIERafognitsilroegnahcxekcotsnaidnI dna ,yna fi ,segrahc tnemyaperp fostessaynaroserahsehtforefsnartehtgnidulcni etaroproc lareneg rof ecnalab ;aidnIniTIERaotreworrobeht sesoprup

08.893

00.004 4202,13rebmeceD sastnemlatsniylhtnomderutcurts731nielbayapeR ailaretnielbayapebtonllahsmuimerptnemyaperP %05.8 4202,42rebmeceD naolmretgnitnuocsidlatneresaeL ebotsawtseretnidnaswolfhsacslatneresaelrep fognitsilehtottnausrupedamsitnemyaperpehtfi fo sesoprup eht rof ytilicaf nodetibednehwdnasa,sisabylhtnomnodecivres royltceridrehtie(reworrobehtfoserahsytiuqeeht denwo yllohw ni tnemtsevni )a( htnomehtfoyadtsaleht kcotsnaidnIanoynapmocgnidlohstiro)yltceridni fo tnemyap ro )sei(yraidisbus ehtgnidulcniTIvnIroTIERafognitsilroegnahcxe gniteemro/dnasesnepxegnitarepo otreworrobehtfostessaynaroserahsehtforefsnart stsoc detaler noitcasnart fo ;TIvnIroTIERhcus -retnifotnemyaperrognidivorp)b( lareneg )c( stisoped etaroproc rehto)d(ro/dnasesoprupetaroproc yb dettimrep eb yam sa sesoprup emitotemitmorfredneleht detimiLetavirPsrotlaeRCKBenO

90.335,91

00.076,91 3202,2hcraM stnemlatsni ylhtnom derutcurts 081 ni elbayapeR ailaretnielbacilppaebtonllahssegrahctnemyaperP %01.9 3202,42yraurbeF naolmretgnitnuocsidlatneresaeL knaBnaidnI .9 dnasadecivresebotsihcihwtseretnihtiwgnola nafosdeecorpehtmorfedamgniebtnemyaperpnopu fo esoprup eht rof ytilicaf eudnehw fognitsilehtroreworrobehtfognireffocilbuplaitini otdewotbedgnitsixegnicnanifer kcotsnaidnInanoreworrobehtfoserahsytiuqeeht stnuoma ecnalab dna srednel owt foserahsehtforefsnartehtottnausruproegnahcxe lareneg sdrawot noitazilitu rof yna ot tcejorp CKB enO eht ro reworrob eht sesoprupetaroproc ;aidnIniTIERrotsurterutcurtsarfni

63.531

00.054,1 *.A.N ni raey yreve ecnalab gnicuder no elbayapeR ailaretnielbacilppaebtonllahssegrahctnemyaperP %01.9 3202,42yraurbeF tfardrevognitnuocsidlatneresaeL tseretnihtiwgnolatnemyapernaolmretotnoitroporp nafosdeecorpehtmorfedamgniebtnemyaperpnopu fo esoprup eht rof ytilicaf eudnehwdnasadecivresebotsihcihw fognitsilehtroreworrobehtfognireffocilbuplaitini otdewotbedgnitsixegnicnanifer kcotsnaidnInanoreworrobehtfoserahsytiuqeeht stnuoma ecnalab dna srednel owt foserahsehtforefsnartehtottnausruproegnahcxe lareneg sdrawot noitazilitu rof yna ot tcejorp CKB enO eht ro reworrob eht ehtfotimil-bus(sesoprupetaroproc .aidnIniTIERrotsurterutcurtsarfni )evobaytilicafnaolmret 632gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS detimiLetavirPsrepoleveDairupralaS

45.03

00.001 9102,03tsuguA .stnemlatsniylhtnom49nielbayapeR gniebtnuomanaolehtfo%00.2otlauqetnuomanA %03.8 9102,62tsuguA selbaviecertnertsniaganaolmreT detimiLknaBCFDH .01 era segrahc erusolcerof on ,revewoH .diap-erp derucesnu fo tnemyaper sdrawot elas eht morf desolcerof si naol eht fi elbacilppa ytreporpfotnempeekpudnanaol .ynapmoc/ytreporpfosdeecorp detimiLetavirPretneClanoitanretnIenO

05.779,71

00.000,81 3202,1rebmevoN foyawybelbayaperstnuomalapicnirpgnidnatstuO rednustnuomagnidnatstuoyaperpyamreworrobehT %08.8 3202,2rebmetpeS /revoekatehtrofytilicafnaolmreT knaBlanoitaNbajnuP .11 laitiniehtretfastnemlatsniylhtnomderutcurts081 yb muimerp tnemyaperp yna tuohtiw ytilicaf eht naol mret gnitsixe fo gnicnanifer sa doirep emit dednetxe hcus ro etad nwodward foesacniailaretniecitonnettirwsyad03gnidivorp fo noitazilitu dna rednel a morf decivres eb ot tseretnI ;deerga yllautum ebyam /stessafonoitisiuqcaoteudgniebtnemyaperpeht larenegsdrawotstnuomagniniamer hcusrohtnomhcaefoetadtsalehtnoyletarapes ehtfoserahsehtroTIvnIroTIERarednuserahs sesnepxe .e.i( sesoprup etaroproc laitiniehtmorfdeergayllautumebyamsaetadrehto eratcejorpretneClanoitanretnIenOehtroreworrob ,sdeen latipac gnikrow rof etadytirutamehtllitetadtnemesrubsid roTIERafostessaehtotnidelooprofotrapedam fotnemyaper,sesnepxelanoitarepo gnitsilehtfotuognisirasdeecorpynamorfroTIvnI latipac ,ssendetbedni gnitsixe eht fo reffo cilbup laitini na ro reworrob eht fo rof naht rehto ,.cte ,erutidnepxe kcots dezingocer a no TIVNI/TIER ro reworrob )sesoprupevitaluceps .egnahcxe

29.981,1

00.000,2 *.A.N ni raey yreve ecnalab gnicuder no elbayapeR rednustnuomagnidnatstuoyaperpyamreworrobehT %08.8 3202,2rebmetpeS gnicuder a no( ytilicaf tfardrevO tseretnihtiwgnolatnemyapernaolmretotnoitroporp yb muimerp tnemyaperp yna tuohtiw ytilicaf eht naolmretehtfotimil-busasasisab eudnehwdnasadecivresebotsihcihw foesacniailaretniecitonnettirwsyad03gnidivorp sdrawot )evoba derrefer ytilicaf /stessafonoitisiuqcaoteudgniebtnemyaperpeht sesoprup etaroproc lareneg ehtfoserahsehtroTIvnIroTIERarednuserahs latipac gnikrow rof sesnepxe .e.i( eratcejorpretneClanoitanretnIenOehtroreworrob ,sesnepxe lanoitarepo ,sdeen roTIERafostessaehtotnidelooprofotrapedam gnitsixe fo tnemyaper gnitsilehtfotuognisirasdeecorpynamorfroTIvnI ,erutidnepxe latipac ,ssendetbedni eht fo reffo cilbup laitini na ro reworrob eht fo evitaluceps rof naht rehto ,.cte kcots dezingocer a no TIVNI/TIER ro reworroB )sesoprup .egnahcxe 633gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS

63.944,9 #00.005,11 4202,52lirpA foyawybelbayaperstnuomalapicnirpgnidnatstuO rednustnuomagnidnatstuoyaperpyamreworrobehT %08.8

4202.62hcraM esoprupehtrofytilicafnaolmreT laitiniehtretfastnemlatsniylhtnomderutcurts081 yb muimerp tnemyaperp yna tuohtiw ytilicaf eht niatrec fo gnicnanifer )a( fo sa doirep dednetxe rehto hcus ro etad nwodward ailaretniecitonnettirwsyadssenisub51gnidivorp eht fo ssendetbedni gnitsixe decivres eb ot tseretnI ;deerga yllautum ebyam fonoitisiuqcaoteudgniebtnemyaperpehtfoesacni noitcasnart gniteem )b( ;reworrob hcusrohtnomhcaefoetadtsalehtnoyletarapes foserahsehtroTIvnIroTIERarednuserahs/stessa rednurofdedivorpsesnepxedetaler laitiniehtmorfdeergayllautumebyamsaetadrehto eratcejorpretneCytinUenOehtroreworrobeht )c( stnemucod gnicnanif eht etadytirutamehtllitetadtnemesrubsid roTIERafostessaehtotnidelooprofotrapedam ro/dnaseinapmocpuorgottnemyap gnitsilehtfotuognisirasdeecorpynamorfroTIvnI ro tnemyaper ,seitrap detaler eht fo reffo cilbup laitini na ro reworrob eht fo etaroproc-retni fo tnemyap reworrobehtfoserahsehtroTIvnI/TIERroreworrob elbitrevnoc-non ,stisoped .egnahcxekcotsdezingoceranostessastiro elbitrevnoc-non dna serutnebed tseretniynafotnemyap)d(;sdnob etaroproc-retni ot noitaler ni elbitrevnoc-non ,stisoped ,sdnobelbitrevnocnon,serutnebed elbitrevnoc yliroslupmoc yllanoitpo ro serutnebed )e( ;)serutnebed elbitrevnoc secnavda ro snaol gnidnetxe -retni fo mrof eht ni gnidulcni puorg ot stisoped etaroproc ;seitrap detaler ro/dna seinapmoc )g( dna ;srotiderc ot tnemyap )f( sesoprup etaroproc lareneg rehto latipac gnikrow rof sesnepxe .e.i( ,sesnepxe lanoitarepo ,sdeen gnitsixe fo tnemyaper tnemhsibrufer ,ssendetbedni ,erutidnepxe latipac ,sesnepxe erutinruf ,tnempiuqe ni gnidulcni rof naht rehto ,.cte serutxif dna )sesoprupevitaluceps 634gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS detimiLetavirPretneCdlroWenO

82.544,22

00.005,22 3202,1rebmevoN foyawybelbayaperstnuomalapicnirpgnidnatstuO rednustnuomagnidnatstuoyaperpyamreworrobehT %08.8 3202,2rebmetpeS esoprupehtrofytilicafnaolmreT knaBlanoitaNbajnuP .21 laitiniehtretfastnemlatsniylhtnomderutcurts081 yb muimerp tnemyaperp yna tuohtiw ytilicaf eht niatrec fo gnicnanifer )a( fo yamsadoirepemitdednetxehcusroetadnwodward foesacniailaretniecitonnettirwsyad03gnidivorp eht fo ssendetbedni gnitsixe yletarapesdecivresebottseretnI;deergayllautumeb /stessafonoitisiuqcaoteudgniebtnemyaperpeht lareneg rehto )b( ;reworrob saetadrehtohcusrohtnomhcaefoetadtsalehtno ehtfoserahsehtroTIvnIroTIERarednuserahs sesnepxe .e.i( sesoprup etaroproc etadtnemesrubsidlaitiniehtmorfdeergayllautum edameratcejorpretneCdlroWenOehtroreworrob ,sdeen latipac gnikrow rof etadytirutamehtllit TIvnIroTIERafostessaehtotnidelooprofotrap fotnemyaper,sesnepxelanoitarepo ehtfognitsilehtfotuognisirasdeecorpynamorfro latipac ,ssendetbedni gnitsixe roreworrobehtforeffocilbuplaitininaroreworrob rofnahtrehto.e.i,.cte,erutidnepxe egnahcxekcotsdezingoceranoTIvnI/TIER )sesoprupevitaluceps

58.955

00.005,2 *.A.N ni raey yreve ecnalab gnicuder no elbayapeR rednustnuomagnidnatstuoyaperpyamreworrobehT %08.8 3202,2rebmetpeS gnicuder a no ytilicaf tfardrevO tseretnihtiwgnolatnemyapernaolmretotnoitroporp yb muimerp tnemyaperp yna tuohtiw ytilicaf eht mret eht fo timil-bus a sa( sisab eudnehwdnasadecivresebotsihcihw foesacniailaretniecitonnettirwsyad03gnidivorp ehtrof)evobaderreferytilicafnaol /stessafonoitisiuqcaoteudgniebtnemyaperpeht etaroproc lareneg fo esoprup ehtfoserahsehtroTIvnIroTIERarednuserahs gnikrowrofsesnepxe.e.i(sesoprup edameratcejorpretneCdlroWenOehtroreworrob ,sesnepxelanoitarepo,sdeenlatipac TIvnIroTIERafostessaehtotnidelooprofotrap gnitsixe fo tnemyaper ehtfognitsilehtfotuognisirasdeecorpynamorfro ,erutidnepxe latipac ,ssendetbedni roreworrobehtforeffocilbuplaitininaroreworrob evitalucepsrofnahtrehto.e.i,.cte egnahcxekcotsdezingoceranoTIvnI/TIER )sesoprup

05.799,1

00.000,2 4202,92rebmevoN foyawybelbayaperstnuomalapicnirpgnidnatstuO yaperp ot noitpo eht evah llahs reworrob ehT %08.8 4202,61rebmevoN eht rof ytilicaf naol mret eepuR laitiniehtretfastnemlatsniylhtnomderutcurts861 ytilicaf eht rednu snoitagilbo deruces gnidnatstuo puorgottnemyap)a(fosesoprup yamsadoirepemitdednetxehcusroetadnwodward 03gnidivorpybmuimerptnemyaperpynatuohtiw ,seitrap detaler ro/dna seinapmoc yletarapesdecivresebottseretnI;deergayllautumeb eht fo esac ni aila retni eciton nettirw roirp syad -retni fo tnemyap ro tnemyaper saetadrehtohcusrohtnomhcaefoetadtsalehtno serahs/stessafonoitisiuqcaoteudgniebtnemyaperp rehto )b( dna stisoped etaroproc etadtnemesrubsidlaitiniehtmorfdeergayllautum reworrobehtfoserahsehtroTIvnIroTIERarednu .e.i( sesoprup etaroproc lareneg etadytirutamehtllit rofotrapedameratcejorpretneCdlroWenOehtro ,noitcasnartnaolehtrofsesnepxe ynamorfroTIvnIroTIERafostessaehtotnideloop lanoitarepo,sdeenlatipacgnikrow roreworrobehtfognitsilehtfotuognisirasdeecorp ,sesnepxe tnemhsibrufer ,sesnepxe TIvnI/TIERroreworrobehtforeffocilbuplaitinina ni gnidulcni erutidnepxe latipac yltceridesachcaeni(egnahcxekcotsdezingocerano ,serutxif dna erutinruf ,tnempiuqe )yltceridniro evitalucepsrofnahtrehto.e.i,.cte )sesoprup detimiLetavirPkraPssenisuBaroxE

04.604,21

00.005,21 ,03 enuJ neewteB derutcurts081nielbayapererewstnuomalapicnirP ailaretnielbayapebtonllahsmuimerptnemyaperP %05.8 2202,12enuJ esoprupehtrofytilicafnaolmreT adoraBfoknaB .31 rebmeceDdna2202 htnom eno gninnigeb stnemlatsni ylhtnom pu pets fognitsilehtottnausrupedamsitnemyaperpehtfi lanigiro eht fo tnemyaper )a( fo 3202,11 eb ot saw tseretnI ;tnemesrubsid laitini eht retfa gnidloh sti ro reworrob eht fo serahs ytiuqe eht adoraBfoknaBmorfdeliavanaol tsalehtnodeilppanehwdnasayletarapesdecivres roegnahcxekcotsnaidnIdezingoceranoynapmoc ehtrofdeliavayllaitinisawhcihw .htnomehtfoetad eht fo stessa yna ro serahs eht fo refsnart eht gnitsixenafotnemyaperfoesoprup .aidnIniTIERaotreworrob dnaaidnIfoknaBetatShtiwnaol )b( sesoprup ssenisub lareneg rehto( sesoprup ssenisub lareneg )sesoprupevitalucepsnaht 635gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS detimiLetavirPskraPssenisuBotulP

40.679,1

00.000,2 3202,13yluJ ehtrofstnemlatsniylhtnomdetauqe06nielbayapeR eht rep sa eciton deriuqer gnidivorp ot tcejbuS %89.7 3202,52yluJ esoprupehtrofytilicafnaolmreT detimiLaidnIknaBSBD .41 tnecrep %05.0 fo etar a ta( sraey evif tsrif kaerbroytlaneptnemyaperpon,tnemeergaytilicaf gnitsixeniatrecfotnemyaper)a(fo ebottnuomaecnalabdna,)raeyhcaenoitazitroma tnemyaperpotnoitalernielbacilppaebllahsstsoc )b( ;reworrob eht fo seitilicaf .raeyhtfifehtfodneehttatnemyaptellubasadiaper kramhcneb.e.i(etadtesertseretninanoedamgnieb ,sesoprup etaroproc lareneg fI .)etad teser nigram tseretni ro etad teser ,ssenisub raluger rof gnidulcni ton era hcihw syad no edam gnieb si tnemyaperp gnikrow ,sesnepxe gnitarepo ybdetaluclacsatsockaerbneht,setadtesertseretni -retniro/dna,stnemeriuqerlatipac llahsrennamelbanosaeryllaicremmocaniredneleht rehto ot stisoped/snaol etaroproc txenehtllitdiaperpgniebtnuomaehtnodegrahceb fo noitaerc )c( ;seinapmoc puorg detaluclacebllahstsockaerbeht(etadtesertseretni ;tnuocca evreser ecivres tbed eht hcihwtnuomatseretnieht)i(hcihwybtnuomaehtsa ,stsoc noitcasnart fo tnemyap )d( smretehtottnausrupdeviecerevahdluohsredneleht esurehto)e(ro/dna,sesnepxe,seef etadehtmorfdoirepehtroftnemeergaytilicafehtfo emitmorfrednelehtybdettimrep fotnuomalapicnirpehtfotrapynarollafotpiecerfo emitot tseretnignideeccusyletaidemmiehtotytilicafeht lapicnirpehtdah,ytilicafehtfotcepsernietadteser yletaidemmi eht no diap neeb deviecer tnuoma tseretnieht)ii(sdeecxeetadtesertseretnignideeccus ybniatbootelbaebdluowrednelehthcihwtnuoma tnuoma lapicnirp eht ot lauqe tnuoma na gnicalp aidnIniknabgnidaelahtiwtisopednotiybdeviecer gniwollofyadssenisubehtnognitratsdoireparof yletaidemmiehtnognidnednayrevocerrotpiecer ).etadtesertseretnignideeccus yaperpotthgirehtevahllahsreworrobeht,rehtruF ehterofebllufnirotrapni,ytilicafgnidnatstuoeht ytlanep/muimerptnemyaperpynatuohtiw,etadeud tafoecitonnettirwroirpaottcejbus,tsockaerbro edamsitnemyaperp)a(fi,rednelehtotsyad03tsael sitnemyaperp)b(rorednelehtfosnoitcurtsniehtta ehtfohcaerbehtgnirucrohtiwgniylpmocrofedam ytilicaf eht ni deificeps stnanevoc laicnanif reworrobehtybedamsitnemyaperp)c(rotnemeerga ehtrednutnevetnemyaperpyrotadnamaottnausrup .tnemeergaytilicaf ehtotroirpsyad03tsaeltafoecitonnettirwroirpA reworroBehtybdedivorpebllahs,etadtnemyaperp ro elas ot tnausrup edam si tnemyaperp esac ni reworroBehtfostessaynaroserahsehtforefsnart dettimreP‘aotseitreporpdegagtromehtgnidulcni eht rednu denifed sa’TIER derosnopS enotskcalB .stnemucodytilicaf 636gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS

40.75

00.005 *.A.N gnissecorp ,tseretni deurcca htiw gnola elbayapeR eht rep sa eciton deriuqer gnidivorp ot tcejbuS %08.8 3202,52yluJ fotimil-busasa(ytilicaftfardrevO dnasesnepxe,seef,segrahc,tsoc,tseretnilanep,seef kaerbroytlaneptnemyaperpon,tnemeergaytilicaf derrefer ytilicaf naol mret eht sraey5.e.ironetehtfodneehttaseinomrehto tnemyaperpotnoitalernielbacilppaebllahsstsoc )a( fo esoprup eht rof )evoba kramhcneb.e.i(etadtesertseretninanoedamgnieb gnitsixe niatrec fo tnemyaper fI .)etad teser nigram tseretni ro etad teser )b( ;reworrob eht fo seitilicaf ton era hcihw syad no edam gnieb si tnemyaperp ,sesoprup etaroproc lareneg ybdetaluclacsatsockaerbneht,setadtesertseretni ,ssenisub raluger rof gnidulcni llahsrennamelbanosaeryllaicremmocaniredneleht gnikrow ,sesnepxe gnitarepo txenehtllitdiaperpgniebtnuomaehtnodegrahceb -retniro/dna,stnemeriuqerlatipac detaluclacebllahstsockaerbeht(etadtesertseretni rehto ot stisoped/snaol etaroproc hcihwtnuomatseretnieht)i(hcihwybtnuomaehtsa fo noitaerc )c( ;seinapmoc puorg smretehtottnausrupdeviecerevahdluohsredneleht ;tnuocca evreser ecivres tbed eht etadehtmorfdoirepehtroftnemeergaytilicafehtfo ,stsoc noitcasnart fo tnemyap )d( fotnuomalapicnirpehtfotrapynarollafotpiecerfo esurehto)e(ro/dna,sesnepxe,seef tseretnignideeccusyletaidemmiehtotytilicafeht emitmorfrednelehtybdettimrep lapicnirpehtdah,ytilicafehtfotcepsernietadteser emitot yletaidemmi eht no diap neeb deviecer tnuoma tseretnieht)ii(sdeecxeetadtesertseretnignideeccus ybniatbootelbaebdluowrednelehthcihwtnuoma tnuoma lapicnirp eht ot lauqe tnuoma na gnicalp aidnIniknabgnidaelahtiwtisopednotiybdeviecer gniwollofyadssenisubehtnognitratsdoireparof yletaidemmiehtnognidnednayrevocerrotpiecer ).etadtesertseretnignideeccus yaperpotthgirehtevahllahsreworrobeht,rehtruF ehterofebllufnirotrapni,ytilicafgnidnatstuoeht ytlanep/muimerptnemyaperpynatuohtiw,etadeud tafoecitonnettirwroirpaottcejbus,tsockaerbro edamsitnemyaperp)a(fi,rednelehtotsyad03tsael sitnemyaperp)b(rorednelehtfosnoitcurtsniehtta ehtfohcaerbehtgnirucrohtiwgniylpmocrofedam ytilicaf eht ni deificeps stnanevoc laicnanif reworrobehtybedamsitnemyaperp)c(rotnemeerga ehtrednutnevetnemyaperpyrotadnamaottnausrup .tnemeergaytilicaf roirpsyad)ytriht(03tsaeltafoecitonnettirwroirpA eht yb dedivorp eb llahs ,etad tnemyaperp eht ot ottnausrupedamsitnemyaperpesacnireworroB ehtfostessaynaroserahsehtforefsnartroelas a ot seitreporp degagtrom eht gnidulcni reworroB denifedsa’TIERderosnopSenotskcalBdettimreP‘ .stnemucodytilicafehtrednu 637gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS detimiLetavirPskraPssenisuBazirtAotulP

63.379,1 #00.005,2 neewteB foyawybelbayaperstnuomalapicnirpgnidnatstuO rednustnuomagnidnatstuoyaperpyamreworrobehT %06.8 4202,62rebmetpeS esoprupehtrofytilicafnaolmreT knaBlanoitaNbajnuP .51 4202,03rebmetpeS laitiniehtretfastnemlatsniylhtnomderutcurts081 yb muimerp tnemyaperp yna tuohtiw ytilicaf eht detaler noitcasnart gniteem )a( fo ,52 rebotcO dna sa doirep dednetxe rehto hcus ro etad nwodward ailaretniecitonnettirwsyadssenisub51gnidivorp eht rednu rof dedivorp sesnepxe 4202 decivres eb ot tseretnI ;deerga yllautum ebyam fonoitisiuqcaoteudgniebtnemyaperpfoesacehtni tnemyap )b( stnemucod gnicnanif hcusrohtnomhcaefoetadtsalehtnoyletarapes foserahsehtroTIvnIroTIERarednuserahs/stessa detalerro/dnaseinapmocpuorgot laitiniehtmorfdeergayllautumebyamsaetadrehto trapedameratcejorpenOhcetniFehtroreworrobeht fo tnemyap ro tnemyaper ,seitrap etadytirutamehtllitetadtnemesrubsid roTIvnIroTIERafostessaehtotnidelooprofo ,stisoped etaroproc-retni ehtfognitsilehtfotuognisirasdeecorpynamorf ,serutnebed elbitrevnoc-non roreworrobehtforeffocilbuplaitininaroreworrob yllanoitpo ,sdnob elbitrevnoc-non stessastiroreworrobehtfoserahsehtroTIvnI/TIER seitiruces ,serutnebed elbitrevnoc .egnahcxekcotsdezingocerano yna fo tnemyap )c( ;muimerp -retni ot noitaler ni tseretni elbitrevnoc-non,stisopedetaroproc ,sdnobelbitrevnoc-non,serutnebed elbitrevnoc yliroslupmoc yllanoitpo ro serutnebed )d( ;serutnebed elbitrevnoc secnavda ro snaol gnidnetxe -retni fo mrof eht ni gnidulcni puorg ot stisoped etaroproc ;seitrap detaler ro/dna seinapmoc latipac)f(;srotidercottnemyap)e( lareneg rehto )g( dna ;noitcuder sesnepxe .e.i( sesoprup etaroproc ,sdeen latipac gnikrow rof ,sesnepxe lanoitarepo latipac ,sesnepxe tnemhsibrufer ni gnidulcni erutidnepxe ,serutxif dna erutinruf ,tnempiuqe evitaluceps rof naht rehto ,cte )sesoprup 638gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS detimiLetavirPsrotlaeRebuQenO

00.001,1

00.005,1 ,81tsuguAneewteB eht no tnemyaper tellub a fo yaw yb elbayapeR eht yaperp ot noitpo eht evah llahs reworrob ehT %08.9 3202,82yluJ foesoprupehtrofnaolmreteepuR latipaCalriBaytidA .61 yraunaJ dna 3202 etadnwodwardlaitiniehtmorfshtnom63foyripxe nirollufniytilicafehtrednustnuomagnidnatstuo gnitsixe na fo gnicnanifer )a( *detimiL 4202,52 yllautumebyamsadoirepemitdednetxehcusro ro muimerp tnemyaperp fo tnemyap tuohtiw ,trap nireworrobehtybdeliavaytilicaf .deerga syad01foecitonroirpagnidivorpottcejbusytlanep )b(tcejorpebuQenOehtotnoitaler sawytilicafehT* fiailaretnideificepsesiwrehtosselnusrednelehtot mret gnol dna lamron gniteem morfdeliavayllaitini yna morf seitilicaf eht syaperp reworrob eht stnemeriuqer latipac gnikrow ecnaniFalriBaytidA ro/dna reworrob eht yb deliava tbed detanidrobus esoprup etaroproc lareneg )c( wonsihcihwdetimiL reffocilbuplaitinirognitsilfotuognisirasdeecorp & enituor aila retni gnidulcni otnidetamaglama /reworrobehtfoserahsehtfiro/dnareworrobehtyb ytreporp ,xepac ecnanetniam latipaCalriBaytidA ehtotnidelooprofotrapaedamerastessaderuces ecnanetniamaeranommoc,peekpu .detimiL .TIvnIroTIERafostessa tseretni ,xat ytreporp ,segrahc rof deriuqer seinom ,sesnepxe tseretni shtnom 3 gniniatniam dnatsocegarekorb,evreserecivres ralimis fo sesnepxe rehto yna otgniniatrepesachcaeni,erutan gniteem)d(;tcejorpebuQenOeht ehtotgnitalersesnepxednastsoc ehtrednudetalpmetnocnoitcasnart stnemucodgnicnanif

00.005,2

00.005,2 3202,81tsuguA %01.9 3202,62yluJ foesoprupehtrofnaolmreteepuR knaBtsriFCFDI .71 gnitsixe na fo gnicnanifer )a( detimiL nireworrobehtybdeliavaytilicaf ,tcejorpebuQenOehtotnoitaler ,stnemeriuqer latipac gnikrow )b( )d(ro/dna,erutidnepxelatipac)c( gnitalersesnepxednastsocgniteem detalpmetnoc noitcasnart eht ot stnemucodgnicnanifehtrednu

00.033

00.053 5202,42enuJ tellub a fo yaw yb elbayaper tnuoma lapicnirP niytilicafehtyaperpotdettimrepsireworrobehT %06.7 5202,32enuJ foesoprupehtrofnaolmreteepuR ardnihaMkatoK .81 ehtfoetadehtmorfshtnom21fodneehttatnemyap ynataytlaneptnemyaperpynatuohtiwtrapnirolluf etaroproc-retni fo tnemyaper )a( 9detimiLstnemtsevnI tnemesrubsidtsrif ehtotecitonroirpsyad51htiwronetehtgnirudemit niereht tseretni gnidulcni stisoped rednel detaler noitcasnart gniteem )b( gniteem)c(dnastsocdnasesnepxe stnemeriuqer latipac gnikrow dna sesnepxe tseretni gnidulcni cte,erutidnepxelatipac 639gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS detimiLetavirPnoziroHavttaS

57.929

00.004,2 ,1rebotcOneewteB derutcurts 081 ni elbayaper stnuoma lapicnirP eht yaperp ot noitpo eht evah llahs reworrob ehT %51.8 4202,42rebmetpeS foesoprupehtrofnaolmreteepuR 4detimiLknaBICICI .91

78.994 yraurbeF dna 4202 hcae fo etad tsal eht morf stnemlatsni ylhtnom nirollufniytilicafehtrednustnuomagnidnatstuo fo naol gnitsixe fo tnemyaper )i(

59.749 5202,4 ;tnemesrubsid fo etad eht retfa htnom radnelac ro muimerp tnemyaperp fo tnemyap tuohtiw ,trap sdrawot )ii( detimiL knaB ICICI hcaefoetadtsalehtnoyletarapesdiapebottseretnI eht syaperp reworrob eht fi aila retni ytlanep tsocgnihsinifehtfognicnaniftrap htnomradnelac eht fo gnireffo cilbup laitini na morf seitilicaf avttaS eht fo erahs s’reworrob fo ehtfoserahsytiuqeehtfognitsilehtroreworrob sdrawot )iii( tcejorp noziroH ottnausruproaidnIniegnahcxekcotsanoreworrob /dnuf sretomorp fo tnemyaper eht ro reworrob eht fo serahs fo refsnart eht detaler morf snaol derucesnu ynaottcejorpnoziroHavttaSehtfoerahss’reworrob gniogno sdrawot )vi( seitrap hcus taht dedivorp aidnI ni TIER ro TIvnI ynapmoc puorg fo stcejorp ro tneve hcus fo emit eht ta sneppah tnemyaperp sesnepxedetalernoitcasnart)v( hcusfognineppahfoetadehtmorfshtnom3nihtiw tneve

32.284

00.000,1 *.A.N noitcudertfardrevofoeludehcsehtrepsaelbayapeR eht yaperp ot noitpo eht evah llahs reworrob ehT %56.8 4202,42rebmetpeS a sa( ytilicaf tfardrevo enilporD diap eb ot tseretnI ;shtnom 081 fo doirep a revo nirollufniytilicafehtrednustnuomagnidnatstuo ytilicafnaolmretehtfotimil-bus tneuqesbus hcae fo etad dnoces eht no yletarapes ro muimerp tnemyaperp fo tnemyap tuohtiw ,trap eht sdrawot )evoba derrefer htnom eht syaperp reworrob eht fi aila retni ytlanep eht fo sesnepxe fo sesoprup eht fo gnireffo cilbup laitini na morf seitilicaf avttaS eht fo erahs s’reworrob ehtfoserahsytiuqeehtfognitsilehtroreworrob ytirucesfodnufer,tcejorpnoziroH ottnausruproaidnIniegnahcxekcotsanoreworrob latipac gnikrow ,tisoped eht ro reworrob eht fo serahs fo refsnart eht reworrobehtfotnemeriuqer ynaottcejorpnoziroHavttaSehtfoerahss’reworrob hcus taht dedivorp aidnI ni TIER ro TIvnI ro tneve hcus fo emit eht ta sneppah tnemyaperp hcusfognineppahfoetadehtmorfshtnom3nihtiw tneve detimiLetavirPsrepoleveDnedraGansseC

45.453,02

00.005,02 4202,03rebmetpeS nostnemlatsniylhtnomderutcurts081nielbayapeR ytilicafehtyaperpllufnirotrapniyamreworrobehT %58.8 4202,62rebmetpeS naolmretgnitnuocsidlatneresaeL 5aidnIfoknaBetatS .02 nihtnommorfgninnigebhtnomhcaefoyadtsaleht tnemyaperpoN.syad51foecitonnettirwroirpahtiw na fo tnemyaper rof ytilicaf tnemyapeRedamsawtnemesrubsidtsrifehthcihw eht fi aila retni elbacilppa eb llahs muimerp eht yb deliava ytilicaf gnitsixe htiwesaercedroesaercniottcejbussitnemllatsni cilbup laitini na ot tnausrup edam si tnemyaperp rof ,noitcuder latipac ,reworrob dna etar tseretni elbacilppa ni noisiver evitceffe ytiuqeehtfognitsilehtroreworrobehtybgnireffo etaroproc-retni fo noisnetxe .daerps kcots dezingocer a no reworrob eht fo serahs etaroproclarenegteemotstisoped serahss’reworrobehtforefsnartroaidnIniegnahcxe ,sesnepxe tnemhsibrufer ,sesoprup kraPssenisuBansseCehtforefsnartottnausrupro latipac ,sesnepxe latipac gnikrow tahtdedivorp,aidnIniTIvnIroTIERaottcejorp erutinruf,tnempiuqenierutidnepxe fo emit eht ta edam neeb sah tnemyaper hcus cte,serutxifdna morfshtnom3nihtiwro,tnevehcusfoecnerrucco tnevehcusfoecnerruccofoetadeht

78.75

00.000,5 *.A.N ni raey yreve ecnalab gnicuder no elbayapeR ytilicafehtyaperpllufnirotrapniyamreworrobehT %58.8 4202,62rebmetpeS fotimil-busasa(ytilicaftfardrevO tseretnihtiwgnolatnemyapernaolmretotnoitroporp tnemyaperpoN.syad51foecitonnettirwroirpahtiw derrefer ytilicaf naol mret eht eudnehwdnasadecivresebotsihcihw eht fi aila retni elbacilppa eb llahs muimerp gnitsixenafotnemyaperrof)evoba cilbup laitini na ot tnausrup edam si tnemyaperp ,reworrob eht yb deliava ytilicaf ytiuqeehtfognitsilehtroreworrobehtybgnireffo fonoisnetxerof,noitcuderlatipac kcots dezingocer a no reworrob eht fo serahs teem ot stisoped etaroproc-retni serahss’reworrobehtforefsnartroaidnIniegnahcxe ,sesoprup etaroproc lareneg kraPssenisuBansseCehtforefsnartottnausrupro gnikrow ,sesnepxe tnemhsibrufer tahtdedivorp,aidnIniTIvnIroTIERaottcejorp latipac ,sesnepxe latipac fo emit eht ta edam neeb sah tnemyaper hcus erutinruf,tnempiuqenierutidnepxe morfshtnom3nihtiwro,tnevehcusfoecnerrucco cte,serutxifdna tnevehcusfoecnerruccofoetadeht 640gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS detimiLetavirPkraPssenisuBenOomsoK

56.758,5

00.029,5 ,82hcraMneewteB nostnemlatsniylhtnomderutcurts081nielbayapeR ytilicafehtyaperpllufnirotrapniyamreworrobehT %55.8 4202,12yraurbeF naolmretgnitnuocsidlatneresaeL 5aidnIfoknaBetatS .12 ,81 yluJ dna 4202 nihtnommorfgninnigebhtnomhcaefoyadtsaleht .syad51foecitonnettirwroirpahtiw gnitsixe na fo tnemyaper rof 4202 tnemyapeR.edamsawtnemesrubsidtsrifehthcihw retni elbacilppa eb llahs muimerp tnemyaperp oN ,reworrob eht yb deliava ytilicaf htiwesaercedroesaercniottcejbussitnemllatsni laitininaottnausrupedamsitnemyaperpehtfiaila lareneg rof ,noitcuder latipac dna etar tseretni elbacilppa ni noisiver evitceffe ehtfognitsilehtroreworrobehtybgnireffocilbup sdrawot ,sesoprup etaroproc .daerps kcotsdezingoceranoreworrobehtfoserahsytiuqe ,sesnepxe detaler noitcasnart serahss’reworrobehtforefsnartroaidnIniegnahcxe ,sesnepxe detaler latipac gnikrow aottcejorpenOomsoKehtforefsnartottnausrupro evreser ecivres tbed fo noitaerc tnemyaperhcustahtdedivorp,aidnIniTIvnIroTIER ,sesnepxe tnemhsibrufer ,tnuocca hcus fo ecnerrucco fo emit eht ta edam neeb sah ,tnempiuqe ni erutidnepxe latipac ecnerruccofoetadehtmorfshtnom3nihtiwro,tneve cte,serutxifdnaerutinruf tnevehcusfo

62.995

00.084,1 *.A.N eb llahs ytilicaf tfardrevo eht rednu stimil ehT ytilicafehtyaperpllufnirotrapniyamreworrobehT %55.8 4202,12yraurbeF mretfotimil-bus(ytilicaftfardrevO fotnemyaperehtotnoitroporpniyllaunnadecuder .syad51foecitonnettirwroirpahtiw tnemyaperrof)evobaytilicafnaol .ytilicaf naol mret gnitnuocsid latner esael eht retni elbacilppa eb llahs muimerp tnemyaperp oN ehtybdeliavaytilicafgnitsixefo eudnehwdnasadecivresebottseretnI laitininaottnausrupedamsitnemyaperpehtfiaila rof ,noitcuder latipac ,reworrob ehtfognitsilehtroreworrobehtybgnireffocilbup ,sesoprup etaroproc lareneg kcotsdezingoceranoreworrobehtfoserahsytiuqe detaler noitcasnart sdrawot serahss’reworrobehtforefsnartroaidnIniegnahcxe detaler latipac gnikrow ,sesnepxe aottcejorpenOomsoKehtforefsnartottnausrupro ecivrestbedfonoitaerc,sesnepxe tnemyaperhcustahtdedivorp,aidnIniTIvnIroTIER tnemhsibrufer ,tnuocca evreser hcus fo ecnerrucco fo emit eht ta edam neeb sah ni erutidnepxe latipac ,sesnepxe ecnerruccofoetadehtmorfshtnom3nihtiwro,tneve ,serutxif dna erutinruf ,tnempiuqe tnevehcusfo cte detimiLetavirPerutcurtsarfnIatihsraD

49.71

05.22 1202,22yluJ derutcurts 521 ni diaper eb ot stnuoma lapicnirP ehtfotnuomalapicnirpno%00.1otlauqetnuomanA %05.8 1202,22yluJ rofdeliavaytilicafnaolmreteepuR 4detimiLknaBICICI .22

13.991

00.052 ,03tsuguAmorfgnicnemmocstnemlatsniylhtnom gnivigreworrobehtottcejbusdiaperpgniebytilicaf foesoprupeht

13.991

00.052 ylhtnomanodecivresebotstnuomatseretnI;1202 .ecitonnettirwroirpsyad51redneleht derucesnu fo tnemyaper )a(

13.991

00.052 .sisab retni elbacilppa eb llahs muimerp tnemyaperp oN eht morf deliava snaol

71.932

00.003 ehtfostessaehtroreworrobehtfoserahsehtfiaila eht fo seitrap detaler eratcejorplatipaCegdelwonKavttaSehtroreworrob nrutnierewhcihwreworrob roTIERafostessaehtotnidelooprofotrapaedam fognicnaniferehtrofdezilitu .TIvnI morfdeliavaseitilicaftiderc naotpudetimiLknaBsixA noillim00.005₹fotnuoma stsoc fo tnemesrubmier )b( a ot noitaler ni derrucni avttaS eht fo noitrop tcejorp latipaC egdelwonK noillim00.005₹otpu trapsdrawottnuomaecnalab )c( ehtfotsocecnalabgnicnanif niatrec fo tnempoleved avttaS fo snoitrop dna latipaC egdelwonK .sesnepxedetalernoitcasnart

24.811

00.051 1202,22yluJ derutcurts 021 ni diaper eb ot stnuoma lapicnirP ehtfotnuomalapicnirpno%00.1otlauqetnuomanA %05.8 1202,22yluJ eht rof ytilicaf naol mret eepuR

48.161

00.502 ,03tsuguAmorfgnicnemmocstnemlatsniylhtnom gnivigreworrobehtottcejbusdiaperpgniebytilicaf ecnalabgnicnaniftrapfoesoprup ylhtnomanodecivresebotstnuomatseretnI;1202 .ecitonnettirwroirpsyad51redneleht niatrecfotnempolevedehtfotsoc .sisab retni elbacilppa eb llahs muimerp tnemyaperp oN egdelwonK avttaS fo snoitrop ehtfostessaehtroreworrobehtfoserahsehtfiaila detaler noitcasnart dna latipaC eratcejorplatipaCegdelwonKavttaSehtroreworrob sesnepxe roTIERafostessaehtotnidelooprofotrapaedam .TIvnI 641gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS

08.074

05.275 1202,03rebmetpeS derutcurts 021 ni diaper eb ot stnuoma lapicnirP ehtfotnuomalapicnirpno%00.1otlauqetnuomanA %05.8 1202,22yluJ rofdeliavaytilicafnaolmreteepuR ,03yraunaJmorfgnicnemmocstnemlatsniylhtnom gnivigreworrobehtottcejbusdiaperpgniebytilicaf foesoprupeht ylhtnomanodecivresebotstnuomatseretnI;2202 .ecitonnettirwroirpsyad51redneleht derucesnu fo tnemyaper )a( .sisab retni elbacilppa eb llahs muimerp tnemyaperp oN LPRDehtmorfdeliavasnaol ehtfostessaehtroreworrobehtfoserahsehtfiaila

00.004₹fotnuomanaotpu eratcejorplatipaCegdelwonKavttaSehtroreworrob noillim roTIERafostessaehtotnidelooprofotrapaedam trapsdrawottnuomaecnalab )b( .TIvnI ehtfotsocecnalabgnicnanif niatrec fo tnempoleved egdelwonKavttaSfonoitrop noitcasnart dna latipaC .sesnepxedetaler

49.081

00.002 rebotcO neewteB ylhtnom 861 ni elbayaper stnuoma lapicnirP ehtfotnuomalapicnirpno%00.1otlauqetnuomanA %05.8 1202,22yluJ eht rof ytilicaf naol mret eepuR

95.554

00.005 enuJ dna 1202 ,92 ni,1202,03rebotcOmorfgnicnemmocstnemlatsni gnivigreworrobehtottcejbusdiaperpgniebytilicaf foesoprup

14.922

00.052 2202,03 ,92rebotcOllitdesrubsidstnuomalapicnirpfoesac .ecitonnettirwroirpsyad51redneleht derucesnu fo tnemyaper )i(

22.032

00.052 ;1202 retni elbacilppa eb llahs muimerp tnemyaperp oN niLPRDmorfdeliavasnaol

14.450,2

00.002,2 ylhtnom 651 ni elbayaper stnuoma lapicnirP ehtfostessaehtroreworrobehtfoserahsehtfiaila tnempoleved eht ot noitaler tnemyaper tsrif eht morf gnicnemmoc stnemlatsni eratcejorplatipaCegdelwonKavttaSehtroreworrob egdelwonKavttaSehtfotsoc fo esac ni ,tnemesrubsid tnaveler eht retfa etad roTIERafostessaehtotnidelooprofotrapaedam ot pu tcejorp latipaC ,03 rebotcO retfa/no desrubsid stnuoma lapicnirp .TIvnI ;noillim00.000,2₹ .1202 morf tbed fo tnemyaper )ii( sisabylhtnomanodecivresebotstnuomatseretnI otpudetimiLknaBlaredeF noillim00.005₹ eht fo sesnepxe gnihsinif )iii( latipaC egdelwonK avttaS noillim00.004₹otputcejorp sdrawot tnuoma ecnalab )vi( otsnaolderucesnugnidivorp gnidulcni seinapmoc puorg rehtrufdluowhcihw,LPRW sdrawotsdeecorphcusezilitu stcejorp fo tnempoleved egdelwonKavttaSgnidulcni kraP LPRD yb deviecer tnuoma ehT* sdrawotdeziliturehtrufebotsaw knaBetatSmorftbedfotnemyaper rimhsaKdnaummaJehT,aidnIfo .detimiLknaBCFDHdna,knaB

25.845

00.575 *.A.N anidecuderdnatsllahsytilicafehtrednutimilehT ehtfotnuomalapicnirpno%00.1otlauqetnuomanA %06.8 1202,22yluJ foesoprupehtrofytilicaftfardrevO

14.6

00.52 .’setadnoitcudertfardrevo‘02norennamderutcurts gnivigreworrobehtottcejbusdiaperpgniebytilicaf ecnanetniam dna tnempoleved ynataytilicafehtyaperotdeltitnesireworrobehT .ecitonnettirwroirpsyad51redneleht ot dna reworrob eht fo sesnepxe tsal eht llit tnemesrubsid fo etad eht morf emit retni elbacilppa eb llahs muimerp tnemyaperp oN fostcejorpehtfosesnepxeehtteem 5302,03rebmetpeS.e.ietadnoitcudertfardrevo ehtfostessaehtroreworrobehtfoserahsehtfiaila avttaSgnidulcniseinapmocpuorg eratcejorplatipaCegdelwonKavttaSehtroreworrob kraPegdelwonK roTIERafostessaehtotnidelooprofotrapaedam .TIvnI 642gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS

27.999,2

00.002,3 *.A.N eht fo noitpo eht ta elbayaper tnuoma lapicnirP liN %02.7 5202,32enuJ tisoped dexif tsniaga tfardrevO 8detimiLknaBSEY .32 ehtforonethtnom21ehtnihtiwemitynatareworrob tnemyaperfoesoprupehtsdrawot yletarapesdecivresebotsitseretnidna,naol erew hcihw snaol derucesnu fo sdrawot dezilitu yletamitlu ,xepodnatcejorpfotnempoleved IBRybdetibihorpton

62.402

00.052 *.A.N derutcurts 081 ni elbayaper tnuoma lapicnirP liN %05.7 0202,82lirpA enilpord gnitnuocsid latner esaeL detimiLknaBlaredeF .42 decivresebottnuomatseretnI.stnemlatsniylhtnom foesoprupehtrofytilicaftfardrevo .detibednehwdnasaylhtnom stnemeriuqerssenisub

19.627

00.068 0202,2enuJ derutcurts 081 ni elbayaper tnuoma lapicnirP liN %05.7 0202,82lirpA naolmretgnitnuocsidlatneresaeL decivresebottnuomatseretnI.stnemlatsniylhtnom ssenisubfoesoprupehtrofytilicaf .detibednehwdnasaylhtnom stnemeriuqer

82.212,1

00.095,1 ,0202 ,2 enuJ derutcurts 071 ni elbayaper tnuoma lapicnirP liN %05.7 0202,82lirpA naolmretgnitnuocsidlatneresaeL 1202,32yraurbeF 01fodoirepmuirotaromretfastnemlatsniylhtnom ssenisubfoesoprupehtrofytilicaf tseretnI.timilehtfotnemesrubsidtsrifmorfshtnom stnemeriuqer .detibednehwdnasaylhtnomdecivresebottnuoma

57.93

00.05 *.A.N derutcurts 071 ni elbayaper tnuoma lapicnirP liN %05.7 0202,82lirpA enilpord gnitnuocsid latner esaeL 01fodoirepmuirotaromretfastnemlatsniylhtnom foesoprupehtrofytilicaftfardrevo tseretnI.timilehtfotnemesrubsidtsrifmorfshtnom stnemeriuqerssenisub .detibednehwdnasaylhtnomdecivresebottnuoma

92.683

00.054 0202,2enuJ derutcurts 071 ni elbayaper saw tnuoma lapicnirP liN %05.7 0202,82lirpA naolmretgnitnuocsidlatneresaeL 3detimiLknaBsixA .52 01fodoirepmuirotaromretfastnemlatsniylhtnom ssenisubfoesoprupehtrofytilicaf yb timil eht fo tnemesrubsid tsrif morf shtnom stnemeriuqer ehtfotnemngissaehtotroirpdetimiLknaBlaredeF muirotaromhcus(detimiLknaBsixAforovafninaol .)tnemngissa eht ot roirp detaitini gnivah doirep nehwdnasaylhtnomdecivresebottnuomatseretnI .detibed

75.243

00.054 0202,2enuJ derutcurts 081 ni elbayaper tnuoma lapicnirP liN %05.7 0202,82lirpA naolmretgnitnuocsidlatneresaeL stimilfotnemesrubsidehtmorfstnemlatsniylhtnom ssenisubfoesoprupehtrofytilicaf fotnemngissaehtotroirpdetimiLknaBlaredeFyb stnemeriuqer tseretnI .detimiL knaB sixA fo rovaf ni naol eht .detibednehwdnasaylhtnomdecivresebottnuoma

97.661

00.052 *.A.N derutcurts 071 ni elbayaper tnuoma lapicnirP liN %05.7 0202,82lirpA tfardrevognitnuocsidlatneresaeL 01fodoirepmuirotaromretfastnemlatsniylhtnom ssenisubfoesoprupehtrofytilicaf yb timil eht fo tnemesrubsid tsrif morf shtnom stnemeriuqer ehtfotnemngissaehtotroirpdetimiLknaBlaredeF muirotaromhcus(detimiLknaBsixAforovafninaol .)tnemngissa eht ot roirp detaitini gnivah doirep nehwdnasaylhtnomdecivresebottnuomatseretnI .detibed 643gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS detimiLetavirPgnisuoHatihsraD

25.996,3

00.007,3 *.A.N eht fo noitpo eht ta elbayaper tnuoma lapicnirP liN %02.7 5202,02enuJ tisoped dexif tsniaga tfardrevO 8detimiLknaBSEY .62 ehtforonethtnom21ehtnihtiwemitynatareworrob tnemyaperfoesoprupehtsdrawot yletarapesdecivresebotsitseretnidna,naol erew hcihw snaol derucesnu fo sdrawot dezilitu yletamitlu ,xepodnatcejorpfotnempoleved IBRybdetibihorpton detimiLetavirPskraphceTVG

70.188,8

00.005,31 0202,72hcraM morfgninnigebylhtnomderutcurts861nielbayapeR rednelehtotelbayapebllahsytlaneptnemyaperpoN %00.9 9102,81rebmevoN fo esoprup eht rof naol mreT 5aidnIfoknaBetatS .72 .edamsawtnemesrubsidtsrifehthcihwnihtnomeht rednutnuomagnidnatstuoehtfotnemyaperpnopu gnitsixe fo tnemyaperp/tnemyaper nisegnahcottcejbuserastnemlatsnitnemyaperehT edam si tnemyap-erp eht fi aila retni ,ytilicaf eht seitilicaf .etartseretnielbacilppa reworrobehtybgnireffocilbuplaitininaottnausrup roreworrobehtfoserahsytiuqeehtfognitsilehtro a no )tceridni ro tcerid( ynapmoc gnidloh sti ehtforefsnartroaidnIniegnahcxekcotsdezingocer roTIERynaotreworrobehtfostessaynaroserahs .aidnIniTIvnI

00.013

00.013 5202,3yraurbeF dnamednoelbayapeR liN – – fo esoprup eht sdrawot ecnavdA seitreporPairupralaS .82 stnemeriuqerssenisub detimiLetavirP detimiLetavirPnoclaeRediwdlroW

97.677,2

57.869,2 3202,13yaM stnemlatsni ylhtnom derutcurts 651 ni elbayapeR llanidiaperptnuomaehtfo%5.0otlauqetnuomanA %03.8 3202,62yaM fo esoprup eht rof naol mreT 3detimiLknaBsixA .92 rood-ot-rood(shtnom3fomuirotaromlaitininaretfa syaperpreworrobehtesacniailaretnitpecxe,sesac snaolgnitsixeniatrecfotnemyaper )sraey51foronet rognitsilfotuognisirasdeecorpmorfseitilicafeht sesnepxe dna stsoc gniteem dna eht fi ro/dna reworrob eht yb reffo cilbup laitini noitcasnart eht ot gnitaler foynarostessaderucesehtroreworrobehtfoserahs gnicnanif eht rednu detalpmetnoc delooprofotrapedamerastessarehtos’reworrobeht stnemucod ,esac hcae ni ,TIvnI roTIER a fo stessa eht otni .yltceridniroyltcerid

34.951

00.007 *.A.N ,llufnidiapersievobanaolmretehtretfaelbayapeR llanidiaperptnuomaehtfo%5.0otlauqetnuomanA %03.8 3202,62yaM foesoprupehtrofytilicaftfardrevO ht951 morf gnitrats stnemlatsni derutcurts 22 ni syaperpreworrobehtesacniailaretnitpecxe,sesac gnitsixe niatrec fo tnemyaper )i( tnemesrubsidfohtnom rognitsilfotuognisirasdeecorpmorfseitilicafeht dna stsoc gniteem )ii( ,snaol eht fi ro/dna reworrob eht yb reffo cilbup laitini noitcasnartehtotgnitalersesnepxe foynarostessaderucesehtroreworrobehtfoserahs gnicnanif eht rednu detalpmetnoc delooprofotrapedamerastessarehtos’reworrobeht tbed fo noitaerc )iii( ,stnemucod ,esac hcae ni ,TIvnI roTIER a fo stessa eht otni ecivrestseretnidnaevreserecivres .yltceridniroyltcerid ehtsdrawottnemyap)vi(,evreser kraP egdelwonK avttaS gnidnep tifgnidulcni(krowdetalertcejorp )stuo

07.535,7

52.185,7 ,8 yluJ neewteB stnemlatsniylhtnom081nielbayapeR llanidiaperptnuomaehtfo%5.0otlauqetnuomanA %55.8 4202,72enuJ fo esoprup eht rof naol mreT yraunaJ dna 4202 syaperpreworrobehtesacniailaretnitpecxe,sesac gniriter niatrec fo tnemyaper )i( 5202,13 rognitsilfotuognisirasdeecorpmorfseitilicafeht dna stsoc gniteem )ii( ,seitilicaf eht fi ro/dna reworrob eht yb reffo cilbup laitini noitcasnartehtotgnitalersesnepxe foynarostessaderucesehtroreworrobehtfoserahs gnicnanif eht rednu detalpmetnoc delooprofotrapedamerastessarehtos’reworrobeht tbed fo noitaerc )iii( ,stnemucod ,esac hcae ni ,TIvnI roTIER a fo stessa eht otni ecivrestseretnidnaevreserecivres .yltceridniroyltcerid ehtsdrawottnemyap)vi(,evreser kraP egdelwonK avttaS gnidnep tifgnidulcni(krowdetalertcejorp fo tnemyaper )v( dna )stuo ro snaol ynapmoc puorg/retomorp eht yb deliava snaol rehto yna reworrob 644gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS

24.170,2

52.102,2 73202,13yaM stnemlatsni ylhtnom derutcurts 771 ni elbayapeR llanidiaperptnuomaehtfo%5.0otlauqetnuomanA %08.7 73202,62yaM fo esoprup eht rof naol mreT ecnaniFgnisuoHjajaB .03 dlosnwod(shtnom3fomuirotaromlaitininaretfa syaperpreworrobehtesacniailaretnitpecxe,sesac snaolgnitsixeniatrecfotnemyaper detimiL )knaBsixAmorf rognitsilfotuognisirasdeecorpmorfseitilicafeht sesnepxe dna stsoc gniteem dna eht fi ro/dna reworrob eht yb reffo cilbup laitini noitcasnart eht ot gnitaler foynarostessaderucesehtroreworrobehtfoserahs gnicnanif eht rednu detalpmetnoc delooprofotrapedamerastessarehtos’reworrobeht stnemucod ,esac hcae ni ,TIvnI roTIER a fo stessa eht otni .yltceridniroyltcerid

92.274,4

57.845,4 ,03 enuJ neewteB stnemlatsniylhtnom081nielbayapeR llanidiaperptnuomaehtfo%5.0otlauqetnuomanA %55.8 4202,72enuJ fo esoprup eht rof naol mreT yraunaJ dna 4202 syaperpreworrobehtesacniailaretnitpecxe,sesac gniriter niatrec fo tnemyaper )i( 5202,13 rognitsilfotuognisirasdeecorpmorfseitilicafeht dna stsoc gniteem )ii( ,seitilicaf eht fi ro/dna reworrob eht yb reffo cilbup laitini noitcasnartehtotgnitalersesnepxe foynarostessaderucesehtroreworrobehtfoserahs gnicnanif eht rednu detalpmetnoc delooprofotrapedamerastessarehtos’reworrobeht tbed fo noitaerc )iii( ,stnemucod ,esac hcae ni ,TIvnI roTIER a fo stessa eht otni ecivrestseretnidnaevreserecivres .yltceridniroyltcerid ehtsdrawottnemyap)vi(,evreser kraP egdelwonK avttaS gnidnep tifgnidulcni(krowdetalertcejorp fo tnemyaper )v( dna )stuo ro snaol ynapmoc puorg/retomorp eht yb deliava snaol rehto yna reworrob

59.941,1

00.003,1 *.A.N eht fo noitpo eht ta elbayaper tnuoma lapicnirP liN %02.7 5202,52enuJ tisoped dexif tsniaga tfardrevO 8detimiLknaBSEY .13 ehtforonethtnom21ehtnihtiwemitynatareworrob tnemyaperfoesoprupehtsdrawot yletarapesdecivresebotsitseretnidna,naol erew hcihw snaol derucesnu fo sdrawot dezilitu yletamitlu ,xepodnatcejorpfotnempoleved IBRybdetibihorpton 645gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS )detimiLetavirPsrotlaeRiyamnagaJsanwonkylremrof(detimiLetavirPertneCegdelwonKavttaS

43.165,1

00.053,3 5202,4lirpA derutcurts 081 ni elbayaper stnuoma lapicnirP eht yaperp ot noitpo eht evah llahs reworrob ehT %56.8 4202,51enuJ sdrawot ytilicaf naol mret eepuR 4detimiLknaBICICI .23

83.887,1 hcae fo etad tsal eht morf stnemlatsni ylhtnom nirollufniytilicafehtrednustnuomagnidnatstuo a ot tnemyap )a( fo sesoprup eht ;tnemesrubsid fo etad eht retfa htnom radnelac ro muimerp tnemyaperp fo tnemyap tuohtiw ,trap niatrecfonoitisiuqcarofytrapdriht hcaefoetadtsalehtnoyletarapesdiapebottseretnI eht syaperp reworrob eht fi aila retni ytlanep ehtybdlehaeraelbasaelfoerahs htnomradnelac eht fo gnireffo cilbup laitini na morf seitilicaf egdelwonKavttaSehtnireworrob ehtfoserahsytiuqeehtfognitsilehtroreworrob fo tnemyaper )b( tcejorp latipaC ottnausruproaidnIniegnahcxekcotsanoreworrob morf deliava snaol derucesnu eht ro reworrob eht fo serahs fo refsnart eht tsocnoitisiuqcarof*seitrapdetaler ynaottcejorpnoziroHavttaSehtfoerahss’reworrob avttaS eht fo noitop niatrec ni hcus taht dedivorp aidnI ni TIER ro TIvnI tcejorp latipaC egdelwonK ro tneve hcus fo emit eht ta sneppah tnemyaperp detalernoitcasnartehtgniteem)c( hcusfognineppahfoetadehtmorfshtnom3nihtiw sesnepxe tneve seitrapdetalerotdiaptnuomaehT* gnicnaniftraprofdesilituebotsaw gnidulcxe( stcejorp gniogno fo tnempoleved elbarefsnart ,dnal xedniecapsroolfdna)RDT(sthgir rieht gnicnanifer ro )tsoc )ISF( gniteem ro seitilicaf gniknab rieht ro erutidnepxe latipac sesnepxeetaroproc

38.122

00.052 *.A.N tnemesrubsidfoetadehtmorfemitynataelbayapeR eht yaperp ot noitpo eht evah llahs reworrob ehT %56.8 4202,51enuJ a sa( ytilicaf tfardrevo enilporD fo eludehcs eht rep sa etad noitcuder tsal eht llit nirollufniytilicafehtrednustnuomagnidnatstuo ytilicafnaolmretehtfotimil-bus roshtnom081fodoireparevonoitcudertfardrevo ro muimerp tnemyaperp fo tnemyap tuohtiw ,trap gniteemfosesoprupehtrof)evoba ehtfossecxenistnuomA;rednelehtfodnamednopu eht syaperp reworrob eht fi aila retni ytlanep sesnepxes’reworrobeht setad noitcuder eht no stimil noitcuder evitcepser eht fo gnireffo cilbup laitini na morf seitilicaf .segrahcdnatseretnihtiwgnolaelbayapeboslallahs ehtfoserahsytiuqeehtfognitsilehtroreworrob ottnausruproaidnIniegnahcxekcotsanoreworrob eht ro reworrob eht fo serahs fo refsnart eht ynaottcejorpnoziroHavttaSehtfoerahss’reworrob hcus taht dedivorp aidnI ni TIER ro TIvnI ro tneve hcus fo emit eht ta sneppah tnemyaperp hcusfognineppahfoetadehtmorfshtnom3nihtiw tneve 646gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS

49.956

00.066 *.A.N eht fo noitpo eht ta elbayaper tnuoma lapicnirP liN %02.7 5202,02enuJ tisoped dexif tsniaga tfardrevO 8detimiLknaBSEY .33 ehtforonethtnom21ehtnihtiwemitynatareworrob tnemyaperfoesoprupehtsdrawot yletarapesdecivresebotsitseretnidna,naol erew hcihw snaol derucesnu fo sdrawot dezilitu yletamitlu ,xepodnatcejorpfotnempoleved IBRybdetibihorpton detimiLetavirPecifidEatihsraD

00.034

00.034 *.A.N eht fo noitpo eht ta elbayaper tnuoma lapicnirP liN %02.7 5202,52enuJ tisoped dexif tsniaga tfardrevO 8detimiLknaBSEY .43 ehtforonethtnom21ehtnihtiwemitynatareworrob tnemyaperfoesoprupehtsdrawot yletarapesdecivresebotsitseretnidna,naol erew hcihw snaol derucesnu fo sdrawot dezilitu yletamitlu ,xepodnatcejorpfotnempoleved IBRybdetibihorpton detimiLetavirPkraPycnegeRasarihS

00.053

00.053 *.A.N eht fo noitpo eht ta elbayaper tnuoma lapicnirP liN %02.7 5202,52enuJ tisoped dexif tsniaga tfardrevO 8detimiLknaBSEY .53 ehtforonethtnom21ehtnihtiwemitynatareworrob tnemyaperfoesoprupehtsdrawot yletarapesdecivresebotsitseretnidna,naol erew hcihw snaol derucesnu fo sdrawot dezilitu yletamitlu ,xepodnatcejorpfotnempoleved IBRybdetibihorpton .detimiLetavirPsetatsElaeRiyamnagaJ

98.994,1

00.005,1 *.A.N eht fo noitpo eht ta elbayaper tnuoma lapicnirP liN %02.7 5202,32enuJ tisoped dexif tsniaga tfardrevO 8detimiLknaBSEY .63 ehtforonethtnom21ehtnihtiwemitynatareworrob tnemyaperfoesoprupehtsdrawot yletarapesdecivresebotsitseretnidna,naol erew hcihw snaol derucesnu fo sdrawot dezilitu yletamitlu ,xepodnatcejorpfotnempoleved IBRybdetibihorpton detimiLetavirPygrenEraloSyaBamirP

00.003

00.003 5202,32enuJ tellub a fo yaw yb elbayaper stnuoma lapicnirP stnuomagnidnatstuoehtyaperpyamreworrobehT %00.01 5202,81enuJ sesoprupehtrofnaolmreteepuR latipaCalriBaytidA .73 laitiniehtmorfshtnom21foyripxeehtretfatnemyap ehterofebrono,trapnirollufniytilicafehtrednu /erutidnepxe latipac )a( fo detimiL noyletarapesdecivresebottseretnI;etadnwodward tnemyaperp fo tnemyap ot tcejbus ,setad eud niderrucnistsocfotnemesrubmier naol eht rep sa setad tnemyap tseretni deificeps roirp syad evif tsael ta gnidivorp dna muimerp dna tnempoleved ot noitaler noitatnemucod eb ton llahs ytlanep tnemyaperpA.eciton nettirw ralos desoporp eht fo noitarepo eht syaperp reworrob eht fi aila retni elbacilppa tnemyaper)b(;tcejorptnalprewop ehtybdeliavatbeddetanidrobusynamorfytilicaf mrofehtnideliavassendetbednifo rognitsilfotuognisirasdeecorpehtro/dnareworrob eht morf snaol etaroproc-retni fo eht fi ro/dna reworrob eht yb reffo cilbup laitini naol eht ni deificeps srosnops trapedamerastessaderuces/reworrobehtfoserahs tseretni gnidulcni noitatnemucod .TIvnIroTIERafostessaehtotnidelooprofo gnikrow gniteem )c( ;noereht )d( dna ;stnemeriuqer latipac gnitalersesnepxednastsocgniteem detalpmetnoc noitcasnart eht ot .stnemucodgnicnanifehtrednu 647gnidnatstuotnuomA 5202,2yluJnosa denoitcnastnuomA foetaD foetaD )noillim₹ni( )noillim₹ni( tnemesrubsid tnemyapeR ytlaneptnemyaperP 2tseretnifoetaR ^^rettelnoitcnas esoprupdnagniworrobfoerutaN redneL .oN.rS detimiLetavirPygrenEraloSCKBenO

00.082

00.082 5202,32enuJ tellub a fo yaw yb elbayaper stnuoma lapicnirP stnuomagnidnatstuoehtyaperpyamreworrobehT %00.01 5202,81enuJ sesoprupehtrofnaolmreteepuR latipaCalriBaytidA .83 laitiniehtmorfshtnom21foyripxeehtretfatnemyap ehterofebrono,trapnirollufniytilicafehtrednu /erutidnepxe latipac )a( fo detimiL noyletarapesdecivresebottseretnI;etadnwodward tnemyaperp fo tnemyap ot tcejbus ,setad eud niderrucnistsocfotnemesrubmier naol eht rep sa setad tnemyap tseretni deificeps roirp syad evif tsael ta gnidivorp dna muimerp dna tnempoleved ot noitaler noitatnemucod eb ton llahs ytlanep tnemyaperpA.eciton nettirw ralos desoporp eht fo noitarepo eht syaperp reworrob eht fi aila retni elbacilppa tnemyaper)b(;tcejorptnalprewop ehtybdeliavatbeddetanidrobusynamorfytilicaf mrofehtnideliavassendetbednifo rognitsilfotuognisirasdeecorpehtro/dnareworrob eht morf snaol etaroproc-retni fo eht fi ro/dna reworrob eht yb reffo cilbup laitini naol eht ni deificeps srosnops trapedamerastessaderuces/reworrobehtfoserahs tseretni gnidulcni noitatnemucod .TIvnIroTIERafostessaehtotnidelooprofo gnikrow gniteem )c( ;noereht )d( dna ;stnemeriuqer latipac gnitalersesnepxednastsocgniteem detalpmetnoc noitcasnart eht ot .stnemucodgnicnanifehtrednu detimiLetavirPenoZataDSBAN

00.001

00.001 *.A.N eht fo noitpo eht ta elbayaper tnuoma lapicnirP liN %02.7 5202,72enuJ tisoped dexif tsniaga tfardrevO 8detimiLknaBSEY .93 ehtforonethtnom21ehtnihtiwemitynatareworrob tnemyaperfoesoprupehtsdrawot yletarapesdecivresebotsitseretnidna,naol erew hcihw snaol derucesnu fo sdrawot dezilitu yletamitlu ,xepodnatcejorpfotnempoleved IBRybdetibihorpton seititnEtnemtsevnI detimiLetavirPtnemeganaMarfnIavttaS

03.6

09.81 *.A.N dnamednoelbayapeR liN %00.8 4202,9yraunaJ roftisopeddexiftsniagatfardrevO detimiLknaBlaredeF .04 wolfhsac fo esoprup eht tnemeganam .elbaliavatonerasetadtnemesrubsiddnaytilicaftfardrevosiseitilicaffoerutanehtsaelbacilppAtoN * .yletarapesdetneserptonecnehdna,5202,2yluJtasadeliavaneebtonevahhcihwsnaolhcusfoseitilicaf-bus/stimil-busotgniniatrepstnuomasedulcnitnuomanoitcnasehT # :setoN .noititeperdiovaotyletarapesdetneserpneebevahhcihwsnaolhcusfoseitilicaf-bus/stimil-busotgniniatrepstnuomaedulcnitonodevobaelbatehtnisnaolniatrecotnoitalernistnuomagnidnatstuodnadenoitcnasehT )a neebevah,5202,2yluJnosaseititnEtnemtsevnIdnasVPStessAehtybdeliavasnaolehttahtdemrifnocevah,5202,92yluJdetadetacifitrecriehtottnausrup,)226001W/W409731:rebmuNnoitartsigeRmriF(stnatnuoccAderetrahCPLLoC&hahSitaPiniaS.s/M )b .deliavaerewyehthcihwrofesoprupehtrofdesilitu 648:seititnedenoitnem-evobaehtybdeniatbosgnitartidercehtotnoitalernisliatedehtwolebeesesaelP )c gnitaRtiderC seitilicaf/stnemurtsnirofgnitarfoepyT ycnegagnitartidercehtfoemaN ytitneehtfoemaN .oNrS elbatS/+ALISIRC gnitarmretgnoL LISIRC detimiLetavirPsrotlaeRimuhbveD .1 ;)elbatS/(+A]ARCI[ gnitarmretgnoL ARCI elbatS/+ALISIRC gnitarmretgnoL LISIRC detimiLetavirPesiR-iHatihsraD .2 elbatS/+ALISIRC gnitarmretgnoL LISIRC detimiLkraPhceTenoztfoS .3 elbatS;AERAC gnitarmretgnoL ERAC detimiLetavirPyaBamirP .4 elbatS/-ALISIRC gnitarmretgnoL LISIRC detimiLetavirPsrotlaeRCKBenO .5 elbatS/+ALISIRC gnitarmretgnoL LISIRC detimiLetavirPsrepoleveDairupralaS .6 elbatS-A]ARCI[ gnitarmretgnoL ARCI detimiLetavirPretneClanoitanretnIenO .7 )elbatS(-A]ARCI[ gnitarmretgnoL ARCI detimiLetavirPretneCdlroWenO .8 ;)elbatS(+A]ARCI[ gnitarmretgnoL ARCI detimiLetavirPkraPssenisuBaroxE .9 ;)elbatS(-A]ARCI[ gnitarmretgnoL ARCI detimiLetavirPskraPssenisuBotulP .01 elbatS/-ALISIRC gnitarmretgnoL LISIRC detimiLetavirPskraPssenisuBazirtAotulP .11 elbatS;-AERAC gnitarmretgnoL ERAC detimiLetavirPsrotlaeRebuQenO .21 )elbatS(-A]ARCI[ gnitarmretgnoL ARCI detimiLetavirPsrepoleveDnedraGansseC .31 elbatS;AERAC gnitarmretgnoL ERAC detimiLetavirPkraPssenisuBenOomsoK .41 elbatS/+ALISIRC gnitarmretgnoL LISIRC detimiLetavirPerutcurtsarfnIatihsraD .51 elbatS/+ALISIRC gnitarmretgnoL LISIRC detimiLetavirPgnisuoHatihsraD .61 elbatS/-ALISIRC gnitarmretgnoL LISIRC detimiLetavirPskraphceTVG .71 elbatS/+ALISIRC gnitarmretgnoL LISIRC detimiLetavirPnoclaeRediwdlroW .81 elbatS/+ALISIRC gnitarmretgnoL LISIRC detimiLetavirPseigolonhceTofnIordauQ .91 .emitotemitmorfdewenerrodeifidomsA ^^ .5202,92yluJdetadetacifitrecriehthguorht)226001W/W409731:rebmuNnoitartsigeRmriF(stnatnuoccAderetrahC,PLLoC&hahSitaPiniaS.s/MybdeifitrecsA 1 deificepsehtdnaredneldeificepsehtneewtebdeergayllautumsaesachcaeni,daerpsdnaetarkramhcnebafolatotehtyllacipytsitseretnifoetarehttahtetonesaelP.5202,2yluJfosatceffenitseretnifoetarehtetonedevobaelbatehtninwohssegatnecrepehT 2 .716egapno”ssendetbednIlaicnaniF“ees,sliatedrehtrufroF.sknabtnereffidrofsnaoltnereffidneewtebseiravdaerpsehT.reworrob .detimiLknaBsixAfoyraidisbusdenwoyllohwasitisarednelehtfoetaicossanaoslasi,detimiLsecivreSeetsurTsixA,eetsurTruo,rehtruF.detimiLknaBsixAfoyraidisbusasitisarednelehtfoetaicossanasidetimiLlatipaCsixA,.e.isreganaMdaeLehtfoenO 3 stnemtsevnIardnihaMkatoKdnadetimiLknaBICICI,aidnIfoknaBetatS,detimiLknaBsixAmorfseititnEtnemtsevnI/sVPStessAruoybdeliavaseitilicafnaolniatrecfotnemyaperprotnemyaperrofdezilituebyamsdeecorPteNehtfonoitropA—srotcaFksiR“ees,oslA eetsurTruofoynapmocgnidlohehtsidetimiLknaBsixA,rehtruF.sreganaMdaeLruoeraohw,ylevitcepser,detimiLynapmoClatipaCardnihaMkatoKdnadetimiLseitiruceSICICI,detimiLstekraMlatipaCIBS,detimiLlatipaCsixAfosetailiffaerahcihwdetimiL .56egapno”.detimiLsecivreSeetsurTsixA deliavaseitilicafnaolniatrecfotnemyaperprotnemyaperrofdezilituebyamsdeecorPteNehtfonoitropA—srotcaFksiR“ees,oslA.detimiLknaBICICIfoyraidisbusasitisarednelehtfoetaicossanasidetimiLseitiruceSICICI,.e.isreganaMdaeLehtfoenO 4 ardnihaMkatoKdnadetimiLseitiruceSICICI,detimiLstekraMlatipaCIBS,detimiLlatipaCsixAfosetailiffaerahcihwdetimiLstnemtsevnIardnihaMkatoKdnadetimiLknaBICICI,aidnIfoknaBetatS,detimiLknaBsixAmorfseititnEtnemtsevnI/sVPStessAruoyb .56egapno”.detimiLsecivreSeetsurTsixAeetsurTruofoynapmocgnidlohehtsidetimiLknaBsixA,rehtruF.sreganaMdaeLruoeraohw,ylevitcepser,detimiLynapmoClatipaC deliavaseitilicafnaolniatrecfotnemyaperprotnemyaperrofdezilituebyamsdeecorPteNehtfonoitropA—srotcaFksiR“ees,oslA.aidnIfoknaBetatSfoyraidisbusasitisarednelehtfoetaicossanasidetimiLstekraMlatipaCIBS,.e.isreganaMdaeLehtfoenO 5 ardnihaMkatoKdnadetimiLseitiruceSICICI,detimiLstekraMlatipaCIBS,detimiLlatipaCsixAfosetailiffaerahcihwdetimiLstnemtsevnIardnihaMkatoKdnadetimiLknaBICICI,aidnIfoknaBetatS,detimiLknaBsixAmorfseititnEtnemtsevnI/sVPStessAruoyb .56egapno”.detimiLsecivreSeetsurTsixAeetsurTruofoynapmocgnidlohehtsidetimiLknaBsixA,rehtruF.sreganaMdaeLruoeraohw,ylevitcepser,detimiLynapmoClatipaC tnemngissafodeedehtfoyawybdetimiLknaBsixAotdengissaneebecnissahnoillim00.051,1₹otgnitnuomaytilicafehT.0202,82lirpAdetadrettelnoitcnasriehtfoyawybdetimiLknaBlaredeFybdenoitcnassawnoillim00.009,3₹fotnuomalatota,yllaitinI 6 .ytilicafsihtfonoitcnaslaitiniehtmorfsliatededulcnievobadedivorpsliatedeht,ylgnidroccA.1202,2hcraMdetad tnemngissaehtfoyawybdetimiLecnaniFgnisuoHjajaBotdengissaneebecnissahnoillim52.102,2₹otgnitnuomaytilicafehT.3202,62yaMdetadrettelnoitcnasriehtfoyawybdetimiLknaBsixAybdenoitcnassawnoillim00.078,5₹fotnuomalatota,yllaitinI 7 .ytilicafsihtfonoitcnaslaitiniehtmorfsliatededulcnievobadedivorpsliatedeht,ylgnidroccA.3202,72yluJdetadtnemeerga deliavaseitilicafnaolniatrecfotnemyaperprotnemyaperrofdezilituebyamsdeecorPteNehtfonoitropA—srotcaFksiR“ees,oslA.detimiLstekraMlatipaCIBS,.e.isreganaMdaeLehtfoenofoynapmocgnidloheht,aidnIfoknaBetatSfoetaicossanasirednelehT 8 ardnihaMkatoKdnadetimiLseitiruceSICICI,detimiLstekraMlatipaCIBS,detimiLlatipaCsixAfosetailiffaerahcihwdetimiLstnemtsevnIardnihaMkatoKdnadetimiLknaBICICI,aidnIfoknaBetatS,detimiLknaBsixAmorfseititnEtnemtsevnI/sVPStessAruoyb .56egapno”.detimiLsecivreSeetsurTsixAeetsurTruofoynapmocgnidlohehtsidetimiLknaBsixA,rehtruF.sreganaMdaeLruoeraohw,ylevitcepser,detimiLynapmoClatipaC niatrecfotnemyaperprotnemyaperrofdezilituebyamsdeecorPteNehtfonoitropA—srotcaFksiR“ees,oslA.seiraidisbuswollefera,detimiLstnemtsevnIardnihaMkatoK,rednelehtdnadetimiLynapmoClatipaCardnihaMkatoK,.e.isreganaMdaeLehtfoenO 9 detimiLseitiruceSICICI,detimiLstekraMlatipaCIBS,detimiLlatipaCsixAfosetailiffaerahcihwdetimiLstnemtsevnIardnihaMkatoKdnadetimiLknaBICICI,aidnIfoknaBetatS,detimiLknaBsixAmorfseititnEtnemtsevnI/sVPStessAruoybdeliavaseitilicafnaol .56egapno”.detimiLsecivreSeetsurTsixAeetsurTruofoynapmocgnidlohehtsidetimiLknaBsixA,rehtruF.sreganaMdaeLruoeraohw,ylevitcepser,detimiLynapmoClatipaCardnihaMkatoKdna .716 egap no ”ssendetbednI laicnaniF“ ees esaelp ,sgniworrob ruo fo smret lapicnirp eht no sliated roF

6492. General purposes Subject to the SEBI REITRegulations, the Manager will have flexibility in utilizing the balance Net Proceeds, if any, for general purposes in relation to the operation, meeting exigencies and expenses incurred by the Knowledge Realty Trust, subject to such utilization not exceeding 10% of the Net Proceeds in accordance with the SEBI REIT Regulations.

The Manager will have flexibility in utilizing the proceeds earmarked for general purposes. In the event that the Manager is unable to utilize the entire amount that it has currently estimated for use out of Net Proceeds in a particular financial year, it will utilize such unutilized amount in the next financial year.

Retention of oversubscription in the Issue The Manager, in consultation with the Lead Managers, reserves the right to retain oversubscription of not morethan25%oftheIssueSizeinaccordancewiththeSEBIREITRegulationsandSEBIMasterCircular.

IntheeventthattheManager,inconsultationwiththeLeadManagers,exercisessuchright,inaccordance with the SEBI REIT Regulations, the proceeds from the Allotment of Units pursuant to such oversubscription shall not be utilized towards general purposes.

Interim use of Net Proceeds The Manager will have flexibility to deploy the Net Proceeds. Pending utilization of the Net Proceeds for the purposes described above, the Manager may invest the funds in deposits in one or more scheduled commercial banks included in the Second Schedule of the RBI Act.

Issue Expenses ThetotalexpensesoftheIssueareestimatedtobeapproximately₹[●].TheIssueexpensesinclude,among others, listing fees, underwriting fees, selling commission, fees payable to the Lead Managers, Auditor, Valuer,advisors,legalcounsels,RegistrartotheIssue,Banker(s)totheIssue,SponsorBank(s),processing feestotheSCSBsforprocessingASBAFormssubmittedbyASBABiddersprocuredbytheSyndicateand submitted to SCSBs, printing and stationery expenses, advertising and marketing expenses and all other incidental expenses for listing the Units on the Stock Exchanges.

All expenses in relation to the Issue shall be borne by the Knowledge Realty Trust. However, for ease of operations, if required and if necessary, such expenses may, at the outset, be borne by the Manager, the respective Sponsor Groups of the Blackstone Sponsor and the Sattva Sponsor, the Asset SPVs or the Investment Entities, and the Manager (on behalf of Knowledge Realty Trust) agrees that they will reimburse the relevant parties of all such expenses.

The break-up for the estimated Issue expenses is as follows:

Estimated As a % of the expenses total estimated As a % of the Activity (in ₹million)(1) Issue expenses total Issue size Fees and commission to advisors to this Issue(2) [●] [●] [●] Fee payable to others [●] [●] [●] Total estimated Issue expenses [●] [●] [●]

(1) TobedeterminedonfinalizationoftheIssuePriceandupdatedintheFinalOfferDocumentpriortofilingwithSEBIandtheStockExchanges.

(2) Includessellingcommission.

In case the actual Issue expenses differ from the estimated Issue expenses, the Manager will have the flexibility to utilize such a difference, subject to applicable law.

650Selling Commissions

(1) Selling commission payable to the SCSBs on the portion for Non-Institutional Bidders which are directly procured and uploaded by the SCSBs, would be as follows:

Non-Institutional Bidders* 0.50% of the Amount Allotted* (plus applicable taxes) * AmountAllottedistheproductofthenumberofUnitsAllottedandtheIssuePrice.

Selling commission payable to the SCSBs will be determined on the basis of the bidding terminal id as capturedintheBidbookofBSEorNSE.NoprocessingfeesshallbepayablebytheManagertotheSCSBs on the applications directly procured by them.

Processing fees payable to the SCSBs of ₹10 per valid application (plus applicable taxes) for processing the Bid cumApplication Form for Non-Institutional Bidders (excluding UPI Bids) which are procured by the members of the Syndicate/sub-Syndicate/Registered Broker/RTAs/CDPs and submitted to SCSB for blocking.

(2) Brokerage, selling commission and processing/uploading charges on the portion for Non-Institutional Bidders which are procured by members of the Syndicate (including their sub-SyndicateMembers),RTAsandCDPsorincludingbyusingUPIMechanismorusing3-in-1type accounts linked online trading, demat & bank account provided by some of the brokers which are members of Syndicate (including their sub-syndicate Members) would be as follows:

Portion for Non-Institutional Bidders* 0.50% of the Amount Allotted* (plus applicable taxes) * AmountAllottedistheproductofthenumberofUnitsAllottedandtheIssuePrice The selling commission payable to the Syndicate/sub-Syndicate Members will be determined on the basis of the application form number/series, provided that the application is also bid by the respective Syndicate/sub-Syndicate Member. For clarification, if a Syndicate ASBA application on the application form number/series of a Syndicate/sub-Syndicate Member, is bid by an SCSB, the Selling Commission will be payable to the SCSB and not the Syndicate/sub-Syndicate Member.

Uploading Charges payable to members of the Syndicate (including their sub-Syndicate Members), RTAs and CDPs on the applications made by Bidders using 3-in-1 accounts/SyndicateASBAmechanism which

are procured by them and submitted to SCSB for blocking would be as follows: ₹10 plus applicable taxes, per valid application bid by the Syndicate (including their sub-Syndicate Members), RTAs and CDPs.

The selling commission and bidding charges payable to Registered Brokers, the RTAs and CDPs will be determined on the basis of the bidding terminal id as captured in the Bid Book of BSE or NSE.

651Selling commission/uploading charges payable to the Registered Brokers on the portion for Non- Institutional Bidders which are directly procured by the Registered Broker and submitted to SCSB for processing, would be as follows:

Portion for Non-Institutional Bidders* ₹10 per valid application (plus applicable taxes) * Basedonvalidapplications Uploadingcharges/ProcessingfeesforapplicationsmadebyUPIBiddersusingtheUPIMechanismwould

be as under:

Members of the Syndicate/RTAs/CDPs/ ₹30 per valid application (plus applicable taxes) Registered Brokers Sponsor Bank(s) NIL per valid application (plus applicable taxes) for Axis Bank Limited and ICICI Bank Limited Processing fees for applications made by UPI Bidders using the UPI mechanism for each valid Bid cum application form. The Sponsor Banks shall be responsible for making payments to the third parties such as remitter bank, NPCI and such other parties as required in connection with the performance of its duties under the SEBI circulars, the Syndicate Agreement and other applicable laws.

All such commissions and processing fees set out above shall be paid as per the timelines in terms of the Syndicate Agreement and the Cash Escrow and Sponsor Bank Agreement.

The processing fee for applications made by UPI Bidders using the UPI mechanism may be released to theremitterbanks(SCSBs)onlyaftersuchbanksprovideawrittenconfirmationoncompliancewithSEBI

circular no. SEBI/HO/CFD/DIL2/CIR/P/2022/51 datedApril 20, 2022 read with SEBI Circular No. SEBI/ HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021 and SEBI Circular No. SEBI/HO/CFD/DIL2/CIR/P/ 2021/2480/1/M dated March 16, 2021.

652ISSUE STRUCTURE Initialpublicofferingofupto[●]Unitsforcashatpriceof₹[●]perUnitaggregatingupto₹48,000million by the Knowledge Realty Trust. This Issue shall constitute at least [●]% of the total outstanding Units on a post-Issue basis. This Issue is being made through the Book Building Process.

Particulars InstitutionalInvestors(1) Non-institutionalInvestors StrategicInvestors Number of Units available for Not more than [●] Units Not less than [●] Units up to 120,000,000 Units Allotment/allocation(2) Percentage of Issue size Not more than 75% of the Notlessthan25%oftheIssue Not less than 5% of the Issue available for Allotment/ Issue (excluding Strategic (excluding Strategic Investor andnotmorethan25%ofthe allocation Investor Portion)(1) Portion) Issue BasisofAllotment/allocationif Proportionate Proportionate Discretionary respective category is oversubscribed Minimum bid [●] Units and in multiples of [●] Units and in multiples of [●] Units, either jointly or [●] Units thereafter [●] Units thereafter severally with other Strategic Investors, being not less than 5% of the Issue Size Maximum bid (subject to Such number of Units (in Such number of Units (in Such number of Units (in applicable limits) multiples of [●] Units) not multiples of [●] Units) not multiples of [●] Units) not exceedingthesizeoftheIssue exceedingthesizeoftheIssue exceeding 25% of the Issue (excluding Strategic Investor (excluding Strategic Investor Portion) Portion) Mode ofAllotment Compulsorily in Compulsorily in Compulsorily in dematerialised form dematerialised form dematerialised form Bid Lot [●] Units and in multiples of [●] Units and in multiples of [●] Units and in multiples of [●] Units thereafter [●] Units thereafter [●] Units thereafter Allotment Lot [●] Units and in multiples of [●] Units and in multiples of [●] Units and in multiples of [●] Units thereafter [●] Units thereafter [●] Units thereafter Trading Lot One Unit One Unit One Unit Who can apply(3) QIBs; or family trusts or Bidders other than Infrastructure finance intermediaries registered with Institutional Investors, company registered with the SEBI, all with net-worth of eligible to apply in this Issue RBI as a Non-Banking more than ₹5,000 million, as Financial Company;

per the last audited financial Scheduled Commercial Bank; statements Multilateral and/or bilateral development financial institution; Systemically important Non-Banking Financial Company registered with the RBI; Foreign Portfolio Investor Insurance company registered with the IRDAI; or Mutual fund 653Particulars InstitutionalInvestors(1) Non-institutionalInvestors StrategicInvestors Terms of Payment Full Bid Amount shall be For individual Non- Subscription price per Unit, blocked by the SCSBs in the Institutional Investors payable by the Strategic bank account of the ASBA BiddingwithaBidAmountof Investors is set out in their Bidder that is specified in the ₹0.50 million or less Bidding respective Unit Subscription

Bid cum Application through the UPI Mechanism: Agreements and the entire Form(4)(5) Full Bid Amount shall be subscription price shall be blocked by the Sponsor Bank deposited in a special escrow in the bank account of the account prior to opening of Non-InstitutionalInvestorthat the Issue. See “Issue is specified in the Bid cum Information” on page 660(6) Application Form.

Full Bid Amount shall be blocked by the SCSBs in the bank account of the ASBA Bidder that is specified in the Bid cumApplication Form(4)

(1) TheManager,inconsultationwiththeLeadManagers,mayallocateupto60%oftheInstitutionalInvestorPortion(excludingStrategicInvestorPortion)toAnchor Investorsonadiscretionarybasis.

(2) SubjecttovalidBidsbeingreceivedatorabovetheIssuePrice.

(3) IncaseofjointBids,theBidcumApplicationFormshouldcontainonlythenameoftheFirstBidderwhosenameshouldalsoappearasthefirstholderofthebeneficiary accountheldinjointnames.ThesignatureofonlytheFirstBidderwouldberequiredintheBidcumApplicationFormandsuchFirstBidderwouldbedeemedtohave signedonbehalfofthejointholders.Biddersareadvisedtoconsulttheirownadvisorswithrespecttoanyrestrictionsorlimitationsthatmaybeapplicabletothem, includinganyrestrictionsorlimitationsinrelationtotheirabilitytoinvestintheUnits.BymakingaBid(includinganyrevisionthereof),theBidderwillbedeemed tohaverepresentedtotheManager,theTrustee,theLeadManagersandtheSyndicateMembersthatitiseligibletoparticipateintheIssueandbeAllottedUnitsunder applicablelaw.

(4) ThefullBidAmountshallbepayablebytheAnchorInvestorsatthetimeofsubmissionoftheBidcumApplicationForms.AnydifferencebetweentheAnchorInvestor AllocationPriceandtheIssuePrice(intheeventtheIssuePriceishigher)shallbepaidwithinthePay-inDate.

(5) IncaseofASBAInvestors,theSCSBsshallbeauthorizedtoblocksuchfundsinthebankaccountoftheInvestorthatarespecifiedintheBidcumApplicationForm.

(6) EachStrategicInvestorproposingtoinvestintheIssuehasenteredintoaUnitSubscriptionAgreementwiththeManager(actingonbehalfoftheKnowledgeRealtyTrust).

ThepriceatwhichtheStrategicInvestorsagreetopurchasetheUnitsshallnotbelessthantheIssuePrice.IncasetheIssuePriceishigherthantheStrategicInvestor AllocationPrice,eachStrategicInvestorshallbringintheadditionalamountwithintwoWorkingDaysofthePricingDate.IftheIssuePriceislowerthantheStrategic InvestorAllocationPrice,theexcessamountshallnotberefundedtotheStrategicInvestorandtheStrategicInvestorshalltakeAllotmentatthepriceatwhichallocation wasagreedtobemadetoitintheUnitSubscriptionAgreement.

In case of under-subscription in any investor category, the unsubscribed portion in either the Institutional Investor Portion or the Non-Institutional Investor Portion may be Allotted to applicants in the other category at the discretion of the Manager, in consultation with the Lead Managers.

Indicative Issue Timeline Bid/Issue Opening Date Tuesday, August 5, 2025(1) Bid/Issue Closing Date Thursday, August 7, 2025 Finalization of the Basis of Allotment On or about Tuesday, August 12, 2025 Designated Date On or about Wednesday, August 13, 2025 Closing Date On or about Wednesday, August 13, 2025 Initiation of refunds On or about Wednesday, August 13, 2025 Listing Date On or about Monday, August 18, 2025

(1) TheManagermay,inconsultationwiththeLeadManagers,considerparticipationbyAnchorInvestorsinaccordancewiththeSEBIREITRegulationsandSEBIMaster

Circular.TheAnchorInvestorBid/IssuePeriodshallbeoneWorkingDaypriortotheBid/IssueOpeningDate.

654TheabovetimetableisindicativeanddoesnotconstituteanyobligationorliabilityontheKnowledge Realty Trust, the Manager, the Trustee or the Lead Managers.

While the Manager shall ensure that all steps for the completion of the necessary formalities for the listing and the commencement of trading of the Units on the Stock Exchanges are taken within six Working Days of the Bid/Issue Closing Date, the timetable may change due to various factors, including any extension of the Bid/Issue Period by the Manager due to any revision(s) of the Price Band or any delay in receiving the final listing and trading approval from the Stock Exchanges or any force majeure, banking strike or similar circumstances. The commencement of trading of the Units will be entirely at the discretion of the Stock Exchanges and in accordance with the applicable laws.

Except in relation to the Bids received from the Anchor Investors and Strategic Investors, Bids and any revisioninBidsshallbeacceptedonlybetween10.00a.m.and5.00p.m.(IST)duringtheBid/IssuePeriod (excepttheBid/IssueClosingDate)attheBiddingCentresandtheDesignatedBranchesmentionedonthe Bid cum Application Form. Bidders are not allowed to withdraw or lower their Bid (in terms of number of Units or the Bid Amount) at any stage. Bidders can make upward revisions in their Bids, subject to applicable law. It is clarified that Bids not uploaded on the electronic bidding system would be rejected.

Due to limitation of the time available for uploading the Bids on the Bid/Issue Closing Date, Investors are advised to submit their Bids one day prior to the Bid/Issue Closing Date and, in any case, no later than

1.00p.m.ISTontheBid/IssueClosingDate.AnytimementionedinthisOfferDocumentisIST.Investors are cautioned that, in the event a large number of Bids are received on the Bid/Issue Closing Date, some Bids may not get uploaded due to lack of sufficient time. Such Bids that cannot be uploaded will not be considered for allocation under the Issue. Bids will be accepted only on business days i.e. Monday to Friday(excludinganypublicholiday).NoneamongtheKnowledgeRealtyTrust,theManager,theTrustee or any member of the Syndicate is liable for any failure in uploading the Bids due to faults in any software/hardware system or otherwise.

In case of any discrepancy in the data entered in the electronic book vis-à-vis the data contained in the physical Bid cum Application Form, for a particular Bidder, the details as per the Bid file received from the Stock Exchanges shall be taken as the final data for the purpose of Allotment.

The Manager, in consultation with the Lead Managers, reserves the right to revise the Price Band during the Bid/Issue Period. In case the Price Band is revised, the Issue Period shall be extended for a minimum period of one Working Day, subject to the total Bid/Issue Period not exceeding 30 days. Provided, that in case of force majeure, banking strike or similar circumstances, Knowledge RealtyTrust, for reasons to be recordedinwriting,mayextendtheBid/IssuePeriodforaminimumperiodofthreeWorkingDays,subject to total Bid/Issue Period not exceeding 30 days. The revised Price Band and Issue Period will be widely disseminatedbynotificationtotheDesignatedIntermediariesandStockExchanges,andalsobyindicating thechangeonthewebsitesoftheKnowledgeRealtyTrust,theBlackstoneSponsor,theSattvaSponsorand the Lead Managers and the Stock Exchanges and at the terminals of the Members of the Syndicate. In accordance with the SEBI REIT Regulations and the SEBI Master Circular, the Price Band cannot be revised more than two times during the Bid/Issue Period.

655INFORMATION CONCERNING THE UNITS Unitholding of the Knowledge Realty Trust Particulars Numberof Units* Units issued and outstanding prior to the Issue [●] Units issued and outstanding after the Issue [●] * TobedetermineduponfinalizationoftheIssuePriceandupdatedintheFinalOfferDocumentpriortothefilingwithSEBIandtheStockExchanges.

Unitholders holding more than 5% of the Units of the Knowledge Realty Trust Pre-Issue Unitholding* Post-Issue Unitholding# Percentage of unitholding of the Knowledge Realty Trust as on the Percentage of date of this Offer unitholding Sr. No. Name of Unitholders No. of Units Document (%) No. of Units (%) Blackstone Sponsor

1. [●] [●] [●] [●] [●] Blackstone Sponsor Group

2. [●] [●] [●] [●] [●]

3. [●] [●] [●] [●] [●] Sattva Sponsor

4. [●] [●] [●] [●] [●] Sattva Sponsor Group

5. [●] [●] [●] [●] [●]

6. [●] [●] [●] [●] [●] Others

7. [●] [●] [●] [●] [●]

8. [●] [●] [●] [●] [●] * UponcompletionoftheInitialPortfolioAcquisitionTransactions. # TobedetermineduponfinalisationoftheIssuePriceandupdatedintheFinalOfferDocumentpriortothefilingwithSEBIandtheStockExchanges.

656Pro forma Net Asset Value Sr. No. Particulars As at BookValue As at FairValue

1. Net Assets before the Issue (₹ million) [●] [●]

2. Issue (₹ million) [●] [●]

3. Net Assets after the Issue (₹ million) [●] [●]

4. Units issued and outstanding after the Issue [●] [●]

5. Pro forma NAV per Unit after the Issue (₹) [●] [●]

Note: TobeupdatedintheFinalOfferDocument.

Unitholding of the Manager and the Trustee Except for Bijay Kumar Agarwal who will receive Units of the Knowledge Realty Trust pursuant to the Initial Portfolio Acquisition Transactions, the Trustee, the Manager and the directors of the Manager do not hold any Units and shall not acquire any Units in the Issue.

The Manager, on behalf of the Knowledge Realty Trust, shall ensure that transactions in Units by each of the Sponsors, their respective Sponsor Groups andAssociates during the period between the date of filing this Offer Document with SEBI and the date of closure of the Issue shall be reported to the recognized Stock Exchanges where the Units are proposed to be listed, within twenty four hours of the transactions.

Unitholding of the Sponsors and Sponsor Groups

(i) Unitholding of the Blackstone Sponsor and Blackstone Sponsor Group The Blackstone Sponsor together with the Blackstone Sponsor Group will hold [●] Units of the KnowledgeRealtyTrust,aggregatingto[●]%oftheissuedandpaid-upUnits,asdisclosedin“Initial Portfolio Acquisition Transactions—Issuance of Units pursuant to the Initial Portfolio Acquisition Transactions” on page 476, upon completion of the Initial Portfolio Acquisition Transactions.

(ii) Unitholding of the Sattva Sponsor and Sattva Sponsor Group The Sattva Sponsor together with the Sattva Sponsor Group will hold [●] Units of the Knowledge Realty Trust, aggregating to [●]% of the issued and paid-up Units, as disclosed in “Initial Portfolio Acquisition Transactions—Issuance of Units pursuant to the Initial Portfolio Acquisition Transactions” on page 476, upon completion of the Initial Portfolio Acquisition Transactions.

Blackstone Sponsor Group and Sattva Sponsor Group lock-in In terms of the SEBI REIT Regulations, the Blackstone Sponsor along with its Sponsor Group, together with the Sattva Sponsor along with its Sponsor Group shall hold at least 15% of total outstanding Units of the Knowledge Realty Trust, aggregating to [●] Units which shall be locked-in for a period of three years from the date of listing of the Units.

657Details of the Units proposed to be locked-in for three years from the date of listing of the Units, are set

out below for:

Percentage of post-Issue Unitholding Name Numberof Units (%)* Blackstone Sponsor [●] [●] Blackstone Sponsor Group (excluding the Blackstone Sponsor) [●] [●] Sattva Sponsor [●] [●] Sattva Sponsor Group (excluding the Sattva Sponsor) [●] [●] Total [●] [●] * TobeupdatedintheFinalOfferDocument.

Additionally, the Unitholding of the Blackstone Sponsor along with its Sponsor Group, together with the SattvaSponsoralongwithitsSponsorGroupexceeding15%oftheirUnitholdingintheKnowledgeRealty Trust on a post-Issue basis, aggregating to [●] Units, shall be locked-in for a period of not less than one year from the date of listing of the Units.

Further, in accordance with the SEBI REITRegulations, post expiry of three years from the date of listing of Units in the Issue, the Unitholding of the Sponsors and Sponsor Group, collectively, is required to be locked-in as follows:

Period Lock-in From the beginning of 4th year after the date of 5% of total outstanding Units or such number of listing pursuant to the Issue and till the end of Units aggregating ₹5,000 million, whichever is 5th year from the date of listing pursuant to the lower* Issue From the beginning of 6th year after the date of 3% of total outstanding Units or such number of listing pursuant to the Issue and till the end of Units aggregating ₹5,000 million, whichever is 10th year from the date of listing pursuant to the lower* Issue From the beginning of 11th year after the date of 2% of total outstanding Units or such number of listing pursuant to the Issue and till the end of Units aggregating ₹5,000 million, whichever is 20th year from the date of listing pursuant to the lower* Issue After completion of the 20th year from the date 1% of total outstanding Units or such number of of listing pursuant to the Issue Units aggregating ₹5,000 million, whichever is lower* * ProvidedthatthemaximumvalueoftheUnitstobeheldbytheSponsorsandSponsorGroupsforcompliancewiththeaboveshallnotexceed₹5,000millionorsuch othervalueasmaybedecidedbySEBIfromtimetotimewhereinsuchvaluationshallbebasedonthelatestavailablenetassetvalueoftheKnowledgeRealtyTrust.

Further,thecomplianceshallbeassessedatthetimeofeachfreshissuanceofUnits.

PursuanttotheInter-seAgreement,theBlackstoneSponsorandtheSattvaSponsorhaveagreedthatunless otherwise provided by SEBI, and until such time that they are each a Sponsor of the Knowledge Realty Trust, each of their respective Sponsor Groups shall lock-in/hold 50% of the total Units required to be locked-in/held from time to time, under Regulation 11(3) of the REIT Regulations, free and clear of all encumbrances. For further details, see “The Sponsors—Inter-se Agreement” on page 371.

658Manager employee incentivisation plan In order to incentivize the eligible employees of the Manager, a Unit-based employee benefit scheme or plan may be adopted, in compliance with applicable laws.

Anchor Investor lock-in The Units Allotted to Anchor Investors in this Issue shall be locked-in for a period of 30 days from the date of the Allotment of the Units.

Strategic Investor lock-in The UnitsAllotted to Strategic Investors in this Issue shall be locked-in for a period of 180 days from the date of listing of the Units.

Other Unitholders’ lock-in Any person other than the Sponsors and their respective Sponsor Groups holding Units of the Knowledge Realty Trust prior to the Issue shall hold the Units for a period of not less than one year from the date of listing of the Units.

659ISSUE INFORMATION Below is a summary, intended to provide a general outline of the procedures for the bidding, application, payment,Allocation andAllotment of the Units to be issued pursuant to the Issue. The procedure followed in the Issue may differ from the one mentioned below, and investors are presumed to have apprised themselves of the same from the Manager or the Lead Managers.

The Bidders are advised to inform themselves of any restrictions or limitations that may be applicable to them and are required to consult their respective advisers in this regard. Investors that apply in the Issue will be required to confirm and will be deemed to have represented to the Trustee, the Manager, the Lead Managers and their respective directors, officers, agents, affiliates and representatives that they are eligible under all applicable laws, rules, regulations, guidelines and approvals to acquire the Units. The Manager and the Lead Managers and their respective directors, officers, agents, affiliates and representatives accept no responsibility or liability for advising any investor on whether such investor is eligible to acquire the Units. The Manager, the Trustee, the Lead Managers and Syndicate Members, if any, do not accept any responsibility for the completeness and accuracy of the information stated in this

chapter and are not liable for any amendment, modification or change in the applicable law which may occur after the date hereof.

Authority for the Issue The Issue was authorized and approved by the board of directors of the Manager on February 26, 2025, and the REIT IPO Committee on March 6, 2025 read with the approvals of the board of directors of the Manager on May 29, 2025, and July 18, 2025.

The Manager, the Blackstone Sponsor and the Sattva Sponsor have filed a copy of this Offer Document with SEBI and the Stock Exchanges.

The Manager has received the in-principle approval of the BSE and the NSE for the listing of the Units on the BSE and the NSE. The Manager, the Blackstone Sponsor and the Sattva Sponsor will file a copy of the Final Offer Document with SEBI and the Stock Exchanges.

The Units have not been, and will not be, registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction.

Issue Procedure This section applies to all Bidders. All Bidders, other than Anchor Investors and Strategic Investors, are required to mandatorily participate in the Issue through the ASBA process. Individual Non-Institutional Investors with a BidAmount of ₹0.50 million or less may Bid using the UPI Mechanism. Bidders applying for Units in this Issue should carefully read the provisions applicable to them before submitting a Bid.All Bidders (other than Anchor Investors or Strategic Investors) are required to pay the full Bid Amount at the time of Bidding, by instructing the relevant SCSB or Sponsor Bank (in case of Bids though the UPI Mechanism) to block the full Bid Amount at the time of Bidding. Anchor Investors are required to pay the full Bid Amount at the time of Bidding by making payment by electronic mode or in the case of Strategic Investors, in accordance with the terms of the applicable Unit Subscription Agreements.

Book Building Process As of the date of this Offer Document, the Knowledge Realty Trust is eligible for the Issue in accordance withRegulation14(2)oftheSEBIREITRegulations.ThisIssueisbeingmadethroughtheBookBuilding Process, wherein not more than 75% of the Issue (excluding the Strategic Investor Portion) shall be available for allocation to Institutional Investors on a proportionate basis, provided that the Manager may, in consultation with the Lead Managers, allocate up to 60% of the Institutional Investor Portion toAnchor 660Investors on a discretionary basis, in accordance with the SEBI REIT Regulations and the SEBI Master

Circular. Further, not less than 25% of the Issue (excluding the Strategic Investor Portion) shall be available for allocation on a proportionate basis to Non-Institutional Investors, subject to valid Bids being receivedatorabovetheIssuePrice.Incaseofundersubscriptioninanycategory,theunsubscribedportion in either category may be Allotted to Bidders in the other category at the discretion of the Manager, in consultation with the Lead Managers and the Designated Stock Exchange.

TheIssueincludesparticipationbyStrategicInvestorsinaccordancewiththeSEBIREITRegulationsand SEBI Master Circular.

ASBA Bidders, are required to submit their Bids through the Designated Intermediaries including the SCSBs with whom the ASBA Account is maintained. Individual Non-Institutional Investors who are bidding with a Bid Amount of ₹0.50 million or less may Bid using the UPI Mechanism.

Bidders do not have the right to withdraw or lower their Bid (in terms of number of Units or Bid Amount) at any stage. Bidders can only make upward revisions in their Bids, subject to applicable law.

BiddersshouldnotethatAllotmenttosuccessfulBidderswillbeonlyinthedematerializedform.Bid cumApplication Forms which do not have the details of the Bidders’depository accounts including DP ID, PAN, UPI ID (for individual Non-Institutional Investors Bidding for a Bid Amount of ₹0.50 million orless using the UPI Mechanism) and Client ID will be treated as incomplete and may be rejected. Bidders will not have the option of receivingAllotment in physical form. OnAllotment, the Units will be traded only on the dematerialized segment of the Stock Exchanges.

Bid cum Application Form Copies of the Bid cumApplication Form and the abridged offer document will be available at the offices of the Lead Managers, the Syndicate Members, if any, the principal place of business of the Knowledge RealtyTrust and the Designated Intermediaries at the Bidding Centers.An electronic copy of the Bid cum Application Form will also be available on the websites of the SCSBs, NSE (www.nseindia.com) and the BSE (www.bseindia.com).

The Anchor Investor Application Forms will be made available at the principal place of business of the Knowledge Realty Trust, the registered office of the Manager and the offices of each of the Lead Managers.

Bidders should use only the specified Bid cum Application Form bearing the stamp of a Designated Intermediary submitted at Bidding Centers (except in case of electronic Bid cumApplication Forms), for the purpose of making a Bid in terms of this Offer Document. Bid cum Application Forms (other than electronic Bid cum Application Forms), not bearing such stamps are liable to be rejected. Before being issued to Bidders, the Bid cum Application Form will be serially numbered.

AllBidders(otherthanAnchorInvestorsandStrategicInvestors)shallmandatorilyparticipateintheIssue only through theASBAprocess.Anchor Investors and Strategic Investors are not permitted to participate intheIssuethroughtheASBAprocess.Bidders(otherthanAnchorInvestorsandStrategicInvestors)must provide bank account details and authorization to block funds in the relevant space provided in the Bid cumApplicationFormandtheBidcumApplicationFormsthatdonotcontainsuchdetailswillberejected.

Individual Non-Institutional Investors Bidding using the UPI Mechanism must provide the valid UPI ID in the relevant space provided in the Bid cum Application Form and the Bid cum Application Form that does not contain the UPI ID are liable to be rejected. Individual Non-Institutional Investors (using UPI Mechanism) must provide bank account details and authorization to block funds in their respectiveASBA Accounts in the relevant space provided in the ASBA Form.

661AnASBABidder shall use theASBAForm obtained from the Designated Intermediaries for the purpose of making a Bid. In case anASBABidder makes an application in physical form, theASBABidder shall submit the ASBA Form with the relevant Designated Intermediary. In case an ASBA Bidder makes an application in electronic form, theASBABidder shall submit theASBAForm either through the internet banking facility available with the SCSB, or such other electronically enabled mechanism for bidding and blocking funds in theASBAAccount held with SCSB, and accordingly registering such Bids. The SCSB shall block an amount in the ASBAAccount equal to the Bid Amount specified in the ASBA Form.

For individual Non-Institutional Investors using UPI Mechanism, the Stock Exchanges shall share the bid details (including UPI ID) with Sponsor Bank(s) on a continuous basis to enable the Sponsor Bank(s) to initiateUPIMandateRequesttoindividualNon-InstitutionalInvestorsforblockingoffunds.TheSponsor Bank(s)shallinitiaterequestforblockingoffundsthroughNPCItoindividualNon-InstitutionalInvestors, who shall accept the UPI Mandate Request for blocking of funds on their respective mobile applications associated with UPI ID linked bank account. The NPCI shall maintain an audit trail for every Bid entered in the Stock Exchanges bidding platform, and the liability to compensate the individual Non-Institutional Investors (Bidding through UPI Mechanism) in case of failed transactions shall be with the concerned entity (i.e., the Sponsor Bank, NPCI or the issuer bank) at whose end the lifecycle of the transaction has come to a halt. The NPCI shall share the audit trail of all disputed transactions/investor complaints to the Sponsor Bank(s) and the issuer bank. The Sponsor Bank(s) shall provide the audit trail to the Lead Managers to analyze the same and fix liability. To ensure that timely information is disseminated to investors, SCSBs shall send SMS alerts for mandate block and unblock.

The Sponsor Bank(s) will undertake a reconciliation of Bid responses received from Stock Exchanges and sent to NPCI and will also ensure that all the responses received from NPCI are sent to the Stock Exchanges platform with detailed error code and description, if any. Further, the Sponsor Bank(s) will undertake reconciliation of all Bid requests and responses throughout their lifecycle on daily basis and share reports with the Lead Managers. Sponsor Bank(s) and issuer banks shall download UPI settlement filesandrawdatafilesfromtheNPCIportalaftereverysettlementcycleanddoathree-wayreconciliation with UPI switch data and UPI raw data. NPCI shall coordinate with issuer banks and Sponsor Bank(s) on a continuous basis.

The Bid cum Application Form will contain information about the Bidder and the price and number of Units that the Bidder wishes to Bid for. Bidders will have the option to make a maximum of three Bids in the Bid cum Application Form and such options will not be considered multiple Bids.

OnfilingoftheFinalOfferDocumentwithSEBIandtheStockExchanges,theBidcumApplicationForm will be treated as a valid application form forAllotment of the Units. On submission of the completed Bid cumApplication Form to a Designated Intermediary or the Lead Managers (in case ofAnchor Investors) or participation pursuant to Unit Subscription Agreements, the Bidder (including any Strategic Investor andAnchorInvestor)isdeemedtohaveauthorizedtheManagertomakethenecessarychangesintheFinal Offer Document as may be required under the SEBI REIT Regulations, SEBI Master Circular and other applicable laws, for filing the Final Offer Document with SEBI and the Stock Exchanges without prior or subsequent notice of such changes to the Bidder.

662The prescribed color of the Bid cum Application Forms for various categories is as follows:

Category Colorof the Bid cumApplication Form Resident Indians White Non-Residents including Eligible NRIs and FPIs and Blue multilateral and bilateral development financial institutions, excluding Strategic Investors and Anchor Investors, applying on a repatriation basis Anchor Investors* White * BidcumApplicationFormsforAnchorInvestorswillbemadeavailableattheprincipalplaceofbusinessoftheKnowledgeRealtyTrustandtheregisteredofficeofthe ManagerandtheLeadManagers.

Designated Intermediaries shall submit or deliver the Bid cum Application Forms of Bidders (other than Anchor Investors) to the respective SCSBs where the Bidders have a bank account and shall not submit it to any non-SCSB Bank or Escrow Collection Bank (unless such Escrow Collection Bank is also an SCSB).

Who can Bid? Each Bidder should check if it is eligible to apply under applicable law. Furthermore, certain categories of Bidders may not be permitted to bid in the Issue or hold Units in excess of the limits specified under applicable law. Each Bidder (other than anAnchor Investor and a Strategic Investor) is required to Bid for a Minimum Bid Size.

Bidders are advised to ensure that applications from them does not exceed the investment limits or maximum number of Units that can be held by them under applicable law.

Subject to the above, an illustrative list of Bidders/Applicants is as follows: i. QIBs; ii. Family trusts or intermediaries registered with SEBI, all with net-worth of more than ₹5,000 million, as per the last audited financial statements;

iii. Indian nationals resident in India, competent to contract under the Indian Contract Act, 1872, in single or joint names (not more than three) under the Non-Institutional Investor category; iv. Bids/Applications belonging to an account for the benefit of a minor (under guardianship) under the Non-Institutional Investor category;

v. Hindu Undivided Families (“HUFs”), in the individual name of the karta under the Non-Institutional Investor category. Such Bidder/Applicant should specify that the Bid is being

made in the name of the HUF in the Bid cumApplication Form as follows: “Name of Sole or first Bidder/Applicant: XYZ HUF applying through XYZ, where XYZ is the name of the karta”.

Bids/Applications by HUFs may be considered at par with Bids/Applications from individuals; vi. Companies,corporatebodiesandsocietiesregisteredunderapplicablelawinIndiaandauthorized to invest in the Units under the Non-Institutional Investor category;

vii. Portfolio Investors other than FPIs which are individuals, corporate bodies and family offices, under the QIB category;

663viii. FPIs which are individuals, corporate bodies and family offices, Bidding under the Non-Institutional Investor Portion; ix. Eligible NRIs, subject to applicable law under the Non-Institutional Investor category;

x. Indian financial institutions, regional rural banks, cooperative banks, other than QIBs (subject to RBI regulations, the SEBI REIT Regulations, SEBI Master Circular and other applicable law) under the Non-Institutional Investor category;

xi. Trusts (other than family trusts or REITs)/societies registered under the Societies Registration Act, 1860, as amended, or under any other law relating to trusts/societies and who are authorized under their respective constitutions to hold and invest in units of REITs;

xii. Scientific organizations under the Non-Institutional Investor category, if so authorized in India to invest in the Units; and xiii. Any other person eligible to Bid/Apply in the Issue, under the laws, rules, regulations, guidelines and policies applicable to them and under applicable law.

As per existing regulations, OCBs cannot participate in this Issue.

All Non-Resident Investors should note that, in accordance with the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, as amended, including Press Note No. 3 (2020 Series), dated April 17, 2020 issued by the DPIIT, where the beneficial owner of a proposed investment into India is situated in or is a citizen of a country that shares land border with India (but is not a multilateral bank or fund of which India is a member), approval of the Government will be required prior to such investment.

The Parties to the Knowledge Realty Trust and the Members of the Syndicate are not liable for any amendmentormodificationorchangetoapplicablelaw,whichmayoccurafterthedateofthisOffer Document. Bidders are advised to make theirindependent investigations and satisfy themselves that they are eligible to apply. Bidders are advised to ensure that application from them does not exceed the applicable investment limits or maximum number of Units that can be held by them under applicable law.

The Trustee, the Valuer and the employees of the Valuer who were involved in the valuation of the Portfolio are not permitted to Bid in this Issue.

TheUnitshavenotbeenandwillnotberegisteredundertheU.S.SecuritiesActof1933,asamended, (the “SecuritiesAct”) or any other applicable state securities laws or with any securities regulatory authority of any state or other jurisdiction of the United States and, unless so registered, may not beofferedorsoldwithintheUnitedStatesexceptpursuanttoanexemptionfrom,orinatransaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Units are being offered or sold only to (i) persons who are “qualified institutional buyers” (as defined in Rule 144Aunder the SecuritiesAct) (“Rule 144A”) and referred to in this Offer Document as “U.S. QIBs” (for the avoidance of doubt, the term “U.S. QIB” does not refertoacategoryofinstitutionalinvestordefinedunderapplicableIndianregulationsandreferred to in this Offer Document as “QIBs” or “Qualified Institutional Buyers”) in transactions exempt from, or not subject to, the registration requirements of the Securities Act, and (ii) outside the United States in “offshore transactions” in reliance on Regulation S under the Securities Act (“Regulations S”) and the applicable laws of the jurisdiction where those offers and sales occur.

664Units Offered and Sold within the United States Each purchaser that is acquiring the Units offered pursuant to this Issue within the United States, by its acceptance of this Offer Document and of the Units, will be deemed to have acknowledged, represented to and agreed with the Knowledge Realty Trust and the Lead Managers that it has received a copy of this Offer Document and such other information as it deems necessary to make an informed investment

decision and that: i. thepurchaserisauthorizedtoconsummatethepurchaseoftheUnitsofferedpursuanttothisIssue in compliance with all applicable laws and regulations; ii. the purchaser acknowledges that the Units offered pursuant to this Issue have not been and will not be registered under the SecuritiesAct or with any securities regulatory authority of any state of the United States and accordingly are subject to restrictions on transfer and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act;

iii. the purchaser (i) is a U.S. QIB, (ii) is aware that the sale to it is being made in a transaction exempt from or not subject to the registration requirements of the Securities Act, and (iii) is acquiring such Units for its own account or for the account of a qualified institutional buyer with respect to which it exercises sole investment discretion;

iv. the purchaser is not an affiliate of the Knowledge Realty Trust or a person acting on behalf of an affiliate; v. if, in the future, the purchaser decides to offer, resell, pledge or otherwise transfer such Units, or any economic interest therein, such Units or any economic interest therein may be offered, sold, pledged or otherwise transferred only (A) (i) to a person whom the beneficial owner and/or any person acting on its behalf reasonably believes is a U.S. QIB in a transaction meeting the requirementsofRule144Aor(ii)inan“offshoretransaction”complyingwithRegulationSunder the SecuritiesAct and (B) in accordance with all applicable laws, including the securities laws of theStatesoftheUnitedStates.Thepurchaserunderstandsthatthetransferrestrictionswillremain in effect until the Knowledge Realty Trust determines, in its sole discretion, to remove them;

vi. theUnitsare“restrictedsecurities”withinthemeaningofRule144(a)(3)undertheSecuritiesAct and no representation is made as to the availability of the exemption provided by Rule 144 for resales of any such Units;

vii. the purchaser will not deposit or cause to be deposited such Units into any depositary receipt facility established or maintained by a depositary bank other than a Rule 144A restricted depositary receipt facility, so long as such Units are “restricted securities” within the meaning of

Rule 144(a)(3) under the Securities Act; viii. the purchaser agrees that neither the purchaser, nor any of its affiliates (as defined in Rule 405 oftheU.S.SecuritiesAct),noranypersonactingonbehalfofthepurchaseroranyofitsaffiliates (as defined in Rule 405 of the U.S. Securities Act), will make any “directed selling efforts” as defined in Regulation S under the SecuritiesAct in the United States with respect to the Units or “general solicitation” or “general advertising” (within the within the meaning of Rule 502(c) of Regulation D under the U.S. SecuritiesAct), in the United States in connection with any offer or sale of the Equity Shares;

665ix. the purchaser understands that such Units (to the extent they are in certificated form), unless the Knowledge Realty Trust determines otherwise in accordance with applicable law, will bear a

legend substantially to the following effect:

THE UNITS REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OFTHE UNITED STATESAND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED (1) WITHIN THE UNITED STATES SOLELY TO A PERSON WHOM THE SELLER OR ANY PERSON ACTING ON ITS BEHALF REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT OR ANOTHER EXEMPTION FROM, OR TRANSACTION NOT SUBJECTTO,THEREGISTRATIONREQUIREMENTSOFTHEU.S.SECURITIESACT, OR (2) OUTSIDE THE UNITED STATES, IN AN “OFFSHORE TRANSACTION” AS DEFINEDINANDINCOMPLIANCEWITHREGULATIONSUNDERTHESECURITIES ACT, AND THE APPLICABLE LAWS OF THE JURISDICTIONS WHERE THOSE OFFERS AND SALES OCCUR.

x. the Knowledge Realty Trust will not recognize any offer, sale, pledge or other transfer of such Units made other than in compliance with the above-stated restrictions; and xi. thepurchaseracknowledgesthattheKnowledgeRealtyTrust,theLeadManagers,theirrespective affiliates and others will rely upon the truth and accuracy of the foregoing acknowledgements, representationsandagreementsandagreesthat,ifanyofsuchacknowledgements,representations and agreements deemed to have been made by virtue of its purchase of such Units are no longer accurate, it will promptly notify the Knowledge Realty Trust, and if it is acquiring any of such Units as a fiduciary or agent for one or more accounts, it represents that it has sole investment discretion with respect to each such account and that it has full power to make the foregoing acknowledgements, representations and agreements on behalf of such account.

All Other Units Issued and Sold in this Issue Each purchaser that is acquiring the Units offered pursuant to this Issue outside the United States, by its acceptance of this Offer Document and of the Units offered pursuant to this Issue, will be deemed to have acknowledged, represented to and agreed with the Knowledge Realty Trust and the Lead Managers that it has received a copy of this Offer Document and such other information as it deems necessary to make

an informed investment decision and that: i. thepurchaserisauthorizedtoconsummatethepurchaseoftheUnitsofferedpursuanttothisIssue in compliance with all applicable laws and regulations; ii. the purchaser acknowledges that the Units offered pursuant to this Issue have not been and will not be registered under the SecuritiesAct or with any securities regulatory authority of any state of the United States and accordingly may not be offered, resold, pledged or transferred within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act;

iii. the purchaser is purchasing the Units offered pursuant to this Issue in an offshore transaction meeting the requirements of Regulation S under the Securities Act;

666iv. the purchaser and the person, if any, for whose account or benefit the purchaser is acquiring the Units offered pursuant to this Issue, was located outside the United States at the time (i) the offer was made to it and (ii) when the buy order for such Units was originated and continues to be located outside the United States and has not purchased such Units for the account or benefit of any person in the United Sates or entered into any arrangement for the transfer of such Units or any economic interest therein to any person in the United States;

v. the purchaser is not an affiliate of the Knowledge Realty Trust or a person acting on behalf of an affiliate; vi. the purchaser agrees that neither the purchaser, nor any of its affiliates, nor any person acting on behalf of the purchaser or any of its affiliates, will make any “directed selling efforts” as defined in Regulation S under the Securities Act in the United States with respect to the Units;

vii. the Knowledge Realty Trust will not recognize any offer, sale, pledge or other transfer of such Units made other than in compliance with the above-stated restrictions; and viii. thepurchaseracknowledgesthattheKnowledgeRealtyTrust,theLeadManagers,theirrespective affiliates and others will rely upon the truth and accuracy of the foregoing acknowledgements, representationsandagreementsandagreesthat,ifanyofsuchacknowledgements,representations and agreements deemed to have been made by virtue of its purchase of such Units are no longer accurate, it will promptly notify the Knowledge Realty Trust, and if it is acquiring any of such Units as a fiduciary or agent for one or more accounts, it represents that it has sole investment discretion with respect to each such account and that it has full power to make the foregoing acknowledgements, representations and agreements on behalf of such account.

European Economic Area In relation to each Member State of the EEA, no Units have been offered or will be offered pursuant to the Issue to the public in that EEAMember State prior to the publication of a prospectus in relation to the Units which has been approved by the competent authority in that EEA Member State or, where appropriate, approved in another EEAMember State and notified to the competent authority in that EEA Member State, all in accordance with the EU Prospectus Regulation, except that it may make an offer to the public in that EEAMember State of any Units at any time under the following exemptions under the

EU Prospectus Regulation: i. to any legal entity which is a qualified investor as defined under the EU Prospectus Regulation; ii. to fewer than 150 natural or legal persons (other than qualified investors as defined under the EU Prospectus Regulation), subject to obtaining the prior consent of the Lead Manager for any such offer; or iii. in any other circumstances falling within Article 1(4) of the EU Prospectus Regulation,

667United Kingdom THE CONTENT OF THIS PROMOTION HAS NOT BEEN APPROVED BY AN AUTHORIZED PERSON WITHIN THE MEANING OF THE FINANCIAL SERVICES AND MARKETSACT, 2000 (“FSMA”). RELIANCE ONTHIS PROMOTION FORTHE PURPOSE OF ENGAGING IN ANY INVESTMENTACTIVITY MAY EXPOSE AN INDIVIDUALTO A SIGNIFICANT RISK OF LOSING ALL OF THE PROPERTY OR OTHER ASSETS INVESTED.

In relation to the UK, no Units have been offered or will be offered pursuant to the Issue to the public in the UK prior to the publication of a prospectus in relation to the Units which has been approved by the Financial Conduct Authority in accordance with the UK Prospectus Regulation, except that it may make an offer to the public in the United Kingdom of any Units at any time under the following exemptions

under the UK Prospectus Regulation: i. to any legal entity which is a qualified investor as defined under the UK Prospectus Regulation; ii. to fewer than 150 natural or legal persons (other than qualified investors as defined under the UK Prospectus Regulation), subject to obtaining the prior consent of the Lead Managers for any such offer; or iii. in any other circumstances falling within Article 1(4) of the UK Prospectus Regulation,

provided that no such offer of the Units shall require the Knowledge Realty Trust or any Lead Manager to publish a prospectus pursuant toArticle 3 of the UK Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.

In the UK, the Issue is only addressed to, and is directed only at, “qualified investors” within the meaning ofArticle 2(e) of the UK Prospectus Regulation, who are also (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Order; (ii) high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Order; or (iii) persons to whom it may otherwise lawfully be communicated. This document must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons.

For the purposes of this provision, the expression an “offer to the public” in relation to the Units in the UK means the communication in any form and by any means of sufficient information on the terms of the Issue and any Units to be offered so as to enable an investor to decide to purchase or subscribe for any Units, and the expression “UK Prospectus Regulation” means the UK version of Regulation (EU) No2017/1129asamendedbyTheProspectus(Amendmentetc.)(EUExit)Regulations2019,whichispart of UK law by virtue of the European Union (Withdrawal) Act 2018.

General These selling restrictions may be modified by agreement between the Knowledge Realty Trust and the Lead Managers following a change in relevant law, regulation or directive. The distribution of this Offer Document and the offering, sale or delivery of the Units is restricted by law in certain jurisdictions.

Therefore,personswhomaycomeintopossessionofthisOfferDocumentareadvisedtoconsultwiththeir own legal advisers as to what restrictions may be applicable to them and to observe such restrictions.This Offer Document may not be used for the purpose of an offer or invitation in any circumstances in which such offer or invitation is not authorized. The Units may not be offered or sold, directly or indirectly, and neither this Offer Document nor such other material may be distributed or published in or from any 668country or jurisdiction except in compliance with any applicable rules and regulations of such country or jurisdiction.Norepresentationismadethatanyactionhasbeentakeninanyjurisdictionthatwouldpermit a public offering of the Units, or possession or distribution of this Offer Document, or any other offering material in any country or jurisdiction where action for that purpose is required.

Participation by associates and affiliates of the Lead Managers and Syndicate Members The Lead Managers and the Syndicate Members shall not be entitled to Bid for Units in this Issue in any manner, except towards fulfilling their underwriting obligations. However, the associates and affiliates of the Lead Managers and the Syndicate Members may Bid for Units in the Issue, either in the Institutional Investor Portion (excluding the Anchor Investor Portion) or in the Non-Institutional Investor Portion, as may be applicable to such Bidders, where the allocation is on a proportionate basis and such subscription may be on their own account or on behalf of their clients.All categories of investors, including associates or affiliates of the Lead Managers and Syndicate Members, shall be treated equally for the purpose of allocation to be made on a proportionate basis. Neither the Lead Managers nor any associates of the Lead Managers (other than mutual funds sponsored by entities which are associates of the Lead Managers, insurance companies promoted by entities which are associates of the Lead Managers, pension funds of entities which are associates of the Lead Managers,AIFs sponsored by entities which are associates of the Lead Managers and FPIs other than Category III FPIs, sponsored by entities which are associates of the Lead Managers, subject to applicable law) can apply in the Issue under the Anchor Investor Portion.

Bids by Eligible NRIs Eligible NRIs are permitted to participate in the Issue subject to compliance with the applicable restrictions and conditions which may be prescribed by the GoI from time to time.

(i) Bid cum Application Forms for Eligible NRIs applying will be available at the office of the Knowledge Realty Trust, the registered office of the Manager and with the Designated Intermediaries, as the case may be;

(ii) Only Bids accompanied by payment in freely convertible foreign exchange will be considered for Allotment;

(iii) Eligible NRIs bidding on a repatriation basis by using the Bid cum Application Form for Non-Residents should authorize their respective SCSB (if they are Bidding directly through the SCSB) or confirm or accept the UPI Mandate Request (in case of Bidding through the UPI Mechanism) to block their Non-Resident External (“NRE”) accounts, or Foreign Currency Non-Resident(“FCNR”)accounts,andeligibleNRIsbiddingonanon-repatriationbasisbyusing the Bid cum Application Form for residents should authorize their respective SCSB (if they are Bidding directly through SCSB) or confirm or accept the UPI Mandate Request (in case of BiddingthroughtheUPIMechanism)toblocktheirNon-ResidentOrdinary(“NRO”)accountsfor the full Bid Amount, at the time of the submission of the Bid cum Application Form.

Bids by FPIs ForeignPortfolioInvestorsarepermittedtoparticipateintheIssuesubjecttocompliancewithScheduleII and Schedule VIII of the FEMA Rules read with the applicable provisions of the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019, as amended, and such other terms and conditions as may be prescribed by SEBI from time to time. In accordance with the SEBI FPI Regulations, a FPI means, a person who has been registered under Chapter II of the SEBI FPI Regulations and shall be deemed to be an intermediary in terms of the provisions of the SEBI Act.

669In case of Bids by FPIs the payment should be made out of funds held in a Special Non-Resident Rupee Account by an inward remittance through normal banking channels including debit to an NRE account or FCNR account along with documentary evidence in support of the remittance. In case of Bids made by FPIs, a verified true copy of the certificate of registration issued by the designated depository participant under the SEBI FPI Regulations is required to be attached along with the Bid cum Application Form, failing which, the Manager, in consultation with the Lead Managers, reserve the right to reject the Bid without assigning any reasons thereof.

Bids by Anchor Investors TheManager,inconsultationwiththeLeadManagersmayallocateupto60%oftheInstitutionalInvestor Portion on a discretionary basis toAnchor Investors, in accordance with the SEBI REIT Regulations and theSEBIMasterCircular.TheInstitutionalInvestorPortionwillbereducedinadjustmentoftheallocation under theAnchor Investor Portion. In the event of under-subscription in theAnchor Investor Portion, the balance Units will be added to the Institutional Investor Portion. In accordance with the SEBI REIT Regulations and the SEBI Master Circular, the key terms for participation in theAnchor Investor Portion

are provided below:

(i) Anchor Investors are not permitted to participate in the Issue through theASBAprocess.Anchor InvestorBidcumApplicationFormswillbemadeavailablefortheAnchorInvestorPortionatthe principal place of business of the Knowledge Realty Trust, the registered office of the Manager and the offices of each of the Lead Managers;

(ii) A Bid by an Anchor Investor must be for a minimum of such number of Units so that the Bid Amount is at least ₹100 million;

(iii) A Bid cannot be submitted for more than 60% of the Institutional Investor Portion;

(iv) The Bidding forAnchor Investors will open oneWorking Day before the Bid/Issue Opening Date and will be completed on the same day;

(v) The Manager, in consultation with the Lead Managers, will finalize allocation to the Anchor Investors on a discretionary basis, provided that the minimum number ofAllottees in theAnchor

Investor Portion will not be less than: (cid:129) two, where the allocation under Anchor Investor Portion is up to ₹2,500 million; and (cid:129) five, where the allocation under Anchor Investor Portion is over ₹2,500 million;

(vi) Allocation to Anchor Investors will be completed on the same day as the Anchor Investor Bid/Issue Period. The number of Units allocated to Anchor Investors and the Anchor Investor Allocation Price, will be made available on the websites of the Stock Exchanges, the Blackstone Sponsor, the Sattva Sponsor and the Lead Managers, prior to the Bid/Issue Opening Date;

(vii) IftheIssuePriceishigherthantheAnchorInvestorAllocationPrice,theadditionalamountbeing the difference between the Issue Price and the Anchor Investor Allocation Price will be payable bytheAnchorInvestorswithintwoWorkingDaysoftheBid/IssueClosingDate.IftheIssuePrice is lower than theAnchor InvestorAllocation Price,Allotment to successfulAnchor Investors will be at the higher price, i.e., theAnchor InvestorAllocation Price and the amount in excess of the Issue Price paid by Anchor Investors will not be refunded to them;

(viii) The UnitsAllotted in theAnchor Investor Portion will be locked in for a period of 30 days from the date of Allotment;

670(ix) Neither the Lead Managers nor any associates of the Lead Managers (other than mutual funds sponsored by entities which are associates of the Lead Managers, insurance companies promoted by entities which are associates of the Lead Managers, pension funds of entities which are associates of the Lead Managers, AIFs sponsored by entities which are associates of the Lead ManagersandFPIsotherthanCategoryIIIFPIs,sponsoredbyentitieswhichareassociatesofthe Lead Managers, subject to applicable law) can apply in the Issue under the Anchor Investor Portion. The parameters for selection of Anchor Investors will be clearly identified by the Lead Managers.

(x) Bids made by Anchor Investors under both the Anchor Investor Portion and the Institutional Investor Portion will not be considered as multiple Bids.

(xi) TheManager,inconsultationwiththeLeadManagers,reservetherighttorejectanyBidreceived fromAnchor Investors in accordance with the SEBI REITRegulations and SEBI Master Circular.

AllNon-ResidentInvestorsincludingEligibleNRIsandFPIsshouldnotethatrefunds,dividendsand other distributions, if any, will be payable in Indian Rupees only and net of bank charges and/or commission.

There is no reservation for NRIs, FPIs and FVCIs and all Bidders will be treated on the same basis with other categories for the purpose of allocation.

Anchor Investors cannot withdraw or lower the size of their Bids (in terms of number of Units or the Bid Amount) at any stage after submission of the Bid.

Bids by Strategic Investors In accordance with the SEBI REIT Regulations and the SEBI Master Circular, the key terms for

participation by Strategic Investors are provided below:

(i) The Strategic Investor(s) shall, either jointly or severally, invest not less than 5% and not more than 25% of the total Issue size.

(ii) The Manager on behalf of the Knowledge Realty Trust, and the Trustee have entered into a binding Unit SubscriptionAgreement with the Strategic Investor(s) which propose(s) to invest in the Issue prior to the filing of this Offer Document.

(iii) SubscriptionpriceperUnit,payablebytheStrategicInvestor(s)issetoutintheUnitSubscription Agreement and the entire subscription price is deposited in a special escrow account prior to opening of the Issue in accordance with the terms of the Unit Subscription Agreement.

(iv) The Strategic Investor Issue Price shall not be less than the Issue Price. In the event that the Issue Price is higher than the Strategic Investor Allocation Price, the Strategic Investor(s) shall bring in the additional amount within two Working Days of the determination of the Issue Price.

(v) IftheIssuePriceislowerthantheStrategicInvestorAllocationPrice,theexcessamountshallnot be refunded to the Strategic Investor and the Strategic Investor shall take Allotment at the price at which allocation was agreed to be made to it in the Unit Subscription Agreement.

(vi) The commitment received from Strategic Investors and details of the Unit Subscription Agreement, including the name of each Strategic Investor, the number of Units proposed to be subscribed by it or the investment amount, proposed subscription price per Unit have been disclosed in this Offer Document.

671(vii) The Unit Subscription Agreement shall not be terminated except in the event the Issue fails to collect minimum subscription.

(viii) TheManager,inconsultationwiththeLeadManagers,intheirabsolutediscretion,willdecidethe list of Strategic Investors to whom the provisional CAN or CAN will be sent, pursuant to which the details of the Units allocated to them in their respective names will be notified to such Strategic Investors. The payment instruments for payment into the Escrow Account(s) should be

drawn in favor of: (cid:129) In case of resident Strategic Investors: “KNOWLEDGE REALTY TRUST—STRATEGIC INVESTOR AND ANCHOR RESIDENT ACCOUNT” (cid:129) Incaseofnon-residentStrategicInvestors:“KNOWLEDGEREALTYTRUST—STRATEGIC INVESTOR AND ANCHOR NON RESIDENTACCOUNT”

(ix) In accordance with the SEBI REIT Regulations and the SEBI Master Circular, the UnitsAllotted to Strategic Investors will be locked-in for a period of 180 days from the date of listing.

(x) BidsmadebyStrategicInvestors(wheresuchStrategicInvestorsareInstitutionalInvestors)under both the Anchor Investor Portion and the Institutional Investor Portion will not be considered multiple Bids.

(xi) Bids by Strategic Investors in Anchor Investor Portion, Institutional Investor Portion or Non-Institutional Investor Portion will not be considered multiple Bids, subject to applicable limits.

Bids by SEBI registered VCFs and AIFs TheSEBIVCFRegulationsprescribe,amongstothers,theinvestmentrestrictionsonVCFsregisteredwith SEBI under the said regulations. Further, the SEBI AIF Regulations prescribe, amongst others, the investmentrestrictionsonAIFs.Further,VCFswhichhavenotre-registeredasanAIFundertheSEBIAIF RegulationsshallcontinuetoberegulatedbytheSEBIVCFRegulationsuntiltheexistingfundorscheme managed by the fund is wound up and such funds shall not launch any new scheme after the notification of the SEBIAIF Regulations.Additionally, VCFs andAIFs are subject to certain investment restrictions, including with respect to the percentage of investible funds held in each investee entity. Under the SEBI AIF Regulations, Category I and IIAIFs are permitted to invest not more than 25% of the investible funds inone“investeecompany”(whichincludesaREIT)andCategoryIIIAIFsarepermittedtoinvestnotmore than 10% of the investible funds in one “investee company” (which includes a REIT). Allotments made to VCFs and AIFs in the Issue shall be subject to the rules and regulations that are applicable to each of them, respectively. There is no reservation for NRIs, FPIs and FVCIs and all Bidders will be treated on the same basis with other categories for the purpose of allocation.

Bids by Banking Companies Bids may be made by banks as permitted by the RBI and is subject to conditions specified in the Master Direction—Reserve Bank of India (Financial Services provided by Banks) Directions, 2016 (as updated onAugust10,2021).IncaseofBidsmadebybankingcompaniesregisteredwiththeRBI,certifiedcopies of (i) the certificate of registration issued by the RBI, and (ii) the approval of such banking company’s investment committee are required to be attached to the Bid cum Application Form. Banks shall not make an investment of more than 10 per cent of the unit capital of a REIT subject to overall ceiling of 20 per cent of its net worth permitted for direct investments in shares, convertible bonds/debentures, units of equity-oriented mutual funds and exposures to alternative investment funds.

672Bids by LLPs In case of Bids made by limited liability partnerships registered under the Limited Liability Partnership Act, 2008, a certified copy of certificate of registration issued under the Limited Liability Partnership Act, 2008, must be attached to the Bid cum Application Form. Failing this, the Bid(s) may be rejected.

Bids by Provident Funds/Pension Funds On March 2, 2015, the Ministry of Finance issued a notification allowing investments by non-government provident funds, super-annuation funds and gratuity funds up to 5% in real estate investment trusts, as specified. On June 26, 2015, the Ministry of Labour and Employment issued a notification allowing investments by provident funds up to 5% in real estate investment trusts, as specified. The Pension Fund Regulatory and Development Authority issued circulars dated June 3, 2015, September 2, 2015, November 4, 2016, May 4, 2017, master circular dated August 18, 2023 on investment guidelines for National Pension System (“NPS”)/Atal Pension Yojna (“APY”) schemes-central government, state government, corporate—central government (“Corporate—CG”), NPS lite,APY andAPY fund scheme, and master circular dated September 22, 2023, on investment guidelines for NPS tier-I and tier-II (other than central/state government, Corporate—CG, NPS lite andAPY) respectively, allowing investments by national pension funds up to 5% in real estate investment trusts, as specified. However, such investments by provident funds and pension funds will be subject to, amongst others, the securities having a minimum ofAAor equivalent rating, the REIT having a minimum ofAAAor equivalent rating and the Sponsors of the REIThaving a minimum ofAAor equivalent rating, from at least two credit rating agencies registered with SEBI. In case of Bids made by provident funds/pension funds, subject to applicable laws, with minimum corpus of ₹250 million, a certified copy of certificate from a chartered accountant certifying the corpusoftheprovidentfund/pensionfundmustbeattachedtotheBidcumApplicationForm.Failingthis, the Bid(s) may be rejected.

Bids by Mutual Funds Bids may be made by mutual funds under all its schemes, existing and future, subject to the investment conditions and other restrictions prescribed under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (including, the master circular for mutual funds dated June 27, 2024 and any other circulars, notifications and guidelines issued thereunder). A mutual fund may invest in the Units

subject to the following:

(i) No mutual fund under all its schemes shall own more than 10% of the Units; and

(ii) A mutual fund scheme shall not invest: (cid:129) more than 10% of its NAV in the units issued by REITs; and (cid:129) more than 5% of its NAV in the Units.

Provided that the limits mentioned in sub-clauses (i) and (ii) above shall not be applicable for investments in case of index fund or sector or industry specific scheme pertaining to REITs.

In case of a Mutual Fund, a separate Bid can be made in respect of each scheme of the Mutual Fund registered with SEBI and such Bids in respect of more than one scheme of the Mutual Fund will not be treated as multiple Bids provided that the Bids clearly indicate the scheme concerned for which the Bid has been made.

673Bids by insurance companies Bids may be made by insurance companies as permitted by the Insurance Regulatory and Development Authority of India in terms of the Master Circular—Investments, 2016 (Version 3, October 2022), the

circular issued by the IRDAI entitled, Investment in Units of Real Estate Investment Trusts (REIT) & Infrastructure Investment Trusts (InvIT) dated March 14, 2017 and the circular issued by the IRDAI entitled Investments in Debt Securities of InvITs and REITs dated April 22, 2021. Insurance companies

can invest in units of REITs which conform to the following:

(i) The REIT rated not less than “AA” which shall form part of approved investments. REITs rated less than AA shall form part of other investments.

(ii) TheinvestmentsinunitsofREITsshallnotexceed3%oftotalfundsizeoftheinsureratanypoint of time.

(iii) No insurer shall invest more than 5% of the units issued by a single REIT in a single REIT

(iv) No investment shall be made in the REIT where the sponsor is under the promoter group of the insurer.

(v) InvestmentsinunitsofREITwillformpartof“investmentproperty”asperNote6toRegulation9 of IRDAI (Investment) Regulations, 2016 read along with Master Circular—Investments.

The investment in units of a REIT shall be valued at market value (last quoted price should not be later than 30 days). Where market quote is not available for the last 30 days, the units shall be valued as per the latest NAV (not more than six months old) of the units published by the trust.

Bids under Power of Attorney IncaseofBidsmadepursuanttoapowerofattorneyorbylimitedcompanies,corporatebodies,registered societies, Eligible FPIs (including FIIs), insurance companies, mutual funds,AIFs, insurance funds set up by the army, navy or air force of the India, insurance funds set up by the Department of Posts, India or the National Investment Fund and provident funds with a minimum corpus of ₹250 million (subject to Applicable Law) and pension funds with a minimum corpus of ₹250 million registered with the Pension Fund Regulatory and DevelopmentAuthority established under sub-section (1) of section 3 of the Pension Fund Regulatory and DevelopmentAuthorityAct, 2013 (subject to applicable law), a certified copy of the power of attorney or the relevant resolution or authority, as the case may be, along with a certified copy of the memorandum of association and articles of association and/or bye laws must be lodged along with the Bid cumApplication Form. Failing this, the Manager, in consultation with the Lead Managers, reserve the right to accept or reject any Bid in whole or in part, in either case, without assigning any reason thereof.

The Manager, in consultation with the Lead Managers, in their absolute discretion, reserves the right to relax the above condition of simultaneous lodging of the power of attorney along with the Bid cum Application Form.

The above information is given for the benefit of the Bidders. Each Bidder should check whether it is eligible to apply under applicable law and ensure that any prospectiveAllotment to it in the Issue isincompliancewiththeinvestmentrestrictionsunderapplicablelaw.CertaincategoriesofBidders may not be allowed to Bid in the Issue or hold Units exceeding certain limits specified under applicablelaw.ThePartiestotheKnowledgeRealtyTrustandtheMembersoftheSyndicatearenot liable for any amendment or modification or change to applicable law, which may occur after the date of this Offer Document.

674Maximum and Minimum Bid Size

(i) Each Bidder (other than Anchor Investors and Strategic Investors) is required to Bid for a Minimum Bid Amount of [●] Units and in multiples of [●] Units thereafter.

(ii) No Bidder shall Bid for such number of Units which exceeds the Issue size, subject to applicable investment limits or maximum number of Units that can be held by them under applicable law.

(iii) The maximum Bid by any Bidder including Institutional Investors should not exceed the investment limits prescribed for them under the applicable law.

The price and quantity options submitted by a Bidder in the Bid cumApplication Form may be treated as optional bids from the Bidder and may not be cumulated. After determination of the Issue Price, the highest number of Units Bid for by a Bidder at or above the Issue Price may be considered forAllotment and the rest of the Bid(s), irrespective of the Bid Amount may automatically become invalid.

Information for the Bidders:

(i) This Offer Document will be filed by the Manager with SEBI and the Stock Exchanges at least five Working Days before the Bid/Issue Opening Date.

(ii) After the filing of this Offer Document with SEBI and the Stock Exchanges, the Manager (on behalf of the Knowledge Realty Trust) shall make a pre-Issue advertisement on the websites of the Knowledge Realty Trust, the Manager, the Blackstone Sponsor, the Sattva Sponsor and the Stock Exchanges. Further, such pre-Issue advertisement will also be published in all editions of Business Standard (a widely circulated English and Hindi national daily newspaper) and in Mumbai editions of Navshakti (a widely circulated Marathi national daily newspaper, with wide circulation in Maharashtra).

(iii) Any Bidder (who is eligible to invest in the Units) may obtain the Bid cumApplication Form, the Abridged Offer Document and this Offer Document from the principal place of business of the Knowledge Realty Trust, the office of the Manager or any member of the Syndicate or from the Designated Intermediary. Anchor Investor Application Forms may be obtained by Bidders from Designated Intermediaries.

(iv) The Bid/Issue Period shall be for a minimum of three Working Days. In case the Price Band is revised,theBid/IssuePeriodshallbeextendedforaminimumperiodofoneWorkingDay,subject to the total Bid/Issue Period not exceeding 30 Working Days. In case of force majeure, banking strike or similar circumstances, the Bid/Issue Period may be extended for a minimum period of three Working Days, subject to the total Bid/Offer Period not exceeding 30 Working Days. The revisedPriceBandandBid/IssuePeriodwillbewidelydisseminatedbynotificationtotheSCSBs and Stock Exchanges, and also by indicating the change on the websites of the Knowledge Realty Trust,theManager,theBlackstoneSponsor,theSattvaSponsorandtheLeadManagersandatthe terminals of the Members of the Syndicate. In accordance with the SEBI REIT Regulations and the SEBI Master Circular, the Price Band cannot be revised more than two times and differential price shall not be offered to any investor.

(v) The Designated Intermediaries will accept Bids during the Bid/Issue Period in accordance with the terms of this Offer Document, provided that the Lead Managers will accept the Bids from Anchor Investors only during the Anchor Investor Bid/Issue Period.

(vi) The Bids should be submitted on the prescribed Bid cum Application Form only. Bids by ASBA Bidders will be accepted by Designated Intermediaries at the Bidding Centers in accordance with applicable law and any other circulars issued by SEBI in this regard. Bid cumApplication Forms should bear the stamp of the respective Designated Intermediaries. Bid cum Application Forms (except electronic Bid cum Application Forms) which do not bear the stamp of a member of the Designated Intermediaries are liable to be rejected.

675(vii) The Bidding Centers will acknowledge the receipt of the Bid cumApplication Forms by stamping and returning to the Bidder theAcknowledgement Slip.ThisAcknowledgement Slip will serve as the duplicate of the Bid cum Application Form for the records of the Bidder.

Instructions for completing the Bid Cum Application Form Bidders may note that Bid cum Application Forms not filled completely or correctly as per instructions

provided in this Offer Document and the Bid cum Application Form are liable to be rejected.

Bids must be:

(i) Made only in the prescribed Bid cum Application Form or Revision Form, as applicable;

(ii) Completed in full, in BLOCK LETTERS in ENGLISH and in accordance with the instructions contained here and in the Bid cumApplication Form. Incomplete Bid cumApplication Forms or Revision Forms are liable to be rejected. Bidders must provide details of valid and active DPID, UPI ID (for individual Non-Institutional Investors Bidding for a BidAmount of ₹0.50 million or less using the UPI Mechanism) Client ID and PAN clearly and without error. Invalid accounts, suspended accounts or where such account is classified as invalid or suspended shall not be considered for Allotment. Bidders should note that the Members of the Syndicate and/or the SCSBs (as appropriate) will not be liable for errors in data entry due to incomplete or illegible Bid cum Application Forms; and

(iii) In a single name or in joint names (not more than three, and in the same order as their Depository Participant details).

Bidders should also note that:

(i) Information provided by the Bidders will be uploaded in the online system by the Designated Intermediaries and the electronic data will be used to make allocation/Allotment. Bidders are advised to ensure that the details are correct and legible;

(ii) Only the First Bidder/Applicant is required to sign the Bid cum Application Form/Application Form. Bidders/Applicants should ensure that that thumb impressions and signatures other than in the languages specified in the Eighth Schedule to the Constitution of India are attested by a Magistrate or a Notary Public or a Special Executive Magistrate under official seal; and

(iii) If theASBAAccount holder is different from theASBABidder, theASBAForm should be signed by the account holder as provided in the ASBA Form.

General Instructions Do’s:

1. Check if you are eligible to apply as per the terms of this Offer Document and under applicable laws and approvals;

2. Ensure that you have Bid within the Price Band;

3. Read all the instructions carefully and complete the relevant Bid cum Application Form;

4. Ensure that the details about the PAN, DP ID, UPI ID (for individual Non-Institutional Investors Bidding for a Bid Amount of ₹0.50 million or less using the UPI Mechanism) and Client ID are correct, and the BeneficiaryAccount is activated, asAllotment of Units will be in dematerialized form only;

6765. Ensure that the Bids are submitted at the Bidding Centers only on the Bid cumApplication Forms bearing the stamp of Designated Intermediary;

6. Ensure that you have mentioned the correct ASBAAccount number in the Bid cum Application Form (other than in the case of Anchor Investors and Strategic Investors);

7. IndividualNon-InstitutionalInvestorsBiddingforaBidAmountof₹0.50millionorlessusingthe UPI Mechanism must provide bank account details and authorization to block funds in their respectiveASBAAccountsintherelevantspaceprovidedintheASBAFormandtheASBAForms that do not contain such details are liable to be rejected or the UPI ID, as applicable, in the relevant space provided in the ASBA Form;

8. Individual Non-Institutional Investors Bidding for a Bid Amount of ₹0.50 million or less using UPIMechanismthroughtheSCSBsandmobileapplicationsshallensurethatthenameofthebank appears in the list of SCSBs which are live on UPI, as displayed on the SEBI website;

9. Individual Non-Institutional Investors Bidding for a Bid Amount of ₹0.50 million or less using UPIMechanismtoensurethattheyshalluseonlytheirownASBAAccountoronlytheirownbank accountlinkedUPIIDtomakeanapplicationintheIssueandnotASBAAccountorbankaccount linked UPI ID of any third party;

10. Ensure that your Bid is submitted at a Bidding Center of a Designated Intermediary. Further, ensure that the Bid cum Application Form is signed by the ASBAAccount holder if the Bidder is not the ASBAAccount holder;

11. Ensure that the full Bid Amount is paid for Bids submitted by Anchor Investors and funds equivalent to the Bid Amount are blocked by the SCSB in case of Bids submitted through the ASBA process;

12. Ensure that you have correctly checked the authorization/undertaking box in the Bid cum Application Form, or have otherwise provided an authorization to the SCSB via the electronic mode for the Designated Branch to block funds in the ASBA Account equivalent to the Bid Amount mentioned in the Bid cum Application Form at the time of submission of the Bid;

13. Ensure that you have correctly checked the authorization box in the ASBA Form, or have otherwise provided an authorization to the SCSB via the electronic mode for the Designated Branch or to the Sponsor Bank (for individual Non-Institutional Investors using UPI Mechanism) to block funds in theASBAAccount equivalent to the BidAmount mentioned in theASBAForm;

14. Instruct your respective banks to not release the funds other than in relation to this Issue, blocked in the ASBAAccounts;

15. Ensure that you receive an Acknowledgement Slip from the Designated Intermediary for the submission of your Bid cum Application Form;

16. Submit revised Bids at the same Bidding Center of a same Designated Intermediary, through which the original Bid was placed and obtain a revised Acknowledgement Slip, as the case may be;

17. Except for Bids (i) on behalf of the Central or State Governments and the officials appointed by thecourts,who,intermsoftheSEBIcirculardatedJune30,2008,maybeexemptfromspecifying their PAN for transacting in the securities market, (ii) Bids by persons resident in the state of Sikkim, who, in terms of a SEBI circular dated July 20, 2006, may be exempted from specifying their PAN for transacting in the securities market, and (iii) persons exempt under applicable law from holding a PAN, all Bidders should mention their PAN allotted under the IT Act. The 677exemption for the Central or the State Government and officials appointed by the courts and for investors residing in the State of Sikkim is subject to (a) the Demographic Details received from the respective depositories confirming the exemption granted to the beneficiary owner by a suitabledescriptioninthePANfieldandthebeneficiaryaccountremainingin“activestatus”;and

(b) in the case of residents of Sikkim, the address as per the Demographic Details evidencing the same. All other applications in which the PAN is not mentioned will be rejected;

18. IncaseswherethePANissame,suchBidswillbetreatedasmultipleapplications.Biddersshould not submit the GIR number instead of the PAN as the Bid is liable to be rejected on this ground.

With effect fromAugust 16, 2010, the demat accounts of Bidders for whom PAN details have not been verified shall be “suspended for credit” and no credit of Units pursuant to the Issue will be made into the accounts of such Bidders;

19. Ensure that the Demographic Details (as defined below) are updated, true and correct in all respects;

20. Ensure that thumb impressions and signatures other than in the languages specified in the Eighth Schedule to the Constitution of India are attested by a Magistrate or a Notary Public or a Special Executive Magistrate under official seal;

21. In case of joint Bids, the Bid cum Application Form should contain the name of only the First Bidder whose name should also appear as the first holder of the beneficiary account held in joint names. Ensure that the signature of the First Bidder in case of joint Bids, is included in the Bid cum Application Forms;

22. Ensurethatthename(s)givenintheBidcumApplicationFormisexactlythesameasthename(s) in which the beneficiary account is held with the Depository Participant;

23. Ensure that the category and the investor status is indicated;

24. Ensure that in case of Bids under power of attorney or by limited companies, corporates, trust, etc., relevant documents are submitted;

25. Ensure that Bids submitted by any person outside India are in compliance with applicable foreign and Indian laws; and

26. With respect to Bids by SCSBs, ensure that you have a separate account in your own name with any other SCSB having clear demarcated funds for applying under the ASBA process and that such separate account (with any other SCSB) is used as the ASBAAccount with respect to your Bid.

The Bid cum Application Form is liable to be rejected if the above instructions, as applicable, are not complied with.

Don’ts:

1. Do not Bid for lower than the Minimum Bid Size;

2. Do not submit a Bid in case you are not eligible to acquire Units under applicable law or your relevant constitutional documents or otherwise;

3. Do not submit Bids on plain paper or on incomplete or illegible Bid cum Application Forms or on Bid cum Application Forms in a color prescribed for another category of Bidders;

4. Anchor Investors and Strategic Investors should not Bid through the ASBA process;

6785. Do not submit the Bid for an amount more than funds available in your ASBAAccount;

6. Do not submit a Bid without payment of the entire Bid Amount;

7. Do not Bid less than the Floor Price or higher than the Cap Price;

8. Do not Bid on another Bid cumApplication Form after you have submitted a Bid to a Designated Intermediary;

9. Do not pay the BidAmount in cash, by money order or postal order or stockinvest and in relation to ABSA Bidders in any other mode other than blocked amounts in the ASBAAccounts;

10. Do not send Bid cum Application Forms by post and only submit the same to a Designated Intermediary at a Bidding Center;

11. Do not fill up the Bid cum Application Form such that the Units Bid for exceed, the Issue size ortheinvestmentlimit,orthemaximumnumberofUnitsthatcanbeheldorthemaximumamount permissible under applicable laws;

12. Do not submit more than five Bid cum Application Forms per ASBAAccount;

13. Do not submit the GIR number instead of the PAN as the Bid is liable to be rejected on this ground;

14. Do not submit incorrect details of DP ID, UPI ID (for individual Non-Institutional Investors Bidding for a BidAmount of ₹0.50 million or less using the UPI Mechanism), Client ID and PAN or give details for which demat account is suspended or for which such details cannot be verified by the Registrar;

15. Do not make the Bid cum Application Form using third party bank account or using third party linked bank account UPI ID;

16. Do not submit the Bid cum Application Form to any non-SCSB bank;

17. Individual Non-Institutional Investors Bidding using the incorrect UPI handle or using a bank account of an SCSB or a banks which is not mentioned in the list provided in the SEBI website is liable to be rejected;

18. Do not submit your Bid after the Bid/Issue Closing Date;

19. Do not Bid if you are not competent to contract under the Indian Contract Act, 1872 (other than minorshavingvaliddepositoryaccountsasperDemographicDetailsprovidedbytheDepository); and

20. Do not withdraw your Bid or lower the size of your Bid (in terms of quantity of the Units or the Bid Amount) at any stage.

The Bid cum Application Form is liable to be rejected if the above instructions, as applicable, are not complied with.

679Method and Process of Bidding

1. The Manager and the Lead Managers have declared the Bid/Issue Opening Date and Bid/Issue Closing Date at the time of filing this Offer Document with SEBI and the Stock Exchanges.

2. Post filing of this Offer Document with SEBI and the Stock Exchanges, the Manager shall make a pre-Issue advertisement on the websites of the Knowledge Realty Trust, the Manager, the Blackstone Sponsor, the Sattva Sponsor and the Stock Exchanges. Further, such pre-Issue will also be published in all editions of Business Standard (a widely circulated English and Hindi national daily newspaper) and in the Mumbai editions of Navshakti (a widely circulated Marathi national daily newspaper with wide circulation in Maharashtra).

3. ThePriceBandwillbedecidedbytheManager,inconsultationwiththeLeadManagersandshall be disclosed at least two Working Days prior to the Bid/Issue Opening Date on the websites of the Knowledge Realty Trust, the Manager, the Blackstone Sponsor, the Sattva Sponsor and the Stock Exchanges and in the newspapers where the pre-Issue advertisement will be published, if any.

4. The Lead Managers will accept Bids from the Anchor Investors on the Anchor Investor Bidding Date, i.e., one Working Day prior to the Bid/Issue Opening Date. Bidders, except Anchor Investors, who are interested in subscribing to the Units should approach any of the Designated Intermediaries to register their Bids during the Bid/Issue Period. Individual Non-Institutional Investors Bidding for a BidAmount of ₹0.50 million or less may Bid using the UPI Mechanism.

The Designated Intermediaries will accept Bids from all Bidders and will have the right to vet the Bids during the Bid/Issue Period in accordance with the terms of the SyndicateAgreement and/or this Offer Document. The Bid/Issue Period will be for at least three Working Days and not exceeding 30 Working Days (including the days for which the Issue is open in case of revision in Price Band). If the Price Band is revised, the revised Price Band and the Bid/Issue Period will bedisclosedonthewebsitesoftheKnowledgeRealtyTrust,theManager,theBlackstoneSponsor, the Sattva Sponsor, the Lead Managers, Syndicate Member, SCSBs and the Stock Exchanges and in the newspapers where the pre-Issue advertisement will be published.

5. Each Bid cum Application Form will give the Bidder the choice to Bid for up to three optional prices within the Price Band and specify the demand (i.e., the number of Units Bid for) in each option. The price and demand options submitted by the Bidder in the Bid cumApplication Form will be treated as optional demands from the Bidder and will not be cumulated. In case of an upward revision in the Price Band, in the event the Bidder does not either revise the Bid or make additional payment and the Issue Price is higher than the Cap Price prior to revision, the number of Units Bid for will be adjusted downwards for the purpose ofAllotment, such that no additional payment will be required from the Bidder and the Bidder shall be deemed to have approved such revised Bid. The Bidder can Bid at any price within the Price Band. The Bidder must Bid for the desired number of Units at a specific price. No Bidder shall either withdraw or lower its Bid at any stage.

6. After determination of the Issue Price, the maximum number of Units Bid for by a Bidder at or above the Issue Price will be considered for allocation/Allotment and the rest of the Bid(s), irrespective of the Bid Amount, will become automatically invalid.

7. Except in relation to the Bids received from the Strategic Investors and Anchor Investors, the Designated Intermediary will enter each Bid option into the electronic Bidding system as a separate Bid and generate an Acknowledgement Slip, and SCSBs will generate an Acknowledgement Slip for each price and demand option and will, on demand, give the same to the Bidder.Therefore, a Bidder can receive up to threeAcknowledgement Slips for each Bid cum Application Form.

6808. On receipt of the Bid cum Application Form (whether in physical or electronic mode) the Designated Branch of the SCSB will verify if sufficient funds equal to the Bid Amount are available in the ASBAAccount, as mentioned in the ASBA Form, prior to uploading such Bids with the Stock Exchanges. If sufficient funds are not available in the ASBA Account, the DesignatedBranchoftheSCSBwillrejectsuchBidsandwillnotuploadsuchBidswiththeStock Exchanges.IfsufficientfundsareavailableintheASBAAccount,theSCSBwillblockanamount equivalent to the Bid Amount mentioned in the ASBA Form and will enter each Bid option into the electronic bidding system as a separate Bid.

9. AlongwiththeBidcumApplicationForm,allBidderswillmakepaymentinthemannerdescribed under the paragraph titled “—Payment Instructions” on page 682.

Bidders’ Depository Account and Bank Account Details Bidders should note that on the basis of Bidders’ PAN, DP ID, UPI ID (for individual Non-Institutional Investors Bidding for a Bid Amount of ₹0.50 million or less using the UPI Mechanism) and Client ID

provided by them in the Bid cum Application Form and as entered into the electronic bidding system of the Stock Exchanges by the Members of the Syndicate and the SCSBs, as the case may be, the Registrar will obtain from the Depository the demographic details including the Bidders’ address, occupation and bank account details, including the nine-digit magnetic ink character recognition (“MICR”) code as appearing on the cheque leaf (“Demographic Details”), from the Depository. The Demographic Details will be used for giving refunds and allocation advice (including through physical refund warrants, direct credit, NACH, NEFT and RTGS) to the Bidders. Hence, Bidders are advised to immediately update their bank account details, PAN and Demographic Details as appearing on the records of the Depository Participant and ensure that they are true and correct. Failure to do so could result in delays in dispatch/creditofrefundstoBiddersattheBidderssoleriskandnoneoftheLeadManagers,theRegistrar, the Escrow Collection Banks, the Sponsor Bank(s), the SCSBs, the Manager or the Trustee will have any responsibility or undertake any liability for this. Accordingly, Bidders should carefully fill in their depository account details in the Bid cum Application Form.

By signing the Bid cum Application Form, the Bidder is deemed to have authorized the Depositories to provide to the Registrar, on request, the required Demographic Details as available in their records.

Bids with no corresponding record available with the Depositories matching the three parameters (namely, Bidders PAN (in case of joint Bids, PAN of first Bidder), the DP ID, the UPI ID (for individual Non-Institutional Investors Bidding for a BidAmount of ₹0.50 million or less using the UPI Mechanism) and Client ID), are liable to be rejected.

Payment mechanism for ASBA Bidders TheASBABidderswillspecifytheASBAAccountintheBidcumApplicationFormandtheSCSB(orthe Sponsor Bank in case of individual Non-Institutional Investors using the UPI Mechanism) will block an amount equivalent to the BidAmount in theASBAAccount so specified. The SCSB or the Sponsor Bank (in case of individual Non-Institutional Investors using the UPI Mechanism) will keep the BidAmount in the relevant ASBAAccount blocked until finalization of the Basis of Allotment and consequent transfer of the Bid Amount to the Public Issue Account, or until withdrawal/failure of the Issue or until rejection of the Bid, as the case may be.

IntheeventofrejectionoftheBidcumApplicationForm,failureoftheIssueorforunsuccessfulBidcum Application Forms, the Registrar will give instructions to the SCSB (to the Sponsor Bank in case of individual Non-Institutional Investors using the UPI Mechanism) to unblock the Bid Amount in the relevant ASBAAccount and the SCSBs will unblock the Bid Amount on receipt of such instruction.

681Payment Instructions TheManager,inconsultationwiththeTrusteeandtheLeadManagerswillopenEscrowAccountswithone or more Escrow Collection Bank(s) in whose favorAnchor Investors will issue payment instruments. The payment instruments for payment into the Escrow Account(s) should be drawn in favor of:

(cid:129) In case of resident Anchor Investors: “KNOWLEDGE REALTY TRUST—STRATEGIC AND ANCHOR RESIDENT ACCOUNT” (cid:129) Incaseofnon-residentAnchorInvestors:“KNOWLEDGEREALTYTRUST—STRATEGICAND ANCHOR NON RESIDENT ACCOUNT” The Bidders should note that the escrow mechanism is not prescribed by SEBI and has been establishedasanarrangementamongsttheManager,theTrustee(actingonbehalfoftheKnowledge Realty Trust), the Syndicate, the Escrow Collection Banks and the Registrar to facilitate collections from Bidders.

The Escrow Collection Banks will act in terms of this Offer Document and the Cash Escrow and Sponsor BankAgreement.ThemoniesdepositedintheEscrowAccount(s)willbeheldforthebenefitoftheAnchor Investors until the Designated Date. On the Designated Date, the Escrow Collection Banks will transfer the funds from the EscrowAccount(s) as per the terms of the Cash Escrow and Sponsor BankAgreement into the Public Issue Account with the Escrow Collection Banks and the Refund Account. The Escrow Collection Banks will not exercise any lien whatsoever over the monies deposited therein and will hold the monies therein in trust for theAnchor Investors. The balance amount after transfer to the Public Issue Account will be transferred to the Refund Account. Payments of refund to the Anchor Investors will be made from the Refund Account are per the terms of the Cash Escrow and Sponsor Bank Agreement and this Offer Document.

Payments should be made by Anchor Investors only in electronic mode through direct credit/NEFT/ NACH/RTGS. Cheques or bank drafts, cash, stockinvest, money orders or postal orders will not be accepted and is liable to be rejected.

Other Instructions Joint Bids in case of Individuals Bids may be made in single or joint names (not more than three). In the case of joint Bids, all payments will be made out in favor of the Bidder whose name appears first in the Bid cum Application Form or Revision Form.All communications will be addressed to the First Bidder and will be dispatched to his or her address as per the Demographic Details received from the Depository.

Multiple Bids A Bidder should submit only one Bid for the total number of the Units required. Two or more Bids will be deemed to be multiple Bids if the sole or first Bidder is the same. However, a Bidder can revise the Bid through the Revision Form.

In case of a mutual fund, subject to investment conditions as per applicable law, a separate Bid can be made in respect of each scheme of the mutual fund registered with SEBI and such Bids in respect of more than one scheme of the mutual fund will not be treated as multiple Bids, provided that the Bids clearly indicatetheschemeconcernedforwhichtheBidismade.BidsbyQIBsundertheAnchorInvestorPortion and Institutional Investor Portion (excludingAnchor Investor Portion) will not be considered as multiple Bids. Bids by Strategic Investor in Anchor Investor Portion, Institutional Investor Portion or Non-Institutional Investor Portion will not be considered as multiple Bids, subject to applicable limits.

682AfterBiddingonanASBAFormeitherinphysicalorelectronicmode,wheresuchASBABidissubmitted to the Designated Intermediaries and uploaded with the Stock Exchanges, an ASBA Bidder cannot Bid, either in physical or electronic mode, on another ASBA Form or a non-ASBA Form. Submission of a second Bid cum Application Form, whether an ASBA Form, to either the same or to another Designated Intermediary,oranon-ASBAForm,willbetreatedasmultipleBidsandwillbeliabletoberejectedeither before entering the Bid into the electronic bidding system, or at any point of time prior to the allocation or Allotment of Units in this Issue. However, the ASBA Bidder can revise the Bid through the Revision Form.

More than oneASBABidder may Bid for Units using the sameASBAAccount, provided that the SCSBs will not accept a total of more than fiveASBAfrom suchASBABidders with respect to any singleASBA Account.

TheManager,inconsultationwiththeLeadManagers,reservetherighttoreject,initsabsolutediscretion, all or any multiple Bids in any or all categories. A check will be carried out for the same PAN. In cases where the PAN is same, such Bids will be treated as multiple applications.

Right to Reject Bids In case of QIBs Bidding in the Institutional Investor Portion and Anchor Investors, the Members of the Syndicate may reject Bids provided that such rejection will be made at the time of acceptance of the Bid and the reasons for rejecting such Bids will be provided to such Bidder in writing. The Members of the Syndicate may also reject Bids if all information required is not provided and the Bid cum Application Form is incomplete in any respect.

Grounds for Technical Rejections Bidders are advised that incomplete or illegible Bid cum Application Forms will be rejected by the Designated Intermediaries. Bidders are advised to note that Bids are liable to be rejected on technical

grounds including the following:

(i) The Bid Amount mentioned in the Bid cum Application Form does not tally with the amount payable for the value of the Units Bid for;

(ii) Application on plain paper;

(iii) In case of partnership firms (excluding LLPs), Units may be registered in the names of the individual partners and no firm as such will be entitled to apply;

(iv) Bid by persons not competent to contract under the Indian Contract Act, 1872, as amended, including minors. However, minors can Bid through their guardians;

(v) PANnotstated(exceptforBidsonbehalfoftheCentralorStateGovernment,residentsofSikkim and the officials appointed by the courts);

(vi) GIR number furnished instead of PAN;

(vii) WherePANdetailsarenotverifiedbydemataccounts,i.e.wherethedemataccountis“suspended for credit”;

(viii) Bids for lower value of Units than specified for that category of Bidders;

(ix) Bids at a price less than the Floor Price;

(x) Bids at a price over the Cap Price;

683(xi) Submission of more than five ASBA Forms per ASBAAccount;

(xii) Submission of Bids by individual Non-Institutional Investors for Bid Amount of more than ₹0.50 million using the UPI Mechanism;

(xiii) IndividualNon-InstitutionalInvestorsBiddingforaBidAmountof₹0.50millionorlessusingthe UPIMechanismhavenotprovidedthevalidUPIIDintherelevantspaceprovidedintheBidcum Application Form;

(xiv) Bids for a value of less than the Minimum Bid Size;

(xv) Bidder category not specified;

(xvi) Multiple Bids as described in this Offer Document;

(xvii) In case of Bids under power of attorney or by limited companies, corporate, trust etc., relevant documents not being submitted;

(xviii) Bids accompanied by cash, stockinvest, money order or postal order, as applicable;

(xix) Signature of sole and/or the First Bidder (in case of joint Bids) is missing.

(xx) Bid cumApplication Form does not have the stamp of the Designated Intermediaries (except for electronic ASBA Bids), as the case may be;

(xxi) Bid cumApplication Forms are not delivered by the Bidders within the time prescribed as per the Bid cum Application Form, Bid/Issue Opening Date advertisement and this Offer Document and as per the instructions in this Offer Document and the Bid cum Application Forms;

(xxii) Inadequate funds in the ASBAAccount to block the Bid Amount specified in the ASBA Form at the time of blocking such Bid Amount in the ASBAAccount;

(xxiii) Authorization for blocking funds in the ASBAAccount not provided;

(xxiv) Bids for amounts greater than the maximum permissible amounts prescribed by applicable law;

(xxv) Bids by OCBs;

(xxvi) Bids by persons in the United States other than “qualified institutional buyers” as defined in Rule 144A under the U.S. Securities Act;

(xxvii) Bids by persons in EEAMember States or any other category of person to which such marketing permitted under the national laws of such EEA Member State. For details, please see “Notice to Investors—Notice to Prospective Investors in the European EconomicArea and United Kingdom” on page 2;

(xxviii) Bank account details for the refund not given, as applicable;

(xxix) Bids by persons prohibited from buying, selling or dealing in the Units directly or indirectly by SEBI or any other regulatory authority;

(xxx) Bids by persons who are not eligible to acquire Units under applicable law or their relevant constitutional documents or otherwise; and 684(xxxi) Bids that do not comply with the securities laws of their respective jurisdictions;

IN CASE THE DP ID, UPI ID (FOR INDIVIDUAL NON-INSTITUTIONAL INVESTORS BIDDING FOR A BID AMOUNT OF ₹0.50 MILLION OR LESS USING THE UPI MECHANISM) CLIENT ID AND PAN MENTIONED IN THE BID CUM APPLICATION FORM AND ENTERED INTO THE ELECTRONIC BIDDING SYSTEM OF THE STOCK EXCHANGES DO NOT MATCH WITH THE DP ID, UPI ID (FOR INDIVIDUAL NON-INSTITUTIONALINVESTORSBIDDINGFORABIDAMOUNTOF₹0.50MILLION OR LESS USING THE UPI MECHANISM) CLIENT ID AND PAN AVAILABLE IN THE RECORDS WITH THE DEPOSITORIES THE APPLICATION IS LIABLE TO BE REJECTED.

Electronic Registration of Bids

(i) The Designated Intermediaries will register the Bids received, using the online facilities of the Stock Exchanges. Details of Bids in the Strategic Investor and Anchor Investor Portion will not be registered on the online facilities of the Stock Exchanges. The Lead Managers, the Manager andtheRegistrararenotresponsibleforanyacts,mistakesorerrorsoromissionandcommissions in relation to (i) the Bids accepted by the Designated Intermediaries, (ii) the Bids uploaded by the Designated Intermediaries, (iii) the Bids accepted but not uploaded by the Designated Intermediaries or (iv) Bids accepted and uploaded without blocking funds in theASBAAccounts.

It will be presumed that for the Bids uploaded by the SCSBs, the Bid Amount has been blocked in the relevant ASBAAccount.

(ii) TheStockExchangeswillofferascreen-basedfacilityforregisteringsuchBidsfortheIssue.This facility will be available on the terminals of the Designated Intermediaries and the SCSBs during theBid/IssuePeriod.TheDesignatedIntermediariescanalsosetupfacilitiesforofflineelectronic registration of Bids subject to the condition that it will upload the offline data file into the on-line facilities for book building on a regular basis.

(iii) OntheBid/IssueClosingDate,theDesignatedIntermediarieswilluploadtheBidsuntilsuchtime asmaybepermittedbytheStockExchanges.Inordertoensurethatthedatauploadedisaccurate, the Designated Intermediaries may be permitted one Working Day after the Bid/Issue Closing Date to amend some of the data fields (currently DPID, UPI ID (for individual Non-Institutional Investors Bidding for a BidAmount of ₹0.50 million or less using the UPI Mechanism) Client ID andPAN)enteredbythemintheelectronicbiddingsystem,afterwhichtheRegistrarwillproceed with the Allotment of the Units. Bidders are cautioned that a high inflow of Bids is typically experienced on the last Working Day of the Bidding, which may lead to some Bids received on the last Working Day, which may lead to some Bids received on the last Working Day not being uploaded due to lack of sufficient uploading time. Such Bids that could not uploaded will not be considered for allocation. Bids will only be accepted on Working Days (excluding any public holiday).

(iv) Based on the aggregate demand and price for Bids registered on the electronic facilities of the Stock Exchanges a graphical representation of consolidated demand and price will be made available at the Bidding Centers and on the websites of each of the Stock Exchanges during the Bid/Issue Period on regular intervals as per applicable law.

(v) AtthetimeofregisteringeachBid,theDesignatedIntermediariesincaseofASBABidswillenter

the following details of the Bidder in the electronic system: (cid:129) Name of the real estate investment trust; (cid:129) Bid cum Application Form/ASBA Form number;

685(cid:129) Investor Category; (cid:129) PAN of the first applicant; (cid:129) DP ID; (cid:129) Client ID; (cid:129) Number of Units Bid for; and (cid:129) Price option

(vi) A system generated Acknowledgement Slip will be given to the Bidder (only on demand) as a proof of the registration of each of the Bidding options. It is the Bidders’responsibility to obtain theAcknowledgement Slip from the Designated Intermediaries.The registration of the Bid by the Designated Intermediary does not guarantee that the Units will be allocated/Allotted. Such Acknowledgement Slip will be non-negotiable and by itself will not create any obligation of any kind.

(vii) ThepermissiongivenbytheStockExchangestousetheirnetworkandsoftwareoftheonlineIPO system should not in any way be deemed or construed to mean that the compliance with various statutory and other requirements by the Manager and/or the Lead Managers are cleared or approved by the Stock Exchanges; nor does it in any manner warrant, certify or endorse the correctness or completeness of any of the compliance with the statutory and other requirements nor does it take any responsibility for the financial or other soundness of the Knowledge Realty Trust, the management of the Manager or the Trustee or any property of the Knowledge Realty Trustnordoesitinanymannerwarrant,certifyorendorsethecorrectnessorcompletenessofany of the contents of this Offer Document; nor does it warrant that the Units will be listed or will continue to be listed on the Stock Exchanges.

Build-up of the book and revision of Bids

(i) Bids received from various Bidders through the Designated Intermediaries will be electronically uploaded to the Stock Exchanges mainframe on a regular basis.

(ii) The book gets built up at various price levels. This information will be available with the Lead Managers at the end of the Bidding Period.

(iii) During the Bid/Issue Period, any Bidder who has registered his or her interest in the Units at a particular price level is free to revise the Bid upwards within the Price Band using the printed Revision Form, which is a part of the Bid cum Application Form.

(iv) Upward revisions can be made in both the desired number of Units and the BidAmount by using the Revision Form. Apart from mentioning the revised options in the Revision Form, the Bidder must also mention the details of all the options in his or her Bid cum Application Form or its previous Revision Form. For example, if a Bidder has Bid for three options in the Bid cum Application Form and such Bidder is changing only one of the options in the Revision Form, he must still fill the details of the other two options that are not being revised, in the Revision Form.

The Designated Intermediaries will not accept incomplete or inaccurate Revision Forms.

(v) The Bidder can make this upward revision any number of times during the Bid/Issue Period.

However, for any revision(s) in the Bid, the Bidders will have to use the services of the same Designated Intermediary through whom such Bidder had placed the original Bid. Bidders are advisedtoretaincopiesoftheblankRevisionFormandtherevisedBidmustbemadeonlyinsuch Revision Form or copies thereof.

686(vi) If revision of the Bids results in an incremental amount, the relevant SCSB will block the additionalBidAmount.TheRegistrarwillreconciletheBiddataandconsidertherevisedBiddata for preparing the Basis of Allotment.

(vii) When a Bidder revises his or her Bid, he or she will surrender the earlierAcknowledgement Slip and will, on demand, receive a revised Acknowledgement Slip from the Designated Intermediaries. It is the responsibility of the Bidder to request for and obtain the revised Acknowledgement Slip, which will act as proof of his or her having revised the previous Bid.

Price Discovery and Allocation

(i) Based on the Bids received and the demand generated at various price levels, the Manager, in consultation with the Lead Managers, will finalize the Issue Price and theAnchor Investor Issue Price.

(ii) Allocation to Anchor Investors will be at the discretion of the Manager, in consultation with the LeadManagers,subjecttocompliancewiththeSEBIREITRegulations,theSEBIMasterCircular and other applicable laws. In the event of under-subscription in theAnchor Investor Portion, the balance Units will be added to the Institutional Investor Portion. The number of Units allocated to Anchor Investors and the Anchor Investor Allocation Price, will be made available in public domain by the Lead Managers before the Bid/Issue Opening Date.

(iii) In case of under-subscription in any category, the unsubscribed portion in either the Institutional Investor category or the Non-Institutional Investor category may be allotted to applicants in the other category.

(iv) Allocation to Strategic Investors will be at the discretion of the Manager, in consultation with the LeadManagers,subjecttocompliancewiththeSEBIREITRegulations,theSEBIMasterCircular and other applicable laws.

(v) Allocation to Non-Residents, including Eligible NRIs and FPIs will be subject to applicable law.

(vi) The Manager, in consultation with the Lead Managers, reserve the right to cancel the Issue any time after the Bid/Issue Opening Date, but before the Allotment without assigning any reasons whatsoever.

(vii) No Bidders can withdraw or lower their Bids at any time.

Illustration of Book Building and Price Discovery Process Bidders should note that this example is solely for illustrative purposes and is not specific to the Issue; it also excludes Bidding by Anchor Investors and Strategic Investors.

Bidders can bid at any price within the price band. For instance, assume a price band of ₹20 to ₹24 per unit,issuesizeof3,000unitsandreceiptoffivebidsfromBidders,detailsofwhichareshowninthetable below. The illustrative book given below shows the demand for the units of the issuer real estate investment trust at various prices and is collated from bids received from various investors.

Bid Quantity Bid Price (₹) Cumulative Quantity Subscription 500 24 500 16.70% 1,000 23 1,500 50.00% 1,500 22 3,000 100.00% 2,000 21 5,000 166.70% 2,500 20 7,500 250.00% 687The price discovery is a function of demand at various prices. The highest price at which the issuer is able to issue the desired number of units is the price at which the book cuts off, i.e., ₹22.00 in the above example. The issuer, in consultation with the book running lead managers, will finalize the issue price at orbelow such cut-off price, i.e., at orbelow ₹22.00.All bids at orabove this issue price and cut-off bids are valid bids and are considered for allocation in the respective categories.

Signing of the Underwriting Agreement

(i) The Trustee (acting on behalf of the Knowledge Realty Trust), the Manager, the Blackstone Sponsor, the Sattva Sponsor, the Lead Managers and the Syndicate Members may enter into an Underwriting Agreement on or immediately after the finalization of the Issue Price.

(ii) After signing the Underwriting Agreement, the Manager will update and file the updated Offer Document with SEBI and the Stock Exchanges in terms of the SEBI REIT Regulations and the SEBI Master Circular, which then will be termed the “Final Offer Document”. The Final Offer Document will contain details of the Issue Price, the Issue size and underwriting arrangements, if any, and will be complete in all material respects.

It is proposed that pursuant to the terms of the UnderwritingAgreement, the Lead Managers shall procure subscribers or purchasers for or, failing which, subscribe for or purchase themselves, the units offered in the offering, subject to certain exclusions as set forth in the Underwriting Agreement. The Underwriting Agreement is dated [●]. Pursuant to the terms of the Underwriting Agreement, the obligations of the Underwriters will be several and will be subject to certain conditions and in the manner specified therein.

The Underwriters have indicated their intention to underwrite the following number of Units:

This portion has been intentionally left blank and will be completed before filing of the Final Offer Document.

Name, address, telephone number, fax numberand e-mail address of the Indicative Numberof Amount Underwritten Underwriters Units to be Underwritten (₹in millions)

Name: [●] [●] [●]

Address: [●] [●] [●] Tel. No: [●] Fax. No.

Email ID: [●]

Name: [●] [●] [●]

Address: [●] [●] [●] Tel. No: [●] Fax. No.

Email ID: [●]

Name: [●] [●] [●]

Address: [●] [●] [●] Tel. No: [●] Fax. No.

Email ID: [●] 688Name, address, telephone number, fax numberand e-mail address of the Indicative Numberof Amount Underwritten Underwriters Units to be Underwritten (₹in millions)

Name: [●] [●] [●]

Address: [●] [●] [●] Tel. No: [●] Fax. No.

Email ID: [●]

Name: [●] [●] [●]

Address: [●] [●] [●] Tel. No: [●] Fax. No.

Email ID: [●]

Name: [●] [●] [●]

Address: [●] [●] [●] Tel. No: [●] Fax. No.

Email ID: [●]

Name: [●] [●] [●]

Address: [●] [●] [●] Tel. No: [●] Fax. No.

Email ID: [●]

Name: [●] [●] [●]

Address: [●] [●] [●] Tel. No: [●] Fax. No.

Email ID: [●]

Name: [●] [●] [●]

Address: [●] [●] [●] Tel. No: [●] Fax. No.

Email ID: [●]

Name: [●] [●] [●]

Address: [●] [●] [●] Tel. No: [●] Fax. No.

Email ID: [●] 689Name, address, telephone number, fax numberand e-mail address of the Indicative Numberof Amount Underwritten Underwriters Units to be Underwritten (₹in millions)

Name: [●] [●] [●]

Address: [●] [●] [●] Tel. No: [●] Fax. No.

Email ID: [●]

Name: [●] [●] [●]

Address: [●] [●] [●] Tel. No: [●] Fax. No.

Email ID: [●] Allocation among the Underwriters may not necessarily be in proportion to their underwriting commitment.TheabovementionedUnderwritersareregisteredwithSEBIunderSection12(1)oftheSEBI Act or registered as brokers with the Stock Exchange(s). The board of directors of the Manager or any committee thereof, at its meeting held on [●], has accepted and entered into the UnderwritingAgreement on behalf of the Manager.

Notwithstanding the above table, the Underwriters shall be severally responsible for ensuring payment with respect to Units allocated to Bidders procured by them. In the event of any default in payment, the respective Underwriter, in addition to other obligations defined in the UnderwritingAgreement, will also be required to procure subscribers for or subscribe to Units to the extent of the defaulted amount subject to the terms of the Underwriting Agreement.

Issuance of Allotment Advice

(i) Upon approval of the Basis of Allotment by the Designated Stock Exchange, the Registrar shall send to the Syndicate a list of the Bidders who have been Allotted Units in the Issue.

(ii) TheRegistrarwillthendispatchanAllotmentAdvicetotheBidderswhohavebeenAllottedUnits intheIssue.ThedispatchofanAllotmentAdviceshallbedeemedavalid,bindingandirrevocable contract for the Bidder.

(iii) The issuance of Allotment Advice is subject to “Notice to Strategic Investors and Anchor

Investors: Allotment Reconciliation and Confirmation of Allocation Note” below.

Notice to Strategic Investors andAnchor Investors:Allotment Reconciliation and Confirmations of Allocation Notes (“CANs”)

(i) A physical book will be prepared by the Registrar to the Issue on the basis of the Bid cum Application Forms received fromAnchor Investors and Strategic Investors. Based on the physical book and at the discretion of the Manager, in consultation with the Lead Managers, selected Strategic Investors and Anchor Investors will be sent a CAN or, if required, the revised CAN.

(ii) In the event that the Issue Price is higher than the Strategic Investor Allocation Price or

Anchor Investor Allocation Price: Strategic Investors and Anchor Investors will be sent a revised CAN within one day of the Pricing Date indicating the number of Units allocated to such Anchor Investor or Strategic Investor and the pay-in date for payment of the balance amount.

Anchor Investors and Strategic Investors are then required to pay any additional amounts, being the difference between the Issue Price and the Anchor Investor Allocation Price or the Strategic Investor Allocation Price, as applicable, as indicated in the revised CAN within the pay-in date referred to in the revised CAN. Thereafter, the Allotment Advice will be issued to such Anchor Investors and Strategic Investors.

690(iii) In the event the Issue Price is lowerthan the Strategic InvestorAllocation Price andAnchor

Investor Allocation Price: Strategic Investors and Anchor Investors who have been Allotted Equity Shares will directly receive Allotment Advice and will not receive a refund for the difference between the Issue Price and theAnchor InvestorAllocation Price or Strategic Investor Allocation Price, as applicable.

Designated Date and Allotment of Units On the Designated Date, the Registrar shall instruct the SCSBs or Sponsor Bank for individual Non-InstitutionalInvestorsusingUPIMechanismtotransferfundsrepresentedbyallocationofUnitsfrom ASBAAccounts into Public IssueAccount. The balance amount after transfer to the Public IssueAccount shallbeunblockedbytherelevantSCSBorSponsorBankforindividualNon-InstitutionalInvestorsusing UPI Mechanism.Whilst the Manager shall ensure all steps for the completion of the necessary formalities forthelistingandthecommencementoftradingoftheUnitsontheStockExchangesarecompletedwithin six Working Days of the Bid/Issue Closing Date, the timetable may be extended due to various factors, such as extension of the Bid/Issue Period by the Manager, revision of the Price Band or any delay in receiving the final listing and trading approval from the Stock Exchanges. The commencement of trading oftheUnitswillbeentirelyatthediscretionoftheStockExchangesandinaccordancewiththeApplicable Laws.

Bidders are advised to instruct theirDepository Participant to accept the Units that may beAllotted to them in this Issue.

Basis of Allotment For Bidders other than Anchor Investors and Strategic Investors

(i) The allotment of Units to Bidders other than Strategic Investors andAnchor Investors shall be on proportionatebasiswithinthespecifiedinvestorcategoriesandthenumberofUnitsAllottedshall be rounded off to the nearest integer, subject to minimum Allotment as per SEBI REIT Regulations and the SEBI Master Circular.

(ii) In case of under-subscription in any investor category, the unsubscribed portion in either the Institutional Investor category or the Non-Institutional Investor category may be allotted to applicants in the other category.

(iii) The aggregate Allotment to Institutional Investors will not exceed 75% of the Issue Size.

(iv) The aggregate Allotment to Non-Institutional Investors shall not be less than 25% of the Issue Size.

(v) The identity of Institutional Investors shall not be made public.

For Anchor Investor Portion Allocation of Units to Anchor Investors at the Anchor Investor Allocation Price will be at the discretion of the Manager, in consultation with the Lead Managers, subject to compliance with the following

requirements:

1. not more than 60% of the Institutional Investor Portion will be available for allocation toAnchor Investors; and

2. allocation toAnchor Investors will be on a discretionary basis and subject to a minimum number of twoAnchor Investors for allocation up to ₹2,500 million and minimum number of fiveAnchor Investors for allocation more than ₹2,500 million.

ThenumberofUnitsAllocatedtoAnchorInvestorsandtheAnchorInvestorAllocationPricewillbemade available on the websites of the Stock Exchanges, the Knowledge Realty Trust, the Manager, the Blackstone Sponsor, the Sattva Sponsor and the Lead Managers, prior to the Bid/Issue Opening Date.

691For Strategic Investor Portion AllocationofUnitstoStrategicInvestorsattheStrategicInvestorAllocationPricewillbeatthediscretion of the Manager, in consultation with the Lead Managers, subject to compliance with the following

requirements: (cid:129) Strategic Investor(s) shall, jointly or severally, invest not less than 5% and not more than 25% of the total Issue; and (cid:129) allocation to Strategic Investors will be on a discretionary basis, as per applicable law.

The details of Allocation to Strategic Investors will be made available on the websites of the Stock Exchanges, the Manager, the Blackstone Sponsor, the Sattva Sponsor and the Lead Managers, prior to the Bid/Issue Opening Date, subject to applicable law.

Method of Proportionate Basis of Allotment in the Issue Except in relation to Anchor Investors and Strategic Investors, in the event of the Issue being over-subscribed, the Manager will finalize the Basis of Allotment in consultation with the Designated Stock Exchange. The Designated Stock Exchange along with the Lead Managers, the Manager and the Registrar will be responsible for ensuring that the Basis of Allotment is finalized as per SEBI REIT Regulations and SEBI Master Circular.

Except in relation to Anchor Investors and Strategic Investors, the Allotment will be made on a

proportionate basis as explained below:

(i) Bidders will be categorized according to the number of Units applied for.

(ii) The total number of Units to be allotted to each category as a whole will be arrived at on a proportionate basis, which is the total number of Units applied for in that category (number of Investors in the category multiplied by the number of Units applied for) multiplied by the inverse of the over-subscription ratio.

Number of Units to be allotted to the successful Bidders will be arrived at on a proportionate basis, which is total number of Units applied for by each Bidder in that category multiplied by the inverse of the over-subscription ratio.

Units in Dematerialized Form with NSDL or CDSL AspertheSEBIREITRegulations,theAllotmentofUnitsintheIssuewillbeonlyindematerializedform.

In this context, two agreements have been signed amongst theTrustee (acting on behalf of the Knowledge Realty Trust), the respective Depositories and the Registrar:

1. Agreement dated January 23, 2025, between NSDL, the Trustee (acting on behalf of the Knowledge Realty Trust) and the Registrar; and

2. Agreement dated February 21, 2025, between CDSL, the Trustee (acting on behalf of the Knowledge Realty Trust) and the Registrar.

Bids from any Bidder without relevant details of his or her depository account are liable to be rejected.

(i) A Bidder applying for Units must have at least one valid beneficiary account with either of the Depository Participants of either NSDL or CDSL prior to making the Bid.

(ii) Allotment to a successful Bidder will be credited in electronic form directly to the beneficiary account (with the Depository Participant) of the Bidder.

692(iii) Bid cum Application Forms or Revision Forms containing incomplete or incorrect details under the heading “Bidder’s Depository Account Details” are liable to be rejected.

(iv) Units in electronic form can be traded only on the stock exchanges having electronic connectivity with NSDL and CDSL. The Stock Exchanges where the Units are proposed to be listed have electronic connectivity with CDSL and NSDL.

Communications AllfuturecommunicationsinconnectionwithBidsmadeinthisIssueshouldbeaddressedtotheRegistrar quoting the full name of the sole or First Bidder, Bid cum Application Form number, PAN, UPI ID (for individual Non-Institutional Investors using UPI Mechanism Bidders depository account details, number of Units applied for, date of Bid cum Application Form, name and address of the member of the Syndicate where the Bid was submitted and cheque or draft number and issuing bank thereof or with respect to ASBA Bids, the bank account number in which an amount equivalent to the Bid Amount was blocked.

Bidders can contact the Compliance Officer or the Registrar to the Issue in case of any pre-Issue or post-Issue related problems such as non-receipt of letters of allotment, credit of allotted Units in the respective beneficiary accounts, refund orders etc. In case of ASBA Bids submitted with the Designated Branches, Bidders can contact the relevant Designated Branch.

We estimate that the average time required by the Registrar to the Issue, the SCSBs or us for redressal of routine investor grievances shall be 10 Working Days from the date of receipt of the complaint. In case of non-routine complaints and complaints where external agencies are involved, we will seek to redress complaints as expeditiously as possible. The Knowledge Realty Trust has obtained authentication on the SCORES and shall comply with the SEBI circular (CIR/OIAE/1/2014) dated December 18, 2014, (SEBI/HO/OIAE/IGRD/P/CIR/202) dated November 7, 2022, (SEBI/HO/OIAE/IGRD/CIR/P/2023/156) dated September 20, 2023 and (SEBI/HO/OIAE/IGRD/CIR/P/2023/183) dated December 1, 2023 in relation to redressal of investor grievances through SCORES.

Payment of Refunds In the case of Bidders other than ASBA Bidders, the Registrar will obtain from the Depositories the Bidders’ bank account details, including the MICR code, on the basis of the DP ID and the Client ID

provided by the Bidders in their Bid cum Application Forms.

In the case of Bids from Eligible NRIs and FPIs, any refunds, and other distributions, will normally be payable in Indian Rupees only and net of bank charges and/or commission.Where desired, such payments in Indian Rupees will be converted into US Dollars or any other freely convertible currency as may be permitted by the RBI at the rate of exchange prevailing at the time of remittance and will be dispatched by registered post. Neither the Manager nor the Trustee will be responsible for any loss incurred by Bidders on account of conversion of foreign currency.

Mode of Refunds For Strategic Investors and Anchor Investors For Strategic Investors andAnchor Investors, any payment of refund will be through any of the following

modes:

(i) NACH—NationalAutomatedClearingHousewhichisaconsolidatedsystemofECS.Paymentof refund would be done through NACH for Applicants having an account at one of the centers specified by the RBI, where such facility has been made available. This would be subject to availability of complete bank account details including MICR code wherever applicable from the depository. The payment of refund through NACH is mandatory for Applicants having a bank account at any of the centers where NACH facility has been made available by the RBI (subject to availability of all information for crediting the refund through NACH from the depositories), except where applicant is otherwise disclosed as eligible to get refunds through NEFT or direct credit or RTGS.

693(ii) Direct Credit—Bidders having bank accounts with the Refund Bank, as per the Demographic Details received from the Depositories will be eligible to receive refunds through direct credit.

Any bank charges levied by the Refund Bank will be borne by the Knowledge Realty Trust.

(iii) RTGS—Bidders having a bank account at any of the centers notified by SEBI where clearing houses are managed by the RBI, may have the option to receive refunds, if any, through RTGS.

(iv) NEFT—Payment of refund will be undertaken through NEFT wherever the Bidders bank branches are NEFT enabled and have been assigned the Indian Financial System Code (“IFSC”), which can be linked to an MICR code of that particular bank branch. The IFSC will be obtained from the website of RBI as on a date prior to the date of payment of refund, duly mapped with an MICR code. Wherever the Bidders have registered their MICR code and bank account number while opening and operating the demat account, these will be duly mapped with the IFSC of that particular bank branch and payment of refund will be made to the Bidders through NEFT. In the event NEFT is not operationally feasible, the payment of refunds will be made through any one of the other modes discussed in this section.

Please note that refunds through the abovementioned modes shall be credited only to the bank account from which the Bid Amount was remitted.

Refunds for ASBA Bidders In the case ofASBABidders, the Registrar will instruct the relevant SCSBs or Sponsor Bank (in case of individual Non-Institutional Investors using UPI Mechanism) to unblock the funds in the relevantASBA Accounts to the extent of the Bid Amounts specified in the ASBA Forms for withdrawn, rejected or unsuccessful or partially successfulASBABids, within six Working Days of the Bid/Issue Closing Date.

Disposal of Applications and Application Moneys and Interest in Case of Delay With respect to Bidders other thanASBABidders, the Manager will ensure dispatch ofAllotment advice, refund orders (except for Bidders who receive refunds through electronic transfer of funds) and give benefittothebeneficiaryaccountwithDepositoryParticipantsandsubmitthedocumentspertainingtothe Allotment to the Stock Exchanges after the Allotment of Units.

In case of Bidders who receive refunds through NACH, NEFT, direct credit or RTGS, the refund instructionswillbegiventotheclearingsystemwithinsixWorkingDaysfromtheBid/IssueClosingDate.

A suitable communication will be sent to the Bidders receiving refunds through this mode within six Working Days from the Bid/Issue Closing Date, giving details of the bank where refunds will be credited along with amount and expected date of electronic credit of refund.

Refund Orders or instructions to the SCSBs With respect to Strategic Investors and Anchor Investors, the Manager will ensure dispatch of Allotment Advice and refund orders (except for Anchor Investors and Strategic Investors who receive refunds through electronic transfer of funds), give benefit to the beneficiary account with the Depository ParticipantsandsubmitdocumentspertainingtotheAllotmenttotheStockExchangesaftertheAllotment.

In the case of ASBA Bidders, the Registrar will instruct the relevant SCSBs and in case of Non-Institutional Investors Bidding through the UPI Mechanism, the Registrar will instruct the Sponsor Bank to unblock the funds in the relevant ASBAAccounts to the extent of the Bid Amounts specified in theBidcumApplicationFormsforwithdrawn,rejectedorunsuccessfulorpartiallysuccessfulASBABids, within six Working Days of the Bid/Issue Closing Date.

694InterestincaseofdelayindispatchofAllotmentAdviceorrefundorders/instructiontoSCSBbythe Registrar Allotment,includingthecreditofAllottedUnitstothebeneficiaryaccountsoftheDepositoryParticipants, will be made not later than six Working Days of the Bid/Issue Closing Date. If Allotment letters/refund orders have not been dispatched to the Bidders or if, in a case where the refund or portion thereof is made in electronic manner through direct credit, NEFT, RTGS or NACH, the refund instructions have not been issuedtotheclearingsysteminthedisclosedmannerand/ordematcreditsarenotmadetoinvestorswithin six Working Days from the Bid/Issue Closing Date, the Manager will be liable to pay interest at 15% per annum, as prescribed under the SEBI REIT Regulations and other applicable laws.

The Trustee and the Manager shall not have recourse to the Issue Proceeds until the final approval for listing and trading of the Units from all the Stock Exchanges where listing is sought has been received.

Withdrawal of the Issue The Manager, in consultation with the Trustee and the Lead Managers, reserves the right not to proceed with the Issue at any time after the Bid/Issue Opening Date but before Allotment. If the Manager withdraws the Issue, it will issue a public notice within two days or such other time as may be prescribed by SEBI in this regard, providing reasons for not proceeding with the Issue. The Lead Managers, through the Registrar, will notify the SCSBs and Sponsor Bank (in case of individual Non-Institutional Investors Bidding through the UPI Mechanism) to unblock the ASBAAccounts within one Working Day from the day of receipt of such notification. The notice of withdrawal will be made available on our website, the Blackstone Sponsor’s and the Sattva Sponsor’s website and the websites of the Stock Exchanges and will also be issued in the same newspapers where the pre-Issue advertisements have appeared.

If the Manager withdraws the Issue after the Bid/Issue Closing Date and thereafter determines that they will proceed with a further public offering of Units, it will file a fresh draft offer document with SEBI or the Stock Exchanges, as the case may be.

Notwithstanding the foregoing, the Issue is also subject to obtaining (i) the final listing and trading approvalsoftheStockExchanges,whichtheManagerwillapplyforonlyafterAllotment;and(ii)thefinal approval of the Final Offer Document after it is filed with SEBI and the Stock Exchanges.

Minimum Subscription and Minimum Allotment IncasetheKnowledgeRealtyTrustdoesnotreceivetheminimumsubscriptionofatleast90%oftheIssue or subscription for the minimum public unitholding stipulated under Regulation 14(2A) of the SEBI REIT Regulations or if the number of prospective Allottees (other than the Sponsors, their related parties and their associates forming part of public) is less than 200, the Manager shall refund the entire subscription money received.

In the event of non-receipt of listing permission from the Stock Exchanges or withdrawal of the observationletterissuedbySEBI,theUnitswillnotbeeligibleforlistingandtheKnowledgeRealtyTrust willbeliabletorefundthesubscriptionmonies,ifany,totherespectiveAllotteesimmediately,alongwith interest at the rate of 15% per annum from the date of Allotment.

695BASIS FOR ISSUE PRICE The Issue Price will be determined by the Manager, in consultation with the Lead Managers, on the basis of assessment of market demand for the Units offered through the Book Building Process and on the basis of quantitative and qualitative factors as described below.

Bidders are requested to also refer to “Risk Factors”, “Our Business and Properties”, and “Financial Information of the Knowledge Realty Trust” on pages 29, 158 and 831, respectively, to make an informed investment decision.

The Price Band is ₹[●] to ₹[●].

Based on the evaluation of the qualitative and quantitative factors listed below, the Equity Value at the Floor Price, the Cap Price and the Issue Price is as follows:

Particulars At FloorPrice At Cap Price At Issue Price Unit Value [●] [●] [●] Number of Units Issued [●] [●] [●] Qualitative Factors We believe that some of the qualitative factors which form the basis for computing the Issue Price are as

follows: (cid:129) LargestREITinIndiabyGAVasofMarch31,2025andNOIforFY2025,thesecondlargestbyNOI for FY2024 as well as the most geographically diverse Indian office REIT upon listing, with assets located in India’s top performing markets namely Bengaluru, Hyderabad and Mumbai, creating a difficult to replicate platform with high barriers to entry (cid:129) Portfolio located in India, the world’s fastest growing major economy in the world as of FY2025, driven by the services sector which continues to be the key driver (cid:129) High quality assets with robust asset infrastructure and wide-ranging amenities, supported by well-established in-house asset maintenance services (cid:129) Diversified tenant base consisting of a mix Indian corporates and prominent multinationals with an increasing focus on leading domestic corporates and GCCs given India’s emergence as the “GCC Capital of the World” (cid:129) Robust business model with strong embedded growth, stable cash flows and an established development and acquisition track record, enabling us to serve as a brand-agnostic platform (cid:129) Renowned sponsors with global experience and local knowledge (cid:129) Fully integrated platform with a highly experienced management team, strong capabilities across development, leasing, operations, finance and management of real estate assets in India (cid:129) Sustainability remains a core ethos of our business practices, with a commitment to a long-term sustainability roadmap For further details, please see “Our Business and Properties—Our Competitive Strengths” on page 166.

696Quantitative Factors SomeoftheinformationpresentedbelowisbasedontheSpecialPurposeCombinedFinancialStatements.

For details, please see “Financial Information of the Knowledge Realty Trust” on page 831.

We believe that some of the quantitative factors which may form the basis for computing the Issue Price

are as follows:

1. Valuation provided by the Valuer The Valuer has followed the discounted cash flow method using rental reversion, in relation to the office component of the Portfolio and the discounted cash flow method, in relation to the Solar Assets, to assess the value of the Portfolio. The assumptions based on which the value of the Portfolio has been arrived at, have been disclosed in the section entitled “Summary Valuation Report” on page 1060.

2. Projections The Manager has provided the projected revenue from operations, EBITDA, cash flow from operating activities, NOI, and NDCF of the Knowledge Realty Trust for the Projections Period. For details of the Projections and notes thereto, please see “Projections” on page 578.

3. Price/Net Asset Value per Unit ratio in relation to Issue Price Price/NetAssetValue perUnit Particulars Amount (in ₹)(1) At FloorPrice At Cap Price At Issue Price Net Asset Value per Unit as of [●] [●] [●] [●] [●]

(1) NetassetsbasedontheSpecialPurposeCombinedFinancialStatementshavebeenusedintheanalysis.NetAssetValueperunithasbeencalculatedbased on[●].

4. Comparison with Industry Peers The Knowledge Realty Trust has the following industry peers as on date of this Offer Document,

being listed real estate investment trusts in the commercial realty sector in India:

Premium/ (Discount to Particulars NAVperunit (₹)(1) NAV) %(2) Embassy Office Parks REIT 423.22 (5.20%) Mindspace Business Parks REIT 431.70 (3.00%) Brookfield India Real Estate Trust REIT 336.35 (6.35%)

(1) AsofMarch31,2025(Source:StockExchangefilings).

(2) Premium/(DiscounttoNAV)%iscalculatedasclosingUnitPriceonNSEonJuly25,2025,dividedbyNetAssetvalueperunitminusone.

697RIGHTS OF UNITHOLDERS The rights and interests of Unitholders are contained in this Offer Document and the SEBI REIT Regulations. Under the Trust Deed and the Investment Management Agreement, these rights and interests are safeguarded by the Trustee and the Manager. Any rights and interests of Unitholders as specified in this Offer Document would be deemed to be amended to the extent of any amendment to the SEBI REIT Regulations.

Face Value The Units will not have a face value.

Beneficial Interest Each Unit represents an undivided beneficial interest in the Knowledge Realty Trust.AUnitholder has no equitable or proprietary interest in the Portfolio (or any part thereof) and is not entitled to the transfer of the Portfolio (or any part thereof) or any interest in the Knowledge Realty Trust Assets (or any part thereof).AUnitholder’srightislimitedtotherighttorequiredueadministrationoftheKnowledgeRealty TrustinaccordancewiththeprovisionsoftheTrustDeedandtheInvestmentManagementAgreement.The Beneficial Interest of each Unitholder shall be equal and limited to the proportion of the number of Units held by that Unitholder to the total number of Units.

Ranking No Unitholder of the Knowledge Realty Trust shall enjoy superior voting or any other rights over another Unitholder. Further, there shall not be multiple classes of Units of the Knowledge RealtyTrust. Each Unit Allotted to the Unitholders shall have one vote for any decisions requiring a vote of the Unitholders.

However, the Knowledge Realty Trust may in accordance with the SEBI REIT Regulations, issue subordinate units of the Knowledge Realty Trust only to the Blackstone Sponsor, the Sattva Sponsor and each of their respective Associates, where such subordinate units shall carry only inferior voting or any other rights compared to other Units.

Redressal of grievances The Trustee shall periodically review the status of Unitholder’s complaints and their redressal undertaken by the Manager.The Stakeholders’Relationship Committee of the Manager shall consider and resolve the grievances of the Unitholders. For details, please see “Corporate Governance” on page 384.

Distribution TheUnitholdersshallhavetherighttoreceivedistributioninthemannersetforthinthisOfferDocument, theFinalOfferDocumentand/ortheTrustDeed,subjecttotheSEBIREITRegulations.Fordetails,please see “Distribution” on page 578.

Limitation to the Liability of Unitholders The liability of each Unitholder of the Knowledge Realty Trust shall be limited to making the capital contributions payable by it in respect of the Units subscribed by it. The Unitholders shall not be responsibleorliable,directlyorindirectly,foracts,omissionsorcommissionsoftheTrustee,theManager, the Blackstone Sponsor, the Sattva Sponsor or any other person, whether or not such act, omission or commission, has been approved by the Unitholders in accordance with the SEBI REITRegulations or not.

Meeting of Unitholders Meetings of Unitholders will be conducted in accordance with the SEBI REIT Regulations.

698Passing of resolutions

1. With respect to any matter requiring approval of the Unitholders:

(i) a resolution shall be considered as passed when the votes cast by Unitholders, so entitled andvoting,infavoroftheresolutionexceedacertainpercentageasspecifiedintheSEBI REIT Regulations, of the total votes cast;

(ii) thevotingthresholdspecifiedundertheSEBIREITRegulationsshallbecalculatedonthe basis of unitholders present and voting;

(iii) the voting may be done by postal ballot or electronic mode;

(iv) a notice of not less than 21 days either in writing or through electronic mode shall be

provided to the Unitholders. Provided that a meeting of unitholders may be called after giving shorter notice if consent, in writing or by electronic mode, is accorded thereto by a certain percentage of Unitholders in accordance with the SEBI REIT Regulations;

(v) votingbyanyUnitholder(includingtheBlackstoneSponsorandtheSattvaSponsor),who is a related party (as understood in accordance with the SEBI REIT Regulations) in such transaction, as well as associates (as defined under Regulation 2(1)(b) of the SEBI REIT Regulations) of such Unitholder(s) shall not be considered on the specific issue;

(vi) theManagershallberesponsibleforalltheactivitiespertainingtoconductingofmeeting of the Unitholder, subject to overseeing by the Trustee; and

(vii) the Manager shall provide an option to the Unitholders to attend the meeting through videoconferencingorotheraudiovisualmeansandtheoptionofremoteelectronicvoting in the manner as may be specified by SEBI.

Provided that for issues pertaining to the Manager, including a change in Manager, removal of Manager or change in control of the Manager; the Trustee shall convene and handle all activities pertaining to conduct of the meetings. Provided further that, for issues pertaining to the Trustee, including change in Trustee, the Trustee shall not be involved in any manner in the conduct of the meeting.

2. Further, with respect to the Knowledge Realty Trust:

(i) an annual meeting of all Unitholders shall be held not less than once a year within 120 days from the end of each FY and the time between two meetings shall not exceed 15 months;

(ii) with respect to the annual meeting of Unitholders, a. any information that is required to be disclosed to the Unitholders and any issue that, in the ordinary course of business, may require approval of the Unitholders

may be taken up in the meeting including: (cid:129) latest annual accounts and performance of the Knowledge Realty Trust; (cid:129) approval of auditor and fees of such auditor, as may be required; (cid:129) latest valuation reports;

699(cid:129) appointment of valuer, as may be required; (cid:129) anyotherissueincludingspecialissuesasspecifiedunderRegulation22(6)of the SEBI REIT Regulations; and b. for any issue taken up in such meetings which require approval from the Unitholders,votescastinfavoroftheresolutionshallbemorethan50%ofthetotal the votes cast for the resolution, unless otherwise specified under the SEBI REIT Regulations.

3. In case of the following, approval from Unitholders shall be required where votes cast in favor of the resolution shall be more than 50% of the total votes cast for the resolution:

(i) anyapprovalfromUnitholdersrequiredintermsofRegulation18(Investmentconditions and distribution policy), Regulation 19 (Related party transactions) and Regulation 21 (Valuation of assets) of the SEBI REIT Regulations;

(ii) any transaction, other than any borrowing, the value of which is equal to or greater than 25% of the assets of the Knowledge Realty Trust;

(iii) anyborrowinginexcessofspecifiedlimitasrequiredunderRegulation20(2)oftheSEBI REIT Regulations;

(iv) any issue of Units after the Issue by the Knowledge RealtyTrust, in whatever form, other than any issue of Units which may be considered by SEBI, under Regulation 22(6) of the SEBI REIT Regulations;

(v) increasing period for compliance with investment conditions to one year in accordance with Regulation 18(9) of the SEBI REIT Regulations;

(vi) any issue, in the ordinary course of business, which in the opinion of the Blackstone Sponsor or the Sattva Sponsor, Trustee or Manager, is material and requires approval of the Unitholders, if any; and

(vii) any issue for which SEBI or the stock exchanges requires approval of the Unitholders under Regulation 22(5) of the SEBI REIT Regulations.

4. In case of the following, approval from Unitholders shall be required where votes cast in favor of the resolution shall be at least 60% of the total votes cast for the resolution:

(i) any change in the Manager, including removal of the Manager or change in control of the Manager;

ProvidedthattheTrusteedeliversa90daypriorwrittennoticetotheManageridentifying the grounds of removal and give reasonable opportunity to the Manager to refute the grounds for removal before the Trustee and the Unitholders.

(ii) any material change in investment strategy or any change in the REITManagement Fees;

(iii) the Blackstone Sponsor, the Sattva Sponsor or the Manager proposing to seek delisting of units of the Knowledge Realty Trust;

(iv) any issue, not in the ordinary course of business, which in the opinion of the Blackstone Sponsor or the Sattva Sponsor or the Manager or the Trustee requires approval of the Unitholders;

700(v) any issue for which SEBI or the stock exchanges requires approval of the Unitholders under Regulation 22(6) of the SEBI REIT Regulations; and

(vi) any issue taken up on request of the Unitholders including: a. removal of the Manager and appointment of another manager to the Knowledge Realty Trust; b. removaloftheAuditorandappointmentofanotherauditortotheKnowledgeRealty Trust;

c. removal of the Valuer and appointment of another valuer to the Knowledge Realty Trust; d. delisting of the Knowledge Realty Trust, if the Unitholders have sufficient reason to believe that such delisting would act in the interest of the Unitholders;

e. anyissuewhichtheUnitholdershavesufficientreasontobelievethatisdetrimental to the interest of the Unitholders; and f. change in the Trustee if the Unitholders have sufficient reason to believe that acts of such Trustee are detrimental to the interest of the Unitholders.

(vii) Introduction of unit based employee benefit scheme proposed at the time of the Issue or after the Issue; acquisition of units by an employee benefit trust as specified under Regulation 17C(3) of the SEBI REIT Regulations. issuance of Units to an employee benefit trust as specified under Regulation 17C(1)(a) of the SEBI REIT Regulations, transfer of units to an employee benefit trust under Regulations 17C(1)(b) and 17C(1)(c) of the SEBI REIT Regulations grant of options to identified employees during any one year, that is equal to or exceeding 1% of the total unit capital of the REIT at the time of grant of options, and variation of the terms of the unit based employee benefit scheme including repricing of the options.

(viii) With respect to the right(s) of the Unitholders under clause (vi) above: a. not less than 25% of the Unitholders by value, other than any party related to the transactions and its associates (as defined under Regulation 2(1)(b) of the SEBI REIT Regulations, shall apply, in writing, to the Trustee for the purpose;

b. on receipt of such application, the Trustee shall require the Manager to place the issue for voting in the manner as specified in the SEBI REIT Regulations; and c. with respect to sub-clause (f) of clause (vi) above, not less than 60% of the Unitholders by value shall apply, in writing, to the Manager for the purpose.

(ix) In case of any change in sponsor or inducted sponsor or change in control of sponsor or inducted sponsor or conversion to self sponsored manager, prior approval from 75% of the Unitholders by value excluding the value of units held by parties related to the transaction shall be obtained, failing which, the process specified under Regulation 22(8) of the SEBI REIT Regulations shall be followed.

701Nomination Rights Unitholders holding minimum 10% of the Units, individually or collectively, shall have right to nominate one director on the board of Manager after following the process and meeting the conditions set out under the SEBI REIT Regulations and the SEBI Master Circular.

Information rights The Knowledge Realty Trust and the Manager shall also submit such information to the Stock Exchanges andUnitholdersonaperiodicalbasisasmayberequiredundertheSEBIREITRegulationsandtheListing Agreement. The Knowledge Realty Trust and the Manager shall disclose to the Stock Exchanges, Unitholders and SEBI, such information and in such manner as per applicable law.

Buyback and Delisting of Units Any buyback, redemption, return of capital or delisting of Units, will be in accordance with the SEBI REIT Regulations.

702VIII. LEGAL AND REGULATORY MATTERS LEGALAND OTHER INFORMATION This section discloses all outstanding title litigation pertaining to the Portfolio Assets and the Portfolio Investment along with details of other title related disclosures. Further, details of all outstanding regulatory actions and criminal matters against the Knowledge Realty Trust, the Sponsors, the Manager, or any of their respective Associates, the Sponsor Group of each of the Sponsors, the Trustee and the Valuer (together, “Relevant Parties”), have been disclosed. Only such outstanding civil/commercial matters against the Relevant Parties have been disclosed where amounts involved are in excess of the materiality thresholds disclosed below.

Itisclarifiedthatfortheabovepurposes,pre-litigationnoticesreceivedbyRelevantPartieshavenotbeen considered as litigation until such time that the Relevant Parties are impleaded as defendants in litigation proceedingsbeforeanyjudicialforum.Further,alldirecttax,indirecttaxandpropertytaxmattersagainst the Relevant Parties have been disclosed in a consolidated manner. All disclosures are as of the date of this Offer Document.

I. Title disclosures (including title litigation) pertaining to the Portfolio Assets and the Portfolio Investment For the purpose of this section, details of all pending title litigation pertaining to the PortfolioAssets and the Portfolio Investment have been disclosed. Other than as disclosed below, there are no pending title litigations pertaining to the Portfolio Assets and the Portfolio Investment as of the date of this Offer

Document:

A. One International Center and One Unity Center 1 Elphinstone Spinning and Weaving Mills Company Limited (the erstwhile owner of the land underlying One International Center and One Unity Center) and another (“Petitioners”) have filed a writ petition in March 1997 (“Writ Petition”) before the High Court of Judicature, at Bombay (“Bombay High Court”) against the Union of India and others (“Respondents”) challenging the constitutional validity of the provisions of the Textile Undertakings (Nationalization) Act, 1995 (“1995 Act”) and the subsequent action proposed to be taken pursuant thereto by the Respondents and inter alia seeking (a) restraining order against the Union of India and others from taking action and/or implementation of the Textile Undertakings (Nationalization) Act, 1955 pertaining to Elphinstone Spinning and Weaving Mills Limited’s textile undertaking; (b) restraining order against Union of India and others from taking steps with regards to the disposal of the assets of Elphinstone Spinning and Weaving Mills Limited; and (c) directing Union of India and others to hand back the possessionofthetextileundertakingandotherassetstakenoverbythemintheyear1983.Following an ordinance promulgated in October, 1983, 13 mills in Mumbai, Maharashtra, including the mills held by the Elphinstone Spinning and Weaving Mills Limited (the erstwhile owner of the land underlying One International Center and One Unity Center) were taken over in the custody of the National Textile Corporation Limited and the National Textile Corporation (South Maharashtra) Limited under the Textile Undertakings (Taking Over of Management) Ordinance, 1983 (later enacted as Textile Undertakings (Taking Over of Management)Act, 1983) (“1983Act”) on the grounds of alleged mismanagement of the affairs of the mills. Prior to the Writ Petition another writ petition was filed in 1983 by the Petitioners (“Writ Petition 1”) before the Bombay HighCourtchallengingtheconstitutionalvalidityofthe1983Act.BywayofitsorderinJune,1984, (“HC Order”) the Bombay High Court held in favor of the Petitioner, declaring the 1983 Act unconstitutional in so far as it pertained to taking over the Petitioners’textile undertakings. Certain Respondents (Union of India and NTC) filed appeals (“Appeal”) against the HC Order before the Supreme Court of India (“Supreme Court”). In January 1985, the Supreme Court issued interim orders, staying implementation of the 1983 Act in relation to Petitioner’s mills and restraining disposal of its assets, until further orders. In January, 2001, the Supreme Court passed the final verdict,overturningtheHCOrderandupholdingthevalidityofthe1983Act.Whilethesaidappeals were pending before the Supreme Court, the 1995 Act purporting to nationalize the Petitioner’s 703textile undertakings was passed and replaced the 1983 Act. The Petitioners subsequently filed the Writ Petition with the Bombay High Court challenging the 1995 Act on the grounds that the 1995 Act was ultra vires the Constitution of India and that the 1995 Act was a continuation of the 1983 Act which, had been declared unconstitutional by the Bombay High Court, to the extent it pertained to taking over the Petitioner’s textile undertakings. However, in October 2001, the Bombay High Court adjourned the Writ Petition as a separate matter regarding the status of Article 31C of the Constitution of India was pending with a larger bench of the Supreme Court at the time. Meanwhile, in June, 2005, NationalTextile Corporation (South Maharashtra) Limited invited bids for the sale of its mill assets, including land and structures, through a tender notice pursuant to which OICPL has acquired the land. By way of Chamber Summons in 2005, Indiabulls Real Estate Company Private Limited (now known as OICPL was also added as a respondent to the Writ Petition.Additionally, a notice of motion was filed by petitioners in 2005 to restrain the respondents from in any manner selling,disposingof,oralienatingthedisputedland.Inrelationtothenoticeofmotion,anorderwas passed by the Bombay High Court in July 2005 directing the respondents to not take any final decision on the bids concerning the mill lands as well as the staff quarters. These matters are currently pending.

2. Indian National Trust forArt & Cultural Heritage and others have filed a writ petition in the nature of public interest litigation in June, 2005, (“Petition”) before the High Court of Judicature at Bombay (“Bombay High Court”) against the State of Maharashtra through the secretary of Urban Development Department and others seeking protection and conservation of structures in the mills of Mumbai which have great heritage value. Pursuant to the Petition, the petitioners have sought certain reliefs inter alia (i) issuance of a writ of mandamus or any other writ, order or direction directingtherespondentstoensurethatnopermissionfordevelopment/redevelopmentforanyofthe disputedstructuresbegranted,orifalreadygranted,isfurtheractedupon,exceptinaccordancewith thesaidlistingreadwithRegulation67oftheDevelopmentControlRegulationsforGreaterMumbai 1991 (“D.C. Regulations”); (ii) issuance of directions to the respondents to complete the comprehensive listing of mill structures with heritage value presently in progress; (iii) issuance of directions to the respondent to ensure that access is given to the person commissioned to make a listing of the mill properties to all mill lands including those of all private mills and is permitted to document the structures standing thereon; (iv) issuance of directions to the respondent to consider the listing forwarded to it under (ii) above, and to submit a listing of those structures which it agrees require to be listed to the Respondent within such time as Bombay High Court deem fit; (v) issuance of directions to the respondent to notify under Regulation 67 of the D.C. Regulations a listing of the said structures in (iv) above; and (vi) issuance of directions to ensure that no permission for development/redevelopment of any of the structures standing on any of the mill lands are granted until the directions issued in Petition are complied with.

Indiabulls Real Estate Company Private Limited (now known as One International Center Private Limited- OICPL) was impleaded as a respondent in the present Writ Petition as they were already a party to the earlier writ petition (disclosure in clause B (1) above) by way of a chamber summons, whichwaspendingatthetime.IndiabullsRealEstateCompanyPrivateLimited(nowknownasOne International Center Private Limited) along with certain other respondents have filed affidavits in replytothePetitionbeforetheBombayHighCourt,interalia,opposingtheadmissionofthePetition and/or grant of the abovementioned reliefs therein. An affidavit in rejoinder was filed in October 2005 on behalf of the petitioners for the purpose of refuting the statements made in the affidavits in reply filed by certain respondents. A notice of motion (“Notice of Motion”) was filed in February 2006 by the petitioners before the Bombay High Court praying, inter alia, that pending the hearing and final disposal of the Petition, the respondents be restrained from in any manner, demolishing, destroying,orinanyothermannerprejudicingtheintegrityofthestructures/sitesinthemillsorfrom permitting such action, as the case may be. The Bombay High Court by way of its interim order passed in March, 2006, (“Interim Order”) directed the private mill owners to protect the structures which are identified as heritage structures. Thereafter, an affidavit in reply to Notice of Motion, has been filed inApril, 2006 on behalf of one of the respondents, opposing the grant of any reliefs under theNoticeofMotionorthePetitionandforsettingasideoftheInterimOrder.Thematteriscurrently pending.

7043. Elite Life Trust and others (the “Petitioners”) have filed a public interest litigation, (“Petition”) before the High Court of Judicature at Bombay (“Bombay High Court”) inAugust 2021 against the State of Maharashtra, Municipal Corporation of Greater Mumbai (“MCGM”), the Municipal Commissioner of Mumbai (MCGM and State of Maharashtra, collectively referred to the “State Authorities”), Indiabulls Real Estate Company Private Limited (currently known as One International Center Private Limited), Indiabulls Properties Private Limited and others (the “Defendants”) relating to the purchase of the land of Elphinstone Spinning and Weaving Mills (Indiabulls Real Estate Company Private Limited) and Jupiter Textiles Mills (Indiabulls Properties PrivateLimited)situatedatSenapatiBapatMarg,ElphinstoneRoad,Mumbai400013,Maharashtra, India (collectively, the “Plots”). Post receipt of the requisite approvals from the State Authorities, the owners of the Plots (“Owners”) were directed by the MCGM to pay additional premium with respecttotheirrespectivePlotsonaccountofamendmentstothereadyreckonerratesforPlotsalong with the agreed upon terms for payment of premium for additional FSI granted with respect to the Plots. At the same time, the Owners had filed an application before the State of Maharashtra for changing the market rates of the Plots, and pursuant to an order of the State of Maharashtra, the marketvalueofthePlotswerereducedinthereadyreckoner,whichthePetitionershaveallegedinter alia, resulted in a loss of revenue of the Urban Development Department, Government of Maharashtra (“Urban Development Department”). Accordingly, the Petitioners, by way of the Petition,haveallegedthat,interalia,theStateofMaharashtraandInspectorGeneralofRegistration and Controller of Stamps allowed the change in market value of the Plots without following due processoflaw,resultinginalossofrevenuefortheUrbanDevelopmentDepartment.ThePetitioners havefurtherallegedthat,interalia,(i)theStateAuthoritieshavecausedlossofpublicmoney,which couldhavebeenusedforwelfareandbeneficialschemesforthecitizensoftheStateofMaharashtra;

(ii) a biased decision has been taken in respect of the Plots since no benefits were given to the plots of other mills and other developers; and (iii) that the State of Maharashtra has suffered a loss of ₹7,014.11 million and has sought an investigation into the matter by the Central Bureau of Investigation and Enforcement Directorate. The matter is currently pending.

4. Nitesh Mohanlal Doshi has filed a public interest litigation related to the land bearing F.P.No.612 (1,128.77 meters) and 613 (33,254.16 meters) ofTPS-IV, Mahim division (ElphinstoneTextile Mill) underlying One International Center and One Unity Center, situated at Senapati Bapat Marg, Dadar

(West), Mumbai (“Elphinstone Mill Plot”). The original public interest litigation was filed in 2005 (“Original Petition”), before the High Court of Judicature at Bombay (“Bombay High Court”) against the Municipal Commissioner, Mumbai Municipal Corporation; the Directorate of Industries;

the Executive Engineer—(BP City-III), Mumbai Municipal Corporation; and Indiabulls Real Estate Company Private Limited (now known as One International Center Private Limited), wherein the petitioner has challenged the Mumbai Municipal Corporation’s decision to grant permission to Indiabulls Real Estate Company Private Limited (now known as One International Center Private Limited) to develop the Elphinstone Mill Plot.

In February 2012, the petitioner amended his Original Petition (“Amended Petition”) and re-filed the same before the Bombay High Court alleging illegalities in the approval of plans, layout and granting of various permission for the development of the Elphinstone Mills Plot. Pursuant to the Amended Petition, the petitioner has alleged, inter alia, that (i) permissions granted condoning the various mandatory requirements of Development Control Regulations, 1991 are illegal and not sustainable in law; (ii) concessions granted by the Executive Engineer—(BP City-III), Mumbai Municipal Corporation related to open space, parking and other requirements prescribed in Development Control Regulations, 1991 are contrary to law; (iii) permissions granted to One International Center Private Limited for construction of 3-level basements is illegal; and (iv) certain portion of the basement has been illegally permitted to be constructed. The respondents have filed several affidavits in reply to the Amended Petition contesting the Amended Petition and requesting dismissal of the same. The Bombay High Court passed an order in June, 2016 denying any interim relief to the petitioner and the construction proposed by Indiabulls was made subject to the outcome of the Amended Petition and Indiabulls and the occupants of the building could not claim equity if the Amended Petition is allowed. The matter is currently pending.

705B. Prima Bay

1. Family members of late Mrs. Durgadevi Sharma being predecessors-in-title to the larger land on which Prima Bay is located, have filed a suit in 2011 claiming inter alia that the property was wrongfully sold to another erstwhile owner by the executors of the Will. Prima Bay Private Limited is not a party to the abovementioned suit, and no orders have been passed in the said suit that would impact its right, title or entitlement in, to or upon the property. The matter is at the stage of pre-admission and was last listed on September 3, 2018.

C. Cessna Business Park

1. Muniyamma and others have filed a suit for partition against CGDPL and others before the Additional City Civil Judge at Bengaluru seeking for partition of the joint family property and a declaration that the alienation of the joint family properties by the respective defendants is illegal and not binding on the plaintiffs. Further, the plaintiffs have sought, amongst other things, to (i) restrainCGDPLfromtransferring,alienating,orencumberingthepropertysituatedatsurveynumber 17/2,KadubeesanahalliVillage,VarthurHobli,BengaluruEast;(ii)restrainCGDPLfrominterfering with the plaintiffs’possession of the property and have sought a permanent injunction in this regard (the “Original Suit”). Further, the plaintiffs filed an application in September, 2014, requesting a temporary injunction to prevent CGDPL and others from selling, leasing, renting, or conveying the property while the Original Suit was pending. The court through its order in January, 2015, rejected the application for injunction sought by the plaintiffs against CGDPL and others (the “Order 1”).

The plaintiffs, in March, 2015, filed an appeal before the High Court of Karnataka at Bengaluru (“Karnataka High Court”) against the Order 1. The matter is currently pending.

In November, 2013, one of the defendants in the Original Suit, Jayalakshmamma filed a written statement before theAdditional City Civil Judge at Bengaluru contending that the Original Suit was notmaintainableunderlaworinfactsastheplaintiffsdonothavepossessionortitleoftheproperty.

Separately,JayalakshmammaandothershadfiledaseparatesuitbeforetheLVAdditionalCityCivil andSessionsJudgeatBengaluruinApril,2007againstCGDPLandothersbeforetheAdditionalCity Civil Judge, Bengaluru, seeking inter alia declaration of registered sale deeds executed in favor of CGDPL in March 2004 as null and void and not binding on them and further seeking permanent injunction against CGDPL and others from alienation of the property, which was dismissed in October, 2023 and the court directed that the sale deeds executed in favor of CGDPLare binding on the plaintiffs (the “Order 2”). Aggrieved by the Order 2, an appeal was filed by Jayalakshmamma and others before the Karnataka High Court in February 2024. The matter is currently pending.

2. Chinnakka and others have filed a suit in January, 2019, before the City Civil Judge, Bengaluru against CGDPL and others in relation to property situated at survey number 44, Kadubeesanahalli village, Varthur Hobli, Bengaluru East. Pursuant to the plaint, the plaintiffs have prayed for (i) a decree of partition for a 1/12 share in the property; (ii) modification of the judgment decree passed in January, 2014, as passed in the matter involving Gowramma and others described above, (iii) a permanent injunction restraining the defendants from alienating, creating charges or modifying the nature of the property; (iv) recovery of costs, and (v) grant any other such relief as the court may deem fit. Subsequently, CGDPL has filed a written statement. In response to the plaint before the courtrequestingfortheplainttobedismissedwithexemplarycosts.Subsequently,theplaintiffsfiled two separate interim applications in January, 2019 before the court, seeking (i) an ad-interim injunction restraining the defendants from alienating the property pending disposal of the suit (“Injunction 1”); and (ii) an ad-interim injunction to restrain the defendants, their agents, or any other parties from restricting the plaintiffs to enter the property obstructing the plaintiffs’access to the property, or changing the nature of the property, and to preserve the plaintiffs’ peaceful possession and enjoyment of the property (“Injunction 2”), respectively. In April, 2021, the court passed an order granting Injunction 1 but dismissed the request for Injunction 2. Thereafter, in an appeal filed before the Karnataka High Court at Bengaluru (“Karnataka High Court”) by CGDPL, the order granting Injunction 1 was set aside by way of an order of the Karnataka High Court passed in March, 2022. Further, Chinnakka and others have filed a petition before the Principal City Civil 706Judge, Bengaluru to withdraw this suit and to assign the same to the civil court hearing the suit filed by Gowramma and others, since the subject matter of the suit is the same. The Principal City Civil and Sessions Judge, Bengaluru vide order dated February, 2025, had stayed the suit till the disposal of the suit filed by Gowramma and others. The said suit filed by Gowramma and others has since been disposed of. The matter is currently pending before the City Civil Judge, Bengaluru.

3. Guruswamy and others have filed a suit before the City Civil Judge, Bengaluru against CGDPLand others in relation to the property situated at survey numbers 17/1, 17/3, 17/4, 29, Kadubeesanahalli village,Varthur Hobli, Bengaluru East. Pursuant to the plaint, the plaintiffs have sought (i) partition of the property and separate possession of the property; (ii) declaration of sale deeds entered into by certain of the defendants (other than CGDPL) as illegal and not binding; (iii) permanent injunction against the defendants from any further alienating, transferring of, or creating charges or encumbrances on, the property, and (iv) permanent injunction against the defendants from any trespassing, interfering or alienating the existing nature of the property. Subsequently, CGDPL and another have filed a written statement in September 2015 in response to the plaint before the City Civil Judge, Bengaluru requesting for dismissal of the plaint with costs. The matter is currently pending.

4. ChinmunaandothershavefiledasuitbeforethePrincipalIICivilJudge,BengaluruagainstCGDPL and others in October, 2012, in relation to property situated at survey number 7, Kadubeesanahalli Village,VarthurHobli,BengaluruEast(“Property1”)andpropertysituatedatsurveynumber32/16, Bellandur Village, Varthur Hobli, Bengaluru East (“Property 2” and together with Property 1, “Properties”). Pursuant to the plaint, the plaintiffs have sought (i) to effect partition of the Properties and allotment of 7/8th share jointly to the plaintiffs and put them in separate possession of such Properties; (ii) to enquire into the mesne profits in respect of the plaintiffs’ share in the Properties; and (iii) grant any other such relief as the court may deem fit together with costs.

Subsequently, the plaintiffs have filed two separate interim applications in October, 2012 before the court to grant temporary injunctions against CGDPL to (i) restrain CGDPL from alienating, encumbering, selling, leasing, entering into a development agreement, or such other agreements in relation to the Properties; and (ii) restrain CGDPL from putting up any type of construction on Property 1. CGDPL, has, by way of a statement of objections dated July, 2013 sought dismissal of the interim applications. Further, CGDPL has filed a written statement in September 2013 in response to the plaint requesting for the plaint to be dismissed with exemplary costs. The matter is currently pending.

5. Muniyappa and others have filed a suit before the Principal II Civil Judge, Bengaluru, dated April, 2013, against CGDPL and others in relation to the property situated at survey number 7, Kadubeesanahalli Village, Varthur Hobli, Bengaluru East and property situated at survey number 32/16, Bellandur Village, Varthur Hobli, Bengaluru East. Pursuant to the plaint, the plaintiffs have soughtthatthecourt(i)directthedefendantstoeffectpartitionofthepropertiesandallot3/4thshare totheplaintiffsandputtheminseparatepossessionofsuchproperties;(ii)toenquireintothemesne profits in respect of the plaintiffs share in the properties; and (iii) grant any other such relief as the courtmaydeemfittogetherwithcosts.CGDPLhasfiledawrittenstatementinresponsetotheplaint before the court requesting for the plaint to be dismissed with exemplary costs. The matter was transferred to the court of Civil Judge and JMFC, Krishnarajapuram. This matter is currently pending.

6. Venkatakka and others have filed a partition suit against CGDPLand others before the Court of City Civil Judge, Bengaluru and an amended plaint was filed in 2020 seeking, inter alia, a partition and separate possession of 9/20th share of the property situated at survey number 9 and 43, Kadubeesanahalli Village, Varthur Hobli, Bengaluru East. Further, the plaintiffs have sought to restrain the defendants from alienating, creating any charge or creating any third party interest over the property and have sought a permanent injunction in this regard and such other relief as the court may deem fit (the “Original Suit”). In January, 2016 CGDPL, one of the defendants in the Original Suit, filed a written statement before the Court of the City Civil Judge at Bengaluru stating that the 707Original Suit was not maintainable under law or in fact as the plaintiffs do not have possession or ownership of the property. This matter is currently pending.

D. Sattva Softzone

1. Chandrashekar A. and others had filed a suit in September, 2006 before the Court of the XXII AdditionalCityCivilandSessionsJudge,Bengaluru(“CivilCourt”)theerstwhileowneroftheland upon which Sattva Softzone has been constructed), and others, in relation to the property situated at surveynumber80/1,toanextentof1acreand34guntas,BellandurVillageVarthurHobli,Bengaluru East. Pursuant to the plaint, the plaintiffs had sought to, amongst others, (i) effect partition of the properties jointly to the plaintiffs and put them in separate possession of such properties; and

(ii) enquire into the mesne profits in respect of the plaintiffs share in the properties. The plaintiffs have alleged that (i) they are entitled to 1/6th share in the property; and (ii) they are entitled to separate possession and mesne profits in respect of the property which was alienated without their consent. The Civil Court, by way of its order passed in December, 2017 has dismissed the plaint (“Order”). Aggrieved by the Order, the plaintiffs have filed a memorandum of appeal in February, 2018, before the Karnataka High Court at Bengaluru praying, inter alia, to set aside the Order. The matter is currently pending.

E. Sattva Knowledge Court

1. Priya Reddy and others have filed a writ petition in the nature of a public interest litigation in 2019, before the High Court of Karnataka at Bengaluru (“Karnataka High Court”) against the State of Karnataka, the Karnataka IndustrialArea Development Board, DHRPL and others in relation to the alleged public nuisance and illegal construction undertaken by DHRPL in relation to Sattva KnowledgeCourt.Pursuanttothepetition,thepetitionershaveprayedfortheKarnatakaHighCourt to, amongst other things, issue (i) a writ of certiorari or any other writ, order or direction to quash the no objection certificate on road fitness issued by Bruhath Bengaluru Mahanagar Palike in June, 2019, and the order, passed by Karnataka Industrial Area Development Board (“KIADB”) in July, 2019 revalidating the building plan of Sattva Knowledge Court; and (ii) a writ of mandamus or any other writ, order or direction directing the respondents to take appropriate steps to stop the alleged illegal construction undertaken by DHRPL. The petitioners have also sought an interim injunction against the alleged illegal construction undertaken by DHRPL pending the disposal of the petition.

DHRPL has filed a statement of objections in October, 2021, before the Karnataka High Court contending that the petition is not maintainable and that DHRPL has completed construction of the relevant project and received an occupancy certificate. Consequently, DHRPL has prayed for the petition to be dismissed with costs. The matter is currently pending. In connection to the same subject matter an FIR was filed against the managing director of Salarpuria Construction Private Limited and another defendant. Please see the disclosure in IIA (i) below.

F. Sattva Spectrum

1. S. Suresh Kumar has filed a plaint in September, 2018, before the City Civil Court, Bengaluru against Indus Tech Park Private Limited, and others in relation to the properties at survey number 78/3 (admeasuring 1 acre 4 guntas and survey number 78/5 (admeasuring 22 guntas), situated at Doddakannahalli, Varthur Hobli, Bengaluru East Taluk, which form part of the Sattva Spectrum asset. Pursuant to the plaint, the plaintiffs have sought that the court, amongst other things, (i) declarethattheplaintiffsarenotboundbytheallegedsaledeedsexecutedbytheirpowerofattorney holders for the sale of the properties in favor of Indus Tech Park Private Limited and others; (ii) declarethattheplaintiffseachhaveashareintheproperties;(iii)orderforthepartitionanddelivery of each plaintiff’s respective share in the properties to the plaintiffs; and (iv) enquire into and award the mesne profits in respect of the plaintiffs share in the properties.The matter is currently pending.

7082. In relation to Sattva Spectrum, Salarpuria Builders Private Limited1 (“SBPL”) had entered into a joint development agreement with the landowner, pursuant to which it applied for modification of a sanction plan. The joint director of town planning Bengaluru, issued a demand notice dated April 20, 2021 (“Demand Notice”) seeking, inter alia, certain charges, ground rent and GST, betterment fees and various levies related to infrastructure, as a pre-condition for the modification tothesanctionplanofthepetitioner,aggregatingto₹22.19million.SBPLhasfiledtwowritpetitions (“Writ Petition 1 and Writ Petition 2”) in May, 2021 before the High Court of Karnataka at Bengaluru (“Karnataka High Court”) against the State of Karnataka, the Bruhat Bengaluru Mahanagara Palike (“BBMP”) and others.

Under Writ Petition 1 the petitioner has sought, inter alia, to quash circulars dated August, 2020 issued by BBMP and the Demand Notice for the betterment fee for building amounting to ₹0.17 million, betterment fee for site amounting to ₹0.98 million, levy and collection of 5% surcharge amounting to ₹0.98 million, water supply scheme levy/cess of amounting to ₹3.92 million, ring road levy/cess amounting to ₹3.92 million, slum improvement levy/cess of ₹1.96 million and mass road transport system (MRTS) levy/cess of ₹9.79 million in respect of (i) issuance of modified sanction planfordevelopmentandconstructionofcommercialbuildingand(ii)declarationtoproportionately reduce labour charges demanded pursuant to the Demand Notice.

Under Writ Petition 2 the petitioner has sought inter alia, (i) quashing the Demand Notice so far as it directs the petitioner to pay a sum amounting to ₹0.41 million towards ground rent and GST amounting to ₹0.07 million, totaling to ₹0.48 million; and (ii) issue direction to issue the modified sanction plan without insisting on the payment of the ground rent and GST. The Karnataka High Court, in Writ Petition, by way of its order passed in June, 2021, granted a stay in favor of the petitioner on the demand imposed under the Demand Notice.

Pursuant to an order dated June 23, 2025, the Karnataka High Court has allowed the Writ Petition 2 and. inter alia, set aside the Demand Notice. The Writ Petition 1 is currently pending.

G. Sattva Techpoint

1. N.G. Krishnamurthy had filed a suit in December, 1989, before the 1st Additional City Civil and Sessions Judge, Bengaluru against Salarpuria Griha Nirman Private Limited and others in relation to properties situated at survey number 16 (admeasuring 2 acre 14 guntas) and survey number 21/3 (admeasuring 0.27 guntas) at Kathalipalya Village, Hamlet of Ejipura Village, Begur Hobli, Bengaluru South which forms part of Sattva Techpoint. Pursuant to the plaint, the plaintiff had sought to, amongst others, effect the partition of the properties and put him in separate possession of the 1/6 share of the property. The court, by way of its order passed in October, 2011, dismissed theplaint.Aggrievedbytheorder,theplaintifffiledanappealinMarch,2012,beforetheHighCourt of Karnataka at Bengaluru, praying for the court to, amongst other things, set aside the said order.

The matter is currently pending.

H. Sattva Global City

1. Lakshmikanth (“Plaintiff”) has filed a suit in September, 2021 before the Court of Principal Senior Civil Judge, Bengaluru against Tanglin Developments Limited (“TDL”) and others, in relation to 40 guntas of the land situated in survey No. 7/2 at Mylasandra Village, Kengeri Hobli, Bangalore South Taluk, the land underlying Sattva Global City (“Suit Property”). In the suit, the Plaintiff has sought partition and allotment of his 1/3rd share of the Suit Property and prayed for the declaration that, inter alia, the sale deed executed in September, 2005 (through which TDL acquired the said property) is not binding on his share of the Suit Property. Further, the Plaintiff has sought a 1 An application for a composite scheme of arrangement dated November 5, 2024, was filed before the NCLT, Kolkata, by WellgrowthGrihaNirmanPrivateLimited,SalarpuriaPropertiesPrivateLimited,RajmataRealtorsPrivateLimited,theSattva Sponsor,SalarpuriaBuildersPrivateLimitedandSTPLwhichwasapprovedbytheNCLT,KolkataonJune18,2025(“Softzone SchemeofArrangement”).PursuanttoSoftzoneSchemeofArrangement,STPLholds(i)SattvaSoftzone;(ii)SattvaTouchstone;

(iii) Sattva Magnificia II; (iv) Sattva Supreme; and (v) Sattva Spectrum.

709temporary injunction against TDL, restraining them from changing the nature of the Suit Property.

GVTPLhasacquiredtheSuitPropertyfromTDLthroughasaledeeddatedSeptember28,2023,and has subsequently filed an impleading application with VIIAdditional Senior Civil Judge, Bengaluru in November 2024, pursuant to which GVTPL has been arrayed as a party to the suit vide order passed in January, 2025. The matter is currently pending.

I. Sattva Touchstone

1. Munivenkatamma and others have filed a plaint in December, 2011, and an amended plaint in February,2014beforetheCityCivilCourt,BengaluruagainstSalarpuriaPropertiesPrivateLimited, and others in relation to the property situated at survey number 14/P7 (old survey number 14 and admeasuring 1 acre 15 guntas), excluding Karab, situated at Kadubisanahalli village, Varthur Hobli, Bengaluru East which forms part of Sattva Touchstone. Pursuant to the plaint, the plaintiffs have sought that the City Civil Court Bengaluru, amongst other things, to (i) effect partition of the property to the plaintiffs and put them in separate possession of their 1/13th share of the property each; (ii) declare that the sale deeds executed in September, 1994, entered into amongst certain of the defendants and the joint development agreement executed among Salarpuria Properties Private Limited and certain other defendants are not binding on the plaintiff’s share in the property;

(iii) grant a permanent injunction restraining the defendants from (a) alienating, transferring or developing the property in respect of the undivided 1/13th share of the plaintiffs; and (b) disturbing the plaintiffs’ joint possession over the property; and (iv) provide for mesne profit, Salarpuria Properties Private Limited has filed a written statement in January 2017, in response to the plaint before the City Civil Court, Bengaluru requesting for the plaint to be dismissed with exemplary costs. The matter is currently pending.

J. One Qube

1. OQRPL (formerly known as Ashkit Properties Limited) vide sale deed executed in August, 2017 purchased the property situated at Plot No. 20, Urban Estate, Sector 18, Gurugram, Haryana (the “Property”) underlying One Qube from Torus Buildcon Private Limited (“Torus”). Thereafter, certain entities of the Blackstone Sponsor Group acquired 50% interest in OQRPL in 2018 and the remaining in 2019 from third parties. Subsequently, OQRPL has received notice of a precept order datedDecember15,2023,(the“ImpugnedOrder”)passedbytheHighCourtofJudicatureatDelhi (“Delhi High Court”) against Torus, the previous owner of the Property, in connection with an arbitral award involving Torus, and has directed the attachment and sale of the Property and distribution of the sale proceeds accordingly. The Civil Court, Gurugram has pursuant to the Impugned Order issued a warrant of sale dated January 18, 2024.

Being the current owner of the Property, OQRPL sought to be impleaded in the matter pursuant to an application dated January 24, 2024 filed before the Delhi High Court on the grounds inter alia that OQRPL being the current owner of the Property is a necessary and proper party to the proceedings and was not made aware of the proceedings and that material facts concerning the change in ownership of the Property were not brought to light by the parties to the proceeding.

Further, OQRPL filed an intervention application dated January 25, 2024 before the Delhi High Court (“Intervention Application”), claiming that the Property cannot be attached or sold since it has already been sold to OQRPL inAugust 2017 by Torus and that OQRPL held clear title over the Property since then. OQRPLin the InterventionApplication prayed that the Delhi High Court, inter alia; (i) pass an order, staying the Impugned Order allowing attachment of the Property; (ii) modify the Impugned Order to the extent it relates to the Property; and (iii) stay the warrant of sale issued by Civil Court at Gurugram on January 18, 2024. A single judge bench of the Delhi High Court pursuant to its order dated January 25, 2024, refused to grant any interim reliefs sought pursuant to the InterventionApplication. OQRPLthereafter filed an appeal against the order of the single judge bench on January 28, 2024 before a division bench of the Delhi High Court. The division bench of the Delhi High Court pursuant to its order dated January 30, 2024 disposed the appeal by requiring the single judge bench of the Delhi High Court to consider the Intervention Application on merits

and also directed inter alia that: (i) the respondents be afforded an opportunity to respond to the 710Intervention Application; (ii) the sale of the Property not be carried out until disposal of the Intervention Application; and (iii) OQRPL maintain status quo with respect to the sale of the Property and not create leases qua the Property longer than 30 years. Pursuant to its order dated February 5, 2024, the single judge bench of the Delhi High Court has taken note of the order dated January 30, 2024 and directed the parties to file replies to the Intervention Application and rejoinders, if any within prescribed timelines. The decree holder has responded to the Intervention Application objecting to the same on March 20, 2024 and OQRPL has submitted a rejoinder to this on April 8, 2024. Further, the additional district judge, Gurugram has pursuant to its orders dated February 3, 2024 noted the order dated January 30, 2024 passed by the Delhi High Court and observedthat(i)theImpugnedOrderpertainedtotwoproperties:(a)thePropertyand(b)adifferent property situated at Gawal Pahari, Gurugram (unconnected to OQRPL or the Portfolio); and (ii) the warrant of sale qua the Property has been stayed and thus nullified. Additionally, by way of order dated February 5, 2024, the additional district judge, Gurugram has ordered that a warrant of attachment be issued with respect to the property at Gawal Pahari for March 11, 2024. The matter is currently pending.

K. One BKC

1. Raghuleela Builders Private Limited (“RBPL”) has assigned its leasehold right, title, and interest in 34 units forming a part of One BKC admeasuring 39,645 square meters in favor of OBRPL in 2019 for the residue of the unexpired term under the lease deed dated July 15, 2008 read with the supplementary lease deed dated October 29, 2013 (collectively “Lease Deeds”), executed between Reliance Industries Limited (“RIL”) and the Mumbai Metropolitan Region Development Authority (“MMRDA”). The NCLT, Mumbai Bench, (“NCLT”) has pursuant to an order passed in October, 2021, admitted RBPLunder a corporate insolvency resolution process (“CIRP”) in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016 (“IBC”) and a resolution professional has been appointed for managing the affairs of RBPL. Owing to certain inter-creditor disputes between the financial creditors, the NCLT vide its order in February, 2024, passed an interim stay restrainingthecommitteeofcreditorsfromconsideringandapprovinganyresolutionplanduringthe pendency of such dispute.The statutory period of 270 days granted under IBC for completion of the CIRP period has expired. However, the NCLT vide its order in June 2024, granted an extension for the continuation of the CIRP. This matter is currently pending.

As part of the committee of creditors, OBRPL was also arrayed as a party to an interlocutory application filed in February, 2024, before the NCLT, by Kabra &Associates (“Applicant”), which was one of the prospective resolution applicants in relation to the CIRP, wherein the Applicant claimed that it was denied the opportunity to submit revised distribution criteria for its resolution plan, while other applicants were allowed to revise theirs after the Applicant’s earlier distribution criteria were disclosed, thereby granting them an unfair advantage.This matter is currently pending.

As RBPL continues to remain the lessee under the lease deed with the MMRDA, the insolvency of RBPL is one of the grounds on which the MMRDAmay terminate the lease deed or seek to realize any unrealized dues of RBPL from the present unitholders of One BKC.

2. RBPL, has filed a writ petition before the High Court of Judicature at Bombay (“Bombay High Court”) against MMRDA and another (“Writ Petition”) in connection with a demand of the MMRDAseeking lease premium for an additional built up area of 67,000 square meters. In the said Writ Petition, RBPLhas inter alia sought relief requiring (i) MMRDAto be directed to calculate the outstanding amount as per the provisions of the supplementary lease deed dated October 29, 2013;

and (ii) MMRDA to be directed to issue the relevant no objection certificates and occupancy certificatefortheprojectasinterimreliefs.TheBombayHighCourt,videitsorderinFebruary2019 (“February 2019 Order”) inter alia directed (i) MMRDA to provide a computation for the lease premium within 10 days of the order; (ii) RBPL to deposit the said amount within 3 months of receiving communication of the computation from MMRDA, subject to the final outcome of the litigation; and (iii) MMRDA to issue (a) an NOC for assignment of an area of 40,386 (corrected to 40,836)squaremetersinthebuildingtoOBRPL;and(b)proportionateoccupationcertificateforthe 711property, within 1 week of receiving the said amount. MMRDA submitted a computation of ₹7,826 million which was challenged by RBPLby way of a notice of motion filed in March 2019 before the Bombay High Court. In March 2019 MMRDA and RBPL filed separate review petitions seeking review of the February 2019 Order. MMRDA subsequently submitted a revised computation of ₹5,411.64 million which was accepted by RBPL, and the court in March 2019 (“March 2019

Order”) directed RBPL to pay the same to the MMRDA within 3 months of the order. On receipt of the payment, MMRDA issued a no-objection certificate in March 2019 (“Final NOC”), for the assignment of 40,386 (corrected to 40,836) square meters to OBRPLstating inter alia that the same was subject to (i) the rights and contentions raised and likely to be raised by MMRDA in all proceedings pending before the court; (ii) the terms of the lease deeds and the same being binding on the assignee (i.e. OBRPL); and (iii) all the obligations devolving upon Reliance Industries Limited (“RIL”) and RBPL under the lease deeds, being performed in accordance with the lease deeds and being binding on the assignee (OBRPL).While the Bombay High Court struck down such conditions pursuant to its order passed in April 2019 (“April 2019 Order”), and clarified that the eventual buyer/lessee (OBRPL) would have no liability of payment arising out of the legal proceedings, the April 2019 Order (and the February 2019 Order and March 2019 Order) was challenged by the MMRDAin July 2019 by filing a Special Leave Petition (“SLP”) in the Supreme Court of India (“Supreme Court”).The Supreme Court pursuant to its order passed inAugust 2019, reinstated the conditions mentioned in the Final NOC. Further, as regards the liability being affixed on unit holders, RBPL represented to the Supreme Court that it owns 18,660 square meters of the property, sufficient to meet its liability, if any, pursuant to the proceedings (“SC Undertaking”).

Accordingly, the Supreme Court ordered that such area would stand as security for dues, if any, determined by the Bombay High Court in the Writ Petition. At the time of making the SC Undertaking, RBPL did not provide details of the units/area underlying the SC Undertaking. The MMRDA filed a contempt petition against certain directors of RBPL inter alia contending that the contents of the SC Undertaking was incorrect and sought for the area offered by RBPLunder the SC Undertaking to be clearly identified and demarcated. In February 2020, RBPLfiled a Miscellaneous Application (“MA”) in the SLP, seeking modification of the directions contained in the aforementioned order passed inAugust 2019 specifically with regard to the SC Undertaking.As part of the MA, RBPLhad submitted a list of the unsold inventory of RBPLand RIL. The description of the unsold inventory mentions only the floors and does not mention the unit and wing numbers.

RBPL has contended that the SC Undertaking given vide the August 2019 order was correct. The Supreme Court heard the MAand passed an order in September 2021, inter alia, recording that both parties were ad idem that the matter would be resolved once the Writ Petition was decided by the Bombay High Court. The matter is currently pending. RBPL has filed another writ petition in 2019 against the MMRDA before the Bombay High Court challenging certain demand notices issued by MMRDA and seeking a refund of development charges paid by it. The matter is still pending.

L. Sattva Horizon

1. Siddheshwari Griha Nirman Private Limited (now known as Sattva Horizon Private Limited) has filed two separate writ petitions, each in January 2021 before the High Court of Karnataka at Bengaluru (“Karnataka High Court”) against the State of Karnataka and others (“Writ Petition 1 and Writ Petition 2” and collectively, “Writ Petitions”).

Pursuant to the Writ Petitions the petitioner has challenged (a) the notification issued in February 2020, which made effective the Karnataka Planning Authorities (Amendment) Rules, 2019 (“Impugned Notification”) which provided the revision of the development fee and taxes the mode and method of collection along with the plan for utilization of such fee; and (b) the demand notice issued by the Joint Director ofTown Planning (North) to the petitioner demanding to deposit alleged arrears in payment of betterment charges, water supply scheme fee, ring road surcharge, slums improvement cess, etc. aggregating to ₹30.35 million (“Demand Notice”). The petitioner has alleged, inter alia, that (i) the Demand Notice issued pursuant to the Impugned Notification arbitrarily calculated the fees based on a percentage of market value of the property without providing any adequate basis of such charges; (ii) the calculation of fees by linking it to the market 712value of the property is unreasonable; and (iii) the imposition of fees for the same set of services in the guise of different headings is unreasonable and arbitrary.

The petitioner in Writ Petition 1 has, inter alia, prayed that the Karnataka High Court (i) grant an

order,directionorwritinthenatureofmandamusdirectingtherespondentsnottoinsistforpayment ofMTRSsurcharge,watersupplyscheme,ringroadsurcharge,slumsimprovementcess,subsequent to amendments in the Karnataka PlanningAuthorities (Amendment) Rules, 2019; (ii) grant an order, direction or writ in the nature of certiorari quashing the Demand Notice, insofar it relates to insist for payment of MTRS surcharge, water supply scheme, ring road surcharge, slums improvement cess, aggregating to ₹25.65 million (ii) grant an order, direction or declare that the MTRS surcharge, water supply scheme, ring road surcharge, slums improvement cess levied on the basis of the market valueofthepropertyareallbadinlaw;and(iii)declarethatMTRSsurcharge,watersupplyscheme, ring road surcharge, slums improvement cess levied on the petitioner is bad in law. The Karnataka HighCourthasgrantedaninterimordertostaytheDemandNoticeinFebruary,2021.TheKarnataka HighCourt,bywayofacommonorderonJune5,2025,partlyallowedtheWritPetition1and,inter alia,partlyquashedtheImpugnedNotificationandDemandNotice,whilerecommendingtheBBMP to consider a one time settlement scheme.

Additionally, the petitioner in Writ Petition 2 has, inter alia, prayed the Karnataka High Court to,

(i) grant an order, direction or writ in the nature of mandamus directing the respondents not to insist for payment of enhanced development charges in respect of development and construction of commercial building to the petitioner subsequent to amendments in the Karnataka Planning Authorities(Amendment)Rules,2019;(ii)grantanorder,directionorwritinthenatureofcertiorari quashingtheDemandNotice,insofaritrelatestodevelopmentfees/chargesonbuildingandsitecare, aggregating to ₹4.68 million and (ii) grant an order, direction or declare that the enhanced development changes levied on the basis of the market value of the property are all bad in law. The High Court has granted an interim order to stay the Demand Notice in February, 2021. The Writ Petitions are currently pending.

2. Siddheshwari Griha Nirman Private Limited (now known as Sattva Horizon Private Limited) (the “Petitioner”) has filed a writ petition before the High Court of Karnataka at Bengaluru (the “Karnataka High Court”) against the Joint Director (Town Planning) North Zone and others (the “Respondent”), challenging a demand notice issued by the Respondent under the Karnataka Municipal Corporations and Certain other Laws (Amendment) Act, 2021 (“Impugned Act”) requiring payment of ground rent and scrutiny fees aggregating to ₹151.22 million (“Fees”). The Petitioner entered into a joint development agreement with the owners of the land situated at Bruhat Bengaluru Mahanagara Palike khata no. 1303/6/1 & 7/1, ward no. 1, Venaakatala, measuring about 6 acres 37 guntas, for development of the property. Subsequently, the Petitioner applied for plan sanctionalongwithallnecessarydocumentsviz.oftheencumbrancecertificate,propertytaxreceipt, khata extract and khata certificate. Thereafter, the Petitioner obtained a plan sanction and commencement certificate for the project from the Respondent and requested issuance of the occupancy certificate. Subsequently, the Respondent issued a demand notice in July 2024 to the PetitionerinconnectionwithpaymentoftheFees.ThePetitioner,inthewritpetitionhasallegedthat theFeeshavebeenchargedillegallyandarbitrarilyundertheKarnatakaMunicipalCorporationsAct, 1976 and that the ImpugnedAct suffers legislative competence and is ultra vires to the Constitution of India. The Petitioner prayed before the Karnataka High Court amongst others to (i) issue a writ of certiorari to quash the ImpugnedAct; (ii) declare the levy of Fees through the Demand Notice as arbitrary and illegal; and (iii) issue interim order to issue occupancy certificate without insisting payment of the Fees. The Karnataka High Court, pursuant to an interim order datedAugust 7, 2024, has stayed the payment of (i) 50% of the scrutiny fee, and (ii) 100% of the ground rent during the pendency of the petition. Additionally, the Petitioner is required to furnish an indemnity bond to secure the payment of the remaining amount in the event of its failure in the writ petition. The Karnataka High Court has allowed the writ petition.

713M. Karnataka Solar II:

Thippamma and Anasuyamma (“Plaintiffs”) have filed a suit on May 2, 2025 before the Principal Civil Judge and Judicial Magistrate First Class, Challakere (“Court”), against Umakka (“Defendant 1”), Veena S (“Defendant 2”), Dileep (“Defendant 3”) and M.S. Thimmanna, represented by Ashwamedha Kar Solar Park Private Limited (“AKSPPL”, or “ Defendant 4”, collectively with Defendants 1,2 and 3, “Defendants”) seeking partition and separate possession of their 1/3 rd share in land measuring 37 acres 21 guntas in Survey No. 43/1, situated at Kereyaagalahalli Village, Nayakanahatti Hobli, Challakere (“Suit Property”) (portion of the Suit Property measuring 28.525 forms part of Karnataka Solar II lands). The Plaintiffs and Defendants 1, 2 and 3 are members of a hinduundividedfamilyandtheSuitPropertyistheirancestralandjointfamilyproperty.Itisalleged that Defendants 1, 2 and 3 mutated the katha of the Suit Property in their names without consent of the Plaintiffs and made arrangements for Defendant 4 to develop the Suit Property which was an agricultural land for installation of solar energy station. The Plaintiffs claim to be daughters of the defendants 1-3. The Plaintiffs also filed interlocutory application in IANo. 1 and IANo. 2 seeking ex-parte temporary injunction order to restrain Defendants 1, 2 and 3 from alienating the Suit Property and to restrain Defendant 4 from interfering with the Plaintiff’s peaceful possession of Suit Property.AKSPPL, being the current lessor has acquired the leasehold rights over the Suit Property through a registered lease deed dated April 1, 2025 from defendants 1-3. The Court by way of its

order dated May 3, 2025 has granted an ex-parte temporary injunction in IA No. 1, restraining Defendants1-3fromalienatingorcreatingchargeovertheSuitPropertyinanymannertillnextdate of hearing. Further, the Court has issued an emergent notice toAKSPPL, finding insufficient prima facie case against AKSPPL and determining its position must be heard before passing any orders.

This matter is currently pending.

In addition to the above and except as disclosed in “Risk Factors—The title, leasehold rights and development rights or other interests over land where our Portfolio Assets are located may be subject to legal uncertainties and defects, which may interfere with our ownership and/or leasehold rights of our Portfolio Assets and result in us incurring costs to remedy and cure such defects” and “Regulatory Approvals” on pages 45 and 745, respectively, our title, development rights and other interests in relation

to certain of our Portfolio Assets may be subject to the following uncertainties or defects:

Karnataka Solar I:

(i) We have been unable to procure certain encumbrance certificates in relation to certain land parcels due to certain technical issues in the Kaveri portal in Karnataka and consequently, we have been unable to complete the searches of the records maintained by the jurisdictional Sub-Registrar of Assurances for a continuous period of 30 years for certain land parcels.

(ii) Certain landowners/farmers/lessors have availed crop loans by creating charges against certain land parcelsfromvariousfinancialinstitutions.Wearenotinpossessionofthedischargedeedsornodue certificates for such discharges. Such loans are intended to be discharged out of the future rentals payable under lease deeds.

Karnataka Solar II:

(i) Certain landowners/farmers/lessors have availed crop loans by creating charges against certain land parcelsfromvariousfinancialinstitutions.Wearenotinpossessionofthedischargedeedsornodue certificates for such discharges. Such loans are intended to be discharged out of the future rentals payable under lease deeds.

(ii) We have been unable to procure certain encumbrance certificates in relation to certain land parcels due to certain technical issues in the Kaveri portal in Karnataka and consequently, we have been unable to complete the searches of the records maintained by the jurisdictional Sub-Registrar of Assurances for a continuous period of 30 years for certain land parcels.

714Sattva Knowledge Capital

(i) The names of DIPL and SKCPL have not been mutated in the land revenue records as the owner of the property pursuant to its acquisition. The applications for mutation of DIPL and SKCPL are still pending with the authorities.

One BKC

(i) Withrespecttosixunits,inOneBKC,whileOBRPLhasenteredintoregistereddeedsofassignment withRaghuleelaBuildersPrivateLimited(“RBPL”)forassignmentofsuchunitsandpaidtheentire consideration, the assignment is subject to receipt of MMRDA’s consent which is pending as on the date of this Offer Document.

(ii) AspertherequestforproposalenteredintobetweentheerstwhilelessorandtheMMRDA,thelessor was entitled to transfer only up to 40% of the basic built-up area i.e. 30,550 square meters (“Basic BUA”) of the commercial complex during the first five years from the completion of construction of the Basic BUA and the public car parking built-up area and the remaining 60% built-up area thereafter. It is unclear whether certain units assigned to OBRPLin the year 2019 from RBPL formed part of the 40% of the transferable Basic BUA. We have however obtained a representation from RBPL confirming that Units assigned by them were transferable and also obtained consent from the MMRDAfor the assignment of these units. However, it is to be noted that the Letter(s) dated March 28, 2019 and June 18, 2019 under which MMRDAgranted its consent for assignment of units to OBRPL stipulates that consent is granted for assigning the premises constructed by using the Additional BUA, subject to the terms of the Lease Deed.

(iii) We are not in possession of release documents, in respect of the charge created by RBPL in favor of Bank of Baroda, under the Indenture of Mortgage dated October 13, 2016, inter alia, in respect of Unit No. 514 (forming part of OBRPL’s entitlement in One BKC) and are hence unable to reconcile if the same has been released/reconveyed.

(iv) A condominium consisting of the allottees who have executed registered agreements for sale for respective units of the One BKC is yet to be formed as per the provisions of the Maharashtra Apartment OwnershipAct, 1970 and the Real Estate (Regulations and Development)Act, 2016.An application made in this regard to the MMRDA by the erstwhile owner is still pending.

(v) With respect to property tax for three units, while OBRPL has made payment via cheque to the concerned authority for the year 2021-2023, we are yet to receive a receipt for the same.

Accordingly,thedemandfortheyear2023-24and2024-25hasnotyetbeenraisedandthesamewill be raised only after the receipt for the amounts paid upto the year 2021-23.

(vi) The Occupation Certificate dated July 15, 2019, issued to OBRPL is inter alia, subject to the final outcome of the WP (L) No. 212/2019 and WP 586/2018 before the High Court of Judicature at Bombay as described in paragraphA1 above MMRDAhas the right to terminate the lease deed with RBPL on account of non payment of dues or other non-compliance of the lease deed, thereby rendering the assignment in favor of unit holders including OBRPL void.

One World Center

(i) As per Section 11Aof the Sick Textile Undertakings (Nationalisation)Act, 1974, it is necessary for National Textile Corporation Limited, South Maharashtra (Unit: Jupiter Textile Mills Limited) (being the erstwhile owner of the land underlying the project) to obtain prior sanction from the Central Government for sale and transfer of assets of any textile undertaking. It is unclear if such approval was obtained prior to the sale of the land to us. While we have made an application to the NationalTextileCorporationundertheRighttoInformationAct,2005in2023,wehavenotreceived any documents in this regard.

715(ii) While the sale deed dated July 15, 2005 refers to letters of acceptance dated April 21, 2005 bearing reference no. NTC(SM)CS/2005/2361 and dated May 18, 2005 bearing reference no. NTC(SM)CS/2005/5044, pursuant to which National Textile Corporation Limited, South Maharashtra (unit: Jupiter Textile Mills Limited) accepted the tender bid made by the erstwhile owner of the land, we are not in possession of the same. While we have made an application to the NationalTextileCorporationundertheRighttoInformationAct,2005in2023,wehavenotreceived any documents in this regard.

One International Center and One Unity Center

(i) AsperSection11oftheTextilesUndertakings(Nationalisation)Act1995,itisnecessaryforanyunit of National Textile Corporation (South Maharashtra) Limited (being the erstwhile owner of the land underlying the project) to obtain prior sanction from the Central Government for sale and transfer of assets of any textile undertaking. It is unclear if such approval was obtained prior to the sale of the land to us. While we have made an application to the National Textile Corporation under the Right to Information Act, 2005 in 2023, we have not received any documents in this regard.

(ii) While the sale deed dated March 9, 2006, refers to the letter of acceptance dated September, 2005, pursuant to which Elphinstone Spinning. & Weaving Mills Limited, a unit of National Textile Corporation (South Maharashtra) Limited, a Govt. of India Undertaking accepted the tender bid made by OICPL (then known as “Indiabulls Real Estate Company Private Limited”), we are not in possession of the same. While we have made an application to the National Textile Corporation undertheRighttoInformationAct,2005in2023,wehavenotreceivedanydocumentsinthisregard.

Exora Business Park

(i) The composite corporate restructuring scheme dated April 22, 2022, sanctioned by the NCLT pursuant to which Exora Business Park was demerged in favor of EBPPLhas been duly stamped and adjudicated. It is yet to be registered with the jurisdictional registrar.

(ii) EBPPL has granted certain third parties with easement rights to certain portions of Exora Business Park, located on the land underlying the asset. Further, EBPPL is entitled to an irrevocable and perpetual non-exclusive right of way through adjacent properties to access Exora Business Park.

Similarly, Exora Business Park has granted certain third parties owning adjacent properties a perpetual non-exclusive right of way to access their properties.

(iii) Pursuant to the intimation letter dated July 1, 2011 betterment charges were required to be paid by EBPPL to the Commissioner, Bruhat Bengaluru Mahanagara Palike. While EBPPL has paid certain portions of these charges, there are certain remaining amounts that EBPPL is required to pay.

Cessna Business Park

(i) Approximately, 81,620 square feet forming a part of the Special Economic Zone (“SEZ”) area has been leased to the Karnataka Power Transmission Corporation Limited (“KPTCL”). The consent of theDevelopmentCommissioner,SEZistobeobtainedforsuchlease.Undertheleasedeeds,CGDPL isrequiredtode-notifysuchportionoflandfrombeinganSEZandconveythesametoKPTCL.Out of the total area, one lease (for approximately 25,563.76 square feet) expired on September 30, 2024 and has been renewed for a further period of 10 years commencing from October 1, 2024 to September 30, 2034. The second lease remains valid until March 7, 2027. The de-notification is currently pending and shall be carried out at the cost of CGDPL.

(ii) Approximately, 8,357 square meters of land forming part of the SEZ has been relinquished by CGDPL in favor of the Bengaluru DevelopmentAuthority for road widening purposes. Such extent of land is yet to be de-notified from being an SEZ.

716(iii) Approximately, 3,145 square meters of land forming part of the SEZ has been relinquished by CGDPLin favor of the Governor Government of Karnataka for road widening purposes. Such extent of land is yet to be de-notified from being an SEZ.

(iv) TheAloft hotel which forms part of the non-processing area of the SEZ has been leased in favor of NovoThemes Properties Private Limited pursuant to a lease deed datedAugust 27, 2024 and by way of such lease the right to acquire the Aloft land along with the hotel building has also been transferred and does not form part of the Portfolio. The hotel is in the process of being de-notified from the SEZ.

(v) CGDPL along with certain third parties i.e., Integrated Labways Private Limited, Umiya Holdings Private Limited and Embassy Property Developers Private Limited hold undivided right, title and interestintheinternaldrivewaywithinthebusinesspark,fromwhichCGDPLandotherthirdparties derive their access to the ORR main road.

Sattva Global City

(i) The erstwhile owners of the land have acquired land measuring 6 guntas in Survey No. 5/2, 1 acre 12 guntas, and 2 guntas kharab in Survey no. 6/1B, 10 guntas in Survey No. 9/1, 6 acres 21 guntas in Survey No. 7/2, 15 guntas in Survey No. 9/4, 27.5 guntas in Survey No. 9/5, 1 acre 15 guntas in Survey No. 15/1, 20 guntas in Survey No. 16, 2 acres 16.4 guntas in Survey No. 25/1 and 1 acre 11 guntas in Survey No. 32, without the requisite permission from the relevant authorities under the Karnataka Land Reform Act, 1961.

(ii) Land measuring 27 guntas comprised in Survey No.16/1 situated in Mylasandra Village and land measuring 15 guntas comprised in Survey No. 30 situated in Pattanagere Village are owned by certain third parties. These land parcel forms part of Sattva Global City. While such third parties have executed a registered agreement for sale and power of attorney both dated February 27, 2020, wherein, they have agreed to sell such land parcles in favor of GVTPL. However, the sale deed is yet to be executed in favor of GVTPL.

(iii) Certain land parcels held aggregating to 0.68 acres has been divested as on the date hereof pursuant to an agreement to sale and power of attorney and the entire consideration payable has been discharged in this regard. The formalities related to conveyance are in the process of being completed. These land parcels do not form part of the Portfolio.

(iv) The encumbrance certificates obtained by us for all land parcels are defective and do not accurately reflect all transactions during the respective period of certificates.

(v) While GVTPLhas been in possession of land measuring about 3.5 guntas it has not entered into any arrangement with the landowners in this regard. Further, while ownership remains with GVTPL, certain areas of the underlying land along the boundaries of Sattva Global City, have been encroached on by third parties.

Sattva Softzone

(i) A portion of Survey No.81/1 measuring about 04 Guntas cutting through Survey No.81/1 and a portion of Survey No.80/1 measuring about 15 Guntas cutting through Survey No.80/1 was acquired by the Special Land Acquisition Officer (Railways) for the public purpose of irrigation pipeline scheme near Harlur Village. However, the plan sanction area is inclusive of the area acquired for irrigation scheme, which has been kept vacant. At present the FAR availability for an area of 303,287 square feet in the Land is 3.25. The building has been constructed thereon, having an FAR of only 1.99. Therefore, the loss of FAR on 15,791 square feet of land (acquired for irrigation scheme) would not impact the building now. The extent of the land mentioned in the khata is inclusive of the extent acquired for irrigation scheme.

717(ii) The latest khata extract and khata is not updated to reflect the name of STPL as the owner of the property the same is in process.

Sattva Techpoint

(i) By way of an order dated September 20, 1996 passed by the Special Deputy Commissioner, Urban Land Ceiling, an extent of 4183.11 square metres from and out of Survey No. 17 was vested with the State Government and notice was issued to Savithramma (the erstwhile owner of the land) to handover possession to the State Government as per the provisions of the Urban Land (Ceiling and Regulation)Act, 1976. However, the revenue records do not disclose that the possession of the said extent of 4183.11 square metres was delivered or taken by the State Government. The Urban Land (Ceiling and Regulation) Act, 1976 was thereafter repealed by the Urban Land (Celling and Regulation) RepealAct, 1999.The lands have been in possession of SGNPLsince 2008 without any interferencefromtheStateGovernmentafterobtainingthenecessarypermissions,noobjectionsand clearances.

Sattva Horizon

(i) The extent of the land mentioned in the khata in relation to the land and the extent forming part of the joint development agreement includes the portion of the land acquired by (a) National Highways Authority of India for road widening and (b) Bangalore Metro Rail Corporation Limited.

Sattva Magnificia I

(i) Certain areas owned by Darshita Edifice Private Limited have been erroneously included as part of STPL’s holding in the NCLT’s order dated June 18, 2025 approving the Softzone Scheme of Arrangement even though the property continues to vest with Darshita Edifice Private Limited. In addition, the order erroneously records the area acquired by the BMRCL as 857.14 guntas instead of 857.14 square metres. However, the acquisition notifications issued by the Governmental authorities records the correct extent of land i.e. 857.14 square metres that has been relinquished.

Sattva Eminence

(i) Certain predecessors in title (i.e., the landowners) all represented by their attorney holder had entered into a Joint Development Agreement dated February 18, 2005 (“JDA 2005”), for the development of portion of Survey No. 174 measuring about 04 guntas, portion of Survey No. 175 measuring about 30 guntas and portion of Survey No. 176 measuring about 25 guntas.

Subsequent to the JDA2005, the landowners have canceled the power of attorney. However, without canceling the JDA 2005, the landowners have entered into a Joint Development Agreement dated March 7, 2008 with DBRPL.Therefore, though barred by limitation, such landowners may claim for their rights under the JDA 2005 may be raised against DBRPL.

Sattva Cosmo Lavelle

(i) While the sale deed, joint development agreement, supplemental agreement to the joint development agreement and the mortgage and discharge deeds record the extent of area underlying Sattva Cosmo Lavelle as 50,203 square feet, the actual underlying to an extent of area is 50,103 square feet and the same is considered as part of the sanction plan.

Sattva Endeavour

(i) Originals of the certain title documents with regard to Survey No. 44P, 46P and 47P and Survey No.44/1A1 situated at Electronic City II Phase Industrial Area, within the village limits of KonappanaAgrahara Village, Begur Hobli, Bengaluru South Taluk, Bengaluru Urban District, were lost/misplacedbypreviousowner.Accordingly,policecomplaintswerefiledwiththeSub-Inspector, Parappana Agrahara Police Station; and public notices in this regard were issued in certain newspapers.

718Sattva Knowledge Park

(i) The name of WRPL has not been mutated in the land revenue records as the owner of the property.

Sattva Spectrum

(i) VaishaliApparels (the predecessor in title) has not conveyed and executed a sale deed in relation to site bearing Village Panchayath Khata No.255/7 in favor of Indus Tech Park Private Limited. The surveynumberinwhichthesaidsitehasbeencarvedout,convertedandconveyedtoIndusTechPark Private Limited under a Sale Deed dated March 1, 2010.

(ii) The children of the erstwhile owners i.e., Parashuramappa, Gopalappa, Nagaraju and Chikka Abbaiahhavenotconveyedandexecutedasaledeedinrelationto12guntasfromandoutofSurvey No. 78/5. However, there are no substantiate claims from the children of Hanumanthappa i.e., Parashuramappa, Gopalappa, Nagaraju and Chikka Abbaiah in relation to such land parcels.

Prima Bay Solar and One BKC Solar

InrelationtoPrimaBaySolarandOneBKCSolar:(a)OneBKCSolarEnergyPrivateLimitedhasentered into sale deed(s) with Huoban Private Limited (“HPL”) for the acquisition of land parcels admeasuring 20,600 square meters, 8,300 square meters; and 24,000 square meters; and (b) Prima Bay Solar Energy Private Limited has entered sale deed(s) with HPL, for the acquisition of land admeasuring 48,000 square meters, all located at Village Bhadgaon, Taluka Sakri and District Dhule. 25% of the total consideration for the acquisition has been agreed to be paid by One BKC Solar Energy Private Limited and Prima Bay SolarEnergyPrivateLimited(collectively“PrimaBay-OneBKCSolar”)toHPLsubjecttointeraliathe

following requirements:

(i) HPL (a) obtaining consent/permissions from concerned authorities under the Maharashtra Tenancy and Agricultural Lands Act, 1948 and the Maharashtra Land Revenue Code, 1966 to enable the registration of the deed(s) of grant of right of way in favour of the purchaser (which have been executed for accessing the project land) and (b) registering of the Deed(s) of grant of right of way in favour of Prima Bay-One BKC Solar, within agreed upon timelines from the date of execution of the Deed(s) executed in favour of Prima Bay-One BKC Solar, respectively.

(ii) HPL obtaining sanad for non-agricultural use of the project.

HPLisresponsibleforundertakingsub-divisionofportionsoflandacquiredbyPrimaBay-OneBKCSolar and mutating their names, respectively therein, within agreed timelines which have elapsed. However, the applications for sub-division have been made and process of sub-division is ongoing.

II. Material litigation and regulatory action pending against the Knowledge Realty Trust and its Associates With respect to theAsset SPVs, Investment Entities, details of all pending regulatory actions and criminal matters against the Asset SPVs, Investment Entities have been disclosed.

For the purpose of pending civil/commercial matters (including all outstanding cases, litigation and claims) against the Knowledge Realty Trust (Asset SPVs, and the Investment Entities), Associates of the Knowledge Realty Trust (excluding (a) the Manager, and its Associates, (a) the Blackstone Sponsor, its Associates, and the Blackstone Sponsor Group, (c) Sattva Sponsor, its Associates and the Sattva Sponsor Group), matters which are quantifiable and involve an amount equivalent to or exceeding ₹414.69 million (being 1% of the combined income of the Knowledge Realty Trust for the year ended March 31, 2025, based on the latest available annual Combined Financial Statements of the Knowledge Realty Trust for the year ended March 31, 2025) have been considered material and proceedings where the amount is not determinable but an adverse outcome would, as per the Manager, materially and adversely affect the business, operations, financial position, prospects or reputation of each of the Knowledge Realty Trust (Asset SPVs and the Investment Entities), irrespective of the amount involved have been considered material and disclosed.

719Other than as disclosed below and under “—Title disclosures (including title litigation) pertaining to the Portfolio Assets and the Portfolio Investment” on page 703, there are no pending criminal litigation, regulatory actions or material civil/commercial matters against any of the Asset SPVs and the Investment Entities or the Associates of the Knowledge Realty Trust (excluding the Manager, the Sponsors, their respective associates and the Sponsor Groups of each of the Sponsors) as of the date of this Offer Document. Further, there is no litigation against the Knowledge Realty Trust as on the date of this Offer Document.

A. Darshita Hi-Rise Private Limited:

Criminal Proceedings

1. An FIR was filed by Suresh. E in January, 2019 before the H.A.L. Police Station, Marathahalli, Bengaluru against M.D. Mahesh, the managing director of Salarpuria Company and chief engineer of Karnataka Industrial Area Development Board under Sections 427 and 286 read with Section 34 of the Indian Penal Code, 1860, alleging that Salarpuria Company construction activities near Kundalahalli Village was causing inconvenience to persons residing and affecting shops and roads surrounding the construction site of Sattva Knowledge Court. Post the investigation, the Police have filed a Report B before the XLIIIAdditional Chief Metropolitian Magistrate, Mayo Hall Court (the “Court”) stating that the complainant has misconstrued the facts in the complaint.Aggrieved by the observations made in the Report B, the complainant, has filed a protest petition in August 2019, before the Court. The complainant has sought that the police authorities failed to investigate the matter in a proper manner and the same was not carried out in the interest of the public and is thus liable to be set aside on the grounds including (i) the police authorities have failed to observe the notice issued by KIADB to halt the construction; (ii) the police authorities failed to inform and conductenquirywithanyonefromthelocalpopulationorthecomplainant;and(iii)thepolicereport hasnotconsidered/enquiredallaspectsofthecomplaint.Thecomplainanthasprayedto(i)rejectthe Report B filed by the investigation officer; and (ii) direct the police to conduct fresh enquiry. The matter is currently pending.

Regulatory Proceedings

2. A notice was issued by the Tahsildar, Bengaluru East in October, 2021, to Salarpuria Builders (“SalarpuriaBuilders”),allegingencroachmentofgomalalandmeasuring10guntasandtheillegal construction of a compound wall on survey number 126 of Kundalahalli village, KR Puram Hobli, Bengaluru East Taluk, forming a part of Sattva Knowledge Court. Pursuant to the notice, the Tahsildar has called upon Salarpuria Builders to (a) surrender the said land to the Government of Karnataka and (b) explain why criminal actions should not be initiated against Salarpuria Builders under section 192(A) of the Karnataka Land Revenue Act, 1964 in relation to the alleged encroachment. DHRPL has filed a reply in December, 2021, before the Tahsildar contesting the notice and has submitted inter alia that (i) there is no encroachment or illegal construction and (ii) no legal entity exists by the name of Salarpuria Builders as stated in the notice.

In September, 2024, the Revenue Inspector of Whitefield Circle and a survey official visited Sattva KnowledgeCourtandinformedDHRPLthattheyhavebeeninstructedbytheofficeoftheTehsilder, Bengaluru East Taluk, to survey the land in survey number 126 of Kundalahalli Village. DHRPL in September, 2024, filed a representation with the office of the Tahasildar, Bengaluru East Taluk, stating, inter alia, that DHRPL was at no instance involved, connected in respect of survey number 126ofKundalahalliVillage;andhadatnopointoftimeencroachedthesaidpropertyasalleged.The matter is currently pending.

3. In May, 2025, the District Registrar and Deputy Commissioner of Stamps, Shivajinagar registration district, Bengaluru (“Authority”) issued a notice under section 45-A of the Karnataka Stamp Act, 1957 regarding determination of market value of the property situated at Dodenakkundi, Phase I industrial area and the duty payable thereon. The Authority called upon the authorised signatory of Darshita Hi-Rise Private Limited to appear in person or through counsel with all the documents, if any. The matter is currently pending.

720B. Sattva Horizon Private Limited Regulatory Proceedings

1. An order was passed in November, 2022, by the Deputy Commissioner (Stamps) and District Registrar, Gandhinagar Registration District (“DR Order”) directing Siddheshwari Griha Nirman Private Limited (“SGNPL”) (now known as Sattva Horizon Private Limited) to pay a sum of ₹44.98 million towards deficit stamp duty and registration fees with regards to a joint development agreement pertaining to the undeveloped residential converted property bearing Bruhat Bengaluru MahanagaraPalikekhatano.1303/6/1&7/1,wardno.1,measuringabout6acres37guntas,situated atVenkatalaVillage,YelahankaHobli,BengaluruNorthTaluk.Subsequently,SGNPLfiledanappeal before the KarnatakaAppellateTribunal against the DR Order and prayed, inter alia, to set aside the DR Order. The matter is currently pending.

C. Quadro Info Technologies Private Limited Regulatory Proceedings

1. TheofficeofTahsildar,Bengaluru,hasissuednoticestocertainAssetSPVsincluding,QITPL,STPL and SDPL for recovery of environmental compensation from Coremind Software and Services Private Limited (“CSSPL”). The relevant notices have been responded to stating that such Asset SPVs are not parties to the proceedings before the NGT involving CSSPL and accordingly have requested withdrawal of the notice. For further details, please see “—Material litigation and regulatory action pending against the Sponsors, their Associates and the Sponsor Groups of each of the Sponsors—The Sattva Sponsor, its Associates and the Sattva Sponsor Group” on page 723.

D. Softzone Tech Park Limited Regulatory Proceedings

E. Salarpuria Developers Private Limited Regulatory Proceedings

721F. Darshita Housing Private Limited:

Other material litigation

1. Kanthamma and others (the “Petitioners”) filed a writ petition before the Karnataka High Court, Bengaluru against, among others, the State of Karnataka and DHPLchallenging the land acquisition proceedings initiated by the Karnataka Industrial Areas Development Board, of lands situated at survey. nos. 2, 22 and 23 of Pillangahalli Village, Uttarahalli Hobli, Bengaluru South Taluk, Bengaluru (“Land”). It is alleged that the respondent state authorities have illegally acquired excess land in garb of development of roads but proceeded to use such land for illegal real estate profiteering. The Petitioners have prayed, amongst other things, (i) issue of writ of certiorari quashing all notifications by the State of Karnataka to the extent, it pertains to the Land; (ii) for quashing of the land acquisition proceedings and have sought a direction to declare the sale deeds and agreement to sell executed with respect to the Land as void and not binding on the Petitioners.

Darshita Housing Private Limited has been made party to the writ petition as it has executed an agreement to sell with Nandi Economic Corridor Enterprises Limited for purchase of the portion of the Land allotted to DHPL.

G. Kosmo One Business Park Private Limited Other material litigation

1. Two writ petitions were filed before the High Court of Judicature at Madras in September, 2020 againstIndiaLandandPropertiesPrivateLimited(apredecessorentityofKosmoOneBusinessPark Private Limited (“KOBPPL”)) by the Commissioner of the Greater Chennai Corporation (“Writ Petition 1”) and the Commissioner of the Greater Chennai Corporation along with the Assistant Revenue Officer, Greater Chennai Corporation (“Writ Petition 2”), in relation to the Towers A, B and C, of Kosmo One. Writ Petition 1 was filed to set aside the order passed in March 2019 by the City Civil Court, Chennai (“Order”) as it confirmed the order passed in March, 2015 by the Tax Appeals Tribunal, Corporation of Chennai (“TAT”) wherein, it was held that for the Towers A and B, the Chennai Corporation had wrongly levied property tax under commercial category instead of assessing on the basis of industry. Writ Petition 2 was filed to set aside the Order as it set aside the

order passed in June, 2018 by the TAT, wherein it was held that for Tower C, the assessment of property at commercial rate is incorrect and thereby the Chennai Corporation was directed to assess the property at industrial rate.

PursuanttotheWritPetition1andWritPetition2,thepetitionerhasalleged,interalia,that(i)Order confirmingtheorderpassedinMarch,2015,andsettingasidetheorderpassedinJune,2018,passed by the TAT, is against the law and misinterpretation of statute; (ii) the respondent has let out the property to commercial establishment and derives income from the building by means of rent and lease sum; (iii) the property’s use (commercial, residential, or factory) directly affects the tax tariff andleasingpropertiesdoesnotqualifyunderthedefinitionsofindustryorfactory;(iv)theactivities of tenants in the building fall under the definition of “Commercial Establishments” as per the Tamil Nadu Shops and Commercial Establishments Act, 1961; (v) the occupants of the property are not engaged in industrial activities or manufacturing of goods for sale; (vi) the court has erroneously considered the respondent’s definition of “industry”, which is irrelevant for determining property tax;(vii)therespondentisnotregisteredasanindustrialentityandlackscertificationsfromrelevant industrialauthorities;(viii)thebuildingisrentedtocommercialestablishments,includingbanksand restaurants, and no portion is used for industrial purposes; and (ix) the respondent holds a trade license for the trade/business of infrastructure development for IT/ITES companies, which classifies it as a commercial establishment, not an factory. By way of the Writ Petitions, the petitioner has prayed for an interim stay on the Order. The matter is currently pending.

722Other Material Litigation involving certain Asset SPVs JRPL, DHRPL, DHPL, SBPL2 and SHPLhave each filed intervention applications, dated July 7, 2025, to intervene in writ petitions filed before the Supreme Court of India (“Writ Petitions”).

The Writ Petitions dated September 12, 2023 were filed originally by WRPLand DRPLto set aside show cause notices dated March 31, 2022 and March 31, 2023 under the CGSTAct and the TGSTAct, issued to WRPL and DRPL, respectively, pursuant to which WRPL and DRPL were denied input tax credits aggregating to ₹629.06 million and ₹1,479.72 million, respectively, on taxes paid on, inter alia, input services and inputs used for construction of immovable property. The Writ Petitions also challenge the constitutionalvalidityofSection17(5)(c)andSection17(5)(d)oftheCentralGoodsandServicesTaxAct, 2017(“CGSTAct”)andoftheTelanganaGoodsandServicesTaxAct,2017(“TGSTAct”).Thesematters are currently pending.

III. MateriallitigationandregulatoryactionpendingagainsttheSponsors,theirAssociatesandthe Sponsor Groups of each of the Sponsors A. The Blackstone Sponsor, its Associates and the Blackstone Sponsor Group As of the date of this Offer Document, the Blackstone Sponsor, its Associates and the Blackstone Sponsor Group do not have any regulatory actions, criminal matters, or material civil/commercial litigation; i.e., a matter involving an amount in excess of USD39.89 million (being 5% of the consolidated net-worth of the Blackstone Sponsor as at December 31, 2024 pending against them.

B. The Sattva Sponsor, its Associates and the Sattva Sponsor Group As of the date of this Offer Document, other than as disclosed below, the Sattva Sponsor, its Associates and the Sattva Sponsor Group do not have any regulatory actions, criminal matters, or material civil/commercial litigation i.e. a matter involving an amount in excess of ₹849.20 million (being5%oftheconsolidatednet-worthoftheSattvaSponsorasatMarch31,2024)pendingagainst

them other than as disclosed below:

Regulatory Proceedings

1. In connection with an investigation by the Enforcement Directorate, Hyderabad (“ED”) against certain third parties (i.e., the Heera group and its managing director, Nowhera Shaik (collectively, the“HeeraGroup”))underthePreventionofMoneyLaunderingAct,2002,asamended(“PMLA”), the ED issued a provisional attachment order dated December 5, 2022 (“Provisional Attachment

Order”) attaching ₹407.67 million in a bank account of Neelanchal Technocrat Private Limited (“NTPL”), a company belonging to the Sattva group, and cash aggregating to ₹2.8 million seized from premises belonging to a member of the Sattva Sponsor Group (also a director of the Manager), for a period of 180 days from the date of the order. Such amount was alleged to be ‘proceeds of crime’intheProvisionalAttachmentOrder,asconsiderationreceivedbyNTPLforthesaleofcertain land parcels by NTPL to a third-party, which were sold by the third-party to the Heera Group, separately and independently of NTPLor the Sattva group. Subsequently, the adjudicating authority constituted under the PMLA issued show cause notices dated January 6, 2023 to, inter alia, NTPL and the member of the Sattva Sponsor Group (also a director of the Manager) in connection with the Provisional Attachment Order and thereafter, the adjudicating authority issued a final attachment

order dated May 10, 2023, (“Final Attachment Order”) confirming the Provisional Attachment

Order. NTPL and the member of the Sattva Sponsor Group (also a director of the Manager), among others, have filed separate appeals in June 2023 before the appellate tribunal constituted under the 2 An application for a composite scheme of arrangement dated November 5, 2024, was filed before the NCLT, Kolkata, by WellgrowthGrihaNirmanPrivateLimited,SalarpuriaPropertiesPrivateLimited,RajmataRealtorsPrivateLimited,theSattva Sponsor,SalarpuriaBuildersPrivateLimitedandSTPLwhichwasapprovedbytheNCLT,KolkataonJune18,2025(“Softzone Scheme of Arrangement”). Pursuant to Softzone Scheme of Arrangement, STPL holds (i) Sattva Softzone; (ii) Sattva Touchstone; (iii) Sattva Magnificia II; (iv) Sattva Supreme; and (v) Sattva Spectrum.

723PMLA seeking to set aside the Final Attachment Order. NTPL has contended, inter alia, that (i) it did not have any direct dealings with the Heera Group; (ii) the amount attached in its bank account was obtained from a legitimate business transaction; and (iii) it did not have any knowledge of the manner in which funds were obtained by the third-party for the purchase of the land parcels. The member of the Sattva Sponsor Group has contended, inter alia, that the cash amount of ₹2.8 million attachedpursuanttotheattachmentordersisnotconnectedtoanytransactionbetweenNTPLandthe third party for the land parcels, the member of the Sattva Sponsor Group had ceased to be a director and was not involved in the day-to-day business of NTPLduring the period under investigation and that there is no nexus or transaction between the member of the Sattva Sponsor Group and the Heera Group.TheEDhasfiledcounterstotheappealsfiledbyNTPLandthememberoftheSattvaSponsor Group in November 2024. The matter is currently pending.

2. In relation to an ongoing investigation against a third-party e-commerce platform, the Directorate of Enforcement (the “ED”) had issued summons to seek certain data/information from Dawntech ElectronicsPrivateLimited(“DEPL”,anAssociateofSattvaSponsorandtheManager)inDecember

2024. DEPL has provided the relevant information and has extended full cooperation to the ED in the investigation.

3. In relation to an on-going investigation against a third-party e-commerce platform, the Directorate of Enforcement (the “ED”) conducted search at the premises of DarshitaAashiyana Private Limited (“DAPL”, an Associate of Sattva Sponsor and the Manager) in November 2024. Subsequently, in relation to the investigation being conducted against such third party, the ED had issued summons inDecember2024forrecordingofstatementsandsoughtcertaindata/informationfromDAPLwhich was provided. DAPLhas extended full cooperation to the ED in the investigation against such third party.

4. In relation to an ongoing investigation against a third-party e-commerce platform, the Directorate of Enforcement (the “ED”) searched the residence of a member of the Sattva Sponsor Group (also a director of the Manager) in November 2024 and full cooperation was extended to the ED. No items/documents were taken by the authorities.

5. The Directorate of Enforcement, Kolkata, issued a summons dated July 4, 2025 under Section 50 of thePreventionofMoneyLaunderingAct,2002addressedtotheSattvaSponsorandamemberofthe Sattva Sponsor Group (also a director of the Manager) requesting his appearance for the production of certain information. The relevant information has been provided. Section 50 of the Prevention of Money Laundering Act, 2002 empowers the Directorate of Enforcement to summon any person for the collection of information and evidence.

6. A judgment was passed by the National Green Tribunal, principal bench, New Delhi (“NGT”) in May, 2016, against Coremind Software and Services Private Limited (“CSSPL”, an associate of the Sattva Sponsor and the Manager) and others, imposing a fine of ₹135 million for violation of conditions of environment clearance in relation to one of their project in an eco-sensitive area. The

order of the NGT was upheld by the Supreme Court of India through its order dated March 5, 2019.

Thereafter a separate execution petition was filed before the National Green Tribunal, Chennai seeking CSSPL to recover ₹135 million towards the environmental compensation and removal of unauthorized construction. Subsequently, in September 2024, Office of Tahsildar, Bengaluru, issued a notice (“Notice”) for recovery of the compensation amount from CSSPL and stating that in case CSSPL fails to pay the compensation amount certain immovable properties (including Sattva Infozone, Sattva Premia, Sattva Spectrum, Sattva Softzone and Sattva Touchstone) will be attached, CSSPL has replied to this Notice on September 11, 2024 requesting its withdrawal. Additionally, multiple notices were also issued to Sattva group entities, including QITPL, STPL, SDPL, Poppy Realtors Private Limited and Salarpuria Real Estates Private Limited, which have been responded stating that such entities are not a parties to the proceedings before the NGT and accordingly have requested withdrawal of such notices. The matter is currently pending.

7247. The office of Tahsildar, Bengaluru, has issued a notice dated September 9, 2024 to Salarpuria Real Estates Private Limited (“SREPL”) (an Associate of the Sattva Sponsor and the Manager) for recovery of environmental compensation from Coremind Software and Services Private Limited (“CSSPL”). SREPL has filed a response dated September 13, 2024 stating that it is not a party to the proceedings before the National GreenTribunal involving CSSPLand has accordingly requested withdrawal of the notice. The matter is currently pending.

8. The Tahsildar, Yelahanka Taluk (the “Tahsildar”) has issued a notice dated October 1, 2019 to SS Developers (anAssociate of the Sattva Sponsor and the Manager) alleging unauthorized occupation and construction over government land admeasuring 1 acre situated in Doddajala village, Hobli.

SS Developers has responded to the notice on October 29, 2019 refuting all allegations. The matter is currently pending.

9. The office of the Deputy Commissioner (Stamp) and District Registrar, Shivajinagar Registration District, Bengaluru has issued a notice dated May 11, 2022 regarding adjudication of stamp duty pertaining to the arbitration award dated March 22, 2021 (“Arbitration Award”) to all the parties involved in the Arbitration Award, including the Sattva Sponsor and Parth Infrapromoter LLP (an Associate of the Sattva Sponsor and the Manager). Arbitration Award relates to, inter-alia, specific performance of an agreement to sell and the transfer of possession of certain land to a third party.

The matter is currently pending.

10. The District Registrar and Deputy Commissioner of Stamps, Shivajinagar Registration District Bengaluru,passedanorderdatedNovember13,2018againstSalarpuriaRealEstatesPrivateLimited (“SREPL”,anAssociateoftheSattvaSponsorandtheManager)directingittopaythedeficitstamp duty and registration fees aggregating to approximately ₹12.71 million (“Stamp DutyAmount”) in relation to the joint development agreement and power of attorney executed by SREPL with Sri. S.

Shankaranarayana Rao and others. SREPL has filed an appeal before the Karnataka Appellate Tribunal praying for this order to be set aside. Subsequently, the Office of the Tehsildar, Bangalore East Taluk has sent a notice to SREPL, dated August 13, 2024, for the recovery of the Stamp Duty Amount which have been responded by on October 3, 2024. The matter is currently pending.

11. Bengaluru Metropolitan Task Force (“BMTF”) issued three notices each dated (i) March 22, 2024,

(ii) April 9, 2025 and (iii) April 28, 2025 (“Notices”) to Trinayani Realtors Private Limited (“TRPL”, an Associate of the Sattva Sponsor and Manager) in relation to allegations involving encroachment of certain land parcels and unauthorized construction in Devanahalli Taluk—Bengaluru. Pursuant to the Notices, TRPL was directed to appear before the BMTF along with relevant documents in connection with such land parcels. The matter is currently pending.

12. Bengaluru Metropolitan Task Force (“BMTF”) issued a notice dated April 9, 2025 (“Notice”) to Sattva Infrastructure India Private Limited (“SIIPL”, an Associate of the Sattva Sponsor and Manager) in relation to allegations involving encroachment of certain land parcels and unauthorized construction in NelamangalaTaluk, Bengaluru. Pursuant to the Notice, SIIPLwas directed to appear before the BMTF along with relevant documents in connection with such land parcels. The matter is currently pending.

13. Bengaluru Metropolitan Task Force (“BMTF”) issued a notice dated April 9, 2025 (“Notice”) to Sattva Infrastructure India Private Limited (“SIIPL”, an Associate of the Sattva Sponsor and Manager) in relation to allegations involving encroachment of certain land parcels and unauthorized construction in Bangalore North Taluk in connection with a project of the Sattva Sponsor. Pursuant to the Notice, SIIPL was directed to appear before the BMTF along with relevant documents in connection with such land parcels. The matter is currently pending.

14. Bengaluru Metropolitan Task Force (“BMTF”) issued two notices each dated April 4, 2025 (“Notice”) in relation to property owned by Neelanchal Lifestyle Housing LLP (“Neelanchal Lifestyle”, anAssociate of the Sattva Sponsor and Manager) alleging encroachment of certain land parcels and unauthorized construction in Bangalore East Taluk. Pursuant to the Notice, Neelanchal Lifestyle, among others, was directed to appear before the BMTF along with relevant documents in connection with such land parcels. The matter is currently pending.

72515. The office of Tahsildar, Bengaluru, (the “Authority”) has issued a notice dated September 6, 2024 toPoppyRealtorsPrivateLimited(anAssociateoftheSattvaSponsorandtheManager)forrecovery of environmental compensation from Coremind Software and Services Private Limited (“CSSPL”, an Associate of the Sattva Sponsor and the Manager). Poppy Realtors Private Limited have filed representationsdatedSeptember13,2024,December7,2024,December26,2024andApril15,2025 stating that it is not a party to the proceedings before the National Green Tribunal involving CSSPL and accordingly have requested withdrawal of the notice. Further, Poppy Realtors Private Limited has served a contempt notice dated May 22, 2025 and filed a contempt petition dated June 2, 2025 against the Authority in connection with, inter alia, the Authority not considering CSSPL’s representations. The matter is currently pending.

16. The Karnataka State Commission for Scheduled Caste and Scheduled Tribes (“Commission”) has issued a notice dated July 23, 2024 (“Notice”) to Sattva City Private Limited (an Associate of the Sattva Sponsor and the Manager) and another (“Noticees”) under the Karnataka State Commission fortheScheduledCastesandtheScheduledTribesAct,2002pursuanttoacomplaintfiledbycertain individuals alleging cutting down of trees near a certain temple in Yelahanka Taluk. The Noticees havefiledawritpetitiondatedSeptember19,2024beforetheHighCourtofKarnatakaatBengaluru (“Karnataka High Court”) challenging this Notice. Sattva City Private Limited has also responded to the Commission informing them of the writ petition by a letter dated October 21, 2024. Pursuant toanorderdatedSeptember23,2024,theKarnatakaHighCourthasissuedastayontheproceedings before the Commission. This matter is currently pending.

17. In connection with proceedings that were initiated based on a complaint filed against certain third parties (“Accused”) under the Karnataka Land Grabbing ProhibitionAct, 2011 before the Karnataka Land Grabbing Prohibition Special Court at Bengaluru (the “Court”), the Bruhat Bengaluru Mahanagara Palike (“BBMP”) has filed an application under Order 1 Rule 10 of the Code of Civil Procedure, 1908, to array ‘Sattva Group’as a party to the proceedings. The complainant has alleged that the development encroaches certain adjoining land in violation of the Karnataka Land Grabbing ProhibitionAct, 2011.The Sattva Sponsor has filed its response to the application stating, inter alia,

that:(i)itwasonlyadeveloperoftheproject;(ii)theprojectwasdevelopedbasedonthesanctioned plans issued by the BBMPto one of theAccused who was also the owner of the land over which the project was developed; and (iii) the Sattva Sponsor is neither a proper or a necessary party for adjudication of the matter. Subsequently, the Court impleaded Sattva Sponsor as a respondent in the matter. The matter is currently pending.

18. Pursuant to an order dated August 28, 2024 (“Order”), Darshita Aashiyana Private Limited (“DAPL”, an Associate of the Sattva Sponsor and Manager) was arrayed as a party to an on-going investigationbytheCompetitionCommissionofIndia(the“CCI”)againstathird-partye-commerce platform in relation to alleged violation of Section 3(4) of the Competition Act, 2002. DAPL has filedawritpetitionbeforetheHighCourtofKarnatakaatBengaluru(the“HighCourt”)challenging the Order for procedural and substantive irregularities. The High Court has pursuant to order dated September 27, 2024 granted a stay against the operation of the Order. The matter is currently pending.

19. Mr. K. Ramesh (“Complainant”) has filed a complaint dated January 14, 2019 against, inter alia, Nine Hills Education Private Limited (“NHEPL”, an Associate of the Sattva Sponsor and the Manager) before the Karnataka Land Grabbing Prohibition Special Court (“Special Court”) alleging, inter-alia, encroachment of four guntas of land located Hommadevanahalli Village, Begur Hobli, Bengaluru South Taluk. Aggrieved by such proceedings, NHEPL filed a criminal petition dated September 22, 2023 before the High Court of Karnataka to quash the proceedings and the complaint filed by the complainant. The matter is currently pending.

20. AnewspaperarticlepublishedinVijayaKarnataka(adailynewspaper)onNovember5,2016alleged encroachment of certain land parcel. Based on this newspaper article, suo moto proceedings under the Karnataka Land Grabbing Prohibition Act, 2011 have been initiated before the Karnataka Land Grabbing Prohibition Special Court (“Special Court”) in connection with the alleged encroachment 726of land by Poppy Realtors Private Limited (“PRPL”, an Associate of the Sattva Sponsor and the Manager). PRPL has filed objections to the proceedings on March 22, 2017. PRPL has filed writ petitions before the High Court of Karnataka (“High Court”) dated April 20, 2025 and March 17, 2025, respectively, for quashing the proceedings and the interim orders passed in the matter, respectively. The High Court pursuant to its order dated April 21, 2025, has granted interim protection against the proceedings before the Special Court. The matter is currently pending.

21. The Office of the District Registrar, Bangalore Rural District has issued a notice to Sattva Infrastructure India Private Limited (“SIIPL”, an Associate of the Sattva Sponsor and Manager) datedDecember30,2024,inrelationtorecoveryofshortfallinstampdutyandregistrationfeeunder theKarnatakaStampAct1957andSection80-AoftheRegistrationAct,1908(“ImpugnedNotice”) in relation to a sale deed registered in favour of SIIPL. SIIPL has submitted their objections to the Impugned Notice on January 20, 2025. The matter is currently pending.

22. Sattva Infrastructure India Private Limited (“SIIPL”, an Associate of the Sattva Sponsor and the Manager) has received a notice on May 26, 2025 from the Joint Director of Town and Country Planning Authority, Nelamangala Planning Authority (“Authority”), alleging that construction of a compound wall by SIIPL had encroached and obstructed a public pathway. SIIPL has responded to the notice on May 30, 2025, and denied the allegations. The matter is currently pending.

23. SIIPL has received a notice on May 27, 2025 from the Panchayat Development Officer, Bengaluru Rural (“Authority”), alleging that the Authority has received complaints regarding alleged construction of a compound wall by SIIPL had encroached and obstructed a public pathway by SIIPL. SIIPL has responded to the notice on May 30, 2025, and denied the allegations. The matter is currently pending.

Criminal proceedings

1. The State Level Environment Impact Assessment Authority (“Authority”) filed a complaint before the court of additional chief metropolitan magistrate, Bengaluru (“ACMM”) under section 19 of the Environment (Protection) Act, 1986 against Sattva Sponsor and certain of its directors including members of the Sattva Sponsor Group (“Petitioners”) alleging that the Petitioners had not complied with the conditions of environment clearance imposed for a project (not forming a part of the Portfolio) where the Sattva Sponsor is a joint developer.TheACMM took cognizance of the offense against the petitioner vide order dated December 26, 2019 (“Order1”) and the LXIX additional city civil and sessions judge at Bengaluru dismissed the criminal revision petition filed by Petitioners in this regard pursuant to order dated July 12, 2021 (“Order 2”). The Petitioners have filed writ petitions before the High Court of the Karnataka at Bengaluru (“Karnataka High Court”) to quash thisComplaintandsetasideOrder1andOrder2.TheKarnatakaHighCourtonNovember24,2021, passed an interim order staying further proceedings till next date of hearing. The matter is currently pending.

2. There is one pending case in the Court of Additional Chief Judicial Magistrate, Bengaluru Rural, against Colife Advisory Private Limited (an Associate of the Sattva Sponsor and the Manager) for allegedviolationofsections138and141oftheNegotiableInstrumentAct,1881.Thetotalmonetary claim involved in the matter is ₹0.25 million.

3. A complaint dated November 25, 2011, (“Complaint”) was filed before the Chief Metropolitan Magistrate, Nrupathunga, Bengaluru, against the Sattva Sponsor, a member of the Sattva Sponsor Group (also a director of the Manager) and others alleging, inter alia, offences under sections 403, 405, 420 of the Indian Penal Code, 1860 and sections 4, 5, 7, 9 and 10 of the Karnataka Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1972, seeking compensation for non-performance of an agreement to sell in relation to certain property acquired by the Sattva Sponsor. The Complaint was dismissed pursuant to an order dated December 72714, 2017 (“Order”). The complainant has filed a revision petition dated January 11, 2018 challenging the Order before the Principal City Civil and Session Judge, Bengaluru City, Bengaluru.

The matter is currently pending.

4. TheAssistant Director of Factories, Bengaluru (“Authority”) has issued a show cause notices dated February24,2025andApril22,2025tothedirectorsandofficersofSattvaResiPrivateLimited(an Associate of the Sattva Sponsor and the Manager) and others (“Accused”) in connection with a project developed by Sattva Homes Private Limited (an Associate of the Sattva Sponsor and the Manager), alleging contraventions of the Building and Other Construction Workers Act, 1996.

Further,theAuthorityhasissuedaprohibitoryorderdatedFebruary7,2025,restrictingthedirectors and officers from carrying out any construction work in relation to the construction project. Sattva Homes Private Limited has submitted its response dated May 5, 2025 to the Authority, denying the alleged violations and seeking the revocation of the prohibitory order dated February 7, 2025.

Separately, the Authority has also filed a complaint dated May 7, 2025, (“Complaint”) against the Accused before the Additional Chief Judicial Magistrate, Bengaluru under section 223 of the Bharatiya Nyaya Sanhita, 2023 (the “Act”) for non-compliance with the directions of theAuthority.

The Accused have filed a petition before the High Court of Karnataka at Bengaluru to quash the Complaint. The matter is currently pending.

5. Assistant Director of Factories, Bengaluru (“Complainant”), has filed a complaint dated April 11, 2025, against directors of Sattva Resi Private Limited (an associate of the Sattva Sponsor and Manager) and others (collectively, “Accused”) before the Additional Chief Judicial Magistrate, Bengaluru and alleged that the Accused has contravened the provisions of the Building and Other ConstructionWorkers (Regulation of Employment and Condition of Services)Act, 1996 (the “Act”) and rules made thereunder by carrying out excavation work without ensuring sufficient protection of side/banks and not declaring health and safety policy in connection with construction of a building.

The underlying project is being developed by Sattva Homes Private Limited (an Associate of the Sattva Sponsor and the Manager). The matter is currently pending.

Other material litigation

1. There is one pending matter against Wadhwa & Associates Project Developers Private Limited (an Associate of the Sattva Sponsor and the Manager) before the Maharashtra Real Estate Regulatory Authority in connection with dispute in relation to, inter alia, cancellation of a sale deed in connection with a residential project aggregating to approximately ₹1.97 million.

2. There are four pending matters before the Karnataka Real Estate Regulatory Authority against Salarpuria Real Estates Private Limited (an Associate of the Sattva Sponsor and the Manager) in connection with disputes in relation to, inter alia, recalculation of carpet area and cancellation of a sale deed in connection with a residential project aggregating to approximately ₹2.52 million.

3. There are four pending matters involving the Sattva Sponsor before the Karnataka Real Estate RegulatoryAuthorityinrelationto,interalia,disputesinrelationtorefundoftheconsiderationpaid forcertainpropertiesaggregatingtoapproximately₹10.45million,delayinconveyanceofaflatand alleged non-compliance with the sanctioned planned and occupancy certificate.

4. There is one pending matter before the Karnataka Real Estate Regulatory Authority against SS Developers (an Associate of the Sattva Sponsor and the Manager) in connection with disputes in relation to, inter alia, refund of sale consideration and interest in relation to sale of a plot for which applicant has paid consideration aggregating to approximately ₹4.30 million.

5. There are two pending matters before the Karnataka Real Estate RegulatoryAuthority against SIIPL in connection with, inter alia an amendment to the proposed agreement for sale for a real estate project being undertaken by SIIPL and refund of sale consideration for flats aggregating to approximately ₹1.77 million.

7286. There is one pending matter before the Karnataka Real Estate Regulatory Authority against Poppy Realtors Private Limited (an Associate of the Sattva Sponsor and the Manager) in connection with a dispute in relation to, inter alia, delivery of possession of a flat and quality of amenities of a residential project.

7. There is one pending matter before the Karnataka Real Estate Regulatory Authority against Sattva Resi Private Limited (anAssociate of the Sattva Sponsor and the Manager) and third party vendors (together “Accused”), in connection with transactions entered into to sell residential properties not belonging to the Accused. Further, there is one pending matter before the Karnataka Real Estate RegulatoryAuthority against Sattva Resi Private Limited for a refund of advance consideration paid for an apartment aggregating to ₹0.05 million.

8. There is one pending matter before the Karnataka Real Estate Regulatory Authority against Neelanchal Dwelling LLP(anAssociate of the Sattva Sponsor and the Manager) in connection with a delay in delivery of possession of an apartment. The matter is currently pending.

9. Sattva Sponsor (“Claimant”) entered into a Memorandum of Understanding in March, 2019 (“MoU”) with Mr. B. R. Vishwas (“Respondent”) for development of parcels of lands situated at Yamare village andThigalachowdenahalliVillage, Sarjapur Hobli (“Schedule Property”) owned by the Respondent. The Claimant was appointed by the Respondent to construct a multi-story complex attheScheduledProperty.IttermsoftheMoU,theClaimantdepositedasumof₹10.00millionwith the Respondent, however, the Respondent failed to fulfill his obligations under the MoU.

Due to a failure of the Respondent to perform his obligations under the MoU, the Claimant has initiated arbitration proceedings against the Respondent in accordance with the provisions of the MoU, inter alia, seeking directions against the Respondent to specifically perform his obligations under MoU, including the execution of a registered joint development agreement with respect to the ScheduleProperty.TheRespondenthasfiledastatementofdefenseandacounterclaiminthematter stating, inter alia, that the MoU was merely an agreement to enter into an agreement to develop the Schedule Property and has sought ₹2,020 million on account of alleged loss of revenue and failure on part of the Claimant to provide financial assistance to the Respondent. The matter is currently pending.

10. ChrysolitePropertyDevelopmentsPrivateLimited(formerlyMaverickPropertyInvestmentsPrivate Limited) (“Maverick”) has filed an appeal dated February 25, 2025 before the High Court of Karnataka against Tata Consultancy Services Limited (“TCS”), the Sattva Sponsor and Parth Infrapromoter LLP, an associate of the Sattva Sponsor (“Parth”) against the dismissal of an arbitration petition filed by Maverick challenging an arbitration award dated March 22, 2021 (“Arbitration Award”). The matter is currently pending.

In 2011, TCS entered into a memorandum of understanding with the Sattva Sponsor for, inter alia, the acquisition of approximately 35 acres of land in Bengaluru to build an SEZ campus. Such land was to be sold and transferred by Maverick to Parth and assigned to the Sattva Sponsor, in accordance with pre-existing arrangements among the parties. TCS initiated arbitration proceedings against the Sattva Sponsor, Parth and Maverick and pursuant to the Arbitration Award, TCS was awarded, inter alia, (i) specific performance of a contract for land admeasuring 18 acres and 39.5 guntas;(ii)theentitlementtogetthesaledeedregisteredandobtainphysicalpossessionofsuchland against the sale consideration, (iii) right of access to the property against the payment of certain consideration by TCS; (iv) receive from the respondents the permission of the competent authority forthechangeoflandusewithinaspecifiedperiod;and(v)aninjunctionrestrainingtherespondents

(includingMaverick)fromalienatingsuchpropertyuntilthesaledeedisexecutedandregisteredand possession of the land is handed over to TCS.

729Maverick filed a petition dated March 30, 2021 before the City Civil and Sessions Judge, Bengaluru (“City Civil Court”) against TCS, the Sattva Sponsor and Parth challenging theArbitrationAward.

The petition was dismissed pursuant to an order dated January 16, 2025 issued by the City Civil Court. The Sattva Sponsor and Parth had also filed a petition dated May 30, 2022 before the City Civil Court against TCS and Maverick challenging the Arbitration Award, which was dismissed pursuant to an order dated January 16, 2025.

The Sattva Sponsor and Parth (“Plaintiffs”) have also filed a plaint dated April 25, 2024 under

Section 26 read with Order VII Rule 1 of Code of Civil Procedure, 1908 against Maverick (“Defendant”) andTCS before the City Civil Court, inter alia: (i) requiring Maverick to perform its obligationstowardsthePlaintiffsunderthememorandaofunderstanding;and(ii)toregisterthesale deed in respect of the relevant property in favour of the Plaintiffs upon receipt of balance consideration and deliver possession of such property to the Plaintiffs; or, in the alternative, direct the Defendant to pay damages towards the loss in appreciation of value of the property among other reliefs. An interlocutory application has also been filed by the Plaintiffs to attach properties of the Defendant or pass an order for the Defendant to pay ₹1,722.00 million (“I.A 1”) which has been partially accepted pursuant to order dated June 29, 2024 (“Order 1”) pursuant to which the City CivilCourthasorderedconditionalattachmentofcertainpropertiesoftheDefendant.TheDefendant has also filed a writ petition dated July 5, 2024 before the High Court of Karnataka challenging

Order 1.

Further, the Defendant had also filed an interlocutory application to reject the plaint in the above matter(“I.A2”)whichwasrejectedbytheCityCivilCourtpursuanttoanorderdatedJune29,2024 (“Order 2”). The Defendant has separately challenged Order 2 before the High Court of Karnataka by way of a civil revision petition dated July 4, 2024, which has been allowed pursuant to an order datedJune6,2025.Thereafter,pursuanttoanorderdatedJuly19,2025,theCityCivilCourtrejected the plaint in the above matter.

IV. Material litigation and regulatory action pending against the Manager and its Associates As of the date of this Offer Document, the Manager and its Associates (to the extent that such AssociatesarenotAssetSPVs,orInvestmentEntitiesorAssociatesoftheSponsors)donothaveany regulatory actions, criminal matters, or other material civil/commercial litigation (including all outstanding cases, litigation and claims) pending against them.

For the purposes of pending civil/commercial matters against the Manager and itsAssociates (to the extent that such associates are not associates of the Sponsors or are not the Asset SPVs/Investment Entities), matters involving amounts exceeding ₹7.73 million (being 5% of the net worth of the Manager as of March 31, 2025 i.e., after capitalization of the Manager) have been considered material.

V. Material litigation and regulatory action pending against the Trustee As of the date of this Offer Document, except as disclosed below, the Trustee does not have any regulatory actions, criminal matters, or other material civil/commercial litigation (including all outstanding cases, litigation and claims) pending against it. For the purpose of pending civil/commercial matters against the Trustee, matters involving amounts exceeding ₹10.78 million (being 5% of the profit after tax of the Trustee for the financial year ended March 31, 2025) have been considered material.

730Regulatory actions involving the Trustee

1. The Competition Commission of India (“CCI”) has initiated an investigation into the Trustee Association of India (“TAI”), pursuant to a complaint from Muthoot Finance regarding concerns of allegations of cartelization and excessive fees within the debenture trustee segment of the Indian financial market. The Trustee, in its capacity as one of the former office bearers of the TAI, among other debenture trustees, is currently under investigation. The matter is currently pending.

2. Ashow cause notice was issued on May 30, 2025, by SEBI under rule 4(1) of SEBI (Procedure for HoldingInquiryandImposingPenalties)Rules,1995withrespecttotheroleofTrusteeinthematter of fit and proper criteria in relation to the key managerial person of a real estate investment trust client.

Further, in the past, our Trustee has received administrative warnings, deficiency and advisory letters, from SEBI inter alia in relation to the inspection of its records of its debenture trustee business, inspections conducted for and certain disclosure related non compliances by some of the Trustee’s infrastructure investment trust and real estate investment trust clients, thematic inspection on debenture trustees and real estate investment trusts and in relation to violation of the SEBI PIT Regulations. The Trustee has also been subject to an adjudicating order and a settlement order with SEBI in the past.

Criminal Litigation against the Trustee

1. There are no criminal litigations against the Trustee in its corporate capacity. However, a criminal application has been filed by Ganesh Benzoplast Limited, the security provider to certain NCDs prayingforquashingofanFIRfiledbytheTrustee,onbehalfofthedebentureholders.TheFIRwas filed by the Trustee in its capacity as a debenture trustee, upon default and on instruction and on behalf of debenture holders, before the DCP, Economic Offence Wing, New Delhi for alleged fraud and forgery by promoter, security provider and issuer of NCDs. The matter is currently pending.

VI. Material litigation and regulatory action pending against the Valuer As of the date of this Offer Document, the Valuer does not have any regulatory actions, criminal matters, or other material civil/commercial litigation (including all outstanding cases, litigation and claims) pending against it. For the purpose of pending civil/commercial matters against the Valuer, matters involving amounts exceeding ₹5 million have been considered material.

Tax Proceedings Details of all direct tax, indirect tax and property tax matters against (i) Knowledge Realty Trust, Asset SPVs and Investment Entities; (ii) Blackstone Sponsor; (iii) Sattva Sponsor; (iv) Blackstone Sponsor Group; (v) Sattva Sponsor Group (excluding the Sattva Sponsor); (vi) the Manager; and (vii) Associates of the REIT (excluding the Knowledge Realty Trust,Asset SPVs and the Investment Entities),Associates

of the Sponsors and Associates of the Manager as of the date of this Offer Document is as follows:

Amount involved Nature of case Numberof cases (in ₹million)* Knowledge Realty Trust, Asset SPVs and Investment Entities Direct tax 66 1,231.07 Indirect tax 15 1,672.49 Property tax 5 272.08 Total 86 3,175.64 731Amount involved Nature of case Numberof cases (in ₹million)* Blackstone Sponsor Direct tax – – Indirect tax – – Property tax – – Total – – Sattva Sponsor Direct tax – – Indirect tax 5 22.84 Property tax – – Total 5 22.84 Blackstone Sponsor Group Direct tax – – Indirect tax – – Property tax – – Total – – Sattva Sponsor Group (excluding the Sattva Sponsor) Direct tax 8 64.69 Indirect tax – – Property tax – – Total 8 64.69 Manager Direct tax – – Indirect tax – – Property tax – – Total – – Associates of the REIT (excluding the Knowledge Realty Trust, Asset SPVs and the Investment Entities), Associates of the Sponsors and Associates of the Manager Direct tax 62 1,232.61 Indirect tax 39 1,798.35 Property tax 5 522.31 Total 106 3,553.27 * To the extent quantifiable 732REGULATIONS AND POLICIES The following description is a summary of certain sector specific laws currently in force in India, which are applicable to the Knowledge Realty Trust. The information detailed in this chapter has been obtained frompublicationsavailableinthepublicdomain.Thedescriptionoftheregulationssetoutbelowmaynot be exhaustive, and is only intended to provide general information to investors, and is neither designed as, nor intended to substitute, professional legal advice. Judicial and administrative interpretations are subject to modification or clarification by subsequent legislative, judicial or administrative decisions.

Given below is a brief description of certain relevant legislations that are currently applicable to the business carried on by the Asset SPVs and the Investment Entities proposed to be acquired by the Knowledge Realty Trust.

REAL ESTATE/PROPERTY RELATED LAWS AND REGULATIONS Transfer of Property Act, 1882 (“TP Act”) The TPAct establishes the general principles relating to transfer of property in India. It forms a basis for identifying the categories of property that are capable of being transferred, the persons competent to transfer property, the validity of restrictions and conditions imposed on the transfer and the creation of contingent and vested interest in the property and mortgage of immovable property. It also provides for the rights and liabilities of the buyer and seller in a transaction of sale of immovable property.TheTPAct also governs lease agreements, including the rights and liabilities of the lessor and the lessee.

Registration Act, 1908 (“Registration Act”) The Registration Act requires for compulsory registration of certain documents, including documents relatingtotheconveyanceofimmovableproperty.Adocumentmustberegisteredwithinfourmonthsfrom the date of is execution and must be registered with the sub-registrar within whose sub-district the whole or some portion of the property is situated. A document will not affect the property comprised in it, or confer power to adopt or be treated as evidence of any transaction affecting such property (except as evidence of a contract in a suit for specific performance or as evidence of any collateral transaction not required to be effected by registered instrument).

The Indian Stamp Act, 1899 Under the Indian StampAct, 1899, stamp duty is payable on instruments evidencing a transfer or creation or extinguishment of any right, title or interest in immovable property. Stamp duty must be paid on all instruments specified under the Stamp Act at the rates specified in the schedules to the Stamp Act. The applicable rates for stamp duty on instruments chargeable with duty vary from state to state.

National Building Code of India, 2016 The National Building Code of India, 2016, is a comprehensive building code that provides guidelines for regulating construction activities throughout the country. It serves as a model code for adaptation by all agencies involved in building works, including public works department, government construction agencies, local bodies, and private developers. The code preliminary covers administrative regulations, development control rules, and general building requirements. It also includes provisions for fire safety, material specifications, structural design and safety, and building services such as plumbing.

733STATE-WISE APPLICABLE LAWS:

Greater Hyderabad Municipal Corporation Act, 1955 (“GHMC Act”) TheGHMCAct,amongstothers,regulatescertainaspectsofthedevelopmentofrealestateprojects.Every person who intends to erect a building is required to give notice of such intention to the commissioner in theprescribedformandmayinvolvesubmissionoftherelevantplansandsectionsoftheproposedproject to be developed. Further, every person who intends to erect a building, is required to supervise the development or construction by a qualified agency. If the commissioner does not respond, in writing, to the aforementioned notice within 30 days, the person intending to erect a building may proceed with the saidbuildingorwork.Further,theGHMCActalsodealswithlevyofvarioustaxessuchaspropertytaxes, water tax and conservancy tax.

Haryana Urban Development Authority Act, 1977 (“HUDA Act”) The HUDAAct was established to achieve expeditious development of the urban estates in the state of Haryana and for the constitution of HUDA. The HUDAAct provides for the powers and functions of the of HUDA, which include promotion and development of urban areas in a systematic and planned way, power to acquire, sell and dispose of both the movable and immovable property, using the acquired land for residential, industrial, recreational and commercial purpose, undertaking building works and making available developed land to Haryana Housing Board and other bodies for providing houses to economically weaker sections of the society.

Haryana Urban (Control of Rent And Eviction) Act, 1973 (“Haryana Rent Control Act”) The Haryana Rent ControlAct was enacted to control the increase of rent of certain buildings and rented land situated within the limits of urban areas, and the eviction of tenants therefrom. The Haryana Rent ControlAct lays down provisions inter alia relating to the determination of fair rent, revision of fair rent, deposit of rent, amenities to be provided by landlords, eviction of tenants, and consequences of failure by landlord to make necessary repairs.

Karnataka Municipal Corporation Act, 1976 (“KMC Act”) The KMC Act was consolidates and amends the laws, relating to the establishment of municipal corporations in Karnataka. Under the KMC Act, a corporation is established based on certain criteria, which include the population of the area and the density of the population. Under the KMC Act, the construction of buildings, wells, tanks etc. is regulated by the municipal corporations which impose mandatory requirements such as approvals, building bye-laws, regulation of future constructions, etc.The KMC Act empowers municipal corporations to make bye laws for the use of sites and buildings and for all matters that are required or allowed to be carried on under the KMC Act.

The Karnataka Land Revenue Act, 1964 (“KLR Act”) The KLR Act regulates the use of agricultural land for non-agricultural purposes. Under the KLR Act, permissionoftherelevantDeputyCommissionershouldbeobtainedbytheownerofanyagriculturalland in order to convert the use of such land for any other purpose. In areas earmarked as “green belt areas”, there are stricter restrictions placed on land usage and prior consent of the relevant authority is needed if theactivitysoughttobecarriedoutisotherthancertainpermittedactivitiessuchasconstructionofplaces of worship and horticulture.

734Maharashtra Municipal Corporations Act, 1949 (“MMC Act”) The MMCAct, as amended, was enacted to consolidate and amend the laws, relating to the establishment of municipal corporations (of all larger urban areas other than Brihan Mumbai) in Maharashtra. Under the MMCAct, a corporation is established consisting of councilors, elected on the basis of the population of the area. The corporation established under the MMC Act are empowered to regulate the construction of certain specified classes of buildings in particular locations. The MMC Act empowers the corporation to make regulations in relation to buildings, bye-laws for erecting or re-erecting buildings, standing orders for market-building, levy of property taxes, approvals etc.

Maharashtra Industrial Development Act, 1961 (“MID Act”) The MID Act, as amended, was established to make special provision for securing the orderly establishment in industrial areas and industrial estates of industries in the state of Maharashtra and to establish the Maharashtra Industrial Development Corporation (“MIDC”). The MIDAct provides for the powers and functions of the MIDC, which include promotion and assistance in the rapid and orderly establishment, growth, and development of industries in the state of Maharashtra, India.

Mumbai Metropolitan Region Development Authority Act, 1974 (“MMRDA Act”) TheMMRDAAct,asamended,wasestablishedto,interalia,providefortheestablishmentofanauthority for the purpose of planning, coordinating, and supervising the proper, orderly and rapid development of areas and executing plans, projects and schemes for such development.The MMRDAAct provides for the powers and functions of the Mumbai Metropolitan Region Development Authority, which includes reviewing projects or schemes for development in the Mumbai metropolitan region.

Telangana Buildings (Lease, Rent and Eviction) Control Act, 1960 (“Telangana Rent Control Act”) The Telangana Rent Control Act was enacted to provide laws relating to property rental and eviction of the tenant in the areas of Hyderabad, Secunderabad, Visakhapatnam, and Vijayawada Municipal CorporationsandtoallmunicipalcorporationsandmunicipalitiesinthestateofTelangana.TheTelangana Rent Control Act lays down various provisions which determine the rights, duties and liabilities of landlords and tenants in the subject matter of rent, eviction and establishes legal sanctions for the same.

TheTelanganaRentControlActalsoincludesvariousregulationsthatprotectthetenantfromrentincrease and eviction by undue harassment thereby ensuring fair return on investment for the landlord.

Tamil Nadu Regulations of Rights and Responsibilities of Landlords and Tenants Act, 2017 (“Tamil Nadu Rent Control Act”) TheTamil Nadu Rent ControlAct was enacted to regulate the tenancy of buildings in accordance with the terms and conditions of the tenancy agreement executed by the landlords and the tenants and also to safeguard the interest of the landlords and tenants in case of disputes. The Tamil Nadu Rent Control Act lays down provisions relating to the payment of rent, obligations of landlord and tenant, rent courts and tribunals, and duties, powers and functions of other authorities appointed for the purposes of ensuring compliance of the abovementioned regulations.

735ENERGY RELATED APPLICABLE LAWS:

ElectricityAct,2003(“ElectricityAct”)andvariouspolicies,stateactsandrulesinrelationtoelectricity transmission Electricity Act is the central legislation which covers, among others, generation, transmission, distribution, trading and use of electricity. Under the Electricity Act, the transmission, distribution and trading of electricity are regulated activities that require licenses from the Central Electricity Regulatory Commission (“CERC”), relevant state electricity regulatory commissions (“SERC”) or a Joint Commission (constituted by an agreement entered into by two or more state governments with each other or by the central government, in respect of one or more union territories with one or more state governments, as the case may be).

A generating company is required to establish, operate and maintain generating stations, tie-lines, sub-stations and dedicated transmission lines. Further, the generating company may supply electricity to any licensee or even directly to consumers, subject to availing open access to the transmission and distribution systems and payment of transmission charges, including wheeling charges and open access charges, as may be determined by the CERC or the relevant SERC, as applicable. In terms of the Electricity Act, open access means the non-discriminatory provision for the use of transmission lines or distribution system or associated facilities with such lines or system, by any licensee or consumer or a person engaged in generation in accordance with the regulations specified by the CERC or the relevant SERC or Joint Commission, as applicable. The Electricity Act mandates non-discriminatory open access in inter-state transmission and SERCs to enable the provision of open access in transmission and distribution to all consumers who require a supply of electricity where the maximum power to be made available at any time exceeds one megawatt.

The Electricity Act gives the authority to the appropriate commission to regulate tariff for supply by a generation company, transmission, wheeling and retail sale of electricity. However, the appropriate commission shall only adopt the tariff if such tariff has been determined through transparent process of bidding in accordance with the guidelines issued by the Central Government. The CERC regulates inter-state transmission of electricity and SERCs facilitate intra-state transmission and wheeling of electricity. Under the Electricity Act, appropriate commission has been mandated to take steps for promoting the development of market (including trading) in power taking into account the National Electricity Policy. The SERCs under the Electricity Act are also required to promote co-generation and generationofelectricityfromrenewablesourcesofenergybyprovidingsuitablemeasuresforconnectivity with the grid and sale of electricity to any person, and also specify, for purchase of electricity from such sources, a percentage of the total consumption of electricity in the area of a distribution licensee.

The National Tariff Policy 2016 The National Tariff Policy 2016 is applicable to electricity generation, transmission and pricing. The National Tariff Policy aims to ensure cost-effective electricity tariffs, promote efficiency and renewable energy, and protect consumer interests in India’s power sector.

Further, various state acts and rules in relation to generation, transmission, distribution, trading and use ofelectricity,suchastheBombayElectricityDutyAct,1958,theElectricity(KarnatakaAmendment)Act, 2013 etc. are applicable to certain of our Portfolio Assets.

736Electricity (Promoting Renewable Energy through Green Energy Open Access) Rules, 2022 (“Electricity Rules 2022”) The Ministry of Power (“MoP”) has notified the Electricity Rules 2022. The Electricity Rules 2022 provide for generation, purchase and consumption of green energy, including the energy from waste to-energy plants. It provides in detail for renewable purchase obligation, green energy open access, nodal agencies, procedure for the grant of green energy open access, green certificate, banking, charges to be levied on open access and cross-subsidy surcharge. It also provides for tariff for green energy which shall bedeterminedbytheappropriatecommission.Itshallcompriseoftheaveragepooledpowerpurchasecost of the renewable energy, cross-subsidy charges, if any, and service charges covering the prudent cost of distribution licensee for providing the green energy.

SOLAR RELATED APPLICABLE LAWS:

Draft National Renewable Energy Act, 2015 (“Draft NRE Act”) The Draft NREAct was developed by the Ministry of New and renewable Energy (“MNRE”) to promote energy production using renewable sources and has not been enacted as on the date of this Offer Document. Its purpose is to establish a legal framework to facilitate and encourage renewable energy use.

The Draft NREAct seeks to address challenges such as grid planning, national renewable energy targets, and operational coordination between central and state governments. The key provisions include the creation of mechanisms for governance, such as a national and state-level renewable energy advisory group and committee. States would be required to set up state-level agencies responsible for renewable energy initiatives.Additionally, the MNRE would be tasked with periodically preparing and publishing a nationalrenewableenergypolicyincollaborationwithstategovernments.Thiswouldincludeformulating and implementing renewable energy policies and plans at both the national and state levels, aligned with existing national objectives. Among its provisions, the Draft NRE Act proposes the establishment of renewable energy funds at both central and state levels to support expenses related to implementing renewable energy policies and plans. Unlike the Electricity Act, the Draft NRE Act proposes to remove the requirement for a license to supply electricity generated from renewable energy sources.

Approved Models and Manufacturers of Solar Photovoltaic Modules (Requirement for Compulsory Registration) Order, 2019 (“ALMM Order”) To ensure the quality of solar cells, solar modules, used in solar photo voltaic power plants, the MNRE issued the ALMM Order on January 2, 2019. The ALMM Order provides that the government will enlist eligible models and manufacturers of solar photo voltaic power plants complying with the applicable BIS standard, and publish a list titled the “Approved List of models and manufacturers” (“ALMM”). Only the models and manufacturers included in the ALMM would be eligible for use in government/government assisted projects under government schemes and programmes instaled in the country, including the projectsset-upforsaleofelectricitytothegovernmentunderthe“GuidelinesforTariffBasedCompetitive Bidding Process for Procurement of Power from Grid Connected Solar PV Power Projects” datedAugust 3, 2017 and the amendments thereof (collectively, the “Applicable Projects”). The ALMM will consist of “List I”, specifying models and manufacturers of solar photo voltaic modules and List II specifying models and manufacturers of solar photo voltaic cells. Further with respect to the Applicable Projects, solarphotovoltaicmodulemanufacturersfromListIwouldhavetomandatorilysourcesolarphotovoltaic cells only from manufacturers in List II. For being eligible to be included in List- I, the manufacturers are required to obtain a BIS certification in accordance with the Compulsory Registration Order.

Manufacturers are required to make an application to the MNRE for registration, and if enlisted, such enlistmentshallbevalidforatwo-yearperiodandcanberenewedbysubmittingnecessarydocumentsand satisfactory performance of products. Prior to inclusion in the ALMM, a team of MNRE will inspect the manufacturing facility of the applicant. Enlisted models and manufacturers will be subjected to random quality tests and failure or non-compliance will lead to removal fromALMM. TheALMM Order will not apply to projects for which bids have been finalized before the issuance of theALMM Order. Thereafter, theMNREhasalsoissuedtheGuidelinesforenlistmentundertheALMMOrderonMarch28,2019which 737provides a procedural framework for the implementation of the ALMM Order. Further, the Ministry of New and Renewable Energy has amended the ALMM Order in January 2022 to include open access and net metering projects under its ambit. However, with effect from March 10, 2023, the ALMM Order has been kept in abeyance for one financial year, i.e., FY2023-24.Thus, projects commissioned by March 31, 2024 will be exempted from the requirement of procuring solar photo voltaic modules from the ALMM.

Bureau of Indian Standards Act, 2016 (the “BIS Act”) and the “Solar Systems, Devices and Components Goods Order, 2025 (“Order”) TheBureauofIndianStandardsAct,2016providesfortheestablishmentofbureauforthestandardization, conformity assessment and quality certification of goods, processes, systems and services. Functions of the bureau include, inter alia, (a) recognizing as an Indian standard, any standard established for any articleorprocessbyanyotherinstitutioninIndiaorelsewhere;(b)specifyingastandardmarkwhichshall be of such design and contain such particulars as may be prescribed to represent a particular Indian standard; and (c) conducting such inspection and taking such samples of any material or substance as may be necessary to see whether any article or process in relation to which the standard mark has been used conforms to the Indian Standard or whether the standard mark has been improperly used in relation to any article or process with or without a license. A person may apply to the bureau for grant of license or certificate of conformity, if the articles, goods, process, system or service confirms to an Indian Standard.

The Ministry of New Renewable Energy (MNRE) in consultation with the Bureau of Indian Standards

(BIS), issued the Solar Systems, Devices and Components Goods Order, 2025 on January 27, 2025 (the “Order”), superseding its earlier order dated August 30, 2017 (the “Older Order”). This order would come into effect on the expiry of 180 days from its publication date. In terms of this Order, goods or articles specified therein shall conform to the corresponding Indian Standards listed provided therein and shall bear the standard mark under a license from the bureau. Further, the bureau shall be the certifying and enforcing authority for such goods or articles. Furthermore, nothing in this Order shall affect the validity of the licence of existing goods or article having valid license under the Older Order. However, any new registrations, grant of licences to use the standard mark, or renewals after expiry will fall under theprovisionsofthisOrder.TheOrderalsoprovidesforpenaltyforcontraventionoftheprovisionsofthis

order. Any direction issued to any person, under this Order, must be compiled with.

The Jawaharlal Nehru National Solar Mission The National Solar Mission (the “NSM”) was approved by the Government of India on November 19, 2009 and launched on January 11, 2010. The immediate aim of the NSM was to focus on setting up an enabling environment for solar technology penetration in the country both at a centralized and decentralized level. The NSM has set a target of 100 GW of solar power in India by 2022 and seeks to implement and achieve the target in three phases (Phase I from 2012 to 2013, Phase II from 2013 to 2017 andPhaseIIIfrom2017to2022).Thetargetwillprincipallycomprise40GWrooftopsolarpowerprojects and 60 GW large and medium scale grid connected solar power projects. In addition, the Government of IndiaonMarch21,2017sanctionedtheimplementationofaschemetoenhancethecapacityofsolarparks from 20,000 MWto 40,000 MWfor setting up at least 50 solar parks each with a capacity of 500 MWand above by 2019 or 2020.

738Grid Connected Solar Rooftop Program Theaimofthisinitiativeistoachieveacumulativecapacityof40,000MWfromtherooftopsolarprojects by 2022. Phase-II of the Grid Connected Solar Rooftop Program was approved by the Cabinet Committee on EconomicAffairs (“CCEA”) and provides for central financial assistance for residential rooftop solar installations upto 40% for rooftop systems up to a capacity of 3 kW and 20% for those with a capacity of 3-10 kW. The Phase-II also focuses on increasing the incentives for DISCOMs based on achievement of certain instaled capacity.

Production linked incentive scheme (“PLI Scheme”)—National Program on High Efficiency Solar PV Modules The PLI scheme is designed to boost domestic manufacturing across various sectors, reduce dependence on imports, and promote the growth of local industries. Under this scheme, companies are provided with financial incentives based on incremental sales from domestically manufactured products. Initially rolled out for sectors like mobile manufacturing, pharmaceutical ingredients, and medical devices, the government has expanded the PLI scheme to include renewable energy, food processing, and textiles, among others.

Akey focus under the PLI scheme is the National Program on High Efficiency Solar PV Modules, aimed at fostering the domestic production of high-efficiency solar photovoltaic (PV) modules. The government has committed nearly ₹1.97 lakh crore over five years starting from FY 2021-22 to incentivize the establishment of new gigawatt-scale solar photo voltaic manufacturing facilities. By offering financial incentives based on performance, the program seeks to strengthen India’s renewable energy capabilities, reduce reliance on solar imports, and promote self-reliance by encouraging integrated manufacturing—from polysilicon to finished solar photo voltaic modules.

Public Procurement (Preference to Make in India) Order for Renewable Energy Sector, 2017 (“Make in India Renewable Energy Order”) Pursuant to the Public Procurement (Preference to Make in India) Order, 2017 dated June 15, 2017 issued by the DIPP(“Make in India Order”) to promote the manufacture and production of goods and services in India, the MNRE has issued the Make in India Renewable Energy Order, directing all departments/ attached offices/subordinate offices of the MNRE or autonomous bodies controlled by the GoI or government companies (as defined under the Companies Act) to adhere to the Make in India Order with respecttoalloftheirprocurements.Forgridconnectedsolarpowerprojects,apartfromcivilconstruction, central ministries, departments, and central public sector undertakings, are required to give preference to domesticallymanufacturedcomponents,withsolarmodulesrequiredtobe100%locallymanufacturedand other components such as invertors required to be at least 40% locally manufactured. With respect to off grid/decentralised solar power, the requirement of local content in solar streetlights, solar home lighting systems, solar power packs/micro grid, solar water pumps, inverters, batteries, and any other solar photo voltaic balance of system is at least 70%.

State solar policies The operation of Knowledge RealtyTrust and theAsset SPVs and the Investment Entities are also subject tothesolarpoliciesframedinthestatesinwhichthesolarpowerprojectsareimplemented,andwesupply our products to such projects. Such policies typically provide a framework for the governance of the solar power industry and projects, procedures for undertaking of bids, terms of the renewable purchase obligations, connectivity to grid lines and the measures to be taken to promote the development of solar power in the state, including incentives to manufacturer such as grants of concessions on certain taxes, research and development initiatives.

739OTHER APPLICABLE LAWS Bharatiya Vayuyan Adhiniyam, 2024 (“Aircraft Act”) and the Aircraft Rules, 1937 (“Aircraft Rules”) TheAircraftAct, as amended, and theAircraft Rules, as amended (“Aircraft Rules”) enacted pursuant to the Aircraft Act, govern aircraft operations in India. These legislations empower various authorities, including the Ministry of CivilAviation (“MoCA”) and Directorate General of CivilAviation (“DGCA”), to, inter alia, regulate aircraft operations in India and the height of buildings or structures constructed at a specified distance from an aerodrome under Section 18 of theAircraftAct to ensure safety of operation of aircrafts in accordance with international standards and recommended practices governing the operations of aircrafts. At present, the procedure for grant of no objection certificate in relation to the height of buildings and structures is set out in the Ministry of Civil Aviation (Height Restrictions for Safeguarding of Aircraft Operations) Rules, 2015, notified on September 30, 2015, as amended, and the Air Traffic Management Circular No. 6 of 2017, issued by the Directorate ofAir Traffic Management on July 28, 2017.

Food Safety and Standards Act, 2006 (“FSSA”) and the Food Safety and Standards Rules, 2011 TheFSSAwasenactedwithaviewtoconsolidatethelawsrelatingtofoodandtoestablishtheFoodSafety and Standards Authority of India (“Food Authority”) for setting out scientific standards for articles of food and to regulate their manufacture, storage, distribution, sale and import and to ensure availability of safe and wholesome food for human consumption. The Food Authority is required to provide scientific advice and technical support to the Government of India and the state governments in framing the policy and rules relating to food safety and nutrition. The FSSA also sets out requirements for licensing and registering food businesses, general principles for food safety, and responsibilities of the food business operator and liability of manufacturers and sellers, and adjudication by ‘Food SafetyAppellate Tribunal’.

InexerciseofpowersundertheFSSA,theFoodAuthorityhasalsoframed,interalia,theFoodSafetyand Standard Rules, 2011, which sets out the enforcement structure comprising of ‘commissioner of food safety’, ‘food safety officer’ and ‘food analyst’ and procedures of taking extracts, seizure, sampling and analysis. The FSSA also lays down penalties for various offences (including recall procedures).

Special Economic Zones Act, 2005 The Government of India has enacted the Special Economic ZoneAct, 2005 (the “SEZAct”) to facilitate the establishment, development and management of special economic zone (the “SEZs”) to promote exports. SEZs can be established under the SEZ Act by the Government of India, state governments, or any other entity, either jointly or severally. Upon receipt of an application, the SEZ Board, subject to certainconditions,mayapprovetheproposalandcommunicateittotheGovernmentofIndia.Onceanarea is notified as an SEZ, the Government of India appoints a development commissioner who is responsible for monitoring compliance with the legal framework and overseeing the SEZ’s day-to-day operations.

The Special Economic Zone Rules, 2006 The Special Economic Zone Rules, 2006, and amendments made time to time (the “SEZ Rules”) were enacted to effectively implement the provisions of the SEZ Act. The SEZ Rules provide a simplified procedure for a single window clearance by the Government of India and state governments for establishment of SEZs and units within them for the manufacture of goods or rendering services or both or as a free trade and warehousing zone. The SEZ Rules outline the procedure for the operation and maintenance of SEZs, including setting up and conducting business, with an emphasis on self-certification. They also specify the terms and conditions under which entrepreneurs and developers are entitled to exemptions, drawbacks and concessions, etc. Additionally, the SEZ Rules establish minimum area requirements for different categories of SEZs.

740ENVIRONMENTAL REGULATIONS We are subject to various environmental regulations as the operation of our establishments might have an impact on the environment. The basic purpose of such statutes is to control, abate and prevent pollution.

In order to achieve these objectives, Pollution Control Boards (“PCBs”), have been set up in each state and at a central level. Establishments, as prescribed under various regulations may be required to obtain consent orders from the PCBs. These consent orders are required to be renewed periodically.

Environment Protection Act, 1986 (“EPA”) TheEPAhasbeenenactedwiththeobjectiveofprotectingandimprovingtheenvironmentandformatters connected therewith. As per the EPA, the Central Government has been given the power to take all such measures for the purpose of protecting and improving the quality of the environment and to prevent, control and abate environmental pollution. Further, the Central Government has been given the power to give directions in writing to any person or officer or any authority for any of the purposes of the EPA, including the power to direct the closure, prohibition or regulation of any industry, operation or process in exercise of its powers and performance of its functions under the EPA. Further, the Environment

(Protection) Rules), 1986 provide for, inter alia, standards for emissions or discharge of environmental pollutants, prohibitions and restrictions on the location of industries and the carrying on processes and operations in different areas, procedure for submission of samples for analysis and functions of environmental laboratories.

Environment Impact Assessment Notification, 2006 (“EIA Notification”) The EIA Notification requires any construction of new projects or activities or the expansion or modernization of existing projects or activities as listed in the schedule to the EIA Notification and meetingthethresholdsspecifiedthereintomandatorilyprocurethepriorenvironmentalclearancefromthe Central government or as the case may be, by the State Level Environment ImpactAssessmentAuthority.

Air (Prevention and Control of Pollution) Act, 1981 (“Air Act”) The Air Act requires that any industrial plant emitting any air pollutant into the atmosphere must apply in a prescribed form and obtain consent from the state pollution control board prior to commencing any activity. The state pollution control board is required to grant, or refuse, consent within four months of receipt of the application. The consent may contain conditions relating to specifications of pollution control equipment to be instaled.

Water (Prevention and Control of Pollution) Act, 1974 (“Water Act”) The WaterAct prohibits the use of any stream or well or land for the disposal of any poisonous, noxious or polluting matter, in violation of the standards set out by the concerned PCB. The Water Act also provides that the consent of the concerned PCB must be obtained prior to opening of, inter alia, any industry, operation or process, which are likely to discharge sewage or trade effluent.

Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016 (“Hazardous Waste Rules”) An “occupier” has been defined as any person who has control over the affairs of a factory or premises oranypersoninpossessionofhazardousorotherwaste.IntermsoftheHazardousWasteRules,occupiers have been, inter alia, made responsible for safe and environmentally sound handling of hazardous and other wastes generated in their establishments and are required to obtain license/authorization from concerned PCBs, for handling, generating, collecting, processing, treating, packaging, storing, transporting, using, recycling, recovering, pre-processing, co-processing, offering for sale, or the like of the hazardous and other wastes.

741TAX RELATED LEGISLATION Central Goods and Service Tax Act, 2017 (“GST Act”) Integrated Goods and Services Act, 2017, and various state GST legislations TheGSTregimewasintroducedvidetheConstitution(OneHundredandFirstAmendment)Act,2016and provides for imposition of tax on the supply of goods or services and is levied at two levels, central GST throughtheCentralGoodsandServiceTaxAct,2017,andstateGSTthroughtheStateGoodsandServices TaxAct,2017,alongwiththeIntegratedGoodsandServicesTaxAct,2017,forinter-statesupplyofgoods or services. GST replaces a majority of indirect taxes and duties that are in place currently at the central and state levels, and is applicable on all goods with the exclusion of alcohol for human consumption, electricity, sale of land, sale of buildings (subject to certain conditions) among others.

The other applicable tax related laws include the Income Tax Act, 1961, Income Tax Rules, 1962 and various rules and notifications issued by the relevant taxation authorities.

COMPANIES RELATED LEGISLATION All our PortfolioAssets are companies and are therefore, subject to the provisions of the CompaniesAct, 2013 (“Companies Act”). The Companies Act, inter alia, regulates the incorporation of companies, prescribes the roles and responsibilities of directors, shareholders and key managerial personnel and the procedure for undertaking various corporate actions by the company. Declaration of dividends by companies is regulated, among other sections, under Section 123 of the Companies Act. One of the conditions stated therein is that dividend can be declared by a company out of profits for the year or out of profits for the previous financial year, subject to compliance with the specified conditions, or out of money provided by the state or central government for the payment of dividend by the company. Also, dividend can be declared and paid only from the free reserves of the company. Similarly, a number of restrictions and conditions are set out in Section 68 of the CompaniesAct for undertaking a buy back by companies.Forinstance,abuy-backcanbeconductedbyacompanyonlyfromitsfreereserves,securities premium account or from proceeds of the issue of any shares or other specified securities subject to compliance with specified conditions. Further, a company is not permitted to undertake a buy-back of more than twenty five per cent of the aggregate of paid-up capital and free reserves of the company in a particular financial year and no offer or buy-back can be made within a period of one year from the date of closure of the preceding offer or buy-back, if any.

We are also required to comply with the CompetitionAct, 2002, as amended (“CompetitionAct”), which regulatespracticeshavinganappreciableadverseeffectoncompetitionintherelevantmarketinIndiaand combinations (including mergers, amalgamations and acquisitions) in excess of certain thresholds.

LAWS RELATING TO EMPLOYMENT Certain other labor and employment-related legislations (and rules issued thereunder) that may apply to ouroperations,fromtheperspectiveofprotectingtheworkers’rightsandspecifyingregistration,reporting and other compliances, and the requirements that may apply to us, would include the following:

(a) Minimum Wages Act, 1948;

(b) Payment of Bonus Act, 1965;

(d) Payment of Wages Act, 1936;

(e) Maternity Benefit Act, 1961;

742(f) Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013;

(g) National and Festival Holiday Acts (as applicable);

(h) Labour Welfare Fund Acts (as applicable);

(i) Rights of Persons with Disabilities Act, 2016;

(j) Employees’ Compensation Act, 1923;

(k) Equal Remuneration Act, 1976;

(l) Employees’ State Insurance Act, 1948;

(m) Employees’ Provident Funds and Miscellaneous Provisions Act, 1952;

(n) The Code on Wages, 2019(1);

(o) The Occupational Safety, Health and Working Conditions Code, 2020(2);

(p) The Industrial Relations Code, 2020(3);

(q) The Code on Social Security, 2020(4);

(r) The Contract Labour (Regulation & Abolition) Act, 1970;

(s) The Child Labour (Prohibition and Regulation) Act, 1986; and

(t) The Apprentices Act, 1961.

(1) TheGoIenacted‘TheCodeonWages,2019’whichreceivedtheassentofthePresidentofIndiaonAugust8,2019.ThroughitsnotificationdatedDecember18,2020, theGoIbroughtintoforceSections42(1),42(2),42(3),42(10),42(11),67(ii)(s),67(ii)(t)(totheextentthattheyrelatetotheCentralAdvisoryBoard)andSection69 (totheextentthatitrelatestoSections7,9(totheextentthattheyrelatetotheGoIandSection8oftheMinimumWagesAct,1948)andoftheCodeonWages,2019.

TheremainingprovisionsofthiscodewillbebroughtintoforceonadatetobenotifiedbytheGoI.Itproposestosubsumefourseparatelegislations,namely,thePayment ofWagesAct,1936,theMinimumWagesAct,1948,thePaymentofBonusAct,1965andtheEqualRemunerationAct,1976.

(2) TheGoIenacted‘TheOccupationalSafety,HealthandWorkingConditionsCode,2020’whichreceivedtheassentofthePresidentofIndiaonSeptember28,2020.The provisionsofthiscodewillbebroughtintoforceonadatetobenotifiedbytheGoI.Itproposestosubsumeseveralseparatelegislations,includingtheFactoriesAct, 1948,theContractLabour(RegulationandAbolition)Act,1970,theInter-StateMigrantWorkmen(RegulationofEmploymentandConditionsofService)Act,1979and theBuildingandOtherConstructionWorkers(RegulationofEmploymentandConditionsofService)Act,1996.

(3) TheGoIenacted‘TheIndustrialRelationsCode,2020’whichreceivedtheassentofthePresidentofIndiaonSeptember28,2020.Theprovisionsofthiscodewillbe broughtintoforceonadatetobenotifiedbytheGoI.Itproposestosubsumethreeseparatelegislations,namely,theIndustrialDisputesAct,1947,theTradeUnions Act,1926andtheIndustrialEmployment(StandingOrders)Act,1946.

(4) TheGoIenacted‘TheCodeonSocialSecurity,2020’whichreceivedtheassentofthePresidentofIndiaonSeptember28,2020.WhileSection142hasbeenbrought intoforceonMay3,2021,therestoftheprovisionsofthiscodewillbebroughtintoforceonadatetobenotifiedbytheGoI.Itproposestosubsumeseveralseparate legislationsincludingtheEmployee’sCompensationAct,1923,theEmployees’StateInsuranceAct,1948,theEmployees’ProvidentFundsandMiscellaneousProvisions Act,1952,theMaternityBenefitAct,1961,thePaymentofGratuityAct,1972,theBuildingandOtherConstructionWorkers’WelfareCessAct,1996andtheUnorganised Workers’SocialSecurityAct,2008.

743DATA PROTECTION LAWS The Digital Personal Data Protection Act, 2023 (the “DPDP Act”) The DPDPAct received the assent of the President of India on August 11, 2023. It seeks to provide for the processing of digital personal data in a manner that recognizes both the right of individuals to protect their personal data and the need to process such personal data for lawful and other incidental purposes.

It defines personal data to mean any data about an individual who is identifiable by or in relation to such data(“PersonalData”).Itfurtherdefinesadatafiduciarytomeananypersonwhoaloneorinconjunction with other persons determines the purpose and means of processing of personal data (“Data Fiduciary”), and a data principal to mean an individual to whom the Personal Data relates (“Data Principal”).

The DPDPAct applies to the processing of digital Personal Data within India where the Personal Data is collected in digital form or where it is collected in a non-digital form and is subsequently digitised. It also appliestoprocessingofdigitalPersonalDataoutsideofIndia,ifsuchprocessingisinconnectionwithany activity related to offering of goods or services to Data Principals within India. The DPDPAct does not applytoPersonalDataprocessedbyanindividualforanypersonalordomesticpurpose,andPersonalData that is made publicly available by the Data Principal to whom such personal data relates or any other personwhoisunderanobligationunderanylawforthetimebeinginforceinIndiatomakesuchPersonal Data publicly available.As per the DPDPAct, a person may process the Personal Data of a Data Principal for a lawful purpose, for which the Data Principal has given her consent or for certain legitimate uses. It also provides for the establishment of a Data Protection Board of India for taking remedial actions and imposing penalties for breach of the provisions of the DPDPAct. It imposes restrictions and obligations on Data Fiduciaries in relation to dealing with personal data and levies penalties for breach of obligations prescribed under the DPDP Act.

OTHER REGULATIONS In addition to the above, our Portfolio Assets are required to comply with the provisions of the Foreign ExchangeManagementAct,1999,whichwasenactedtoconsolidateandamendthelawrelatingtoforeign exchange with the object of facilitating external trade and payments for promoting the orderly development and maintenance of foreign exchange market in India.

The PortfolioAssets are also governed by the provisions of various acts, rules and policies including the Copyright Act, 1957 and the Copyright Rules, 2013, the Legal Metrology Act, 2009, the Easement Act, 1882,professionaltaxlegislations,firepreventionlawsandexciselegislationsofvariousstates,shopsand establishment legislation of relevant states. They are also subject to Maharashtra’s Information Technology/Information Technology Enabled Services (IT/ITES) Policies of both 2023 and 2015, the Bombay Lift Rules 1958, the Karnataka Lifts, Escalators and Passenger Conveyors Act, 2012 and the KarnatakaLifts,EscalatorsandPassengerConveyorsRules,2015,PetroleumAct,1934andthePetroleum Rules, 2002.Additionally, the PortfolioAssets are required to comply with various labor laws, various tax related legislations and other applicable statutes essential for the day-to-day operations.

744REGULATORY APPROVALS Other than as stated in this section, the Knowledge Realty Trust, the Asset SPVs and the Investment Entities have received material consents, licenses, permissions, registrations and approvals from the Government, various governmental agencies and other statutory and/or regulatory authorities, for carrying out their present business, as applicable. In view of the approvals listed below, the Knowledge RealtyTrustcanundertaketheIssueaswellasitscurrentbusinessandtheAssetSPVsandtheInvestment Entities can undertake their current business, as applicable, and no further material approvals from any governmentalorregulatoryauthorityoranyotherentityarerequiredtoundertaketheIssueortocontinue its business, as applicable. Certain material approvals may have lapsed or expired or may lapse in their ordinary course of business, from time to time, and we have either already made applications to the appropriate authorities for renewal of such material approvals or are in the process of making such renewal applications, in accordance with applicable law and requirements and procedure. Unless otherwise stated, these approvals are all valid as on the date of this Offer Document.

I. Approvals required in relation to the Issue

1. In-principle approval from the BSE dated May 19, 2025; and

2. In-principle approval from the NSE dated May 19, 2025.

II. Approvals required for the Knowledge Realty Trust

1. Certificate of registration (bearing number IN/REIT/24-25/0006 dated October 18, 2024) with SEBI as a real estate investment trust.

III. Approvals required for the Initial Portfolio Acquisition Transactions A. Approvals obtained as on the date of this Offer Document

1. Approval dated December 26, 2024, from Gujarat International Finance Tec-City Company Limited for the acquisition of 100% of the shares of PABPL by the Knowledge Realty Trust;

2. Approval dated January 30, 2025, from Development Commissioner, Ministry of Commerce and Industry, Cochin Special Economic Zone, UnitApproval Committee for the acquisition of 100% of the shares of CGDPL by the Knowledge Realty Trust;

3. Approval dated February 12, 2025, from the Director of Industries, Directorate of Industries, Mumbai, for change in shareholding and change in management of OICPL pursuant to acquisition by the Knowledge Realty Trust;

4. Approval dated February 18, 2025, from the Director of Industries, Directorate of Industries, Mumbai, for change in shareholding and change in management of OWCPL pursuant to acquisition by the Knowledge Realty Trust; and

5. Approval dated February 28, 2025, from theTamil Nadu Small Industries Development Corporation Limited for the acquisition of 100% of the shares of KOBPPL by the Knowledge Realty Trust.

6. Approval dated May 13, 2025 from the Competition Commission of India for the transfer of shareholding in the Asset SPVs by the Sattva Sponsor Group, the Blackstone Sponsor Group and certain third parties to the Knowledge Realty Trust.

7. Approval dated April 21, 2025 from the Development Commissioner, Ministry of Commerce and Industry, Cochin Special Economic Zone, UnitApproval Committee for the acquisition of 100% of the shares of GVTPL by the Knowledge Realty Trust.

7458. Approval dated June 5, 2025 from the Haryana State Industrial and Infrastructure Development Corporation for the acquisition of 100% of the shares of OQRPL by the Knowledge Realty Trust.

B. Approvals applied for, but not received as on the date of this Offer Document Nil IV. Key Approvals required for construction, development and operation of Portfolio A. KeyApprovalsrequiredfortheconstructionanddevelopmentofourofficePortfolio(includingfor our Under-construction Assets)

1. Statutory approval including development plan approval, sanction plans, building plans (intimation of disapproval), building license or construction permit, as applicable;

2. Environment clearances from the Ministry of Environment, Forest and Climate Change including from the State Environment Impact Assessment Authority;

3. Consent order for establishment from relevant state pollution control board;

4. Construction commencement certificates from the relevant state municipal corporation and any designated authority;

5. No objection certificate and/or clearance certificate for height clearance from theAirportsAuthority of India;

6. Certificate of registration under the Contract Labour (Regulation and Abolition) Act, 1970;

7. No objection certificate from the chief fire officer of relevant state municipal corporation;

8. Registration with the Directorate of Industries, Government of Maharashtra, in respect of IT parks located in Maharashtra; and

9. SEZ notification and approvals from the Department of Commerce, Government of India in case a project is on SEZ land.

B. Key additional Approvals required for the operation of our completed office Portfolio

1. Occupancy certificates/Completion certificates; and

2. Consent order to operate from relevant state pollution control board.

C. Key Approvals required for the operation of our solar assets

1. Approval from the chief electrical inspector; and

2. Commissioning certificate.

D. Miscellaneous Approvals

1. Approvals under central and state tax legislations;

2. License under the relevant state shops and establishments acts;

7463. Certificate of registration under the Building and Other Construction Workers (Regulation of Employment and Conditions of Services) Act, 1996.

Wehaveobtainednecessarypermits,licensesandapprovalsfromtheappropriateregulatoryandgoverning authorities for operating our Office Portfolio, as applicable. Certain approvals may expire from time to time and we have either made the relevant applications to the appropriate authorities for renewal of such licenses or are in the process of making such applications.

For further details, please see “Risk Factor—Compliance with, and changes in applicable laws, including but not limited to environmental, health and safety laws and regulations, could adversely affect the developmentofourproperties.Anyinabilitytoobtain,maintainorrenewallregulatoryapprovalsthatare required may have an adverse impact on our business, financial condition, results of operations, cash flows and prospects.” on page 42.

V. Key approvals applied for but not received, or not applied for in respect of our Portfolio A. One Unity Center Approvals applied for, yet to be received:

(i) Application dated May 26, 2025, in relation to One Unity Center for renewal of consent to operate issued by the Maharashtra Pollution Control Board.

B. Sattva Horizon Approvals applied for, yet to be received:

(i) Application dated September 18, 2024 for consent to operate issued by the Karnataka State Pollution Control Board.

C. Sattva Touchstone Approvals applied for, yet to be received:

(i) Application dated June 17, 2022 for renewal of consent to operate issued by the Karnataka State Pollution Control Board.

D. Sattva South Avenue Approvals applied for, yet to be received:

(i) Application dated September 13, 2023 for consent to operate issued by the Karnataka State Pollution Control Board.

E. Sattva Premia Approvals applied for, yet to be received:

(i) Application dated March 18, 2024 for renewal of consent to operate issued by the Karnataka State Pollution Control Board.

747F. Sattva Endeavour Approvals applied for, yet to be received:

(i) Application dated February 3, 2025 for consent to operate issued by the Karnataka State Pollution Control Board.

G. Sattva Knowledge City Approvals applied for, yet to be received:

(i) Application dated January 31, 2025, in relation to parcel 4 of Sattva Knowledge City for renewal of consent to operate issued by the Telangana Pollution Control Board.

H. Sattva Knowledge Court Approvals applied for, yet to be received:

(i) Application dated March 20, 2025 for renewal of consent to operate issued by the Karnataka State Pollution Control Board.

I. Sattva Magnificia Approvals applied for, yet to be received:

(i) Application dated June 10, 2025, for renewal of consent to operate issued by Karnataka State Pollution Control Board.

748TAXATION INDEPENDENT AUDITOR’S REPORT ON STATEMENT OF POSSIBLE TAX BENEFITS AVAILABLE TO KNOWLEDGE REALTY TRUST (THE “TRUST”) AND ITS UNITHOLDERS UNDER THE APPLICABLE INCOME TAX LAWS IN INDIA To The Board of Directors, Knowledge Realty Office Management Services Private Limited (formerly known as Trinity Office Management Services Private Limited) (the “Manager”) in its capacity as the Manager of Knowledge Realty Trust (the “Trust”) One International Center, 14th Floor, Tower-1, Plot No 612-613, Senapati Bapat Marg, Elphistone Road, Lower Parel West, Mumbai 400013.

Dear Sirs

Sub: Statement of possible tax benefits (‘the Statement’) available to the Trust and its unitholders We hereby confirm that the enclosed Annexure to the Statement, prepared by Knowledge Realty Office Management Services Private Limited (formerly known as Trinity Office Management Services Private Limited) states the possible tax benefits available to Knowledge Realty Trust (the “Trust”) and its unitholdersundertheIncome-taxAct,1961(‘theAct’)asamendedbytheFinanceAct,2025readwiththe Income tax Rules, 1962, i.e. applicable for the Financial Year 2025-26 relevant to the assessment year 2026-27 (referred to as ‘the Direct Tax Law’), presently in force in India. Several of these benefits are dependent on theTrust or its unitholders fulfilling the conditions prescribed under the relevant provisions of the Direct Tax Law. Hence, the ability of the Trust or its unitholders to derive the tax benefits is dependent upon fulfilling such conditions, which is based on business imperatives the Trust may face in the future, which, the Trust or its unitholders may or may not choose to fulfil.

The benefits discussed in the enclosed Annexure are not exhaustive and the preparation of the contents stated in the Annexure is the responsibility of the Manager. We are informed that this statement is only intended to provide general information to the investors and is neither designed nor intended to be a substitute for professional tax advice. In view of the individual nature of the tax consequences and the changing Direct Tax Laws, each investor is advised to consult his or her own tax consultant with respect to the specific tax implications arising out of their participation in the proposed initial public offering of Units of the Trust (the “Offer”) in accordance with the provisions of Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, as amended and the guidelines and circulars issuedthereunder(the“REITRegulations”).Weareneithersuggestingnoradvisingtheinvestorstoinvest in the Offer relying on this statement.

We do not express any opinion or provide any assurance as to whether: – the Trust or its unitholders will obtain/continue to obtain these tax benefits in future; – the conditions prescribed for availing the tax benefits have been/would be met with; and – the revenue authorities/courts will concur with the views expressed herein.

We assume no obligation to update theAnnexure on any events subsequent to this date, which may have a material effect on the discussions herein.

749The contents of the enclosed Annexure are based on information, explanations and representations obtained from the Manager and on the basis of our understanding of the business activities and operations of the Trust.

This Statement is prepared solely for the purpose of inclusion in the offer document and final offer documentoranyothermaterialpreparedsolelyinconnectionwiththeOffer,andisnottobeused,referred to or distributed for any other purpose.

We have no responsibility to update this report for events and circumstances occurring after the date of this report.

For S R B C & CO LLP Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003 per Abhishek Agarwal Partner

Membership Number: 112773

UDIN: 25112773BMSBTF4049 Mumbai July 18, 2025 750ANNEXURE TO STATEMENT OFPOSSIBLE TAX BENEFITSAPPLICABLE TO KNOWLEDGE REALTY TRUST (‘KNOWLEDGE REALTY TRUST’) AND ITS UNITHOLDERS UNDER THE APPLICABLE INCOME-TAX LAWS IN INDIA TAX REGIME FOR KNOWLEDGE REALTY TRUST AND UNITHOLDERS UNDER THE PROVISIONS OF THE INCOME-TAX ACT, 1961 (‘ITA’) The ITA has set-out a special regime for taxation of income arising to Knowledge Realty Trust and its unitholders under Chapter XII-FA of the ITA.

We have summarised below relevant income-tax provisions as applicable to Knowledge Realty Trust and its Unitholders, under the ITA, as amended by the Finance Act, 2025. The income-tax provisions listed below are available to Knowledge Realty Trust and its Unitholders subject to compliance with the applicable provisions and/or the conditions laid out in the ITAand the regulations as prescribed under the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) (‘REIT Regulations’).

A. Tax provisions applicable to Knowledge Realty Trust

1. Tax benefits in the hands of Knowledge Realty Trust in respect of interest and dividend income received from special purpose vehicles

1.1 Interest income Interest income received or receivable by Knowledge Realty Trust from an Indian company in which Knowledge Realty Trust holds a controlling interest and any specific percentage of shareholding or interest, as required under the REIT Regulations (‘SPV’) should be exempt from tax in the hands of Knowledge Realty Trust under section 10(23FC)(a) of the ITA.

1.2 Dividend income Dividend income received or receivable by Knowledge Realty Trust from a SPV should beexemptinthehandsofKnowledgeRealtyTrustundersection10(23FC)(b)oftheITA.

2. Tax benefit in the hands of Knowledge Realty Trust in respect of rental income arising from directly owned assets Any income received through renting or leasing or letting out of real estate assets (as defined under the REIT Regulations) owned directly by Knowledge Realty Trust shall be exempt from tax in the hands of Knowledge Realty Trust under section 10(23FCA) of the ITA.

In view of the provisions of section 14A of the ITA, any expenditure incurred in relation to earning the above exempt incomes shall not be tax deductible in the hands of the REIT.

7513. Taxation of income, other than income referred to in paragraphs 1 and 2 above, in the hands of Knowledge Realty Trust – Section 115UA(2) read with section 111A, section 112 and section 112A of the ITA

3.1 Income from capital gains

(i) Capital gains arising in the hands of Knowledge RealtyTrust shall be chargeable to

tax as under:

Applicable Assets # Period of holding + Nature of capital gains tax rates* Unlisted securities (cid:129) More than Long term capital 12.50%* (other than 24 months gains (‘LTCG’) debentures) (cid:129) Less than or Short term capital 30%* equal to 24 gains (‘STCG’) months Unlisted NA STCG 30%* Debentures Immovable (cid:129) More than LTCG 12.50%* property being 24 months STCG 30%* land and/or (cid:129) Less than or building equal to 24 months * excludingapplicablesurchargeandcess # Ataxrateof12.5%*(incaseofLTCGi.e.,heldforaperiodmorethan12months)and20%*(incaseofSTCGi.e.,heldfora periodlessthanorequalto12months)maybeapplicableifthecapitalgainsarisesfromtransferoflistedequitysharesorunits ofanequity-orientedfundandsecuritiestransactiontax(‘STT’)hasbeenpaidonpurchaseandsaleofequitysharesorontransfer ofunitsofequity-orientedfund,asthecasemaybe.

+ section2(29AA)readwithsection2(42A)

(ii) Any income other than income referred to in paragraph (i) above shall be taxed at the maximum marginal rate in the hands of the Knowledge Realty Trust in accordance with section 115UA(2) of the ITA.

(iii) Section 74 of the ITAallows short-term capital loss arising during a financial year to be set-off against income, if any, from capital gains (short term or long-term), arising in the same financial year. However, long-term capital loss arising during a financial year is allowed to be set-off only against long-term capital gains. Balance loss,ifany,isallowedtobecarriedforwardandset-offagainstincomefromcapital gains, arising during subsequent eight assessment years, as follows: (i) balance short-termcapitallosscanbecarriedforwardandset-offagainstcapitalgains(short term or long-term); and (ii) balance long-term capital loss can be carried forward and set-off only against long-term capital gains.

3.2 Income from buy back of shares As per the newly inserted clause (f) of section 2(22) of the ITA, any payment by a company for buy-back of shares from its shareholders (in accordance with section 68 of the CompaniesAct, 2013) on or after October 1, 2024 shall be deemed to be dividend in the hands of the shareholders. Income arising to Knowledge Realty Trust from a SPV undertaking such buy-back should be exempt in the hands of Knowledge Realty Trust under section 10(23FC)(b) read with section 2(22)(f) of the ITA.

752B. Tax provisions applicable to the unitholders of the Knowledge Realty Trust

4. Income arising from Knowledge Realty Trust Asperprovisionssection115UA(1)oftheITA,incomedistributedbyKnowledgeRealtyTrust in the nature of interest, dividend and rental income directly received by the REIT is taxable in the hands of the unitholders in the same manner and proportion as the underlying income stream received by the Knowledge Realty Trust.

We have discussed below taxability of the income in the hands of unitholders based on their

residential status:

Residential status of unitholders Nature of income Tax rates Resident unitholders Interest income At applicable rates^ Rental income At applicable rates^ Qualified dividend Tax exempt income** (Refer Note below) Disqualified dividend At applicable rates^ income** (Refer Note below).

Any other income taxable in Tax exempt the hands of Knowledge Realty Trust Any distributions other than Taxable once such the above (specified sum as distributions exceed the per section 56(2)(xii) of the issue price of unit# ITA) Non-resident unitholders Interest income 5%*^ Rental income At applicable rates^@ Qualified dividend Tax exempt income** (Refer Note below) Disqualified dividend At applicable rates^@ income** (Refer Note below) Any other income taxable in Tax exempt the hands of Knowledge Realty Trust Any distributions other than Taxable once such the above (specified sum as distributions exceed the per section 56(2)(xii) of the issue price of unit# ITA) * excludingapplicablesurchargeandcess ** Qualified/Disqualifieddividendincomewillincludeincomearisingfrombuy-backofsharesbyanSPVdeemedtobedividendinlinewithparagraph

3.2above ^ Theincomeshallbesubjecttodeductionoftaxatsource(fordetailsseeparagraph6below) # anyamountdistributedbyustoaunitholderwhichisnotinthenatureofdividendsorinterestoranyotherincomeshallbereducedfromthecost ofacquisitionofsuchunitholder,tillsuchtimethattheaggregateofsuchdistributionsdonotexceedtheoriginalissuepriceofourunits.Distributions inexcessoftheoriginalissuepriceofourunitsshallbetaxedinthehandsoftheunitholderatapplicabletaxratepersection56(2)(xii)oftheITA

asperwhichSpecifiedsumreceivedbyaunitholderfromaBusinessTrustshallbechargedtotaxas:

A(-)B(-)C;

A=AggregateofsumdistributedbytheBusinessTrustotherthaninterest,dividend,rentalandexemptincometoanyinvestoroneveryunit B=IssuepriceofaunitoftheBusinessTrust C=Amountchargedtotaxundertheseprovisionsinearlieryears Further,specifiedsumshallbedeemedtobezero,ifsumofBandCisgreaterthanA @ Undertheprovisionsofsection90(2)oftheITA,non-residentunitholdersmayseektoavailbeneficialprovisionsundertheapplicableDoubleTaxation AvoidanceAgreement(‘DTAA’)thatIndiamayhaveenteredintowiththeirrespectivecountryofresidence

Note:Aspersection10(23FD)ofITA,taxabilityofincomeinthenatureofdividenddistributedbyKnowledgeRealtyTrusttounitholdersisdependenton thetaxationregimeadoptedbytheSPV(s),whichdistributesthedividendtoKnowledgeRealtyTrust.IftheSPV(s)hasnotoptedforaconcessional corporatetaxrateundersection115BAAoftheITA(‘QualifyingSPV’),dividendreceivedfromsuchQualifyingSPV(‘QualifiedDividend’)and distributedbyKnowledgeRealtyTrustisexemptinthehandsoftheunitholders.AnydividendotherthanQualifiedDividenddistributedbyKnowledge RealtyTrust(‘DisqualifiedDividend’)istaxableinthehandsoftheunitholders.

7535. Tax provisions applicable to unitholders on sale of units

5.1 For resident, non-resident and Foreign Portfolio Investors (‘FPIs’)/Foreign Institutional Investors (‘FIIs’) unit holders In case of Knowledge Realty Trust units held as a capital asset by the unitholder, gains arisingonsaleofunitsofKnowledgeRealtyTrustonarecognisedstockexchange,which have been subjected to STT, shall be liable to tax as under:

Period of holding Nature of capital gains Applicable tax rates $ More than LTCG 12.5%^* on gains exceeding 12 months INR 0.125 million Less than or equal STCG 20%** to 12 months ^ withoutindexationbenefit * excludingapplicablesurchargeandcessundersection112AoftheITA ** excludingapplicablesurchargeandcessundersection111AoftheITA

Note: GainsarisingonsaleofunitsofKnowledgeRealtyTrust,wheresaleisnotpursuedthrougharecognisedstockexchangeandnotsubjectto STT,shallbechargeabletotaxasunder: (cid:129) at12.5%plusapplicablesurchargeandcessincaseofLTCG (cid:129) atapplicabletaxrate,plusapplicablesurchargeandcessincaseofSTCG Forcalculatinggains,costofacquisitionofunitstostandreducedtotheextentofdistributionsreceivedwhichis:

(cid:129) notinthenatureofinterestordividendfromSPVcoveredbysection10(23FC)oftheITA (cid:129) notinthenatureofrentalincomecoveredundersection10(23FCA)oftheITA (cid:129) sumnotchargeabletotaxfortheunitholdersundersection56(2)(xii)oftheITA (cid:129) sumnotchargeabletotaxforthebusinesstrustundersection115UA(2)oftheITA $ Undertheprovisionsofsection90(2)oftheITA,anon-residentwillbegovernedbytheprovisionsoftheDTAAbetweenIndiaandthecountry oftaxresidenceofthenon-resident,andtheprovisionsoftheITAapplytotheextenttheyaremorebeneficialtotheassessee.

Applicability of MAT provisions (cid:129) In case of domestic companies that are liable to pay MAT under provisions of

section 115JB of the ITA(unless such domestic company has opted to be governed by the concessional tax regime provided under section 115BAA of the ITA), the gains arising, if any, on sale of units of Knowledge Realty Trust are to be included as part of book profits for the purposes of computing MAT lability. MAT paid by such companies should be available as credit for set-off against future tax liability,

provided such companies do not subsequently opt to be governed by the concessional tax rate under section 115BAA of the ITA. (cid:129) As per Explanation 4 to section 115JB(2) of the ITA, the provisions of section 115JB shall not be applicable to a foreign company if the foreign company is a resident of a country having DTAA with India and such foreign company does not have a permanent establishment within the definition of the term in the relevant DTAA, or the foreign company is a resident of a country with which India does not have a DTAA with India and such foreign company is not required to seek registration in India under any laws relating to companies for the time being in force.

(cid:129) PursuanttoCentralBoardofDirectTaxpressreleasedatedSeptember24,2015,the Government has clarified the inapplicability of Minimum Alternate Tax provisions to FIIs/FPIs.

5.2 For mutual funds Under section 10(23D) of the ITA, any income earned by a Mutual Fund registered under the Securities and Exchange Board of India Act, 1992, or a Mutual Fund set up by a public sector bank or a public financial institution, or a Mutual Fund authorized by the Reserve Bank of India would be exempt from income-tax, subject to such conditions as the Central Government may, by notification in the Official Gazette, specify in this behalf.

754C. Withholding tax provisions

6. Applicable withholding tax implications on income distributions to Knowledge Realty

Trust and its unitholders are set out below:

On income distributions made to Knowledge Realty Trust by SPVs As per the provisions of section 194I of ITA, any rent received/receivable by Knowledge Realty Trust (in terms of section 10(23FCA) of the ITA) in respect of any real estate asset is not subject to withholding tax.

As per section 194A(3)(xi) of the ITA, any income by way of interest (other than ‘interest on securities’) received/receivable by Knowledge Realty Trust from SPV is not subject to withholding tax.

As per section 193 of the ITA, any income by way of interest on securities received/receivable by Knowledge Realty Trust from SPV is not subject to withholding tax.

Aspersection194oftheITA,anydividendsreceivedbyKnowledgeRealtyTrustisnotsubject to withholding tax.

On income distributions by Knowledge Realty Trust to unitholders As per section 194LBAof the ITA, taxes shall be required to be deducted at source at the time of payment/credit (whichever is earlier) from following income distributions by Knowledge

Realty Trust to its unitholders:

Income recipient Nature of income Applicable tax rates Resident Interest income 10% unitholders Rental income 10% Disqualified dividend income 10% Qualified dividend income Not subject to withholding tax Any distributions other than the Not subject to withholding tax above Non-resident Interest income 5%* unitholders Rental income At tax rates in force# Disqualified dividend income** 10%* Qualified dividend income Not subject to withholding tax Any distributions other than the Not subject to withholding tax above Category I and II Any distribution of the nature Not subject to withholding tax Alternative referred to in section Investment Funds 10(23FBA) of the ITA Mutual funds Any distribution Not subject to withholding tax * excludingapplicablesurchargeandcess ** IftheITAprovideswithholdingtaxrateforanyspecificcategoryofnon-residentunitholders,thenthesameneedstobeconsidered.

# Non-residentunitholdersmayseektoavailanybeneficialprovisionsunderapplicableDTAAthatIndiamayhaveenteredintowithitscountryof residence.

On sale of units of Knowledge Realty Trust NowithholdingtaxappliesinrespectofcapitalgainsarisingfromtransferofunitsbyaForeign Portfolio Investor registered with the Securities and Exchange Board of India.

755D. General tax rates The income-tax rates specified in this statement are as applicable for the financial year 2025-26 under the provisions of the ITA, and are exclusive of surcharge and education cess, if any. The rates

of surcharge and cess are provided below:

Surcharge rate on income-tax is as follows:

(i) For companies:

Particulars Surcharge rate@ Domestic Foreign Company Company If the net income does not exceed INR 10 million Nil Nil If the net income exceeds INR 10 million but does not 7% 2% exceed INR 100 million If the net income exceeds INR 100 million 12% 5% @ fordomesticcompanieswhichhaveexercisedtheoptionundersection115BAAoftheITA,thesurchargeshallbe10%irrespectiveoftheamountof taxableincome.

(ii) For individuals, HUF, AOP and BOI:

Particulars Surcharge rate@# If the net income does not exceed INR 5 million Nil If the net income exceeds INR 5 million but does not 10% exceed INR 10 million If the net income exceeds INR 10 million but does not 15% exceed INR 20 million If the net income exceeds INR 20 million but does not 25% exceed INR 50 million If the net income exceeds INR 50 million 37% @ AspertheFinanceAct2020,surchargeondividendincomeandcapitalgainsarisingfromdispositionofKnowledgeRealtyTrustunitsthathavebeen subjectedtoSTTshallbe15%,eveniftheincomeexceedsINR20million # Ifinvestorsofthesecategoryhaveexercisedtheoptionundersection115BACoftheITA,thehighestsurchargerateapplicableshallbe25%.

(iii) Health and education cess: In all cases, health and education cess will be levied at the rate of 4% of the income tax and surcharge.

Notes:

1. Theinformationprovidedinthisstatementsetsoutthepossibletaxbenefitstotheunitholdersinasummarymanneronlyandisnotacompleteanalysisorlisting ofallpotentialtaxconsequencesofthepurchase,ownershipanddisposalofequitysharesandunits,underthecurrenttaxlawspresentlyinforceinIndia.It isnotexhaustiveorcomprehensiveandisnotintendedtobeasubstituteforprofessionaladvice.Investorsareadvisedtoconsulttheirowntaxconsultantwith respecttothetaximplicationsofaninvestmentintheunitsparticularlyinviewofthefactthatcertainrecentlyenactedlegislationmaynothaveadirectlegal precedentormayhaveadifferentinterpretationimpactingtheprovisions/benefitsifany,whichaninvestorcanavail.

2. Thestatedpossibletaxbenefitswillapplyonlytothesole/firstnamedholderincasetheunitsareheldbyjointholders.

3. Inrespectofnon-residents,thetaxratesandtheconsequenttaxationmentionedaboveshallbefurthersubjecttobenefitsavailable,ifany,undertheapplicable DTAA,ifany,betweenIndiaandthecountryinwhichthenon-residenthasfiscaldomicile.

4. ThisstatementoftaxprovisionsenumeratedaboveisaspertheITAasamendedbytheFinanceAct2025.Thisstatementsetsouttheprovisionsapplicableto theKnowledgeRealtyTrustanditsunitholdersunderthecurrenttaxlawspresentlyinforceinIndiaforFY2025-26.Severaloftheseprovisionsandbenefits ifany,aredependentonKnowledgeRealtyTrustoritsunitholdersfulfillingtheconditionsprescribedundertherelevanttaxlaws.

TheGovernmenthasproposedcertainamendmentsvidetheIncome-taxBill,2025,adraftofwhichisavailableinthepublicdomain.However,thisBillcurrently doesnothaveanyforceoflaw.Therefore,thisstatementoftaxprovisionsisrestrictedtocommentingonthelawasitcurrentlystands.

5. Theabovestatementcoversonlycertainrelevantdirecttaxlawbenefitsanddoesnotcoveranyindirecttaxlawbenefitsorbenefitunderanyotherlaw.

6. Noassuranceisgiventhattherevenueauthorities/courtswillconcurwiththeviewsexpressedherein.Ourviewsarebasedontheexistingprovisionsoflaw anditsinterpretation,whicharesubjecttochangesfromtimetotime.Wedonotassumeresponsibilitytoupdatetheviewsconsequenttosuchchanges.

756CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS The following discussion describes certain U.S. federal income tax consequences to U.S. Holders

(definedbelow)ofacquiring,owninganddisposingofUnits,butitdoesnotpurporttobeacomprehensive discussion of all tax considerations that may be relevant to a particular person’s decision to acquire Units.

This discussion is based upon the U.S. Internal Revenue Code of 1986, as amended (the “Code”), its legislative history, the U.S. Treasury regulations promulgated under the Code, judicial decisions, revenue rulings and revenue procedures of the Internal Revenue Service (“IRS”), and other administrative pronouncements of the IRS, in each case as in effect as of the date hereof. Except as expressly described herein, this discussion does not address the U.S. federal income tax consequences that may apply to U.S.

Holders under the Convention Between the Government of the United States of America and the Government of the Republic of India for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (the “Treaty”). All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below.

No ruling will be sought from the IRS with respect to any statement or conclusion in this discussion, and there can be no assurance that the IRS will not challenge such statement or conclusion or, if challenged, that a court will uphold such statement or conclusion. This discussion is applicable only to U.S. Holders

(asdefinedbelow)thatinitiallyacquireourUnitsinthisIssueandholdourUnitsascapitalassetsforU.S. federalincometaxpurposes(generallypropertyheldforinvestment).Thisdiscussiondoesnotaddressany U.S. federal estate or gift tax consequences, the alternative minimum tax, the Medicare tax on net investment income or any state, local, or non-U.S. tax consequences.

For purposes of this discussion a “U.S. Holder” is a beneficial owner of a Unit that is, for U.S. federal

income tax purposes: (cid:129) an individual who is a citizen or resident of the United States; (cid:129) a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

(cid:129) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (cid:129) a trust if a court within the United States is able to exercise primary supervision over its administration and one or more United States persons (as defined in the Code) have the authority to control all substantial decisions of the trust or otherwise if the trust has a valid election in effect under current Treasury regulations to be treated as a United States person (as defined in the Code).

This discussion does not address all U.S. federal income tax consequences applicable to any particular investor, and does not address the tax consequences applicable to persons subject to special treatment under the U.S. federal income tax laws, including a person who is:

(cid:129) a dealer in securities or currencies; (cid:129) a financial institution; (cid:129) a regulated investment company; (cid:129) a real estate investment trust; (cid:129) an insurance company; (cid:129) a tax-exempt organization;

(cid:129) “individual retirement accounts” or “Roth IRAs” 757(cid:129) a person holding the Units as part of a hedging, integrated or conversion transaction, a constructive sale, a wash sale or a straddle;

(cid:129) a trader in securities that has elected the mark-to-market method of accounting; (cid:129) a person liable for the alternative minimum tax; (cid:129) a person required for U.S. federal income tax purposes to accelerate the recognition of any item of gross income with respect to our Units as a result of such income being recognized on an applicable financial statement;

(cid:129) a U.S. expatriate or former U.S. citizen or long-term resident; (cid:129) a person owning Units in connection with a trade or business conducted outside the United States; (cid:129) persons who acquired Units pursuant to the exercise of any employee share option or otherwise as compensation;

(cid:129) entitiesorarrangementsclassifiedaspartnershipsorpassthroughentitiesforU.S.federalincometax purposes or persons holding equity interest therein; (cid:129) a person who directly, indirectly or constructively owns 10% or more of the total voting power or value of all of the outstanding equity interest in us; or (cid:129) a person whose functional currency for U.S. federal income tax purposes is not the U.S. dollar.

If a partnership (including any entity or arrangement treated as a partnership for U.S. federal income tax purposes) owns Units, the U.S. federal income tax treatment of a partner will generally depend upon the statusofthepartnerandthestatusandactivitiesofthepartnership.Partnershipsconsideringaninvestment in the Units and partners in such partnerships should consult their own tax advisors as to the particular U.S. federal income tax consequences of acquiring, owning and disposing of the Units.

THE DISCUSSION OF U.S. FEDERALINCOME TAX CONSIDERATIONS SET OUT BELOW IS FOR GENERAL INFORMATION ONLY. ALL PROSPECTIVE PURCHASERS SHOULD CONSULT THEIR TAXADVISORS CONCERNINGTHETAX CONSEQUENCES OFTHEACQUISITION, OWNERSHIP, OR DISPOSITION OF UNITS IN LIGHT OF THEIR PARTICULAR CIRCUMSTANCES, INCLUDING THE APPLICABILITY AND EFFECT OF OTHER FEDERAL, STATE, LOCAL, NON-U.S. AND OTHER TAX LAWS, INCLUDING THE TREATY, AND POSSIBLE CHANGES IN TAX LAW.

Passive Foreign Investment Company Rules In general, a non-U.S. corporation will be classified as a passive foreign investment company (a “PFIC”) for U.S. federal income tax purposes in for any taxable year in which at least (i) 75 per cent. of its gross income is classified as “passive income” or (ii) 50 per cent. of the average quarterly fair market value of its assets produce, or are held for the production of, passive income. For this purpose, passive income generally includes, among other items, dividends, interest, gains from certain commodities transactions, certain rents, royalties and gains from the disposition of passive assets. For purposes of the PFIC income test and asset test described above, if a non-U.S. corporation owns, directly or indirectly, 25% or more of the total value of the outstanding shares of another corporation (a “look-through subsidiary”), the non-U.S. corporation will be treated as if it (a) held a proportionate share of the assets of such other corporation and (b) directly received a proportionate share of the income of such other corporation.

758In January 2021, the U.S. Department of Treasury issued final U.S. Treasury regulations, which exclude from passive income certain rents received from an unrelated person and derived in the active conduct of a trade or business (the “Active Leasing Exception”). Under the Treasury regulations, rents from real property generally will be considered to be derived in the active conduct of a trade or business by a non-U.S. corporation if such rents were derived from: (a) leasing property that the non-U.S. corporation has acquired and added (through its officers and employees) substantial value to, provided that the non-U.S. corporation (through its officers and employees) is regularly engaged in acquiring and adding substantial value to property of such kind, and provided further that the performance of marketing functionswillnotbeconsideredtoaddsubstantialvaluetoproperty;(b)leasingrealpropertywithrespect to which the non-U.S. corporation (through its officers and employees) regularly performs active and substantialmanagementandoperationalfunctionswhilethepropertyisleased;or(c)leasingpropertythat is leased as a result of the non-U.S. corporation’s performance (through its officers and employees) of marketing functions, provided that the non-U.S. corporation (through its officers and employees) maintains and operates an organization in such country that is both (i) regularly engaged in the business of marketing the leased property, and (ii) “substantial” in relation to the amount of rents derived from the leasing of such property. In the case of rents received by a look-through subsidiary of the non-U.S.

corporation (and treated as received by the non-U.S. corporation), the applicability of theActive Leasing Exception is determined by taking into account the activities performed not only by the officers and employees of the non-U.S. corporation but also by the officers and employees of any of the non-U.S.

corporation’squalifiedaffiliates,whichgenerallyinclude(i)anylook-throughsubsidiarythatismorethan 50%owned(byvalue)bythenon-U.S.corporation,(ii)anynon-U.S.corporateorpartnershipparentsthat own more than 50% of the equity interest (by value) in the non-U.S. corporation and (iii) any subsidiary that is more than 50% owned (by value) by such non-U.S. corporate or partnership parents.

Forthemostrecentlyendedtaxableyear,itisunclearwhether(i)anyofourrentincome,whichcomprises the majority of the income shown on our special purpose combined statement of profit and loss, qualifies for the Active Leasing Exception and (ii) any of our investment properties produce or are held for the production of rent income that qualifies for the Active Leasing Exception. Accordingly, it is unclear whether we were classified as a PFIC for the most recently ended taxable year.

We have not conducted the analysis necessary to determine our PFIC status for any taxable year and do not intend to do so in the future. Moreover, because a determination of whether a company is a PFIC must be made annually after the end of each taxable year and our PFIC status for each taxable year will depend on facts, including the composition of our income and assets and the value of our assets (which may be determined in part by reference to the market value of the Units) at such time, there can be no assurance regarding our PFIC status for the current or any future taxable year. The International Legal Counsel to the Lead Managers expresses no opinion with respect to our PFIC status for any of our past, current or future taxable years. The discussion immediately below describes certain consequences to a U.S. Holder if we were a PFIC for any taxable year in which the U.S. Holder owned the Units.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Units, such U.S. Holder generally will be subject to special tax rules with respect to (i) any “excess distribution” received and

(ii) any gain recognized from a sale or other disposition, including a pledge, of Units (which may include gain realized by reason of transfers of Units that would otherwise qualify as nonrecognition transactions for U.S. federal income tax purposes). Generally, any distributions received by a U.S. Holder in a taxable year that are greater than 125% of the average annual distributions received by the U.S. Holder during the shorter of (x) the three preceding taxable years of the U.S. Holder or (y) a U.S. Holder’s holding period for the Units that preceded the taxable year of the distributions will be treated as excess distributions.

Under these special tax rules (the “excess distribution rules”): (cid:129) theexcessdistributionorgainwillbeallocatedratablyovertheU.S.Holder’sholdingperiodforthe Units;

759(cid:129) the amount allocated to the U.S. Holder’s taxable year in which the U.S. Holder recognized the gain or received the excess distribution, or to the period in the U.S. Holder’s holding period before the first day of our first taxable year in which we are a PFIC, will be taxed as ordinary income; and (cid:129) the amount allocated to each other taxable year will be subject to tax at the highest tax rate in effect for that year and applicable to the U.S. Holder, and the interest charge applicable to underpayments of tax will be imposed on the resulting tax attributable to each such taxable year.

The tax liability for amounts allocated to taxable years prior to the U.S. Holder’s taxable year in which the U.S. Holder recognized the gain or received the excess distribution and we were a PFIC cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale or other dispositionoftheUnitscannotbetreatedascapital,evenifaU.S.HolderholdstheUnitsascapitalassets.

Losses recognized upon the disposition of Units will be capital loss and will be long-term capital loss if the U.S. Holder held the Units for more than one year. The deductibility of capital losses is subject to limitations. U.S. Holders should consult their own tax advisors regarding how to account for sale or other disposition proceeds that are paid in a currency other than the U.S. dollar.

Inaddition,ifweareaPFICinthetaxableyearinwhichwepaydividendsontheUnitsorinthepreceding taxable year, non-corporate U.S. Holders will not be eligible for reduced rates of taxation applicable to certain dividends.

If we are a PFIC and if any of our subsidiaries or other entities in which we, directly or indirectly, own equity are PFICs (collectively, “Lower-tier PFICs”), a U.S. Holder will be deemed to own its proportionate share (by value) of any Lower-tier PFICs and will be subject to U.S. federal income tax according to the excess distribution rules on (i) certain distributions by a Lower-tier PFIC and (ii) a disposition of shares of a Lower-tier PFIC, in each case as if the U.S. Holder owned such shares directly, even though it has not received the proceeds of those distributions or dispositions directly. U.S. Holders should consult their tax advisors regarding the application of the excess distribution rules to and other tax issues that may arise with respect to any of our subsidiaries, which may be Lower-tier PFICs.

In certain circumstances, in lieu of being subject to the excess distribution rules discussed above, a U.S.

Holder may make an election to include gain on the stock of a PFIC as ordinary income under a mark-to-market method, provided that such stock is “regularly traded” on a “qualified exchange.” In general, the Units will be treated as “regularly traded” for a given calendar year if more than a de minimis quantity of the Units is traded on a qualified exchange on at least 15 days during each calendar quarter of such calendar year. A non-U.S. securities exchange on which the Units are traded will be a “qualified exchange” if it is (i) regulated or supervised by a governmental authority of the country in which the market is located; (ii) has trading volume, listing, financial disclosure, surveillance, and other requirements designed to prevent fraudulent and manipulative acts and practices, to remove impediments to and perfect the mechanism of a free and open, fair and orderly, market, and to protect investors; and the laws of the country in which the exchange is located and the rules of the exchange ensure that such requirements are actually enforced; and (iii) the rules of the exchange effectively promote active trading oflistedstocks.TheIRShasnotidentifiedspecificforeignexchangesthatare“qualified”forthispurpose.

No assurance can be given that the Units will be regularly traded on a qualified exchange for purposes of the mark-to-market election, and there can be no assurance, therefore, that the mark-to-market election would be available to a U.S. Holder of Units. U.S. Holders are urged to consult their tax own advisers as to whether BSE or NSE is a “qualified exchange” for this purpose and the availability and tax consequences of a mark-to-market election in respect to our Units under their particular circumstances.

U.S. Holders are urged to consult their own tax advisors regarding the availability and tax consequences of a mark-to-market election in respect to our Units under their particular circumstances.

If a U.S. Holder makes an effective mark-to-market election, such U.S. Holder will include in each year as ordinary income the excess of the fair market value of the Units at the end of the year over the adjusted tax basis in the Units. These amounts of ordinary income would not be eligible for the favorable tax rates applicable to “qualified dividend income” or long-term capital gains. Such U.S. Holder will be entitled to 760deduct as an ordinary loss each year the excess of the adjusted tax basis in the Units over their fair market value at the end of the year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.AU.S. Holder’s adjusted tax basis in the Units will be increased by the amount of any income inclusion and decreased by the amount of any deductions under the mark-to-market rules. Gain or loss on a sale or exchange of the Units will be treated similarly. Any distributions that we make would generally be subject to the rules discussed below under “—Distributions.” If a U.S. Holder makes a mark-to-market election it will be effective for the taxable year for which the election is made and all subsequent taxable years (provided that, for any subsequent taxable year in which we are not a PFIC, a U.S. Holder will not include in income mark-to-market gain or loss) unless the Units are no longer regularly traded on a qualified exchange or the IRS consents to the revocation of the election. Because a mark-to-market election generally cannot be made for equity interests in Lower-tier PFICs, U.S. Holders generally will continue to be subject to the excess distribution rules with respect to their indirect interest in any Lower-tier PFICs. As a result, distributions from, and dispositions of, Lower-tier PFICs, as well as certain other transactions, generally will be treated as distributions or dispositions subject to the excess distribution rules, even if a mark-to-market election is made. The rules dealing with PFICs and with the mark-to-market elections are very complex and are affected by various factors in addition to those described above. U.S. Holders are urged to consult their tax advisors about the availability and advisability of the mark-to-market election in their particular circumstances, as well as the impact of such election on interests in any Lower-tier PFICs.

Investors in certain PFICs may be subject to different rules than those discussed above by making a qualified electing fund (“QEF”) election. However, we do not intend to provide a PFIC Annual Information Statement, which a U.S. Holder must receive in order to comply with the requirements of a QEF election. Accordingly, we do not expect that a U.S. Holder will be eligible to make a QEF election with respect to the Units.

If we are a PFIC for any year during which a U.S. Holder holds our Units, we will generally continue to betreatedasaPFICwithrespecttotheU.S.HolderforallsucceedingyearsduringwhichtheU.S.Holder holds the Units, even if we cease to meet the threshold requirements for PFIC status.

If a U.S. Holder owns our Units during any year in which we are a PFIC, the U.S. Holder generally will be required to file an IRS Form 8621 annually with respect to us, generally with the U.S. Holder’s U.S.

federal income tax return for that year unless specified exceptions apply.

Each U.S. Holder is urged to consult its own tax advisor concerning our PFIC status for any taxable year andtheU.S.federalincometaxconsequencesofholdingUnitsifweareaPFICinanytaxableyearduring its holding period.

Distributions Subject to the PFIC discussion above under “—Passive Foreign Investment Company Rules,” the gross amount of any distribution of cash or property paid with respect to our Units (including any amounts withheldinrespectofIndiantaxes)willgenerallybeincludedinaU.S.Holder’sgrossincomeasdividend income on the date actually or constructively received to the extent such distribution is paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. To the extent that the amount of any distribution exceeds our current and accumulated earnings and profits for a taxable year, as determined under U.S. federal income tax principles, the distribution will first be treated as a non-taxable return of capital, and the balance in excess of a U.S. Holder’s adjusted tax basis intheUnitswillbetaxedasgainrecognizedonasaleorexchange.However,wedonotexpecttocalculate our earnings and profits in accordance with U.S. federal income tax principles, and, accordingly, U.S.

Holders should expect that a distribution will generally be taxable as a dividend even if that distribution (or a portion thereof) would otherwise have been treated as a non-taxable return of capital or as capital gain.

761Dividends on our Units generally will not be eligible for the dividends received deduction generally available to U.S. corporations with respect to dividends received from other U.S. corporations. With respect to certain non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to “qualified dividend income,” provided that (i) we are eligible for the benefits of the Treaty, (ii) we are not a PFIC for its taxable year in which the dividend is paid and the preceding taxable year, and (iii) certain holding period and other requirements are met. For so long as we are treated as a PFIC with respect to a U.S. Holder (or were treated as a PFIC with respect to the U.S.

Holder in the preceding taxable year), dividends paid to certain non-corporate U.S. Holders will not be eligible for taxation as “qualified dividend income.” The amount of any dividend paid in Rupee will be theU.S.dollarvalueoftheRupeecalculatedbyreferencetothespotrateofexchangeineffectonthedate of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S. dollars on such date. U.S. Holders should consult their own tax advisors regarding the treatment of any foreign currency gain or loss.

A U.S. Holder may be entitled, subject to certain limitations, to a credit against its U.S. federal income taxliability,ortoadeduction,ifelected,incomputingitsU.S.federaltaxableincome,fornon-refundable non-U.S. income taxes withheld from dividends at a rate not exceeding the rate provided in the Treaty

(ifapplicable).However,therearesignificantcomplexlimitationsonaU.S.Holder’sabilitytoclaimsuch a credit or deduction. For purposes of the foreign tax credit limitation, dividends paid by us generally will constitute foreign source income in the “passive category income” basket. U.S. Holders should consult their tax advisors concerning their availability in their particular circumstances.

Sale or Other Taxable Disposition of Units Subject to the PFIC discussion above under “—Passive Foreign Investment Company Rules,” upon a sale or other taxable disposition of the Units, a U.S. Holder generally will recognize capital gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the amount realized

(includinganyamountswithheldinrespectofIndiantaxes)andsuchU.S.Holder’staxbasisinsuchUnits, in each case determined in U.S. dollars. Such capital gain or loss generally will be long-term capital gain or loss if the U.S. Holder’s holding period for the Units exceeds one year. Long-term capital gains of certain non-corporate U.S. Holders (including individuals) are generally eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.

A U.S. Holder’s initial tax basis in the Units generally will equal the U.S. dollar value of the Rupee-denominated purchase price determined on the date of purchase, and the amount realized on a sale, exchange or other taxable disposition of our Units will be the U.S. dollar value of the payment received determined on the date of disposition. If our Units are treated as traded on an “established securities market,”acashmethodU.S.Holderor,ifitelects,anaccrualmethodU.S.Holder,willdeterminetheU.S.

dollar value of (i) the cost of such Units by translating the amount paid at the spot rate of exchange on the settlement date of the purchase, and (ii) the amount realized by translating the amount received at the spot rate of exchange on the settlement date of the sale, exchange or other taxable disposition. Such an election by an accrual method U.S. Holder must be applied consistently from year to year and cannot be revoked without the consent of the IRS.An accrual method U.S. Holder that does not make such election may have a foreign currency gain or loss for U.S. federal income tax purposes, to the extent there are fluctuations in the spot rate of exchange between the date of purchase or disposition, and the settlement date for the purchase or disposition. Any such foreign currency gain or loss generally will be treated as U.S.-source ordinary income or loss. U.S. Holders should consult their advisors as to the U.S. federal income tax consequences of the receipt of Rupee.

Any gain or loss on the sale or other taxable disposition of the Units will generally be treated as U.S. source income or loss. Accordingly, in the event any Indian tax (including withholding tax) is imposed uponthesaleorothertaxabledisposition,aU.S.Holdermaynotbeabletoutilizeforeigntaxcreditunless suchU.S.Holderhasforeignsourceincomeorgaininthesamecategoryfromothersources.U.S.Holders should consult their own tax advisors concerning the creditability or deductibility of any Indian income tax imposed on the disposition of Units in their particular circumstances.

762Information Reporting and Backup Withholding A U.S. Holder may be subject to information reporting on a distribution on, or sales proceeds from a taxabledispositionof,UnitsmadetosuchU.S.HolderwithintheUnitedStates,byaU.S.payororthrough certain U.S.-related financial intermediaries, unless such U.S. Holder is a corporation or other exempt recipient and, if required, demonstrates that fact. If a U.S. Holder does not establish that it is such an exempt recipient, it may be subject to backup withholding on the amounts received unless it provides a taxpayer identification number and otherwise complies with the requirements of the backup withholding rules. Backup withholding is not an additional tax, and the amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against such U.S. Holder’s U.S. federal income tax liability or may entitle such U.S. Holder to a refund, provided that the required information is timely furnished to the IRS.

Foreign Financial Asset Reporting CertainU.S.Holderswhoareindividualsorcertainspecifiedentitiesthatown“specifiedforeignfinancial assets”withanaggregatevalueinexcessofUS$50,000onthelastdayofataxableyearor$75,000atany time during a taxable year (and in some circumstances, a higher threshold) generally will be required to report information relating to our Units by attaching a complete IRS Form 8938, Statement of Specified ForeignFinancialAssets(whichrequiresU.S.Holderstoreport“specifiedforeignfinancialassets,”which generally include financial accounts held at a non-U.S. financial institution, interests in non-U.S. entities, aswellasstockandothersecuritiesissuedbyanon-U.S.person),totheirtaxreturnforeachyearinwhich they hold our Units, subject to certain exceptions (including an exception for our Units held in accounts maintained by U.S. financial institutions). U.S. Holders should consult their tax advisors regarding their reporting obligations with respect to their acquisition, ownership and disposition of our Units.

Foreign Account Tax Compliance Act If we are treated as a “foreign financial institution,” pursuant to Sections 1471 through 1474 of the Code (“FATCA”), we may be required to withhold on certain payments we make (“foreign passthru payments”) to persons that fail to meet certain certification, reporting, or related requirements.Anumber of jurisdictions (including India) have entered into, or have agreed in substance to, intergovernmental agreementswiththeUnitedStatestoimplementFATCA(“IGAs”),whichmodifythewayinwhichFATCA applies in their jurisdictions. Under the provisions of IGAs as currently in effect, a foreign financial institution in an IGA jurisdiction would generally not be required to withhold under FATCA or an IGA from payments that it makes. Certain aspects of the application of the FATCA provisions and IGAs to instruments such as our Units, including whether withholding would ever be required pursuant to FATCA or an IGA with respect to payments on instruments such as the Units, are uncertain and may be subject to change. Even if withholding would be required pursuant to FATCAor an IGAwith respect to payments on instruments such as the Units, such withholding would not apply prior to the second anniversary of the dateonwhichfinalU.S.Treasuryregulationsdefiningtheterm“foreignpassthrupayments”arepublished intheU.S.FederalRegister.Investorsshouldconsulttheirowntaxadvisorsregardinghowtheserulesmay apply to their investment in the Units. In the event any withholding would be required pursuant to FATCA or an IGA with respect to payments on the Units, no person will be required to pay additional amounts as a result of the withholding.

763CERTAIN ERISA CONSIDERATIONS The following is a summary of certain considerations associated with the purchase and holding of the Units by a (i) “benefit plan investor” (a “Benefit Plan Investor”) within the meaning of the U.S.

Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the U.S. Department of Labor regulations promulgated thereunder, as modified by Section 3(42) of ERISA or (ii) a plan, individual retirement account or other arrangement which is subject to the provisions of any U.S. or non-U.S. federal, state, local or other laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions of Title I of ERISAor Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) (collectively, “SimilarLaws”) or of an entity whose assets are deemed to constitute the assets of any of the foregoing described in this clause (ii) pursuant to applicable law (eachoftheforegoingdescribedinthisclause(ii)beingreferredtoasa“PlanInvestor”andtogetherwith Benefit Plan Investors, a “Plan”).

The following is merely a summary, however, and should not be construed as legal advice or as complete in all relevant respects.All investors are urged to consult their own legal advisors before investing assets of a Plan in the Units and to make their own independent decision.

General Fiduciary Matters ERISAandtheCodeimposecertaindutiesonpersonswhoarefiduciariesofaPlanwhichisaBenefitPlan Investor (defined below) and prohibit certain transactions involving the assets of a Benefit Plan Investor and its fiduciaries or other interested parties. Under ERISA and the Code, any person who exercises any discretionary authority or control over the administration of a Benefit Plan Investor or the management or disposition of the assets of a Benefit Plan Investor, or who renders investment advice for a fee or other compensation to a Benefit Plan Investor, is generally considered to be a fiduciary of the Benefit Plan Investor. The term “Benefit Plan Investor” is generally defined to include (a) “employee benefit plans” within the meaning of Section 3(3) of ERISA which are subject to Title I of ERISA, (b) “plans” within the meaning of Section 4975 of the Code, which are subject to Section 4975 of the Code (including “Keogh” plans and “IRAs”), and (c) entities whose underlying assets include plan assets of one or more “benefit plan investors” or “plans” described in clause (a) and (b) above (e.g., an entity of which 25% or more of the value of any class of equity interests is held by benefit plan investors and which does not satisfy another exception under ERISA).

In considering an investment in the Units with a portion of the assets of any Plan, a fiduciary should determinewhethertheinvestmentisinaccordancewiththedocumentsandinstrumentsgoverningthePlan and the applicable provisions of ERISA, the Code or any Similar Law relating to a fiduciary’s duties to the Plan including, without limitation, the prudence, diversification, delegation of control and prohibited transaction provisions of ERISA, the Code and any other applicable Similar Laws.

Prohibited Transaction Issues

Section 406 of ERISA and Section 4975 of the Code prohibit Benefit Plan Investors from engaging in specified transactions involving plan assets with persons or entities who are “parties in interest,” within the meaning of Title I of ERISA, or “disqualified persons,” within the meaning of Section 4975 of the Code, unless an exemption is available. A party in interest or disqualified person who engages in a non-exempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISAandtheCodeandaprohibitedtransactionmayresultinthedisqualificationofanIRA.Inaddition, the fiduciary of the Benefit Plan Investor that engaged in a non-exempt prohibited transaction may be subject to penalties and liabilities under ERISA and the Code.

Whether or not the underlying assets of the Knowledge Realty Trust are deemed to include “plan assets”, as described below, the acquisition and/or holding of the Units by a Benefit Plan Investor (with respect to which the Knowledge RealtyTrust, a member of the Sponsor Group or any of their respective affiliates (“Relevant Entities”) is considered a party in interest or a disqualified person) may constitute or result 764inadirectorindirectprohibitedtransactionunderSection406ofERISAand/orSection4975oftheCode, unlesstheinvestmentisacquiredandisheldinaccordancewithanapplicablestatutory,classorindividual prohibited transaction exemption. In this regard, the U.S. Department of Labor has issued prohibited transaction class exemptions, or “PTCEs,” that may apply to the acquisition and holding of the Units.

These class exemptions include, without limitation, PTCE 84-14 respecting transactions determined by independent qualified professional asset managers, PTCE 90-1 respecting insurance company pooled separate accounts, PTCE 91-38 respecting bank collective investment funds, PTCE 95-60 respecting life insurance company general accounts and PTCE 96-23 respecting transactions determined by in-house asset managers. In addition, Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code provide an exemption from the prohibited transaction provisions of Section 406 of ERISAand Section 4975 of the Code for certain transactions, provided that neither the issuer of the securities nor any of its affiliates (directly or indirectly) have or exercise any discretionary authority or control or render any investment advice with respect to the assets of any Benefit Plan Investor involved in the transaction and provided further that the Benefit Plan Investor receives no less, and pays no more, than adequate consideration in connection with the transaction. Each of the above-noted exemptions contains conditions and limitations on its application. Fiduciaries of Benefit Plan Investors considering acquiring and/or holding the Units in reliance on these or any other exemption should carefully review the exemption to assure it is applicable.

There can be no assurance that all of the conditions of any such exemptions will be satisfied.

Plan Asset Issues Under ERISA and the regulations promulgated thereunder by the U.S. Department of Labor, as modified by Section 3(42) of ERISA (the “Plan Asset Regulations”), when a Benefit Plan Investor acquires an equity interest in an entity that is neither a “publicly-offered security” (as defined in the Plan Asset Regulations) nor a security issued by an investment company registered under the U.S. Investment CompanyAct of 1940, as amended (the “Investment CompanyAct”), the Benefit Plan Investor’s assets include both the equity interest and an undivided interest in each of the underlying assets of the entity unless it is established either that less than 25% of the total value of each class of equity interest in the entity is held by Benefit plan Investors (the “25% Test”) or that the entity is an “operating company” (each as defined in the PlanAsset Regulations). For purposes of the 25% Test, the assets of an entity will not be treated as “plan assets” if, immediately after the most recent acquisition of any equity interest in the entity, less than 25% of the total value of each class of equity interest in the entity is held by Benefit Plan Investors, excluding equity interest held by persons (other than Benefit Plan Investors) with discretionary authority or control over the assets of the entity or who provide investment advice for a fee (direct or indirect) with respect to such assets, and any affiliates thereof).

The Units are expected to constitute an “equity interest” in the Knowledge Realty Trust for purposes of the Plan Asset Regulations, and are not expected to constitute “publicly offered securities” for purposes of the Plan Asset Regulations. In addition, the Knowledge Realty Trust will not be registered under the Investment Company Act and the Knowledge Realty Trust will be unable to adequately monitor participation in the Knowledge Realty Trust by Benefit Plan Investors such that participation by Benefit Plan Investors may exceed the ERISA 25% Test limit at any given time.

Operating Companies Under the PlanAsset Regulations, an entity is an “operating company” if it is primarily engaged, directly or through a majority-owned subsidiary or subsidiaries, in the production or sale of a product or service other than the investment of capital. In addition, the Plan Asset Regulations provide that the term “operating company” includes an entity qualifying as a “real estate operating company” (a “REOC”).An entity may qualify as a REOC if (i) on its “initial valuation date” and on at least one day within each “annual valuation period,” at least 50% of the entity’s assets, valued at cost (other than short-term investments pending long-term commitment or distributions to investors) are “invested” in real estate that is managed or developed and with respect to which such entity has the right to substantially participate directlyinmanagementordevelopmentactivities;and(ii)suchentityintheordinarycourseofitsbusiness actually is engaged directly in the management and development of the real estate. The “initial valuation 765date” is the date on which the entity first makes an investment that is not a short-term investment of funds pending long-term commitment. An entity’s “annual valuation period” is a pre-established period not exceeding 90 days in duration, which begins no later than the anniversary of the entity’s initial valuation date.

TheKnowledgeRealtyTrustmaynotqualifyasaREOCwithinthemeaningofthePlanAssetRegulations from and after the date the Knowledge Realty Trust makes its first investment. The Knowledge Realty Trust may, in the future, decide to use commercially reasonable efforts to determine whether it qualifies asaREOCwithinthemeaningofthePlanAssetRegulations,butnoassurancescanbegiventhatthiswill be the case.

Plan Asset Consequences If the Knowledge RealtyTrust’s assets are deemed to constitute “plan assets” of one or more Benefit Plan Investors,certaintransactionsthattheKnowledgeRealtyTrustmightenterinto,ormayhaveenteredinto, in the ordinary course of the Knowledge Realty Trust’s business might constitute non-exempt “prohibited transactions” under Section 406 of ERISA or Section 4975 of the Code and might have to be rescinded and may give rise to prohibited transaction excise taxes and fiduciary liability, as described above. In addition, if the Knowledge RealtyTrust’s assets are deemed to be “plan assets” of a Benefit Plan Investor, themanagement,aswellasvariousprovidersoffiduciaryorotherservicestotheKnowledgeRealtyTrust, and any other parties with authority or control with respect to the Knowledge Realty Trust, may be considered fiduciaries under ERISA and Section 4975 of the Code, or otherwise parties in interest or disqualified persons by virtue of their provision of such services (and there could be an improper delegation of authority to such providers). Moreover, if the underlying assets of the Knowledge Realty Trustweredeemedtobeassetsconstituting“planassets,”thereareseveralotherprovisionsofERISAand Section4975oftheCodethatcouldbeimplicatedforaBenefitPlanInvestorifitweretoacquireandhold Units either directly or by investing in an entity whose underlying assets are deemed to be assets of the Benefit Plan Investor.

Plan Investors that are, or whose assets constitute the assets of, governmental plans, non-U.S. plans and certain church plans, while not subject to the fiduciary responsibility or prohibited transaction provisions ofTitle I of ERISAor Section 4975 of the Code, may nevertheless be subject to Similar Laws. Fiduciaries of any such Plans should consult with their legal advisors before purchasing Units or any interest therein.

Representation In light of the above, by the purchase of any Units, each purchaser and subsequent transferee of Units will be deemed to have represented and warranted that (A) either (i) such Purchaser is not, and is not investing on behalf of any Plan or (ii) the purchase and holding of the Units by such purchaser or transferee does not and will not constitute or otherwise result in a non-exempt prohibited transaction under Section 406 of ERISAor Section 4975 of the Code or a violation under any applicable Similar Laws and (B) it is not, anditisnotinvestingonbehalfof,PlanInvestorthatissubjecttoanyU.S.ornon-U.S.federal,state,local or other laws or regulations that would provide that the assets of the Knowledge Realty Trust could be deemed to include the assets of such Plan Investor.

Important Notice for Plans None of the Relevant Entities intends to and cannot act as a fiduciary under ERISA, the Code or any Similar Law with respect to any Plan’s decision to purchase the Units, remain invested in, or, where applicable, redeem its interest from the Knowledge Realty Trust, and it is not their intention to act in any fiduciary capacity with respect to any Plan. The Relevant Entities have a financial interest in investors’ investment in the Units on account of the fees and other compensation they expect to receive from the Knowledge Realty Trust and their other relationships with the Knowledge Realty Trust as contemplated hereunder. Any such fees and compensation do not constitute fees or compensation rendered for the provision of investment advice to any Plan.

766The foregoing discussion is general in nature and is not intended to be all-inclusive and is based on laws in effect on the date of this Issue. Such discussion should not be construed as legal advice. Due to the complexity of these rules and the penalties that may be imposed upon persons involved in non-exempt prohibited transactions, it is particularly important that fiduciaries, or other persons considering purchasing the Units on behalf of, or with the assets of, any Plan, consult with their counsel regarding the potential applicability of ERISA, Section 4975 of the Code or any Similar Laws to such investment and whether an exemption would be applicable to the acquisition and/or holdingofUnits.Prospectiveinvestorsshouldnotconstruethecontentsofthisofferingdocumentas, nor do the contents of this offering document constitute, a recommendation or representation with respect to the Units (i) that is based on any prospective investor’s particular needs or individual circumstances or(ii) that the investment satisfies a particularprospective investor’s specific legal or other requirements for investment. Each Plan fiduciary should consult with its own legal advisors concerning the potential consequences under ERISA, Section 4975 of the Code and any applicable Similar Law before making an investment in the Units.

767MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION Thefollowingcontracts,whichareormaybedeemedmaterialhavebeenenteredintoinduecourse.These contracts and also the documents for inspection referred to hereunder, may be inspected at the principal placeofbusinessoftheKnowledgeRealtyTrust,from10:00A.M.to5:00P.M.,onallWorkingDaysfrom the date of this Offer Document until the date of listing of the Units pursuant to this Issue. Any of the contracts or documents mentioned in this Offer Document may be amended or modified at any time if so requiredintheinterestoftheKnowledgeRealtyTrustorifrequiredbytheotherparties,withoutreference to the Unitholders, subject to compliance with applicable law.

1. Trust deed entered into between the Manager (as the Settlor), the Blackstone Sponsor, the Sattva Sponsor and the Trustee dated October 10, 2024, as amended and restated on July 18, 2025;

2. SEBI registration certificate for the Knowledge Realty Trust bearing number IN/REIT/24-25/0006 dated October 18, 2024 as a real estate investment trust and letter from the SEBI dated October 18, 2024;

3. Investment management agreement entered into between the Trustee (on behalf of the Knowledge Realty Trust), and the Manager dated October 10, 2024, as amended by the amendment agreements dated March 4, 2025, and July 18, 2025;

4. Issue agreement entered into between the Trustee (on behalf of the Knowledge Realty Trust), the Manager, the Blackstone Sponsor, the Sattva Sponsor and the Lead Managers dated March 6, 2025, read with the amendment agreement dated July 18, 2025.

5. Cash Escrow and Sponsor Bank Agreement entered into between the Trustee (on behalf of the Knowledge Realty Trust), the Sponsors, the Manager, the Lead Managers, the Syndicate Members, EscrowCollectionBank(s),thePublicIssueAccountBank(s),theRefundBank(s),theSponsorBank and Registrar to the Issue dated July 24, 2025;

6. Syndicate Agreement entered into between the Lead Managers, the Syndicate Members, the Blackstone Sponsor, the Sattva Sponsor, the Trustee (on behalf of the Knowledge Realty Trust) and the Manager dated July 24, 2025;

7. Manager’s Shareholders’Agreement dated March 5, 2025, executed among certain entities forming part of the Sponsor Groups for the Blackstone Sponsor and the Sattva Sponsor, and the Manager;

8. Underwriting Agreement to be entered into between the Underwriters, the Manager, the Trustee (acting on behalf of the Knowledge Realty Trust), the Blackstone Sponsor and the Sattva Sponsor dated [●];

9. Registrar agreement dated March 4, 2025 entered into among the Trustee (on behalf of the Knowledge Realty Trust), Manager and the Registrar to the Issue;

10. KRT Intellectual Property LicenseAgreement dated March 5, 2025 executed between, the Manager and, the Knowledge Realty Trust (acting through the Manager and the Trustee);

11. Sattva Intellectual Property License Agreement dated March 5, 2025 executed between, the Sattva Sponsor, the Knowledge Realty Trust, and the Manager;

12. Agreement dated January 23, 2025, between NSDL, the Knowledge Realty Trust and the Registrar;

13. Agreement dated February 21, 2025, between CDSL, the Knowledge RealtyTrust and the Registrar;

14. Certified copies of the updated memorandum of association and articles of association of the Manager, as amended from time to time;

76815. Resolution of the Board of the Manager dated February 26, 2025, authorizing this Issue read with the resolution of the REIT IPO Committee of the Manager dated March 6, 2025, the resolution of the Board of the Manager dated May 29, 2025, and the resolution of the Board of the Manager dated July 18, 2025;

16. Consentsfromthe(i)LeadManagers;(ii)LegalcounseltotheKnowledgeRealtyTrust,theManager and the Blackstone Sponsor as to Indian law; (iii) Legal Counsel to the Sattva Sponsor as to Indian Law; (iv) Legal Counsel to the Lead Managers as to Indian Law; (v) International Legal Counsel to the Lead Managers; (vi) Trustee; (vii) Tax Advisers to the Knowledge Realty Trust, the Blackstone Sponsor and the Manager; (viii) Valuer; (ix) Registrar to the Issue; (x) Escrow Collection Banks;

(xi)PublicIssueAccountBanks;(xii)RefundBanks;(xiii)SponsorBanks;(xiv)SyndicateMembers and (xv) Compliance Officer of the Knowledge Realty Trust, as applicable;

17. Special Purpose Combined Financial Statements of the Knowledge Realty Trust for financial years ended March 31, 2025, March 31, 2024, March 31, 2023, and the report thereon;

18. Valuation Report dated July 12, 2025, issued by iVAS Partners, represented by its partner, Shubhendu Saha, independent valuer;

19. Industry report titled “India Commercial Office Industry Report” dated July 12, 2025 issued by CBRE;

20. Consent from CBRE dated July 17, 2025;

21. Architect certificates dated July 28, 2025 issued by Jayant Vaitha, independent architect in relation to the relevant Portfolio Assets;

22. ConsolidatedfinancialstatementsoftheBlackstoneSponsorforfinancialyearsendedDecember31, 2024, December 31, 2023 and December 31, 2022, along with the report thereto; Consolidated financialstatementsoftheSattvaSponsorforfinancialyearsendedMarch31,2024,March31,2023 andMarch31,2022,alongwiththereportthereto;limitedreviewfinancialinformationoftheSattva Sponsor for the financial year ended March 31, 2025;

23. Financial statements of the Manager for the financial period ended March 31, 2024 and the financial year ended March 31, 2025;

24. Secondment agreement dated March 4, 2025 entered into between the Manager and the Trustee (acting in its capacity as trustee to the Knowledge Realty Trust), the Manager;

25. Statement of projections of the Knowledge Realty Group and the report thereon dated July 18, 2025;

26. The report on the statement of special tax benefits available to the Knowledge Realty Trust and its Unitholders under the applicable tax laws in India dated July 18, 2025 issued by the Auditors;

27. Due diligence certificate dated March 6, 2025 addressed to SEBI from the Lead Managers;

28. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, NDPL, Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) and Mindcomp Constructions LLP in relation to the securities of NDPL;

29. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, OBRPL, BREPAsia II Indian Holding Co. IV (NQ) Pte Ltd., BREPAsia II SBS Indian Holding Co. IV (NQ) Ltd., and BREPVIII SBS Indian Holding Co. IV (NQ) Ltd. in relation to the securities of OBRPL;

76930. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, PBPL, BREPAsia SG L&T Holding II (NQ) Pte. Ltd., BREPVIII SBS Indian L&T Holding II (NQ) Ltd., BREP Asia SBS Indian L&T Holding II (NQ) Ltd. in relation to the securities of PBPL;

31. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, DIPL, BREPAsia SG DRPLHolding (NQ) Pte. Ltd., BREPAsia SBS DRPLHolding (NQ) Ltd. and BREP VIII SBS DRPL Holding (NQ) Ltd. in relation to the securities of DIPL;

32. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, DIPL, Sattva Sponsor, Darshita Landed Property LLP and Neelanchal Properties LLP in relation to the securities of DIPL;

33. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, DRPL, BREPAsia SBS DRPLHolding (NQ) Ltd, BREPVIII SBS DRPLHolding (NQ) Ltd and BREPAsia SG DRPL Holding (NQ) Pte Ltd, in relation to the securities of DRPL;

34. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, DRPL, Sattva Sponsor, Sattva Real Estate Private Limited, Darshita Landed Property LLP and Neelanchal Properties LLP in relation to the securities of DRPL;

35. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, EBPPL, BREPAsia II Indian Holding Co VII (NQ) Pte Ltd and nominee shareholders, if any, in relation to the securities of EBPPL;

36. ShareacquisitionagreementdatedJuly25,2025,executedamongsttheManager,Trustee,KOBPPL, BREPAsia SG L&T Holding III (NQ) Pte. Ltd., BREPAsia II SBS Chennai Holding (NQ) Ltd. and BREP VIII SBS Chennai Holding (NQ) Ltd. in relation to the securities of KOBPPL;

37. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, OICPL, the Blackstone Sponsor, BREP Asia SBS L&T Holding (NQ) Ltd., BREP VIII SBS L&T Holding

(NQ) Ltd. in relation to securities of OICPL;

38. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, OQRPL, theBlackstoneSponsor,BREPVIIISBSL&THolding(NQ)Ltd.andBREPAsiaSBSL&THolding

(NQ) Ltd. in relation to the securities of OQRPL;

39. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, OWCPL, BREP Asia SBS L&T Holding (NQ) Ltd., BREP VIII SBS L&T Holding (NQ) Ltd. and the Blackstone Sponsor in relation to the securities of OWCPL;

40. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, PABPPL, BREPAsiaIIIndianHoldingCo.VII(NQ)Pte.Ltd.anditsnomineeshareholders,ifany,inrelation to the securities of PABPPL;

41. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, PBPPL, BREP Asia II Indian Holding Co VII (NQ) Pte Ltd. in relation to the securities of PBPPL;

42. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, WRPL, BREPAsiaSBSDRPLHolding(NQ)Ltd.,BREPVIIIAsiaSBSDRPLHolding(NQ)Ltd.andBREP Asia SG DRPL Holding (NQ) Pte. Ltd. in relation to the securities of WRPL;

43. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, WRPL, Sattva Real Estate Private Limited, Neelanchal Properties LLP, Darshita Landed Property LLP and Sattva Sponsor in relation to the securities of WRPL.

77044. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, BSPOMSPL, BREPAsia SG L&T Holding III (NQ) Pte. Ltd., BREPAsia II SBS Chennai Holding

(NQ) Ltd. and BREP VIII SBS Chennai Holding (NQ) Ltd. in relation to the securities of BSPOMSPL;

45. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, DHRPL, Vriddhii Family Trust, Sattva Real Estate Private Limited, Neelanchal Properties LLP and Sattva Sponsor in relation to the securities of DHRPL;

46. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, GVTPL, Neelanchal Properties LLP and the Sattva Sponsor in relation to the securities of GVTPL;

47. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, GVTPL, BREPAsiaIIIndianHoldingCoVIII(NQ)Pte.Ltd,BREPAsiaIISBSIndianHoldingCoVIII(NQ) Ltd and BREP IX SBS Indian Holding Co VIII (NQ) Ltd in relation to the securities of GVTPL;

48. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, DEPL, Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) and Neelanchal Properties LLP in relation to the securities of DEPL;

49. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, DHPL, Vriddhii Family Trust, Sattva Sponsor, Sattva Real Estate Private Limited, Neelanchal Properties LLP and Darshita Landed Property LLP in relation to the securities of DHPL;

50. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, DBRPL, theSattvaSponsor,ApurvaSalarpuriaandArchanaSalarpuriainrelationtothesecuritiesofDBRPL;

51. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, JRPL, Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), Sattva Sponsor,SattvaRealEstatePrivateLimited,DarshitaLandedPropertyLLP,PiyushAgarwal,Sanjay Kumar Agarwal, Siddharth Jain, Karthik B V, Mukesh Khaitan, Jagannath Subbarao, Shrikant Khaitan, RajivAgarwal, Swapnil Chandrakant Patel, Karishmah Siingh,Vivek Hangal, Sunil Kumar Mishra, Surendra Kumar Bajaj, Kavindra Kumar Mishra, Amit Bajoria, Lalit Kumar Bohania and Neelanchal Properties LLP in relation to the securities of JRPL;

52. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, SDPL, Archana Salarpuria, Rakesh Salarpuria HUF jointly with Vinita Salarpuria (Partner of Vaishali Finance Corporation), Vinita Salarpuria, Apurva Salarpuria, Right Aid Associates Private Limited, Merlin Industrial Development Limited, Ramir Commercial Private Limited, Shivgauri Jewellers Private Limited, the Sattva Sponsor, Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) and Devina Salarpuria in relation to the securities of SDPL;

53. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, SHPL, Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), the Sattva Sponsor, Darshita Landed Property LLP, Neelanchal Properties LLP and Sattva Real Estate Private Limited in relation to the securities of SHPL;

54. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, SKCPL, Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), Pradyumna Kumar Mishra, Ravish Agarwal, Ashwin Sancheti, Vithal Vyas, Amit Agarwal, Pavan Kumar Agrawal, Amit Bagla, Sumanta Kumar Basu, Bhat Mahabaleshwar G, Rita Agarwal and Mindcomp Constructions LLP in relation to the securities of SKCPL;

55. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, SRPPL, Vriddhii Family Trust, Mindcomp Constructions LLP and the Sattva Sponsor in relation to the securities of SRPPL;

77156. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, STPL, Rudranath Realtors Private Limited, Tunganath Realtors Private Limited, Kalpeshwar Realtors Private Limited, Archana Salarpuria, Apurva Salarpuria, Mukta Commercials Private Limited, NeetneelIndiaPrivateLimited,DevinaSalarpuria,ApurvaSalarpuriaHUF,RakeshSalarpuriaHUF, Jaigania Commercials Private Limited, J.J. Stock Trust Private Limited, Ramir Commercial Private Limited, Bluest Goods & Services Private Limited, Mandya Finance Company Limited, Merlin Industrial Development Limited,VidhikaAvyaan SalarpuriaTrust (represented by its trusteeApurva Salarpuria), Baid Finex Services Private Limited, Baid Trade Fina Private Limited, Right Aid Associates Private Limited, Shivgauri Jewellers Private Limited, Vinita Salarpuria, Rakesh Salarpuria HUF jointly with Vinita Salarpuria (Partner of Vaishali Finance Corporation) Canton Properties Private Limited, Belfast Holdings Private Limited, Ganpatrao Dokania HUF, Sattva Sponsor, Bijay KumarAgarwal, NiruAgarwal, Sattva Real Estate Private Limited, Darshita Landed Property LLP, Neelanchal Properties LLP, Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal) and Bijay Kumar Agarwal HUF in relation to the securities of STPL;

57. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, HRPL, Archana Salarpuria, Sattva Sponsor, Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), Belfast Holdings Private Limited, Neetneel India Private Limited, Mukta Commercials Private Limited,Apurva Salarpuria, Rakesh Salarpuria HUF, Devina Salarpuria and Jaigania Commercials Private Limited in relation to the securities of HRPL;

58. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, PSBPPL, BREPAsia II Indian Holding CoVII (NQ) Pte. Ltd. and its nominee shareholders, if any, in relation to the securities of PSBPPL;

59. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, QITPL, Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), Sattva Sponsor, Apurva Salarpuria, Archana Salarpuria, Rakesh Salarpuria HUF, Devina Salarpuria and Vidhika Avyaan Salarpuria Trust (represented by its Trustee Apurva Salarpuria) in relation to the securities of QITPL;

60. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, SGNPL, Archana Salarpuria, Apurva Salarpuria, Sattva Sponsor, Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), Devina Salarpuria, Rakesh Salarpuria HUF in relation to the securities of SGNPL;

61. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, SIMPL, Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), Sattva Sponsor, Sattva Real Estate Private Limited, Darshita Landed Property LLP, NABS Vriddhii LLP, Neelanchal Properties LLP, Neelanchal Mansion Clump LLP, Neelanchal Investments, Gaurav CommodealPrivateLimitedandSattvaLifestyleHomesLLP,inrelationtothesecuritiesofSIMPL;

62. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, SPMPL, Vriddhii Family Trust (represented by its trustees Bijay Kumar Agarwal and Niru Agarwal), Sattva Sponsor, Sattva Real Estate Private Limited, Darshita Landed Property LLP, NABS Vriddhii LLP, Neelanchal Properties LLP, Neelanchal Mansion Clump LLP, Neelanchal Investments, Gaurav Commodeal Private Limited, Sattva Lifestyle Homes LLP in relation to the securities of SPMPL;

63. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, CGDPL, Jawahar Gopal, Meera Jawahar, Lav Jawahar, Kush Jawahar, Manohar Gopal, Nehaa Manohar, Dhiren Gopal and Neeta Dhiren in relation to the securities of CGDPL;

64. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, CGDPL, Syed Ahmed and Fareena Parveen in relation to the securities of CGDPL;

77265. ShareacquisitionagreementdatedMay20,2025,readwiththeamendmentagreementdatedJuly17, 2025, executed amongst the Manager, Trustee, CGDPL, 360 One Income Opportunities Fund Series 4, 360 One Real Assets Advantage Fund, Madhu Silica Private Limited, Subham Buildwell Private Limited, Monica Surana, Gangeet Investments and Reality Private Limited, M/s Vara Future LLP, Virgin Securities and Credits Private Limited, Duro Shox Private Limited, Munjal Mavjibhai Lakhani, Nigam Family Private Trust, Ashit Mahesh Shah, Apurva Mahesh Shah, Mukesh Singh, Nawal Kishore Singh, Shreevar Kheruka, Lyon Investment and Industries Private Limited, Kairos VenturesLLP,RemiElektrotechnikLimited,SKYSFamilyPrivateTrust,AnurangJain,RahulChari, M/s TTJ Family Private Trust, B S Ajaikumar, Bakul Hiralal Shah, Ashish Lodha, Manish Khatri, M/s Bhavani Holdings, Thiruvallur Thattai Raghunathan & Bhanu Raghunathan, K I Varaprasad Reddy & Vasantha Koduru, Karan Bhagat & Shilpa Bhagat, R H Dalmia Family Private Trust in relation to the securities of CGDPL;

66. ShareacquisitionagreementdatedMay20,2025,readwiththeamendmentagreementdatedJuly17, 2025, executed amongst the Manager,Trustee, CGDPL, Radhakishan Damani, Ramakant Baheti, JM Financial Products Limited, JM Financial and Investment Consultancy Services Private Limited, JM Assets Management Private Limited, SNK Investments Private Limited, Old Fir Advisors India PrivateLimited,BAMRPropertiesLLP,RovoMarketingPrivateLimited,KothariProductsLimited, BKC Properties Private Limited, Asha Dedhia, Hitesh Shah, Ankit Thakker, Bengani Leasing and Finance Private Limited, BArunkumar Capital and Credit Services Private Limited, Mrudulaben H Patel, RB Diversified Private Limited, Dalmia Principal Strategies LLP, ShitalApurva Shah, Virgin Securities and Credits Private Limited, Rajendra Kumar Bachhawat, Balki Advisory Services LLP, Nilkamal Crates and Containers, Mihi Parekh in relation to the securities of CGDPL;

67. Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, CGDPL and BREP Asia II Indian Holding Co VII (NQ) Pte Ltd. in relation to the securities of CGDPL;

68. Deed of right of first offer dated July 24, 2025, entered into between the Manager, the Trustee and the Sattva Sponsor;

69. Sponsor inter-se agreement dated March 4, 2025, entered into between the Blackstone Sponsor and the Sattva Sponsor, as amended and restated by the agreement dated July 18, 2025;

70. Sponsor support services agreement dated July 24, 2025, entered into between the Manager and the Sattva Sponsor;

71. Unit Subscription Agreements entered into between Knowledge Realty Trust (acting through the Trustee), the Manager, the Trustee and each of the Strategic Investors, each dated July 24, 2025.

72. In-principlelistingapprovalseachdatedMay19,2025issuedbytheBSEandtheNSE,respectively; and

73. SEBI observation letter bearing number SEBI/HO/DDHS/DDHS-RAC-1/P/OW/2025/0000018637/1 dated July 11, 2025.

Any of the contracts or documents mentioned in this Offer Document may be amended/modified at any time if so required in the interest of the Knowledge Realty Trust or if required by other parties, without reference to the Unitholders, subject to compliance with applicable law.

773IX. OTHER INFORMATION GENERAL INFORMATION The Knowledge Realty Trust The Knowledge Realty Trust was settled on October 10, 2024 as a contributory, determinate and irrevocable trust under the provisions of the Indian TrustsAct, 1882 pursuant to a trust deed October 10, 2024, as amended and restated on July 18, 2025. The Knowledge Realty Trust was registered with SEBI on October 18, 2024 as a real estate investment trust under Regulation 3(1) of the SEBI REITRegulations havingregistrationnumberIN/REIT/24-25/0006.TheprincipalplaceofbusinessoftheKnowledgeRealty TrustissituatedatOneInternationalCenter,14thFloor,Tower1,PlotNo.612-613,SenapatiBapatMarg, Elphinstone Road, Lower Parel West, Mumbai 400 013, Maharashtra, India.

For information on the background of the Knowledge Realty Trust and the description of the Portfolio, please see “Formation Transactions” and “Our Business and Properties” on pages 84 and 158, respectively.

Compliance Officer of the Knowledge Realty Trust The compliance officer of the Knowledge Realty Trust is Akshay Rajkumar Sharma. The contact details

of the Compliance Officer are as follows:

Akshay Rajkumar Sharma One International Center 14th Floor, Tower 1, Plot No. 612-613, Senapati Bapat Marg, Elphinstone Road, Lower Parel West, Mumbai 400 013, Maharashtra, India Contact No.: +91 7208349692 E-mail: secretarial@knowledgerealtytrust.com Bidders can contact the Compliance Officer or the Registrar to the Issue in case of any pre-Issue or post-Issue related problems such as non-receipt ofAllotmentAdvice/letter ofAllotment, credit ofAllotted Unitsintherespectivebeneficiaryaccountandrefundordersandnon-receiptoffundsbyelectronicmode.

The Sponsors Blackstone Sponsor Registered office and address for correspondence 3 Church Street, #30-01 Samsung Hub, Singapore 049483

Website: www.brepasiasglandtholding.com Contact Person of the Blackstone Sponsor Chung Kwan Ting Geoffrey is the contact person of the Blackstone Sponsor. His contact details are as

follows:

Chung Kwan Ting Geoffrey

Direct line: +65 68507513 E-mail: geoffrey.chung@blackstone.com 774Sattva Sponsor Registered office 41 Netaji Subhas Road, 4th Floor, R No. 40, Kolkata 700 001, West Bengal, India Address for correspondence 4th Floor, Salarpuria Windsor, #3 Ulsoor Road, Bengaluru 560 042, Karnataka, India

Website: www.sattvagroup.com Contact person of the Sattva Sponsor Pradyumna Kumar Mishra is the contact person of the Sattva Sponsor. His contact details are as follows:

Pradyumna Kumar Mishra

Direct line: +91 80 4269 9000 E-mail: sattva.reit@sattvagroup.in The Manager Registered Office of the Manager Knowledge Realty Office Management Services Private Limited (formerly known as Trinity Office Management Services Private Limited) One International Center, 14th Floor, Tower-1 Plot No. 612-613, Senapati Bapat Marg, Elphinstone Road, Lower Parel West, Mumbai 400 013, Maharashtra, India Address for Correspondence One International Center, 14th Floor, Tower 1, Plot No. 612-613, Senapati Bapat Marg, Elphinstone Road, Lower Parel West, Mumbai 400 013, Maharashtra, India

Tel: +91 9711078245 E-mail: info@knowledgerealtytrust.com

Website: https://www.knowledgerealtytrust.com/ Contact Person of the Manager Akshay Rajkumar Sharma is the contact person of the Manager. His contact details are as follows:

Akshay Rajkumar Sharma

Direct line: +91 7208349692 E-mail: secretarial@knowledgerealtytrust.com 775The Trustee Registered Office Axis Trustee Services Limited Axis House P.B. Marg, Worli Mumbai 400 054 Maharashtra, India

Tel: +91 22 6230 0451 E-mail: debenturetrustee@axistrustee.in

Website: www.axistrustee.in Address for correspondence Axis Trustee Services Limited The Ruby, 2nd Floor, 29 Senapati Bapat Marg, Dadar West Mumbai 400 028 Maharashtra, India Contact Person of the Trustee Anil Grover, Head—Operations is the contact person of the Trustee. His contact details are as follows:

Anil Grover

Direct line: +91 22 6230 0605 E-mail: anil.grover@axistrustee.in Auditor M/s. S R B C & CO LLP, Chartered Accountants 12th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar West, Mumbai 400 028, Maharashtra, India Contact No.: +91-22-6819-8000

Firm Registration Number: 324982E/E300003 Valuer iVAS Partners Plot No 135, Phase-1, Udyog Vihar, Gurugram 122 022, Haryana, India

Contact person: Mr. Shubhendu Saha Contact No.: +91-95990 11526 E-mail: info@ivaspartners.co.in

Website: https://www.ivaspartners.co.in/

Registration Number: IBBI/RV-E/02/2020/112 776Book Running Lead Managers to the Issue Kotak Mahindra Capital Company Limited IIFL Capital Services Limited (formerly known 1st Floor, 27 BKC, Plot No. 27 as IIFL Securities Limited) G Block, Bandra Kurla Complex, Bandra (East) 24th Floor, One Lodha Place, Senapati Bapat Mumbai 400 051, Maharashtra, India Marg, Lower Parel (W),

Tel: +91 22 4336 0000 Mumbai 400 013, Maharashtra, India E-mail: knowledgerealtytrust@kotak.com Tel: +91 22 4646 4728 Investor grievance e-mail: E-mail: knowledgerealtytrust.ipo@iiflcap.com kmccredressal@kotak.com Investor grievance e-mail: ig.ib@iiflcap.com

Website: https://investmentbank.kotak.com Website: https://www.iiflcap.com/

Contact Person: Ganesh Rane Contact Person: Yogesh Malpani/Pawan SEBI Registration No.: INM000008704 Kumar Jain SEBI Registration No.: INM000010940 Axis Capital Limited JM Financial Limited Axis House, 1st floor, P.B. Marg 7th Floor, Cnergy Appasaheb Marathe Marg Worli, Mumbai 400 025, Maharashtra, India Prabhadevi, Mumbai 400 025, Maharashtra, India

Tel: +91 22 4325 2183 Tel: +91 22 6630 3030 E-mail: krt.ipo@axiscap.in E-mail: knowledgerealty.ipo@jmfl.com Investor grievance e-mail: Investor grievance e-mail: complaints@axiscap.in grievance.ibd@jmfl.com

Website: https://www.axiscapital.co.in/ Website: www.jmfl.com

Contact Person: Pratik Pednekar Contact Person: Prachee Dhuri SEBI Registration No.: INM000012029 SEBI Registration No: INM000010361 BofA Securities India Limited Morgan Stanley India Company Private Ground Floor, “A” Wing, One BKC, “G” Block, Limited Bandra Kurla Complex, Bandra (East), Altimus, Level 39 & 40, Mumbai 400 051 Pandurang Budhkar Marg, Worli,

Tel: +91 22 6632 8000 Mumbai 400018, E-mail: dg.knowledge_realty_trust_ipo@bofa.com Maharashtra, India Investor grievance e-mail: Tel: +91 22 6118 1011 dg.india_merchantbanking@bofa.com E-mail: knowledgerealtytrust@morganstanley.com

Website: Investor grievance e-mail:

https://business.bofa.com/in/en/about-us.html investors_india@morganstanley.com

Contact Person: Utkarsh Thakkar Website: www.morganstanley.com SEBI Registration No.: INM000011625 Contact Person: Naresh Tetarwal SEBI Registration No.: INM00001123 ICICI Securities Limited SBI Capital Markets Limited ICICI Venture House, Appasaheb Marathe Marg, Unit No. 1501, 15th floor, A&B Wing, Prabhadevi, Mumbai 400 025, Maharashtra, India Parinee Crescenzo Building, G Block,

Tel: +91 22 6807 7100 Bandra Kurla Complex, Bandra (East), E-mail: knowledgerealty.trust@icicisecurities.com Mumbai 400 051, Maharashtra, India Investor grievance e-mail: Tel: +91 22 4006 9807 customercare@icicisecurities.com E-mail: knowledgerealty.reit@sbicaps.com

Website: https://www.icicisecurities.com/ Investor grievance e-mail:

Contact Person: Ashik Joisar/Sumit Singh investor.relations@sbicaps.com SEBI Registration No.: INM000011179 Website: https://www.sbicaps.com/

Contact Person: Raghavendra Bhat/Aditya Deshpande SEBI Registration No.: INM000003531 777Syndicate Members Investec Capital Services (India) Private JM Financial Services Limited Limited Ground Floor, 2, 3, & 4, 1103-04, 11th Floor, B Wing, Parinee Crescenzo, Kamanwala Chambers Bandra Kurla Complex Sir P.M. Road, Mumbai 400 051 Fort Mumbai 400 001, Maharashtra, India Maharashtra, India

Tel: +91 22 6849 7400 Tel: +91 2261363400 E-mail: kunal.naik@investec.com E-mail: tn.kumar@jmfl.com/ Investor grievance e-mail: sona.varghese@jmfl.com kunal.naik@investec.com Investor grievance e-mail:

Website: www.investec.com i.gdistribution@jmfl.com

Contact Person: Kunal Naik Website: www.jmflfinancialservices.in SEBI Registration No.: INZ000007138 Contact Person: TN Kumar/Sona Verghese SEBI Registration No.: INZ000195834 Kotak Securities Limited SBICAP Securities Limited 4th Floor, 12 BKC, G Block, Marathon Futurex, Unit No. 1201, Bandra Kurla Complex, B-Wing, 12th Floor Bandra (East), Mumbai 400 051, N M Joshi Marg, Lower Parel East Maharashtra, India Mumbai 400 013

Tel: +91 22 6218 5410 Maharashtra, India E-mail: umesh.gupta@kotak.com Tel: +91 22 69316411 Investor grievance e-mail: E-mail: archana.dedhia@sbisec.com umesh.gupta@kotak.com Investor grievance e-mail:

Website: www.kotak.com helpdesk@sbicapsec.com

Contact Person: Umesh Gupta Website: www.sbisecurities.in SEBI Registration No.: INZ000200137 Contact Person: Ms. Archana Dedhia SEBI Registration No.: INZ000200032 Banker to the Issue Escrow Collection Bank and Refund Bank Axis Bank Limited Axis House, 6th Floor, C-2, Wadia International Centre, Pandurang Budhkar Marg, Worli Mumbai – 400 025, Maharashtra, India

Tel: 022 43253669 E-mail: vishal.lade@axisbank.com Investor grievance e-mail: IpoNfo.Mum@axisbank.com

Website: axisbank.com

Contact Person: Vishal M. Lade SEBI Registration No.: INBI00000017 778Sponsor Bank(s) ICICI Bank Limited Capital Market Division, 163, 5th Floor H.T. Parekh Marg, Backbay Reclamation, Churchgate Mumbai – 400020 Maharashtra, India

Tel: 022 – 68052182 E-mail: Ipocmg@icici.com Investor grievance e-mail: smsipo@icicibank.com

Website: www.icici.com

Contact Person: Mr. Varun Badai SEBI Registration No.: INBI0000004 Axis Bank Limited Axis House, 6th Floor, C-2, Wadia International Centre, Pandurang Budhkar Marg, Worli Mumbai – 400 025, Maharashtra, India

Tel: 022 43253669 E-mail: vishal.lade@axisbank.com Investor grievance e-mail: IpoNfo.Mum@axisbank.com

Website: axisbank.com

Contact Person: Vishal M. Lade SEBI Registration No.: INBI00000017 Public Issue Account Bank ICICI Bank Limited Capital Market Division, 163, 5th Floor H.T. Parekh Marg, Backbay Reclamation, Churchgate Mumbai – 400020 Maharashtra, India

Tel: 022 - 68052182 E-mail: Ipocmg@icici.com Investor grievance e-mail: smsipo@icicibank.com

Website: www.icici.com

Contact Person: Mr. Varun Badai SEBI Registration No.: INBI0000004 779Inter-se allocation of responsibilities The following table sets forth the inter-se allocation of responsibilities for various activities among the

Lead Managers for the Issue:

Sr.

No. Activity Responsibility Co-ordination

1. Assist the Manager in selecting the Portfolio; capital Lead Managers Kotak structuring along with the relative components and formalities such as type of instruments, etc.

2. Due diligence of the Knowledge Realty Trust operations/ Lead Managers Kotak management/business/legal, etc., Sponsors/Manager’s experience, the proposed formation transactions, the proposed and future assets arrangements, any other related party transactions (including trademark licensing or other arrangements) Corresponding with regulatory authorities with regards to the offer document and the Knowledge Realty Trust and ensuring compliance and completion of prescribed formalities with the Stock Exchanges and SEBI

3. Finalizing the financial model and coordinating with the Lead Managers Morgan management to rebase the forecasts as per relevant Stanley accounting standards, and auditors for the auditors report thereon

4. Auditor co-ordination including historical financials and Lead Managers Kotak certifications required from auditor and other chartered accountants

5. Drafting and approval of all publicity material including Lead Managers IIFL statutory advertisement, corporate advertisement, brochure, etc.

6. Appointment ofValuer, Registrar to the Issue, advertising Lead Managers Kotak agency (including coordinating all agreements to be entered with such parties)

7. Appointment of rating agencies, Bankers to the Issue, Lead Managers Kotak Sponsor bank(s), printers and other intermediaries (including coordinating all agreements to be entered with such parties)

8. Finalizing research analyst presentation, road show Lead Managers Morgan marketing presentation and frequently asked questions Stanley, BofA (“FAQs”)

9. Finalizing various agreements including underwriting, Lead Managers Kotak syndicate and escrow 780Sr.

No. Activity Responsibility Co-ordination

10. International institutional marketing of the Issue which Lead Managers BofA, Morgan will cover, inter alia: Stanley (cid:129) Formulating overall international institutional marketing strategy; (cid:129) Finalizing the list and division of international investors for one-on-one meetings; and (cid:129) Finalizing international road show schedule and investor meeting schedules

11. Domestic institutional marketing of the Offer which will Lead Managers Kotak, Axis cover, inter alia: Capital (cid:129) Formulating overall domestic institutional marketing strategy; (cid:129) Finalizing the list and division of domestic investors for one-on-one meetings; and (cid:129) Finalizing domestic road show schedule and investor meeting schedules

12. Non-institutional marketing strategy which will cover, Lead Managers Axis Capital,

inter alia: I-Sec (cid:129) Formulating marketing strategies, preparation of publicity budget, finalizing media, marketing and public relations strategy; finalizing centers for holding conferences for brokers, etc.;

(cid:129) Finalizing the brokerage & commission for Non-Institutional Investors category for the brokers and sub syndicate; (cid:129) Finalizing collection centers; and (cid:129) Deciding on the quantum of the Offer material and allocation amongst the printers

13. Coordination with stock exchanges for book building Lead Managers SBI CAPS software, mock trading and submitting security deposit.

Co-ordinating and finalizing the Anchor Investor/ Strategic Investor activities, minutes and CAN

14. Managing the book and finalizing of pricing and Lead Managers BofA Allocation in consultation with the Manager

15. Assisting the Manager in ensuring the completion of the Lead Managers Kotak, Morgan formation transactions and the allotment of Units in Stanley consideration thereof 781Sr.

No. Activity Responsibility Co-ordination

16. Post bidding activities including management of escrow Lead Managers JM Financial accounts, coordination for finalization of basis of allotment including non-institutional and institutional allocation, coordination for preparation of intimation of allocation letters and dispatch of allocation letters and refund to Bidders, coordination for obtaining relevant listing approvals, coordination for dispatch of certificates and demat delivery of Units and coordination with the various agencies connected with the post Issue work such as Registrar to the Issue, Banker to the Issue, sponsor bank, SCSBs and the Refund bank Coordinating with Stock Exchanges and SEBI for release of security deposit post closure of the Issue and submission of all post Issue reports including the final post Issue report to SEBI, filing media compliance report with SEBI

17. Post bidding restructuring to create Knowledge Realty Lead Managers Axis Capital, Trust,saleofPortfoliototheKnowledgeRealtyTrustetc. JM Financial Indian Legal Counsel to Knowledge Realty Trust, the Manager and the Blackstone Sponsor Cyril Amarchand Mangaldas 6th floor, Peninsula Chambers, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400 013 Maharashtra, India Tel.: +91 22 249 64455 Indian Legal Counsel to the Sattva Sponsor S&R Associates One World Center, 1403 Tower 2 B, 841 Senapati Bapat Marg, Lower Parel, Mumbai 400 013, India

Tel: +91 22 4302 8000 International Legal Counsel to the Lead Managers White & Case Pte. Ltd.

88 Market Street #41-01 CapitaSpring Singapore 048948

Tel: +65 6347 1408 Indian Legal Counsel to the Lead Managers Khaitan & Co 10th, 13th & 14th Floors, Tower 1C One World Center 841, Senapati Bapat Marg Mumbai 400013, Maharashtra, India

Tel: +91 22 6636 5000 782Tax Advisors to the Knowledge Realty Trust, the Blackstone Sponsor and the Manager Bobby Parikh Associates 1101 Altimus, Dr. GM Bhosale Marg Worli, Mumbai 400018 Maharashtra, India E-mail: Anand.Laxmeshwar@bobbyparikh.com

Tel: +91 9820641381

Contact Person: Anand Laxmeshwar Registrar to the Issue Kfin Technologies Limited Selenium Tower—B, Plot 31 & 32, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad, Telangana, 500 032 Contact No.: +91 40 6716 2222/18003094001 E-mail ID: knowledge.reit@kfintech.com

Investor Grievance ID: einward.ris@kfintech.com

Website: www.kfintech.com

Contact Person: M. Murali Krishna

SEBI Registration Number: INR000000221 Self Certified Syndicate Banks The banks registered with SEBI, which offer the facility ofASBAservices, (i) in relation toASBA, where the Bid Amount will be blocked by authorizing an SCSB, a list of which is available on the website of SEBI at www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=34 and updated from time to time and at such other websites as may be prescribed by SEBI from time to time, (ii) in relation to UPI Bidders using the UPI Mechanism, a list of which is available on the website of SEBI at www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=40 and updated from time to time and at such other websites as may be prescribed by SEBI from time to time.

In accordance with SEBI Circular No. SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated June 28, 2019, SEBI

Circular No. SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019 and SEBI Circular No. SEBI/HO/ CFD/DIL2/CIR/P/2022/45datedApril5,2022,UPIBiddersBiddingusingtheUPIMechanismmayapply through the SCSBs and mobile applications whose names appears on the website of the SEBI, i.e., (www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=40) for SCSBs and (www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=43) for mobile applications, respectively, as updated from time to time.

Syndicate SCSB Branches In relation to Bids (other than Bids by Anchor Investors) submitted under the ASBA process to a member oftheSyndicate,thelistofbranchesoftheSCSBsattheSpecifiedLocationsnamedbytherespectiveSCSBs to receive deposits of Bid cum Application Forms from the members of the Syndicate is available on the website of the SEBI (www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35) and updated from time to time. For more information on such branches collecting Bid cum Application Forms from the Syndicate at Specified Locations, see the website of the SEBI at www.sebi.gov.in/sebiweb/ other/OtherAction.do?doRecognisedFpi=yes&intmId=35, as updated from time to time.

783Registered Brokers ThelistoftheRegisteredBrokerseligibletoacceptASBAforms,includingdetailssuchaspostaladdress, telephone number and e-mail address, is provided on the websites of the Stock Exchanges at www.bseindia.com and www.nseindia.com, as updated from time to time.

Registrar and Share Transfer Agents The list of the RTAs eligible to accept ASBA Forms at the Designated RTA Locations, including details suchasaddress,telephonenumberande-mailaddress,isprovidedonthewebsitesoftheStockExchanges at www.bseindia.com/Static/PublicIssues/RtaDp.aspx and www.nseindia.com/products-services/initial- public-offerings-asba-procedures, respectively, as updated from time to time and on the website of SEBI at www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=10, as updated from time to time.

Collecting Depository Participants The list of the CDPs eligible to accept ASBA Forms at the Designated CDP Locations, including details such as name and contact details, is provided on the websites of the Stock Exchanges at www.bseindia.com/Static/PublicIssues/RtaDp.aspx and www.nseindia.com/products-services/initial- public-offerings-asba-procedures, respectively, as updated from time to time.

784DEFINITIONS AND ABBREVIATIONS This Offer Document uses the definitions and abbreviations set forth below which you should consider when reading the information contained herein.

References to any legislation, act, regulation, rules, guidelines, circulars or policies shall be to such legislation, act, regulation, rules, guidelines, circulars or policies as amended, supplemented, or re-enacted from time to time and any reference to a statutory provision shall include any subordinate legislation made under that provision.

The words and expressions used in this Offer Document, but not defined herein shall have the meaning ascribed to such terms under the SEBI REITRegulations, the SEBI Master Circular, the DepositoriesAct, and the rules and regulations made thereunder.

Notwithstandingtheforegoing,thetermsnotdefinedbutusedin“FinancialInformationoftheKnowledge Realty Trust”, “Projections” “Taxation” and “Legal and Other Information” on pages 831, 532, 749 and 703, respectively, shall have the meanings ascribed to such terms in these respective sections.

In this Offer Document, unless the context otherwise requires, a reference to “we”, “us” “our”, “KRT”, “the REIT”, and “the Trust” refers to the Knowledge Realty Trust, the Asset SPVs and (as the context requires) the Investment Entities, collectively. For the sole purpose of the Special Purpose Combined Financial Statements, reference to “we”, “us” and “our” refers to the Knowledge Realty Trust, the Asset SPVs and (as the context requires) the Investment Entities on a combined basis.

Knowledge Realty Trust related terms Term Description Asset SPVs Holdcos and SPVs Associates AssociatesofanypersonshallbeasdefinedundertheCompaniesActorunder

the applicable accounting standards and shall include the following:

(i) any person controlled, directly or indirectly, by the said person;

(ii) any person who controls, directly or indirectly, the said person;

(iii) wherethesaidpersonisacompanyorabodycorporate,anyperson(s) who is designated as promoter(s) of the company or body corporate and any other company or body corporate with the same promoter(s); and

(iv) where the said person is an individual, any relative of the individual.

We have complied with the requirements of Regulation 2(1)(b) of the SEBI REIT Regulations while identifying associates of the Knowledge Realty Trust andtheSattvaSponsor.InrelationtotheBlackstoneSponsorandtheManager, we have complied with the requirements of Regulation 2(1)(b) of the SEBI REIT Regulations while identifying its associates except in respect of sub-clause (ii) of Regulation 2(1)(b), which requires any person who controls, both directly and indirectly, the said person to be identified as an associate. In thisregard,onlyentitieswhichdirectlycontroltheBlackstoneSponsorandthe Manager, as applicable, have been considered.

Audit Committee The audit committee of the board of directors of the Manager Auditors S R B C & CO LLP, Chartered Accountants, statutory auditors of the Knowledge Realty Trust Blackstone Sponsor BREP Asia SG L&T Holding (NQ) Pte. Ltd 785Term Description

Blackstone Sponsor The Blackstone Sponsor and the following entities:

Group

(i) BREP Asia II Indian Holding Co IV (NQ) Pte. Ltd;

(ii) BREP Asia SG L&T Holding III (NQ) Pte. Ltd;

(iii) BREP Asia SG L&T Holding II (NQ) Pte. Ltd;

(iv) BREP Asia SBS L&T Holding (NQ) Ltd;

(v) BREP VIII SBS L&T Holding (NQ) Ltd;

(vi) BREP Asia II SBS Indian Holding Co IV (NQ) Ltd;

(vii) BREP VIII SBS Indian Holding Co IV (NQ) Ltd;

(viii) BREP Asia II SBS Chennai Holding (NQ) Ltd;

(ix) BREP VIII SBS Chennai Holding (NQ) Ltd;

(x) BREP Asia SBS DRPL Holding (NQ) Ltd;

(xi) BREP Asia SG DRPL Holding (NQ) Pte. Ltd;

(xii) BREP VIII SBS DRPL Holding (NQ) Ltd;

(xiii) BREP Asia II Indian Holding Co VII (NQ) Pte. Ltd;

(xiv) BREP Asia SBS Indian L&T Holding II (NQ) Ltd;

(xv) BREP VIII SBS Indian L&T Holding II (NQ) Ltd;

(xvi) BREP Asia II SBS Indian Holding Co VIII (NQ) Ltd;

(xvii) BREP Asia II Indian Holding Co VIII (NQ) Pte Ltd; and

(xviii) BREP IX SBS Indian Holding Co VIII (NQ) Ltd.

Borrowing Committee The borrowing committee of the board of directors of the Manager BSPOMSPL BSP Office Management Services Private Limited BSPOMSPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, BSPOMSPL, BREP Asia SG L&T Holding III (NQ) Pte.

Ltd., BREP Asia II SBS Chennai Holding (NQ) Ltd. and BREP VIII SBS Chennai Holding (NQ) Ltd. in relation to the securities of BSPOMSPL CBRE CBRE South Asia Private Limited “CBRE Report” or Report titled “India Commercial Office Industry Report” dated July 12, 2025 “Industry Report” issued by CBRE Cessna Business Park Cessna Business Park situated at Cessna Business Park, Outer Ring Road, Post-Kadubeesanahalli, Bellandur, Bangalore – 560103, Karnataka and owned by CGDPL CGDPL Cessna Garden Developers Private Limited CGDPL SAA – I Share acquisition agreement dated July 25, 2025, executed amongst the Manager,Trustee,CGDPL,BREPAsiaIIIndianHoldingCoVII(NQ)PteLtd.

in relation to the securities of CGDPL CGDPL SAA – II Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, CGDPL, Jawahar Gopal, Meera Jawahar, Lav Jawahar, Kush Jawahar, Manohar Gopal, Nehaa Manohar, Dhiren Gopal and Neeta Dhiren in relation to the securities of CGDPL CGDPL SAA – III ShareacquisitionagreementdatedJuly25,2025,executedamongsttheManager, Trustee,CGDPL,SyedAhmedandFareenaParveeninrelationtothesecuritiesof CGDPL 786Term Description CGDPL SAA – IV Share acquisition agreement dated May 20, 2025, read with the amendment agreement dated July 17, 2025, executed amongst the Manager, Trustee, CGDPL, 360 One Income Opportunities Fund Series 4, 360 One Real Assets Advantage Fund, Madhu Silica Private Limited, Subham Buildwell Private Limited, Monica Surana, Gangeet Investments and Reality Private Limited, M/s Vara Future LLP, Virgin Securities and Credits Private Limited, Duro Shox Private Limited, Munjal Mavjibhai Lakhani, Nigam Family Private Trust, Ashit Mahesh Shah, Apurva Mahesh Shah, Mukesh Singh, Nawal Kishore Singh, Shreevar Kheruka, Lyon Investment and Industries Private Limited, Kairos Ventures LLP, Remi Elektrotechnik Limited, SKYS Family Private Trust, Anurang Jain, Rahul Chari, M/s TTJ Family Private Trust, B S Ajaikumar, Bakul Hiralal Shah, Ashish Lodha, Manish Khatri, M/s Bhavani Holdings, Thiruvallur Thattai Raghunathan & Bhanu Raghunathan, K I Varaprasad Reddy & Vasantha Koduru, Karan Bhagat & Shilpa Bhagat, R H Dalmia Family Private Trust in relation to the securities of CGDPL CGDPL SAA – V Share acquisition agreement dated May 20, 2025, read with the amendment agreement dated July 17, 2025, executed amongst the Manager, Trustee, CGDPL, Radhakishan Damani, Ramakant Baheti, JM Financial Products Limited, JM Financial and Investment Consultancy Services Private Limited, JM Assets Management Private Limited, SNK Investments Private Limited, Old Fir Advisors India Private Limited, BAMR Properties LLP, Rovo Marketing Private Limited, Kothari Products Limited, BKC Properties Private Limited, Asha Dedhia, Hitesh Shah, Ankit Thakker, Bengani Leasing and Finance Private Limited, B Arunkumar Capital and Credit Services Private Limited, Mrudulaben H Patel, RB Diversified Private Limited, Dalmia Principal Strategies LLP, Shital Apurva Shah, Virgin Securities and Credits Private Limited, Rajendra Kumar Bachhawat, Balki Advisory Services LLP, Nilkamal Crates and Containers, Mihi Parekh in relation to the securities of CGDPL Compliance Officer The compliance officer of the Knowledge Realty Trust, being Akshay Rajkumar Sharma Corporate Social The corporate social responsibility and sustainability committee of the board Responsibility and of directors of the Manager Sustainability Committee CRISIL CRISIL Ratings Limited DBRPL Debonair Realtors Private Limited DBRPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, DBRPL, the Sattva Sponsor, Apurva Salarpuria, Archana Salarpuria in relation to the securities of DBRPL DEPL Darshita Edifice Private Limited (formerly known as Darshita Edifice LLP) DEPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, DEPL, Vriddhii Family Trust and Neelanchal Properties LLP in relation to the securities of DEPL DHPL Darshita Housing Private Limited DHPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, DHPL, Vriddhii Family Trust, Sattva Sponsor, Sattva Real Estate Private Limited, Neelanchal Properties LLP and Darshita Landed Property LLP in relation to the securities of DHPL DHRPL Darshita Hi-Rise Private Limited 787Term Description DHRPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, DHRPL, Vriddhii Family Trust, Sattva Real Estate Private Limited, Neelanchal Properties LLP and Sattva Sponsor in relation to the securities of DHRPL DIPL Darshita Infrastructure Private Limited DIPL SAA – I Share acquisition agreement dated July 25, 2025, executed amongst the Manager,Trustee, DIPL, BREPAsia SG DRPLHolding (NQ) Pte. Ltd., BREP Asia SBS DRPL Holding (NQ) Ltd and BREPVIII SBS DRPL Holding (NQ) Ltd. in relation to the securities of DIPL DIPL SAA – II Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, DIPL, Sattva Sponsor, Darshita Landed Property LLP and Neelanchal Properties LLP in relation to the securities of DIPL DRPL Devbhumi Realtors Private Limited DRPL SAA – I Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, DRPL, BREPAsia SG DRPLHolding (NQ) Pte Ltd, BREP Asia SBS DRPL Holding (NQ) Ltd and BREPVIII SBS DRPL Holding (NQ) Ltd in relation to the securities of DRPL DRPL SAA – II Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, DRPL, Sattva Sponsor, Sattva Real Estate Private Limited, Darshita Landed Property LLP and Neelanchal Properties LLP in relation to the securities of DRPL EBPPL Exora Business Park Private Limited EBPPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, EBPPL, BREPAsia II Indian Holding Co VII (NQ) Pte Ltd and nominee shareholders, if any, in relation to the securities of EBPPL Exora Business Park Exora Business Park situated at Exora Business Park, Kadubeesanahalli, Bengaluru-560103, Karnataka and owned by EBPPL Fintech One Fintech One situated at Fintech One, Block – 53, Road 5D and 52, Zone 5, GIFT City, Gandhinagar – 382355 Gujarat and owned by PABPPL GVTPL GV Techparks Private Limited GVTPL SAA – I Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, GVTPL, BREPAsia II Indian Holding CO VIII (NQ) Pte.

Ltd, BREPAsia II SBS Indian Holding CO VIII (NQ) Ltd and BREP IX SBS Indian Holding CO VIII (NQ) Ltd in relation to the securities of GVTPL GVTPL SAA – II Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, GVTPL, Sattva Sponsor and Neelanchal Properties LLP in relation to the securities of GVTPL GVTPL Scheme of The fast-track merger between MRPPL and GVTPL which was completed Arrangement pursuant to an order dated March 20, 2025, of the Regional Director, South East Region, Hyderabad, with an effective date of April 1, 2025.

“Holdco(s)” or An entity defined as “holdco” or “holding company” under Regulation 2(qai) “Holding oftheSEBIREITRegulations,collectively,DBRPL,DHRPL,GVTPL,HRPL, Company(ies)” JRPL, OBRPL, PBPL, QITPL, SDPL, SGNPL, SHPL, and STPL HRPL Harkeshwar Realtors Private Limited HRPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, HRPL, Sattva Sponsor, Archana Salarpuria, Apurva Salarpuria, Neetneel India Private Limited, Mukta Commercials Private Limited, Rakesh Salarpuria HUF, Jaigania Commercials Private Limited, Devina Salarpuria, Belfast Holdings Private Limited and Vriddhii Family Trust, in relation to the securities of HRPL ICRA ICRA Limited 788Term Description Industry Provider CBRE Initial Portfolio The transactions pursuant to which the Knowledge Realty Trust will acquire Acquisition the Portfolio prior to the Allotment in the Issue Transactions Initial Portfolio The agreements entered into in relation to the Initial Portfolio Acquisition Acquisition Transactions, comprising of the following:

Transactions Agreements 1. BSPOMSPL SAA;

2. CGDPL SAA – I;

3. CGDPL SAA – II;

4. CGDPL SAA – III;

5. CGDPL SAA – IV;

6. CGDPL SAA – V;

7. DBRPL SAA;

8. DEPL SAA;

9. DHPL SAA;

10. DHRPL SAA;

11. DIPL SAA – I;

12. DIPL SAA – II;

13. DRPL SAA – I;

14. DRPL SAA – II;

15. EBPPL SAA;

16. GVTPL SAA – I;

17. GVTPL SAA – II;

18. HRPL SAA;

19. JRPL SAA;

20. KOBPPL SAA;

21. NDPL SAA;

22. OBRPL SAA;

23. OICPL SAA;

24. OQRPL SAA;

25. OWCPL SAA;

26. PABPPL SAA;

27. PBPL SAA;

789Term Description

28. PBPPL SAA;

29. PSBBPL SAA;

30. QITPL SAA;

31. SDPL SAA;

32. SGNPL SAA;

33. SHPL SAA;

34. SIMPL SAA;

35. SKCPL SAA;

36. SPMPL SAA;

37. SRPPL SAA;

38. STPL SAA;

39. WRPL SAA – I; and

40. WRPL SAA – II.

For further details in relation to each of the Initial Portfolio Acquisition Transactions Agreements set out above, see “Initial Portfolio Acquisition Transactions—Initial Portfolio Acquisition Transactions Agreements” on page 459 Inter-se Agreement Sponsor inter se agreement dated March 4, 2025, as amended and restated on July 18, 2025, entered into between the Blackstone Sponsor and the Sattva Sponsor Intervention AninterventionapplicationdatedJanuary25,2024filedbyOQRPLbeforethe Application High Court of Judicature at Delhi. For details, see “Legal and Other Information—Title disclosures (including title litigation) pertaining to the Portfolio Assets and the Portfolio Investment—One Qube” on page 710.

Investment Committee The investment committee of the board of directors of the Manager “Investment Entities” Collectively, BSPOMSPL, PSBPPL, SIMPL and SPMPL or “CAM Assets” or “CAM Entities” Investment Investment management agreement dated October 10, 2024, entered into Management between the Trustee (on behalf of the Knowledge Realty Trust), and the Agreement Manager read with the amendment agreements dated March 4, 2025, and July 18, 2025.

JRPL Jaganmayi Real Estates Private Limited JRPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, JRPL, Vriddhii Family Trust, Sattva Sponsor, Sattva Real Estate Private Limited, Darshita Landed Property LLP, Neelanchal Properties LLP, Piyush Agarwal, Sanjay Kumar Agarwal, Siddharth Jain, Karthik B V, Mukesh Khaitan, Jagannath Subbarao, Shrikant Khaitan, Rajiv Agarwal, Swapnil Chandrakant Patel, Karishmah Siingh, Vivek Hangal, Sunil Kumar Mishra, Surendra Kumar Bajaj, Kavindra Kumar Mishra, Amit Bajoria and Lalit Kumar in relation to the securities of JRPL Karnataka Solar – I Karnataka Solar – I situated at Nanivala Village, Challakere Taluk, Chitradurga District, Bengaluru, Karnataka, India and owned by SRPPL.

Karnataka Solar – II Karnataka Solar – II situated at KereyagalahalliVillage, Nayakanahatti Hobli, Challakere Taluk and owned by NDPL Knowledge Realty Collectively the Knowledge Realty Trust, the Asset SPVs and the Investment Group Entities 790Term Description Knowledge Realty The Portfolio, and such other assets as may be held by the Knowledge Realty Trust Assets Trust from time to time in accordance with the REIT Regulations and applicable law KOBPPL Kosmo One Business Park Private Limited KOBPPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, KOBPPL, BREPAsia SG L&T Holding III (NQ) Pte. Ltd., BREPAsia II SBS Chennai Holding (NQ) Ltd. and BREP VIII SBS Chennai Holding (NQ) Ltd. in relation to the securities of KOBPPL Kosmo One Kosmo One situated at Kosmo One, Plot No. 14, 3rd Main Road, Ambattur Industrial Estate, Ambattur, Chennai – 600 058 and owned by KOBPPL KRT Intellectual Intellectual property license agreement dated March 5, 2025 executed Property License between, the Manager and, the Knowledge Realty Trust (acting through the Agreement Manager and the Trustee) Manager Knowledge Realty Office Management Services Private Limited (formerly known as Trinity Office Management Services Private Limited) MRPPL Mindcomp Regency Park Private Limited NDPL NABS Data Zone Private Limited NDPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager,Trustee, NDPL,Vriddhii FamilyTrust and Mindcomp Constructions LLP in relation to the securities of NDPL Nomination and The nomination and remuneration committee of the board of directors of the Remuneration Manager Committee OBRPL One BKC Realtors Private Limited OBRPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, OBRPL, BREP Asia II Indian Holding Co. IV (NQ) Pte Ltd., BREPAsia II SBS Indian Holding Co. IV(NQ) Ltd. and BREPVIII SBS Indian Holding Co. IV (NQ) Ltd. in relation to the securities of OBRPL OBSEPL One BKC Solar Energy Private Limited OICPL One International Center Private Limited OICPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, OICPL, the Blackstone Sponsor, BREP Asia SBS L&T Holding (NQ) Ltd. and BREPVIII SBS L&T Holding (NQ) Ltd. in relation to securities of OICPL One BKC One BKC situated at One BKC, Plot No.C-66, G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400051, Maharashtra and owned by OBRPL One BKC Solar One BKC Solar situated at Gut No. 103, Javly Ravly Hill, Sakri, Brahmanvel MIDC, Dhule, Maharashtra, 424304 and owned by OBSEPL One International One International Center situated at One International Center, Plot No.

Center 612-613, Senapati Bapat Marg, Elphinstone Road, Delisle Road, Mumbai – 400013, Maharashtra and owned by OICPL One Qube One Qube situated at One Qube, Plot no. 20, Sector 18, Udyog Vihar, Gurugram – 122016, Haryana and owned by OQRPL One Trade Tower One Trade Tower situated at Trade Tower, Municipal No. 46, Palace Road Municipal Ward No. 77, Bangalore- 560001, Karnataka and owned by PBPPL One Unity Center One Unity Center situated at One Unity Center, Plot No. 612-613, Senapati Bapat Marg, Elphinstone Road, Delisle Road, Mumbai – 400013, Maharashtra and owned by OICPL One World Center One World Center situated at One World Center, Jupiter Mill Compound, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013, Maharashtra and owned by OWCPL 791Term Description OQRPL One Qube Realtors Private Limited OQRPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, OQRPL, the Blackstone Sponsor, BREP VIII SBS L&T Holding (NQ) Ltd. and BREPAsia SBS L&THolding (NQ) Ltd. in relation to the securities of OQRPL One Qube is subject to orders in relation to the Intervention Application filed before the High Court of Judicature at Delhi in 2024. Pursuant to Regulation 11(4) of the SEBI REIT Regulations, the Sponsors undertake to take all necessary steps and actions as may be required vis-à-vis the Intervention Application to ensure the validity of the OQRPL SAA to be consummated as part of the Initial Portfolio Acquisition Transactions. For further details, see “Legal and Other Information” on page 703.

OWCPL One World Center Private Limited OWCPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, OWCPL, BREPAsia SBS L&T Holding (NQ) Ltd., BREP VIII SBS L&T Holding (NQ) Ltd. and the Blackstone Sponsor in relation to the securities of OWCPL PABPPL Pluto Atriza Business Parks Private Limited PABPPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, PABPPL, BREPAsia II Indian Holding Co. VII (NQ) Pte.

Ltd. and its nominee shareholders, if any, in relation to the securities of PABPPL Parties to the The Blackstone Sponsor Group, the Sattva Sponsor Group, theTrustee and the Knowledge Realty Manager Trust PBPL Prima Bay Private Limited PBPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, PBPL, BREP Asia SG L&T Holding II (NQ) Pte. Ltd., BREPVIII SBS Indian L&THolding II (NQ) Ltd. and BREPAsia SBS Indian L&T Holding II (NQ) Ltd. in relation to the securities of PBPL PBPPL Pluto Business Parks Private Limited PBPPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, PBPPL, BREP Asia SG L&T Holding II (NQ) Pte. Ltd., BREPVIII SBS Indian L&THolding II (NQ) Ltd. and BREPAsia SBS Indian L&T Holding II (NQ) Ltd. in relation to the securities of PBPPL PBSEPL Prima Bay Solar Energy Private Limited “Portfolio Asset(s)” or Assets which will be directly or indirectly owned by Knowledge Realty Trust “Portfolio” prior to listing in terms of the SEBI REIT Regulations, in this case being collectively, (i) Sattva Knowledge City, (ii) Sattva Knowledge Park,

(iii) Sattva Knowledge Capital, (iv) One BKC, (v) OneWorld Center, (vi) One International Center, (vii) One Unity Center, (viii) Prima Bay, (ix) Cessna Business Park, (x) Exora Business Park, (xi) Sattva Global City, (xii) Sattva Softzone, (xiii) Sattva Knowledge Court, (xiv) Sattva Techpoint, (xv) One Trade Tower, (xvi) Sattva Horizon, (xvii) Sattva Touchstone, (xviii) Sattva Infozone, (xix) Sattva Magnificia I, (xx) Sattva Magnificia II, (xxi) Sattva South Avenue, (xxii) Sattva Eminence, (xxiii) Sattva Cosmo Lavelle,

(xxiv) Sattva Premia, (xxv) Sattva Supreme, (xxvi) Sattva Endeavour,

(xxvii) Sattva Spectrum, (xxviii) Kosmo One, (xxix) One Qube*, (xxx) Fintech One, and (xxxi) the Solar Assets. * OneQubeissubjecttoordersinrelationtotheInterventionApplicationfiledbeforetheHigh CourtofJudicatureatDelhiin2024.TheSponsorsundertaketotakeallnecessarystepsand actionsasmayberequiredvis-à-vistheInterventionApplicationtoensurethevalidityofthe OQRPLSAAtobeconsummatedaspartoftheInitialPortfolioAcquisitionTransactions.For further details, see “Legal and Other Information” on page 703.

792Term Description Prima Bay PrimaBaysituatedatPrimaBay,CTSNo.117A/1D,GateNo.5,TC–II,Saki Vihar Road, Powai, Mumbai – 400072, Maharashtra and owned by PBPL Prima Bay Solar Prima Bay Solar situated at Gut No. 103, Javly Ravly Hill, Sakri, Brahmanvel MIDC, Dhule, Maharashtra, 424304 and owned by PBSEPL Projections Projections in relation to the Knowledge Realty Group for FY26, FY27, FY28 andFY29preparedinaccordancewiththeSEBIREITRegulationsasamended from time to time and any circulars and guidelines issued thereunder Projections Period The four FYs commencing April 1, 2025 and ending March 31, 2029 PSBPPL Pluto Solista Business Parks Private Limited PSBPPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, PSBPPL, BREP Asia II Indian Holding Co VII (NQ) Pte.

Ltd. and its nominee shareholders, if any, in relation to the securities of PSBPPL QITPL Quadro Info Technologies Private Limited QITPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, QITPL, Vriddhii Family Trust, Sattva Sponsor, Apurva Salarpuria, Archana Salarpuria, Rakesh Salarpuria HUF, Devina Salarpuria and Vidhika Avyaan Salarpuria Trust in relation to the securities of QITPL REIT Debt Financing The debt financing proposed to be raised by the Knowledge Realty Trust subsequent to the listing of the Units of the Knowledge Realty Trust REIT Distributions Atleast90%ofthenetdistributablecashflowsoftheKnowledgeRealtyTrust declared and distributed by the Manager as distributions to the Unitholders REIT IPO Committee The REIT IPO committee of the board of directors of the Manager REIT Management Fees payable to the Manager by the Knowledge Realty Trust in consideration Fees for services rendered by the Manager pursuant to the Investment Management Agreement Risk Management The risk management committee of the board of directors of the Manager Committee Sattva Cosmo Lavelle Sattva Cosmo Lavelle situated at Lavelle Road, Bengaluru 560 025, Karnataka, India and owned by HRPL Sattva Eminence Sattva Eminence situated at Outer Ring Road, Bengaluru 560 103, Karnataka, India and owned by DBRPL Sattva Endeavour Sattva Endeavour situated at Electronic City Phase II, Bengaluru 560 100, Karnataka, India and owned by DHPL Sattva Global City Sattva Global City situated off Mysuru Highway, Pattangere, Bengaluru 560 074, Karnataka, India and owned by GVTPL Sattva Group The Sattva Sponsor and its affiliates Sattva Horizon Sattva Horizon situated off Airport Road, Yelahanka, Bengaluru 560 064, Karnataka, India and owned by SHPL Sattva Infozone Sattva Infozone situated at Electronic City Phase II, Bengaluru 560 100, Karnataka, India and owned by QITPL Sattva Intellectual Intellectual property license agreement dated March 5, 2025, executed Property License between, the Sattva Sponsor, the Knowledge Realty Trust, and the Manager Agreement Sattva Knowledge Sattva Knowledge Capital situated at Financial District, Nanakramguda, Capital Hyderabad 500 032, Telangana, India and owned by DIPL and SKCPL Sattva Knowledge Sattva Knowledge City situated at HITEC City, Raidurg, Hyderabad 500 081, City Telangana, India and owned by DRPL Sattva Knowledge Sattva Knowledge Court situated at Brookefield, Bengaluru 560 066, Court Karnataka, India and owned by DHRPL 793Term Description Sattva Knowledge Sattva Knowledge Park situated at HITEC City, Raidurg, Hyderabad 500 081, Park Telangana, India and owned by WRPL Sattva Magnificia Sattva Magnificia situated at K R Puram, Old Madras Road, Bengaluru 560 (I & II) 036, Karnataka, India and owned by DEPL and STPL Sattva Magnificia I 0.09 msf of Sattva Magnificia (I & II) held by DEPL Sattva Magnificia II 0.10 msf of Sattva Magnificia (I & II) owned by STPL Sattva Premia Sattva Premia situated at Kadubeesanahalli, Outer Ring Road, Bengaluru 560 103, Karnataka, India and owned by SDPL Sattva Softzone Sattva Softzone situated at Bellandur, Outer Ring Road, Bengaluru 560 103, Karnataka, India and owned by STPL Sattva South Avenue Sattva SouthAvenue situated at Electronic City Phase II, Bengaluru 560 100, Karnataka, India and owned by JRPL Sattva Spectrum Sattva Spectrum situated at Sarjapur Road, Kaikondrahalli, Bengaluru 560 035, Karnataka, India and owned by STPL Sattva Sponsor Sattva Developers Private Limited

Sattva Sponsor Group The Sattva Sponsor and the following persons:

(i) Vridhii Family Trust

(ii) Bijay Kumar Agarwal;

(iii) Niru Agarwal;

(iv) Sattva Real Estate Private Limited;

(v) Neelanchal Properties LLP;

(vi) Darshita Landed Property LLP;

(vii) NABS Vriddhii LLP (formerly known as Neelanchal Edifice LLP);

(viii) Neelanchal Mansion Clump LLP;

(ix) Mindcomp Constructions LLP;

(x) Neelanchal Investments; and

(xi) Gaurav Commodeal Private Limited.

Sattva Supreme SattvaSupremesituatedatMarathahalli,OuterRingRoad,Bengaluru560037, Karnataka, India and owned by STPL Sattva Techpoint Sattva Techpoint situated at Koramangala, 100 feet Road, Bengaluru 560 068, Karnataka, India and owned by SGNPL Sattva Touchstone Sattva Touchstone situated at Kabubeesanahalli, Outer Ring Road, Bengaluru 560 103, Karnataka, India and by STPL SDPL Salarpuria Developers Private Limited SDPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, SDPL, Rakesh Salarpuria HUF jointly with Vinita Salarpuria (Partner of Vaishali Finance Corporation), Vinita Salarpuria, Apurva Salarpuria, Right Aid Associates Private Limited, Merlin Industrial Development Limited, Ramir Commercial Private Limited, Shivgauri Jewellers Private Limited, the Sattva Sponsor, Vriddhii Family Trust and Devina Salarpuria in relation to the securities of SDPL SGNPL Salarpuria Griha Nirman Private Limited SGNPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, SGNPL, Archana Salarpuria, Apurva Salarpuria, Sattva Sponsor, Vriddhii Family Trust, Devina Salarpuria, Rakesh Salarpuria HUF in relation to the securities of SGNPL 794Term Description Shareholder Debt DebttobeprovidedbytheKnowledgeRealtyTrusttotherelevantAssetSPVs and Investment Entities for the purpose as mentioned in the Shareholder Debt Documentation, including for the purpose of partial or complete repayment or prepayment of loans, facilities and deferred payment obligations availed from banksandotherfinancialinstitutionsorotherpartiesandforgeneralcorporate purposes Shareholder Debt Documentation proposed to be entered/entered into between the Knowledge Documentation Realty Trust and the relevant Portfolio Assets, in relation to the Shareholder Debt SHPL SattvaHorizonPrivateLimited(formerlyknownasSiddeshwariGrihaNirman Private Limited) SHPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, SHPL, Vriddhii Family Trust, the Sattva Sponsor, Darshita Landed Property LLP, Neelanchal Properties LLP and Sattva Real Estate Private Limited in relation to the securities of SHPL SIMPL Sattva Infra Management Private Limited SIMPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, SIMPL, Vriddhii Family Trust, Sattva Sponsor, Sattva Real Estate Private Limited, Darshita Landed Property LLP, NABS Vriddhii LLP, Neelanchal Properties LLP, Neelanchal Mansion Clump LLP, Neelanchal Investments, Gaurav Commodeal Private Limited and Sattva Lifestyle Homes LLP, in relation to the securities of SIMPL SKCPL Sattva Knowledge Centre Private Limited (formerly known as Jaganmayi Realtors Private Limited) SKCPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, SKCPL, Vriddhii Family Trust, Pradyumna Kumar Mishra, Ravish Agarwal, Ashwin Sancheti, Vithal Vyas, Amit Agarwal, Pavan Kumar Agrawal, Amit Bagla, Sumanta Kumar Basu, Bhat Mahabaleshwar G, Rita Agarwal and Mindcomp Constructions LLP, in relation to the securities of SKCPL Softzone Scheme of Composite scheme of arrangement dated November 5, 2024, which was Arrangement approved by the NCLT, Kolkata on June 18, 2025 pursuant to which STPL holds (i) Sattva Softzone; (ii) Sattva Touchstone; (iii) Sattva Magnificia II;

(iv) Sattva Supreme; and (v) Sattva Spectrum, with an appointed date of April 1, 2024 Solar Assets Collectively, One BKC Solar, Prima Bay Solar, Karnataka Solar – I and Karnataka Solar – II Solar Parks Collectively, One BKC Solar and Prima Bay Solar 795Term Description Special Purpose The special purpose combined financial statements of the Knowledge Realty Combined Financial Trust comprising of the special purpose combined balance sheet as at March Statements 31, 2025, March 31, 2024 and March 31, 2023; the special purpose combined statement of profit and loss (including other comprehensive income), the special purpose combined statement of cash flows, the special purpose combined statement of changes in equity for the years ended March 31, 2025, March 31, 2024 and March 31, 2023, and a summary of material accounting policies and other explanatory information with other additional disclosures.

The Special Purpose Combined Financial Statements have been prepared in accordance with the Guidance Note on Combined and Carve Out Financial Statements, Guidance Note on Reports in Company Prospectuses (Revised

2019) issued by the Institute of CharteredAccountants of India (“ICAI”) (the “Guidance Notes”), to the extent not inconsistent with Securities Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, SEBI master circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 for real estate investment trusts dated July 11, 2025 (“SEBI Circular”) and other circulars issuedthereunder,asamendedfromtimetotimeandinaccordancewithIndian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and presentationrequirementsofDivisionIIofScheduleIIItotheCompaniesAct, 2013 (as amended from time to time), with the exceptions and modifications as mentioned in the SEBI REIT Regulations.

SPMPL Sattva Properties Management Private Limited SPMPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager,Trustee, SPMPL,Vriddhii FamilyTrust, Sattva Sponsor, Sattva Real Estate Private Limited, Darshita Landed Property LLP, NABS Vriddhi LLP, Neelanchal Properties LLP, Neelanchal Mansion Clump LLP, Neelanchal Investments, Gaurav Commodeal Private Limited, Sattva Lifestyle Homes LLP in relation to the securities of SPMPL Sponsor Groups Collectively, the Blackstone Sponsor Group and the Sattva Sponsor Group Sponsors Collectively, the Blackstone Sponsor and the Sattva Sponsor Sponsor Support Sponsor support services agreement dated July 24, 2025, entered into between Agreement the Manager and the Sattva Sponsor.

SPV(s) Special purpose vehicles, as defined in Regulation 2(l)(zs) of the SEBI REIT Regulations collectively, (i) CGDPL, (ii) DEPL, (iii) DHPL, (iv) DIPL,

(v) EBPPL, (vi) KOBPPL, (vii) NDPL, (viii) OBSEPL, (ix) OICPL,

(x) OQRPL, (xi) OWCPL, (xii) PABPPL, (xiii) PBPPL, (xiv) PBSEPL,

(xv) SKCPL, (xvi) SRPPL, (xvii) WRPL and (xviii) DRPL SRPPL Shirasa Regency Park Private Limited SRPPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, SRPPL, Vriddhii Family Trust, Mindcomp Constructions LLP and the Sattva Sponsor in relation to the securities of SRPPL Stakeholders’ The stakeholders’ relationship committee of the board of directors of the Relationship Manager Committee STPL Softzone Tech Park Limited 796Term Description STPL SAA Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, STPL, Rudranath Realtors Private Limited, Tunganath Realtors Private Limited, Kalpeshwar Realtors Private Limited, Archana Salarpuria,Apurva Salarpuria, Mukta Commercials Private Limited, Neetneel India Private Limited, Devina Salarpuria, Apurva Salarpuria HUF, Rakesh Salarpuria HUF, Jaigania Commercials Private Limited, J.J. Stock Trust PrivateLimited,RamirCommercialPrivateLimited,BluestGoods&Services Private Limited, Mandya Finance Company Limited, Merlin Industrial Development Limited, Vidhika Avyaan Salarpuria Trust (represented by its trustee Apurva Salarpuria), Baid Finex Services Private Limited, Baid Trade Fina Private Limited, Right Aid Associates Private Limited, Shivgauri Jewellers Private Limited, Vinita Salarpuria, Rakesh Salarpuria HUF jointly with Vinita Salarpuria (Partner of Vaishali Finance Corporation), Canton Properties Private Limited, Belfast Holdings Private Limited, Ganpatrao Dokania HUF, Sattva Sponsor, Bijay Kumar Agarwal, Niru Agarwal, Sattva Real Estate Private Limited, Darshita Landed Property LLP, Neelanchal Properties LLP and Bijay KumarAgarwal HUF in relation to the securities of STPL.

Summary Valuation Summary valuation report issued by the Valuer in relation to the Knowledge Report Realty Trust, as included in this Offer Document Trust Deed The trust deed dated October 10, 2024, as amended and restated on July 18, 2025, entered into amongst the Manager (as the settlor of the Knowledge Realty Trust), the Blackstone Sponsor, the Sattva Sponsor and the Trustee Trustee Axis Trustee Services Limited Unitholders Any person or entity who holds Units of the Knowledge Realty Trust Units An undivided beneficial interest in the Knowledge Realty Trust, and such Units together represent the entire beneficial interest in the Knowledge Realty Trust Valuation Report Full valuation report dated July 12, 2025, issued by the Valuer in relation to Knowledge Realty Trust Valuer iVAS Partners, represented by its partner Shubhendu Saha, valuer of the Knowledge Realty Trust WRPL Worldwide Realcon Private Limited WRPL SAA – I Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, WRPL, BREP Asia SG DRPL Holding (NQ) Pte. Ltd., BREP Asia SBS DRPL Holding (NQ) Ltd. and BREP VIII Asia SBS DRPL Holding (NQ) Ltd. in relation to the securities of WRPL WRPL SAA – II Share acquisition agreement dated July 25, 2025, executed amongst the Manager, Trustee, WRPL, Sattva Sponsor, Sattva Real Estate Private Limited, Neelanchal Properties LLP and Darshita Landed Property LLP in relation to the securities of WRPL Year of The calendar year in which the occupancy certificate has been obtained commencement Issue related terms Term Description Acknowledgment Slip The slip or document issued by the Designated Intermediary to a Bidder as proof of registration of the Bid cum Application Form 797Term Description Allocated or FollowingthedeterminationoftheIssuePricebytheManager,inconsultation Allocation with the Lead Managers, the allocation of Units to Bidders on the basis of the Application Form submitted by the Bidder Allot or Allotment or Unless the context otherwise requires, the issue, transfer, and allotment of Allotted Units to be issued pursuant to the Issue Allotment Advice Note, advice or intimation of Allotment sent to the successful Bidders who have been or are to be Allotted Units after the Basis of Allotment has been approved by the Designated Stock Exchange Allottees The successful Bidders to whom Units are Allotted Anchor Investor An Institutional Investor, applying under the Anchor Investor Portion in accordance with the requirements specified in the SEBI REITRegulations and the SEBI Master Circular in terms of this Offer Document Anchor Investor Price at which Units will be allocated to Anchor Investors in terms of this Allocation Price Offer Document, decided by the Manager, in consultation with the Lead Managers Anchor Investor The form used by an Anchor Investor to make a Bid in the Anchor Investor Application Form Portion and which will be considered as an application forAllotment in terms of this Offer Document and the Final Offer Document Anchor Investor Bid/ One Working Day prior to the Bid/Issue Opening Date, on which Bids by Issue Period Anchor Investors are to be submitted and allocation toAnchor Investors shall be completed Anchor Investor Issue Final price at which Units will beAllotted toAnchor Investors in terms of this Price Offer Document and the Final Offer Document, which price will be equal to or higher than the Issue Price but not higher than the Cap Price. The Anchor Investor Issue Price will be decided by the Manager, in consultation with the Lead Managers Anchor Investor Up to 60% of the Institutional Investor Portion which may be allocated to Portion Anchor Investors by the Manager, in consultation with the Lead Managers on a discretionary basis Application Supported Application, whether physical or electronic, used byASBABidders to make a by Blocked Amount or Bid and authorizing an SCSB to block the Bid Amount in the ASBAAccount ASBA and will include applications made by individual Non-Institutional Investors using the UPI Mechanism where the Bid Amount will be blocked upon acceptance of UPI Mandate Request by individual Non-Institutional Investors using the UPI Mechanism ASBAAccount Bank account maintained with an SCSB by an ASBA Bidder, as specified in the ASBA Form submitted by ASBA Bidders for blocking the Bid Amount mentioned in the relevantASBAForm and includes the account of individual Non-Institutional Investors which is blocked upon acceptance of a UPI Mandate Request made by the individual Non-Institutional Investors using the UPI Mechanism ASBA Bid A Bid made by an ASBA Bidder including all revisions and modifications thereto as permitted under the SEBI REIT Regulations and the SEBI Master

Circular ASBA Bidder All Bidders other than Anchor Investors and Strategic Investors ASBA Form An application form, whether physical or electronic, used by ASBA Bidders whichwillbeconsideredastheapplicationforAllotmentintermsofthisOffer Document and the Final Offer Document 798Term Description Axis Capital Axis Capital Limited Bankers to the Issue Collectively, the Escrow Collection Bank(s), the Public Issue Account Bank(s), the Sponsor Bank(s) and the Refund Bank(s), as the case may be Basis of Allotment ThebasisonwhichUnitswillbeAllottedtosuccessfulBiddersundertheIssue and which is described in “Issue Information” on page 660 Bid Amount The highest value of optional Bids indicated in the Bid cumApplication Form and payable by the Bidder or blocked in the ASBA Account of the ASBA Bidder or the amount payable by any Strategic Investors, as the case may be, upon submission of the Bid in the Issue Bid cum Application The Anchor Investor Application Form or the ASBA Form, as the context Form requires Bid Lot [●] Units and [●] Units thereafter Bid(s) AnindicationtomakeanofferduringtheBid/IssuePeriodbyanASBABidder pursuant to submission of the ASBA Form, or during the Anchor Investor Bid/Issue Period by anAnchor Investor pursuant to submission of theAnchor InvestorApplicationForm,tosubscribetoorpurchaseUnitsoftheKnowledge Realty Trust at a price within the Price Band, including all revisions and modificationstheretoaspermittedandincludinganyparticipationbyStrategic InvestorsundertheSEBIREITRegulationsandtheSEBIMasterCircular.The term “Bidding” shall be construed accordingly Bid/Issue Closing Except in relation to any Bids received from the Anchor Investors and Date StrategicInvestors,thedateafterwhichtheDesignatedIntermediarieswillnot accept any Bids, which will be published in (i) all editions of Business Standard (a widely circulated English and Hindi national daily newspaper);

and (ii) Mumbai edition of Navshakti (a Marathi daily newspaper with wide circulation in Maharashtra) Bid/Issue Opening Except in relation to any Bids received from theAnchor Investors, the date on Date which the Designated Intermediaries shall start accepting Bids, which will be published in (i) all editions of Business Standard (a widely circulated English and Hindi national daily newspaper) and (ii) Mumbai edition of Navshakti (a Marathi daily newspaper with wide circulation in Maharashtra) Bid/Issue Period The period between the Bid/Issue Opening Date and the Bid/Issue Closing Date, inclusive of both days, during which prospective Bidders can submit their Bids, including any revisions thereof Bidder Any prospective investor who makes a Bid pursuant to the terms of this Offer Document and the Bid cum Application Form and for a Strategic Investor in terms of the Unit Subscription Agreement with such investor and unless otherwise states or implies, includes an Anchor Investor and a Strategic Investor Bidding Centers Centers at which the Designated Intermediaries shall accept ASBA Forms, i.e., Designated Branches for SCSBs, Specified Locations for Syndicate, Broker Centres for Registered Brokers, Designated RTA Locations for RTAs and Designated CDP Locations for CDPs BofA BofA Securities India Limited Book Building Process The book building process, as provided under the SEBI REITRegulations and the SEBI Master Circular 799Term Description “Book Running Lead Kotak,AxisCapital,BofA,IIFL,I-Sec,JMFinancial,MorganStanleyandSBI Managers” or CAPS “BRLMs” or “LMs” or “Lead Managers” Broker Centres Centres notified by the Stock Exchanges whereASBABidders can submit the ASBA Forms to a Registered Broker.

The details of such Broker Centres, along with the names and contact details oftheRegisteredBrokersareavailableontherespectivewebsitesoftheStock Exchanges (www.bseindia.com and www.nseindia.com) “CAN” or Notice or intimation to Anchor Investors confirming Allocation of Units to “Confirmation of such Investors after the Anchor Investor Bid/Issue Period and Strategic Allocation Note” Investors, as applicable Cap Price Higher end of the Price Band, subject to any revision thereto being ₹[●] per Unit, above which the Issue Price and theAnchor Investor Issue Price will not be finalized and above which no Bids will be accepted Cash Escrow and Agreement dated July 24, 2025 entered into amongst theTrustee (on behalf of Sponsor Bank the Knowledge Realty Trust), the Manager, the Registrar to the Issue, the Agreement Escrow Collection Bank(s), the Public Issue Account Bank(s), the Refund Bank(s), the Syndicate Members, the Sponsor Bank and the Lead Managers for, inter alia, collection of the BidAmounts and for remitting refunds, if any, of the amounts collected, to the Bidders Client ID Client identification number maintained with one of the Depositories in relation to a demat account Closing Date The date on which Allotment of Units pursuant to the Issue is expected to be made “Collecting Depository A depository participant as defined under the Depositories Act, 1996, Participant “or “CDP” registered with SEBI and who is eligible to procure Bids at the Designated CDP Locations in terms of circular no. CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015 issued by SEBI Cut-off Price The Issue Price of the Units to beAllocated pursuant to the Issue which shall be finalized by the Manager, in consultation with the Lead Managers Demographic Details Details of the Bidders including the Bidder’s address, name of the Bidder’s father/husband, investor status, PAN, occupation, bank account detail and UPI ID, wherever applicable “Depository A depository participant as defined under the Depositories Act Participant” or “DP” Designated Branches Such branches of the SCSBs which shall collect the ASBA Forms, a list of

which is available on the website of SEBI at https://www.sebi.gov.in/sebiweb/ other/OtherAction.do?doRecognised=yes or at such other website as may be prescribed by SEBI from time to time Designated CDP Such locations of the CDPs where Bidders can submit the ASBA Forms.

Locations The details of such Designated CDP Locations, along with names and contact details of the Collecting Depository Participants eligible to accept Bid cum Application Forms are available on the respective websites of the Stock Exchanges (www.bseindia.com and www.nseindia.com) 800Term Description Designated Date The date on which funds are transferred from the EscrowAccounts and/or the instructions are issued to SCSBs (in case of individual Non-Institutional Investors using the UPI Mechanism, instructions issued through the Sponsor Bank) are transferred from the ASBA Accounts, as the case may be, to the Public Issue Account(s) or the Refund Account(s), as appropriate Designated Syndicate, sub-syndicate/members, SCSBs, Registered Brokers, CDPs and Intermediaries RTAs, who are authorized to collectASBAForms from theASBABidders, in relation to the Issue Designated RTA Such locations of the RTAs where Bidders can submitASBAForms to RTAs.

Locations The details of such Designated RTALocations, along with names and contact detailsoftheRTAseligibletoacceptBidcumApplicationFormsareavailable on the respective websites of the Stock Exchanges (www.bseindia.com and www.nseindia.com) Designated Stock NSE Exchange DP ID Depository participant’s Identification Draft Offer Document TheDraftOfferDocumentdatedMarch6,2025,issuedinaccordancewiththe SEBI REITRegulations and the SEBI Master Circular, which does not contain complete particulars of the Issue including the price at which the Units will be Allotted and the size of the Issue Eligible NRI(s) NRI(s) from jurisdictions outside India where it is not unlawful to make an offerorinvitationundertheIssueandinrelationtowhomtheASBAFormand this Offer Document will constitute an invitation to subscribe to the Units Escrow Accounts ‘No-lien’ and ‘non-interest bearing’ accounts opened with the Escrow Collection Bank(s) and in whose favor Anchor Investors and Strategic Investors will transfer money through direct credit/NEFT/NECS/RTGS in respect of the Bid Amount when submitting a Bid Escrow Collection Bank which is a clearing member and registered with SEBI as banker(s) to an Bank offer, under the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994, and with whom the EscrowAccount(s), have been opened, in this case being Axis Bank Limited Final Offer Document TheFinalOfferDocumenttobefiledwithSEBIandtheStockExchangesafter the Pricing Date in accordance with the SEBI REIT Regulations and the SEBI Master Circular containing, amongst other things, the Issue Price that is determined at the end of the Book Building Process, the size of the Issue and certain other information, including any addenda or corrigenda thereto First Bidder Bidder whose name shall be mentioned first in the Bid cumApplication Form or the Revision Form and in case of joint Bids, whose name shall also appear as the first holder of the beneficiary account held in joint names Floor Price The lower end of the Price Band, subject to any revision thereto, in this case being ₹[●] at or above which the Issue Price and the Anchor Investor Issue Price and the Strategic Investor Issue Price will be finalized and below which no Bids will be accepted Gross Proceeds Gross proceeds of the Issue that will be available to Knowledge Realty Trust IIFL IIFL Capital Services Limited (formerly known as IIFL Securities Limited) Institutional Investor Portion of the Issue (including the Anchor Investor Portion) being not more Portion than 75% of the Issue, comprising not more than [●] Units which shall be availableforallocationtoInstitutionalInvestors(includingAnchorInvestors), subject to valid Bids being received at or above the Issue Price 801Term Description Institutional Investors Institutional Investor means (i) a Qualified Institutional Buyer, or (ii) a family trustorintermediaryregisteredwithSEBI,withnet-worthofmorethan₹5,000 million as per the last audited financial statements I-Sec ICICI Securities Limited “Issue” or “Offer” Initial public offer of up to [●] Units aggregating up to ₹48,000 million by the Knowledge Realty Trust Issue Agreement Agreement dated March 6, 2025, read with the amendment agreement dated July 18, 2025, entered into amongst the Trustee, the Manager, the Blackstone Sponsor, the Sattva Sponsor and the Lead Managers Issue Price ₹[●]perUnit,beingthefinalpriceatwhichUnitswillbeAllottedtosuccessful Bidders, other than Anchor Investors and Strategic Investors, in terms of this Offer Document. The Issue Price will be decided by the Manager in consultation with the Lead Managers on the Pricing Date Issue Proceeds The gross proceeds of the Issue Issue Size The Issue, aggregating up to ₹48,000 million JM Financial JM Financial Limited Kotak Kotak Mahindra Capital Company Limited Listing Agreement ListingagreementtobeenteredintowiththeStockExchangesbytheManager ortheTrusteeonbehalfoftheKnowledgeRealtyTrust,inlinewiththeformat asspecifiedundertheSEBImastercircularnumberSEBI/HO/CFD/PoD2/CIR/ P/0155 dated November 11, 2024 on “Master circular for compliance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 by listed entities Listing Date The date on which the Units of the Knowledge Realty Trust will be listed on the Stock Exchanges Minimum Bid Size ₹[●] million, for Bidders other thanAnchor Investors and Strategic Investors, ₹[●] million forAnchor Investors and 5% of the total Issue size (either jointly or severally) for Strategic Investors Morgan Stanley Morgan Stanley India Company Private Limited Mutual Funds Mutual funds registered with SEBI under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended “NAV” or “Net Asset Net asset value Value” Net Proceeds Proceeds of the Issue, i.e, Gross Proceeds less the Issue expenses “Non-Institutional All Bidders, that are not QIBs (including Anchor Investors) and Strategic Investors” or Investors, who have Bid for Units in the Issue “Non-Institutional Bidder” Non-Institutional Portion of the Issue being not less than 25% of the Issue, comprising at least Investor Portion [●] Units, which shall be available for allocation on a proportionate basis to Non-Institutional Investors, subject to valid Bids being received at or above the Issue Price “Non-Resident Indian” An individual resident outside India who is a citizen or is an ‘overseas citizen or “Non-Resident” or of India’cardholder within the meaning of Section 7Aof the CitizenshipAct, “NRI” 1955 and includes a Non-Resident Indian, FVCIs, FIIs and FPIs 802Term Description Offer Document This Offer Document dated July 29, 2025, issued in accordance with the provisionsoftheSEBIREITRegulationsandtheSEBIMasterCircular,which does not have complete particulars of the Price Band and the Issue Price at which the Units will be offered and the size of the Issue, including any addenda or corrigenda.

This Offer Document will be filed with SEBI and the Stock Exchanges at least five Working Days prior to the Bid/Issue Opening Date and shall become the FinalOfferDocumentwhichshallbefiledwithSEBIandtheStockExchanges after the Pricing Date Pay-in Date The last date specified in the CAN for payment of application monies by the Anchor Investors and Strategic Investors, which shall be no later than two Working Days from the Bid/Issue Closing Date/Pricing Date, as applicable Price Band Price band between the minimum price of ₹[●] per Unit (Floor Price) and the maximum price of ₹[●] per Unit (Cap Price). The Price Band will be decided by the Manager, in consultation with the Lead Managers, and will be advertised at least two Working Days prior to the Bid/Issue Opening Date, on the websites of the Knowledge Realty Trust, the Manager, the Sponsors and shall be made available to the Stock Exchanges for the purpose of uploading on their respective websites Pricing Date The date on which the Manager in consultation with the Lead Managers shall finalize the Issue Price Public Issue Account ‘No-lien’ and ‘non-interest bearing’ bank account opened to receive monies from the Escrow Account and from the ASBA Accounts on the Designated Date Public Issue Account ThebankwhichisaclearingmemberandregisteredwithSEBIundertheSEBI Bank BTI Regulations, as a banker to an issue and with which the Public Issue Account will be opened, in this case being ICICI Bank Limited “Qualified Qualified institutional buyers as defined in Regulation 2(l)(ss) of the SEBI Institutional Buyers” ICDR Regulations or “QIB(s)” Refund Account ‘No-lien’ and ‘non-interest bearing’ account opened with the Refund Bank, from which refunds, if any of the whole or part of the BidAmount toAnchor Investors shall be made Refund Bank Bank which is a clearing member and registered with SEBI as a banker to an issue, under the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994, and with whom the RefundAccount(s), will be opened, in this case being Axis Bank Limited Registered Brokers Stock brokers registered with the stock exchanges having nationwide terminals, other than the Lead Managers and the Syndicate Members, eligible to procure Bids in terms of Circular No. CIR/CFD/14/2012 dated October 4, 2012 issued by SEBI Registrar Agreement The agreement dated March 4, 2025, entered into between the Trustee (on behalf of, and acting in its capacity as the Trustee to, the Knowledge Realty Trust), the Manager and the Registrar to the Issue in relation to the responsibilities and obligations of the Registrar to the Issue pertaining to the Issue 803Term Description “Registrar and Share Registrar and share transfer agents registered with SEBI and eligible to Transfer Agents” or procure RTAs Bids at the Designated RTA Locations in terms of master “RTAs” circular no. SEBI/HO/MIRSD/POD-1/P/CIR/2024/37 dated June 23, 2025, issued by SEBI “Registrar to the KFin Technologies Limited Issue” or “Registrar” Revision Form Form used by the Bidders to modify the quantity of Units or the Bid Amount in any of their ASBA Form(s) or any previous Revision Form(s).

Bidders are not allowed to withdraw or lower their Bids (in terms of number of Units or the Bid Amount) at any stage. Bidders are permitted to make upward revisions in their Bids SBI CAPS SBI Capital Markets Limited “Self Certified The banks registered with SEBI, which offer the facility of ASBA:

Syndicate Bank(s)” or in relation toASBA, where the BidAmount will be blocked by authorizing an “SCSB(s)” SCSB, a list of which is available on the website of SEBI at www.sebi.gov.in/ sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=34 or www.sebi.gov.in/ sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35, as applicable and updated from time to time and at such other websites as may be prescribed by SEBI from time to time; and in relation to the individual Non- Institutional Investors using the UPI Mechanism, a list of which is available on the website of SEBI at www.sebi.gov.in/sebiweb/other/ OtherAction.do?doRecognisedFpi=yes& intmId=40 or such other website as may be prescribed by SEBI and updated from time to time Specified Locations Bidding centres where the Syndicate shall accept ASBA Forms from Bidders Sponsor Bank(s) Axis Bank Limited and ICICI Bank Limited, being Banker(s) to the Issue, appointed to act as a conduit between the Stock Exchanges and NPCI in order to push the mandate collect requests and/or payment instructions of the individual Non-Institutional Investors using UPI Mechanism and carry out other responsibilities, in terms of the UPI Circular Strategic Investor Price at which Units will be allocated to Strategic Investors in terms of this Allocation Price Offer Document and the relevant Strategic Investor Unit Subscription Agreements, decided by the Manager, in consultation with the Lead Managers Strategic Investor Final price at which Units will be Allotted to Strategic Investors in terms of Issue Price this Offer Document and the Final Offer Document, which price will be equal to or higher than the Issue Price. The Strategic Investor Issue Price will be decided by the Manager in consultation with the Lead Managers Strategic Investors Strategic investors as defined under Regulation 2(1)(ztb) of the SEBI REIT Regulations. For further details, see “The Issue – Strategic Investor Portion” on page 621.

Syndicate Agreement Agreement dated July 24, 2025, entered into between the Trustee, the Manager, the Sponsors and the Lead Managers and the Syndicate Members in relation to collection of Bid cum Application Forms by the Syndicate Syndicate Members Intermediaries (other than the Lead Managers) registered with SEBI who are permitted to accept bids, applications and place order with respect to the Issue and carry out activities as an underwriter, namely, JM Financial Services Limited, Kotak Securities Limited, SBICAP Securities Limited and Investec Capital Services (India) Private Limited 804Term Description “Syndicate” or The Lead Managers and the Syndicate Members “Members of the Syndicate” Underwriters [●] Underwriting AgreementtobeenteredintobetweentheTrustee(onbehalfoftheKnowledge Agreement Realty Trust), the Trustee, the Underwriters, the Manager and the Sponsors UPI Unifiedpaymentsinterfacewhichisaninstantpaymentmechanism,developed by NPCI UPI Circular SEBI circular number SEBI/HO/DDHS/DDHS_Div3/P/CIR/2022/086 dated June 24, 2022 and any subsequent circulars or notifications issued by SEBI in this regard UPI ID IDcreatedontheUPIforsingle-windowmobilepaymentsystemdevelopedby the NPCI UPI Mandate Request A request (intimating the individual Non-Institutional Investors using UPI Mechanism by way of a notification on the UPI linked mobile application as disclosed by SCSBs on the website of SEBI and by way of an SMS on directing the individual Non-Institutional Investors to such UPI linked mobile application) to the individual Non-Institutional Investors initiated by the SponsorBanktoauthorizeblockingoffundsontheUPIapplicationequivalent to Bid Amount and subsequent debit of funds in case of Allotment UPI Mechanism ThebiddingmechanismthatmaybeusedbyaNon-InstitutionalInvestorusing theUPIMechanisminaccordancewiththeUPICirculartomakeanASBABid in the Issue Unit Subscription The agreements each dated July 24, 2025 entered into amongst Knowledge Agreement(s) Realty Trust (acting through the Trustee), the Manager, the Trustee and each of the Strategic Investors.

Working Day All days on which commercial banks in Mumbai, Maharashtra, India are open for business. In respect of announcement of Price Band and Bid/Issue Period, Working Day shall mean all days, excluding Saturdays, Sundays and public holidays, on which commercial banks in Mumbai are open for business. In respect of the time period between the Bid/Issue Closing Date and the listing of the Units on the Stock Exchanges, “Working Day” shall mean all trading days of the Stock Exchanges, excluding Sundays and bank holidays in India, as per circulars issued by SEBI, including the UPI Circular Technical, industry-related and other terms Term Description Absorption/Take up Represents the total office space known to have been let out to tenants or owner-occupiersduringthesurveyperiod.Apropertyisdeemedtobetaken-up only when contracts are signed, or a binding agreement exists.

Aditya Birla (i)Aditya Birla Finance Limited; (ii)Aditya Birla Money Limited; (iii)Aditya BirlaHousingFinanceLimited;(iv)AdityaBirlaSunLifeInsuranceCompany Limited; (v) Aditya Birla Sun Life AMC Limited; (vi) Aditya Birla Health Insurance Company Limited; (vii) Aditya Birla Insurance Brokers Limited;

(viii) Aditya Birla Financial Shared Services Limited; (ix) Aditya Birla ARC Limited; and (x) Aditya Birla Capital Limited 805Term Description Area Gross Leased Calculated as the office area leased, including but not limited to new Completed Area leased and any area which has been re-leased, in FY2023 to FY2025 Analog Devices Analog Devices India Private Limited Bare Shell Space delivered to the occupier with a simple, plain cement structure with water lines and common electric connection. The occupier (or the developer, at additional cost) will be required to carry out interior fit-outs, electrical and plumbing work Base Rent (psf per Base Rentals for the specified period month) (Occupied Area * monthly factor) Base Rentals (₹) Rental income contracted from the leasing of Completed Area; does not includefit-outandparkingincomeandotherincomefromF&B,retail,telecom and other amenity tenants.

BEE Bureau of Energy Efficiency BESCOM Bangalore Electricity Supply Company Limited BFSI Banking, financial services and insurance BKC Bandra Kurla Complex Blackstone Blackstone Inc.

Bn or bn Billion Business center Office development consisting of a single building/tower Business park Office development consisting of multiple buildings/towers CAGR Compound annual growth rate CAM Common area maintenance CAM Entities Our Investment Entities CAM Business or Currentandfuturebusinessofprovidingcommonareamaintenanceservicesto common area the tenants of the relevant asset maintenance business CGU Cash-generating units Cisco Cisco Systems India Private Limited and Cisco Commerce India Private Limited City-center office Office developments located in city center locations which are typically the buildings central business districts and extended business districts of the city; tenant profile primarily comprise of front office occupiers in the BFSI, Engineering and Manufacturing, Media and Communications, Research, Consulting and Analytics (RCA) amongst others and may not be preferred by technology tenants.

Committed Area Area for which (a) an agreement to lease/letter of intent has been signed, (b) lease commencement date is after the relevant fiscal/period and the building has received occupancy certificate prior to the relevant fiscal/period and (c) areaforwhichaHardOptionisavailablewithagreedfutureleasingconditions and the building has received occupancy certificate prior to the relevant fiscal/period.

Committed Occupancy Occupied Area + Committed Area (%) Completed Area Completed Area The Leasable Area of a property for which occupancy certificate has been received 806Term Description CSAT Customer Satisfaction score Development Represents the total area of new floor space that has reached practical Completions/Supply completion and is occupied, ready for occupation or an occupancy permit, where required, has been issued during the survey period. The status of the building will have been changed from space ‘Under Construction’ to ‘Completed’during the quarter. Development Completions are also known as ‘New Supply’ in some markets.

DPU Distributions per unit Effective Vacancy Calculated as Net Vacant space expressed as a percentage of Net Total Stock Rate (%) available for leasing.

Engg. & Mfg. or Engineering and manufacturing E&M ER&D Engineering, research and development Exits Represents the total space vacated by the tenants during the reporting period FAR Floor area ratio Foreign Direct Foreign direct investment (FDI) is a category of cross-border investment in Investment which an investor resident in one economy establishes a lasting interest in and a significant degree of influence over an enterprise resident in another economy.

Fortune 500 The Fortune 500 (Global) companies, which includes certain MNCs and domestic corporates. The Fortune 500 (Global) is an annual list compiled and published by Fortune magazine that ranks 500 of the largest private and publicly listed corporations worldwide by total revenue for their respective fiscal years.

FSI Floor space index FTE Full-time equivalent, a unit of measurement for a full-time workload of an individual Future Development Leasable Area of a property for which (i) either the master plan for Area (sf) development has been obtained and internal development plans are yet to be finalized or the master plan and internal development plans are yet to be finalized; and (ii) applications for requisite approvals required under the law for commencement of construction are yet to be made.

Future Development Area is indicative and may change based on applicable law and final approvals.

GCCs Global capability centres, which are offshore services hubs established by MNCs to perform strategic functions, leveraging knowledge-based talent, cost and operational efficiencies GCC units GCCunitsareindividualcentersthatmakeupaGCCandsingleGCCcanhave multiple units Grade A Refers to a development type of an office asset; Tenant profile should include prominent multinational corporations, while the building area should not be less than 10,000 sf. It should include an open plan office with large size floor plates, adequate ceiling height, 24 X 7 power back-up, supply of telephone lines,infrastructurefortheinternet,centralair-conditioning,spaciousandwell decorated lobbies, circulation areas, good lift services, sufficient parking facilities and should have centralized building management and security systems.

807Term Description GRIHA Green Rating for Integrated Habitat Assessment Gross Asset Value Market value of property, as of March 31, 2025 or GAV Gross Rentals (₹) GrossRentalsisthesumofBaseRentals,fit-out,carparkingincomeandother income from F&B, retail, telecom and other amenity tenants from Occupied Area for the month ended March 31, 2025.

Google Connect Google Connect Services India Private Limited Hard Option Firm commitments by the lessor within a lease agreement that gives the lessee an exclusive right but not an obligation for a specified period to lease an additionalidentifiedvacantcompletedspacewheretermsoftheareaforwhich the option is available have already be agreed for.

HSBC The Hongkong & Shanghai Banking Corporation Ltd Lumen Lumen IT India Private Limited IGBC Indian Green Building Council In-place Rent (psf per Base Rent for the month ended March 31, 2025 month) Institutional Refers to large-scale, high-quality projects undertaken by institutional Developments investorssuchasREITsandinvestmentfundsand/ordevelopmentswithGrade A facilities which are potential acquisition targets for institutional investors and are only available on a lease basis.

IT (Information Refers to a development type; includes buildings developed for occupiers Technology) involved in IT/ITeS operations (as defined in the National and State Level IT Developments Policies), inclusive of STPI (Software Technology Parks of India).

ITeS IT-enabled Services JFrog Jfrog India Private Limited kL Kiloliter Kredx Minions Ventures Private Limited ksf Thousand square feet KWp Kilowatt-peak Leasable Area/ Total Total square footage that can be occupied by a tenant for the purpose of Leasable Area (sf) determining a tenant’s rental obligations. Leasable Area is the sum of Completed Area, Under Construction Area and Future Development Area.

LEED Leadership in Energy and Environmental Design, an internationally recognized green building certification system LTV Loan to value ratio Market Occupancy Occupancy of the relevant sub-market, as per the CBRE Report Market Rent (psf per Base Rent estimates, as per the Industry Report (in the case of the relevant month) sub-market) and as per theValuation Report (in the case of the relevant asset), thatcanbeexpectedfromleasingoftheassettoatenantasofMarch31,2025;

does not include fit-out and parking income and other income from F&B, retail, telecom and other amenity tenants.

Market Rental (₹) Market Rent multiplied by the applicable Leasable Area assumed to be occupied by, or assigned to tenants pursuant to the relevant lease 808Term Description Market Value The market value as determined in the Valuation Report as at March 31, 2025 Marginal Rent Calculated as the weighted average of Base Rentals in respect of the Area Gross Leased in a particular Financial Year.

Marginal Rent growth TheCAGRofMarginalRentfromFY2022toFY2025inrespectofAreaGross (%) Leased in FY2025 as compared to FY2022 Microsoft Group Collectively,MicrosoftCorporationIndiaPrivateLimited,MicrosoftResearch Lab India Pvt. Ltd. and Microsoft India (R&D) Pvt. Ltd.

Mm or mm Million MMR MumbaiMetropolitanRegionwhichisspreadover6,328sq.km.encompasses Mumbai and surrounding areas including Navi Mumbai and Thane MNC Multinational corporation msf Million square feet MTM Mark to Market Nation Benefits NB Healthcare Technologies Private Limited NAV Net Asset Value National Instrument National Instrument Systems (India) Private Limited Net Absorption Gross Absorption minus Exits witnessed during the reporting period.

Net Debt to GAV The ratio of the net indebtedness of Knowledge Realty Trust to the GAV of Knowledge Realty Trust (as of March 31, 2025), expressed as a percentage Net Total Stock Representsthetotalstockexcludingdevelopmentsnotconsideredforeffective vacancy rate estimation.

Net Vacant Space Represents the office space effectively available for marketing for leasing during the quarter/year post factoring pre-leases in completed supply (but not occupied yet), and excludes standalone buildings with less than 100,000 sf in the market (except developments which are part of IT Parks and CBD micro market). In addition, developments having issues such as litigation, redevelopment plans, building design issues, inferior specifications currently not preferred by tenants, site-specific location challenges based on our in-house intelligence and buildings which are subject to change of current use are also excluded from the total stock.

NOI Net Operating Income NDCF Net Distributable Cash Flow Occupied Area CompletedAreaforwhichleaseagreements/leaseandlicenceagreementshave been signed with tenants Occupancy (%) Occupied Area Completed Area ORR Outer Ring Road PhonePe PhonePe Private Limited Portfolio Core Bengaluru, Hyderabad and Mumbai Markets psf Per square feet Re-leasing spread Refers to the change in rent per square foot between new and expiring leases, expressed as a percentage 809Term Description Rental Values Quoted rental values; measured in ₹ psf pm representing the average asking

(quoted) rental rate for all available space in existing buildings at the end of the quarter/year. This rate indicates an average of what landlords have achieved to lease space in that market, with operating costs covered by the tenant. Rental values are exclusive of property taxes.

Retention Rate Calculated by dividing the total area renewed (including non-optional, optional, and early renewals) by the total area that was up for renewal or subject to termination during the fiscal/period.

SEZ (Special Refers to a development type that includes all IT-focused Special Economic Economic Zone) Zones approved by the SEZ India Authority. It has different economic laws than the rest of the developments.

SEZ Act Special Economic Zones Act, 2005 sf Square feet SPV modules Solar photovoltaic modules STEM Science, Technology, Engineering and Mathematics Swiss Reinsurance Swiss Reinsurance Company Limited, India branch for Mumbai Company Limited “Tn” or “tn” Trillion Total Borrowings Our current an–d non-current borrowings Total Occupied Stock Calculated as Total Stock minus Vacant Space.

Total Stock Represents the total completed space (occupied and vacant) in the market at the end of the quarter/year Under Construction Leasable Area of a property for which the master plan for development has Area (sf) been obtained, internal development plans have been finalised and application for requisite approvals required under the law for commencement of construction have been applied, construction has commenced, and occupancy certificate is yet to be received USGBC U.S. Green Building Council Vacancy Rate (%) Vacant Space expressed as a percentage of Total Stock Vacant Space Represents the total office space in existing properties, which is physically vacant and is being actively marketed as at the end of the year. Space that is physically vacant, but not being marketed or is not available for occupation is excluded from vacancy. Space that is under construction is also excluded from Vacant Space WALE Weighted Average Lease Expiry (weighted according to Base Rentals (as defined above)). Calculated assuming tenants for Occupied Area exercise all their renewal options post expiry of their initial commitment period as per terms of lease contract WeWork WeWork India Management Private Limited Abbreviations Term Description AAI Airport Authority of India AIF Alternative Investment Funds AUM Assets Under Management 810Term Description BBMP Bruhat Bengaluru Mahanagara Palike BFSI Banking, Financial Services and Insurance BIS Bureau of Indian Standards BSE BSE Limited BMC Brihanmumbai Municipal Corporation BMRCL Bengaluru Metro Rail Corporation Limited BSNL Bharat Sanchar Nigam Limited Category III AIF AIFs who are registered as “Category IIIAlternative Investment Funds” under the SEBI AIF Regulations CCD Compulsorily Convertible Debentures CCI Competition Commission of India CDSL Central Depository Services (India) Limited CEO Chief Executive Officer CFO Chief Financial Officer CIDCO City and Industrial Development Corporation of Maharashtra Limited CSR Corporate social responsibility “Companies Act” or Companies Act, 2013, along with the relevant rules made thereunder, each as “Companies Act, amended 2013” Companies Act, 1956 ErstwhileCompaniesAct,1956,alongwiththerelevantrulesmadethereunder Competition Act Competition Act, 2002, as amended COO Chief Operating Officer CTO Chief Technology Officer Depository AdepositoryregisteredwithSEBIundertheSecuritiesandExchangeBoardof India (Depositories and Participant) Regulations, 2018, as amended DIN Director Identification Number DOI Directorate of Industries, Government of Maharashtra DRT Debt Recovery Tribunal ESCOM Electricity Supply Corporation EBITDA Earnings before finance costs, depreciation, amortization, exceptional items and tax ESG Environmental, social and governance FATCA U.S. Foreign Account Tax Compliance Act, 2010, as amended FDI Foreign direct investment FDI Policy Consolidated Foreign Direct Investment Policy notified by the DPIIT through notificationdatedOctober28,2020effectivefromOctober15,2020,issuedby the DPIIT FEMA Rules Foreign Exchange Management (Non- debt Instruments) Rules, 2019, as amended FII(s) Foreign Institutional Investor(s) “Financial year” or Period of 12 months ended March 31 of that particular year, unless otherwise “Fiscal year” or specified “Fiscal” or “FY” 811Term Description FPI(s) Foreign Portfolio Investor(s), as defined under the SEBI FPI Regulations FVCI(s) Foreign Venture Capital Investor(s) GAAR General Anti Avoidance Rules GC General Counsel GF Ground floor GHMC Greater Hyderabad Municipal Corporation GIFT Gujarat International Finance Tec-City GIFTCL Gujarat International Finance Tec-City Company Limited “GoI” or Government of India “Government” GST Goods and Service Tax GST Act Central Goods and Services Tax Act, 2017, as amended HNI High Net Worth Individual HAL Hindustan Aeronautics Limited HSIIDC Haryana State Industrial & Infrastructure Development Corporation ICD Inter corporate deposit IEC International Electrotechnical Commission IFRS International Financial Reporting Standards IGBC Indian Green Building Council IPO Initial public offer Ind AS IndianAccountingStandardsnotifiedunderSection133oftheCompaniesAct, 2013 read with the Companies (IndianAccounting Standards) Rules, 2015, as amended Indian GAAP GenerallyAcceptedAccounting Principles in India notified under Section 133 of the Companies Act, 2013 and read together with paragraph 7 of the Companies (Accounts) Rules, 2014 and Companies (Accounting Standards) Amendment Rules, 2016 Indian GAAS Generally Accepted Auditing Standards in India Insolvency and The Insolvency and Bankruptcy Code, 2016, as amended Bankruptcy Code InvIT Infrastructure Investment Trust IRDAI Insurance Regulatory and Development Authority of India KERC Karnataka Electricity Regulatory Commission KHB Karnataka Housing Board KIABD Karnataka Industrial Area Development Board KMP Key Managerial Personnel LEED Leadership in Energy and Environmental Design LGF Lower ground floor LLP Limited Liability Partnership MCA Ministry of Corporate Affairs, Government of India MCGM Municipal Corporation of Greater Mumbai MMRDA Mumbai Metropolitan Region Development Authority MoEF Ministry of Environment and Forests, Government of India 812Term Description MSEDCL Maharashtra State Electricity Distribution Company Limited msf Million square feet “NA” or “N.A.” Not applicable NACH National Automated Clearing House NCD Non-convertible debentures NCLT National Company Law Tribunal NDCF Net distributable cash flows NDI Rules Foreign Exchange Management (Non-debt Instruments) Rules, 2019, as amended NEFT National Electronic Funds Transfer NHAI National Highways Authority of India NM Not material NOI Net Operating Income NOI Margin (%) NOI/Revenue from operations NPCI National Payments Corporation of India NRE Non-Resident External NRO Non-Resident Ordinary NSDL National Securities Depository Limited NSE The National Stock Exchange of India Limited “OCBs” or “Overseas A company, partnership, society or other corporate body owned directly or Corporate Body” indirectly to the extent of at least 60% by NRIs including overseas trusts, in which not less than 60% of beneficial interest is irrevocably held by NRIs directly or indirectly and which was in existence on October 3, 2003 and immediately before such date had taken benefits under the general permission granted to OCBs under FEMA. OCBs are not allowed to invest in the Issue OCD Optionally convertible debentures PAN Permanent Account Number RBI Reserve Bank of India RBI Act Reserve Bank of India Act, 1934, as amended from time to time Regulation S Regulation S under the Securities Act REIT Real Estate Investment Trust “Rs.” or “Rupees” or Indian Rupees “INR” or “₹” RTGS Real Time Gross Settlement

Rule 144A Rule 144A under the Securities Act SARFAESI Act Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, as amended SEBI Securities and Exchange Board of India SEBI Act The Securities and Exchange Board of India Act, 1992, as amended SEBI AIF Regulations Securities and Exchange Board of India (Alternative Investments Funds) Regulations, 2012, as amended SEBI BTI Regulations Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994, as amended 813Term Description SEBI FPI Regulations Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, as amended SEBI ICDR Securities and Exchange Board of India (Issue of Capital and Disclosure Regulations Requirements) Regulations, 2018, as amended SEBI LODR Securities and Exchange Board of India (Listing Obligations and Disclosure Regulations Requirements) Regulations, 2015, as amended SEBI Master Circular SEBI master circular for real estate investment trusts dated July 11, 2025, bearing reference no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 “SEBI REIT Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations” or “REIT Regulations, 2014, as amended Regulations” SEBI VCF The erstwhile Securities and Exchange Board of India (Venture Capital Fund) Regulations Regulations, 1996 as repealed pursuant to the SEBI AIF Regulations, as amended Securities Act U.S. Securities Act of 1933, as amended Stock Exchanges Together, BSE and NSE STT Securities transaction tax TANSIDCO Tamil Nadu Small Industries Development Corporation Limited Trust Act Indian Trusts Act, 1882, as amended TSIIC Telangana State Industrial Infrastructure Corporation Limited UIT Urban Improvement Trust “U.S.” or “USA” or United States of America “United States” “USD” or “US$” United States Dollars VCFs Venture capital funds as defined in and registered with the SEBI under the erstwhileSEBIVCFRegulationsortheSEBIAIFRegulations,asthecasemay be 814DECLARATION The Trustee (on behalf of the Knowledge Realty Trust) declares and certifies that all relevant provisions of the SEBI REIT Regulations, the SEBI Master Circular, the SEBI Act and all rules, regulations and guidelinesissuedbytheGoIorSEBI(asthecasemaybe)havebeencompliedwithandnostatementmade in this Offer Document is contrary to the provisions of the REIT Regulations the SCRA, the SEBI Master

Circular,theSEBIActandallrules,regulationsandguidelinesissuedbytheGoIorSEBI(asthecasemay be). The Trustee (on behalf of the Trust) further certifies that all the statements and disclosures in this Offer Document are material, true, correct, not misleading and adequate in order to enable the investors to make a well informed decision.

For Axis Trustee Services Limited (On behalf of the Knowledge Realty Trust) Sagar Shetty Authorised Signatory

Date: July 29, 2025

Place: Mumbai 815DECLARATION The Manager hereby declares and certifies that all relevant provisions of the SEBI REIT Regulations, SEBI Master Circular, the SEBI Act and all rules, regulations and guidelines issued by the GoI or SEBI (as the case may be) have been complied with and no statement made in this Offer Document is contrary to the applicable provisions of the REIT Regulations, the SCRA, the SEBI Master Circular, the SEBIAct and all rules, regulations and guidelines issued by the GoI or SEBI (as the case may be). The Manager further certifies that all the statements and disclosures in this Offer Document are true, fair and adequate in order to enable the investors to make a well informed decision as to their investment in the Issue.

For Knowledge Realty Office Management Services Private Limited Anup Shah Independent Director

Date: July 29, 2025

Place: Bengaluru 816DECLARATION The Manager hereby declares and certifies that all relevant provisions of the SEBI REIT Regulations, SEBI Master Circular, the SEBI Act and all rules, regulations and guidelines issued by the GoI or SEBI (as the case may be) have been complied with and no statement made in this Offer Document is contrary to the applicable provisions of the REIT Regulations, the SCRA, the SEBI Master Circular, the SEBIAct and all rules, regulations and guidelines issued by the GoI or SEBI (as the case may be). The Manager further certifies that all the statements and disclosures in this Offer Document are true, fair and adequate in order to enable the investors to make a well informed decision as to their investment in the Issue.

For Knowledge Realty Office Management Services Private Limited Ajay Mahajan Independent Director

Date: July 29, 2025

Place: Mumbai 817DECLARATION The Manager hereby declares and certifies that all relevant provisions of the SEBI REIT Regulations, SEBI Master Circular, the SEBI Act and all rules, regulations and guidelines issued by the GoI or SEBI (as the case may be) have been complied with and no statement made in this Offer Document is contrary to the applicable provisions of the REIT Regulations, the SCRA, the SEBI Master Circular, the SEBIAct and all rules, regulations and guidelines issued by the GoI or SEBI (as the case may be). The Manager further certifies that all the statements and disclosures in this Offer Document are true, fair and adequate in order to enable the investors to make a well informed decision as to their investment in the Issue.

For Knowledge Realty Office Management Services Private Limited Bhavna Thakur Independent Director

Date: July 29, 2025

Place: Colorado 818DECLARATION The Manager hereby declares and certifies that all relevant provisions of the SEBI REIT Regulations, SEBI Master Circular, the SEBI Act and all rules, regulations and guidelines issued by the GoI or SEBI (as the case may be) have been complied with and no statement made in this Offer Document is contrary to the applicable provisions of the REIT Regulations, the SCRA, the SEBI Master Circular, the SEBIAct and all rules, regulations and guidelines issued by the GoI or SEBI (as the case may be). The Manager further certifies that all the statements and disclosures in this Offer Document are true, fair and adequate in order to enable the investors to make a well informed decision as to their investment in the Issue.

For Knowledge Realty Office Management Services Private Limited Tuhin Parikh Non-Independent Director

Date: July 29, 2025

Place: Mumbai 819DECLARATION The Manager hereby declares and certifies that all relevant provisions of the SEBI REIT Regulations, SEBI Master Circular, the SEBI Act and all rules, regulations and guidelines issued by the GoI or SEBI (as the case may be) have been complied with and no statement made in this Offer Document is contrary to the applicable provisions of the REIT Regulations, the SCRA, the SEBI Master Circular, the SEBIAct and all rules, regulations and guidelines issued by the GoI or SEBI (as the case may be). The Manager further certifies that all the statements and disclosures in this Offer Document are true, fair and adequate in order to enable the investors to make a well informed decision as to their investment in the Issue.

For Knowledge Realty Office Management Services Private Limited Bijay Kumar Agarwal Non-Independent Director

Date: July 29, 2025

Place: Seychelles 820DECLARATION The Manager hereby declares and certifies that all relevant provisions of the SEBI REIT Regulations, SEBI Master Circular, the SEBI Act and all rules, regulations and guidelines issued by the GoI or SEBI (as the case may be) have been complied with and no statement made in this Offer Document is contrary to the applicable provisions of the REIT Regulations, the SCRA, the SEBI Master Circular, the SEBIAct and all rules, regulations and guidelines issued by the GoI or SEBI (as the case may be). The Manager further certifies that all the statements and disclosures in this Offer Document are true, fair and adequate in order to enable the investors to make a well informed decision as to their investment in the Issue.

For Knowledge Realty Office Management Services Private Limited Shivam Agarwal Non-Independent Director

Date: July 29, 2025

Place: Mumbai, Maharashtra 821DECLARATION The Blackstone Sponsor hereby declares and certifies that all statements specifically made and undertakings provided by it in this Offer Document, about or in relation to itself in connection with the Issue are true, fair and adequate in order to enable the investors to make a well informed decision as to their investment in the Issue.

For BREPAsia SG L&T Holding (NQ) Pte. Ltd.

Chung Kwan Ting Geoffrey Director

Date: July 29, 2025

Place: Japan 822DECLARATION The Blackstone Sponsor hereby declares and certifies that all statements specifically made and undertakings provided by it in this Offer Document, about or in relation to itself in connection with the Issue are true, fair and adequate in order to enable the investors to make a well informed decision as to their investment in the Issue.

For BREPAsia SG L&T Holding (NQ) Pte. Ltd.

Alan Kekoa Miyasaki Director

Date: July 29, 2025

Place: USA 823DECLARATION The Blackstone Sponsor hereby declares and certifies that all statements specifically made and undertakings provided by it in this Offer Document, about or in relation to itself in connection with the Issue are true, fair and adequate in order to enable the investors to make a well informed decision as to their investment in the Issue.

For BREPAsia SG L&T Holding (NQ) Pte. Ltd.

Vikram Garg Director

Date: July 29, 2025

Place: Singapore 824DECLARATION The Blackstone Sponsor hereby declares and certifies that all statements specifically made and undertakings provided by it in this Offer Document, about or in relation to itself in connection with the Issue are true, fair and adequate in order to enable the investors to make a well informed decision as to their investment in the Issue.

For BREPAsia SG L&T Holding (NQ) Pte. Ltd.

Tan Peng Wei Director

Date: July 29, 2025

Place: London 825DECLARATION The Blackstone Sponsor hereby declares and certifies that all statements specifically made and undertakings provided by it in this Offer Document, about or in relation to itself in connection with the Issue are true, fair and adequate in order to enable the investors to make a well informed decision as to their investment in the Issue.

For BREPAsia SG L&T Holding (NQ) Pte. Ltd.

Eugene Min Director

Date: July 29, 2025

Place: Singapore 826DECLARATION The Sattva Sponsor hereby declares and certifies that all statements specifically made and undertakings

provided by it in this Offer Document, about or in relation to itself in connection with the Issue are true, fair and adequate in order to enable the investors to make a well informed decision as to their investment in the Issue.

For Sattva Developers Private Limited Bijay Kumar Agarwal Director

Date: July 29, 2025

Place: Seychelles 827DECLARATION The Sattva Sponsor hereby declares and certifies that all statements specifically made and undertakings

provided by it in this Document, about or in relation to itself in connection with the Issue are true, fair and adequate in order to enable the investors to make a well informed decision as to their investment in the Issue.

For Sattva Developers Private Limited Mahesh Kumar Khaitan Director

Date: July 29, 2025

Place: Munnar, Kerala 828DECLARATION The Sattva Sponsor hereby declares and certifies that all statements specifically made and undertakings

For Sattva Developers Private Limited Niru Agarwal Director

Date: July 29, 2025

Place: Seychelles 829DECLARATION The Sattva Sponsor hereby declares and certifies that all statements specifically made and undertakings

For Sattva Developers Private Limited Pradyumna Kumar Mishra Director

Date: July 29, 2025

Place: Bengaluru, Karnataka 830X. ANNEXURES FINANCIAL INFORMATION OF THE KNOWLEDGE REALTY TRUST INDEPENDENT AUDITOR’S REPORT ON SPECIAL PURPOSE COMBINED FINANCIAL STATEMENTS OF KNOWLEDGE REALTY TRUST To The Board of Directors, Knowledge Realty Office Management Services Private Limited (formerly known as Trinity Office Management Services Private Limited) (the “Manager”) in its capacity as the Manager of Knowledge Realty Trust (the “Trust”) One International Center, 14th Floor, Tower-1, Plot No 612-613, Senapati Bapat Marg, Elphinstone Road, Lower Parel West, Mumbai 400013.

Opinion We have audited the attached special purpose combined financial statements of Knowledge Realty Trust (hereinafter referred to as the”Trust”), its asset special purpose vehicle entities (as listed in Part A of Annexure 1) (collectively the “Asset SPVs” or “SPVs”) and its Investment Entities (as listed in part B of Annexure 1) (the Trust, SPVs and Investment Entities together referred to as “the Group”) (the SPVs and Investment Entities together referred to as “components”) which comprises of the Combined Balance Sheet as at March 31, 2025, March 31, 2024 and March 31, 2023; the Combined Statement of Profit and Loss (including other comprehensive income); the Combined Statement of Changes in Equity and the Combined Statement of Cash Flows for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 and a summary of material accounting policies and other additional financial disclosures as required under Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, as amended from time to time and Securities and Exchange Board of India (SEBI) master circular no.

SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 for real estate investment trusts dated July 11, 2025 and other circulars issued thereunder (the “REIT Regulations”) (together referred to as the “Special Purpose Combined Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us and based ontheconsiderationofreportsofotherauditorsonseparatefinancialstatementsandontheotherfinancial information of the components, the aforesaid Special Purpose Combined Financial Statements give a true and fair view in accordance with the basis of preparation set out in Note 2 to the Special Purpose Combined Financial Statements, of the state of affairs of the Group as at March 31, 2025, March 31, 2024 and March 31, 2023, its profit (including other comprehensive income), its changes in equity and its cash flows for the years ended March 31, 2025, March 31, 2024 and March 31, 2023.

Basis for Opinion We conducted our audit of the Special Purpose Combined Financial Statements in accordance with the Standards onAuditing (SAs), and other pronouncements issued by the Institute of CharteredAccountants of India (the “ICAI”). Our responsibilities under those Standards are further described in the ‘Auditor’s ResponsibilitiesfortheauditoftheSpecialPurposeCombinedFinancialStatements’sectionofourreport.

We are independent of the Group in accordance with the ‘Code of Ethics’issued by the ICAI and we have fulfilled our other ethical responsibilities in accordance with the Code of Ethics.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Special Purpose Combined Financial Statements.

831Emphasis Of Matter We draw attention to Note 2 to the Special Purpose Combined Financial Statements, which describes the basis of preparation (including presentation) of this Special Purpose Combined Financial Statements. The Special Purpose Combined Financial Statements have been prepared by the Manager for inclusion in the offer document and the final offer document (collectively, the “Offer Documents”) in connection with the proposed initial public offering of the units of the Trust. As a result, the Special Purpose Combined FinancialStatementsmaynotbesuitableforanotherpurpose.Ourreportisintendedsolelyforthepurpose of inclusion in the Offer Documents and is not to be used, referred to or distributed for any other purpose.

Our opinion is not modified in respect of the above matter.

Responsibilities of Management and Those Charged with Governance for the Special Purpose Combined Financial Statements TheBoardofDirectorsoftheManagerisresponsibleforthepreparationandpresentationoftheseSpecial Purpose Combined Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Group in accordance with the basis of preparation as set out in Note 2 to the Special Purpose Combined Financial Statements.

The respective Board of Directors of the components are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of their respective component and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent;andthedesign,implementationandmaintenanceofadequateinternalfinancialcontrols,thatwere operatingeffectivelyforensuringtheaccuracyandcompletenessoftheaccountingrecords,relevanttothe preparation and presentation of the Special Purpose Combined Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Special Purpose Combined Financial Statements by the Board of Directors of the Manager, as aforesaid.

In preparing the Special Purpose Combined Financial Statements, the respective Board of Directors of the components are responsible for assessing the ability of their respective component to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the components are also responsible for overseeing the respective component financial reporting process.

Auditor’s Responsibilities for the audit of the Special Purpose Combined Financial Statements Our objectives are to obtain reasonable assurance about whether the Special Purpose Combined Financial Statements as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranteethatanauditconductedinaccordancewithSAswillalwaysdetectamaterialmisstatementwhen it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Special Purpose Combined Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: (cid:129) Identify and assess the risks of material misstatement of the Special Purpose Combined Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

832Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

(cid:129) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

(cid:129) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. (cid:129) Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditionsthatmaycastsignificantdoubtontheabilityoftheGrouptocontinueasagoingconcern.

If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Special Purpose Combined Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

(cid:129) Evaluate the overall presentation, structure and content of the Special Purpose Combined Financial Statements, including the disclosures, and whether the Special Purpose Combined Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

(cid:129) Obtain sufficient appropriate audit evidence regarding the financial information of the components orbusinessactivitieswithintheGroupofwhichwearetheindependentauditorsandwhosefinancial information we have audited, to express an opinion on the Special Purpose Combined Financial Statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such components included in the Special Purpose Combined Financial Statements of which we are the independent auditors. For the other entities included in the Special Purpose Combined Financial Statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Trust regarding, among other matters, the plannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficiencies in internal control that we identify during our audit.

We also provide those charged with governance of the Trust with a statement that we have complied with relevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsand other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters Wedidnotauditthefinancialstatementsof18components,whosefinancialstatementsreflectstotalassets ofRs.63,069.95millionasatMarch31,2025,totalrevenuesofRs.8,865.93millionandnetcashinflows of Rs. 278.15 million for the year ended March 31, 2025 as considered in the Special Purpose Combined Financial Statements. These financial statements have been audited by other auditors, which financial statementsandauditor’sreportshavebeenfurnishedtousbytheManagement.OuropinionontheSpecial Purpose Combined Financial Statements, in so far as it relates to the amounts and disclosures included in respect of such components is based solely on the reports of such other auditors.

833Wedidnotauditthefinancialstatementsof19components,whosefinancialstatementsreflectstotalassets ofRs.91,181.17millionasatMarch31,2024,totalrevenuesofRs.10,578.89millionandnetcashinflows of Rs. 192.65 million for the year ended March 31, 2024 as considered in the Special Purpose Combined Financial Statements. These financial statements have been audited by other auditors, which financial statementsandauditor’sreportshavebeenfurnishedtousbytheManagement.OuropinionontheSpecial Purpose Combined Financial Statements, in so far as it relates to the amounts and disclosures included in respect of such components is based solely on the reports of such other auditors.

Wedidnotauditthefinancialstatementsof28components,whosefinancialstatementsreflectstotalassets of Rs. 1,89,108.31 million as at March 31, 2023, total revenues of Rs. 23,127.35 million and net cash inflows of Rs. 184.10 million for the year ended March 31, 2023 as considered in the Special Purpose Combined Financial Statements. These financial statements have been audited by other auditors, which financial statements and auditor’s reports have been furnished to us by the Management. Our opinion on the Special Purpose Combined Financial Statements, in so far as it relates to the amounts and disclosures included in respect of such components is based solely on the reports of such other auditors.

Our opinion above on the Special Purpose Combined Financial Statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

Report on Other Legal and Regulatory Requirements As required by the REIT Regulations and based on our audit and on the consideration of reports of the other auditors on financial statements/financial information and the other financial information of the components, as noted in the ‘Other Matters’ paragraph we report, to the extent applicable:

(a) We/the other auditors whose reports we have relied upon have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid Special Purpose Combined Financial Statements;

(b) The Combined Balance Sheets and the Combined Statements of Profit and Loss (including other comprehensive income) dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of the Special Purpose Combined Financial Statements;

(c) In our opinion, the aforesaid Special Purpose Combined Financial Statements comply with the basis of preparation as stated in Note 2 to the Special Purpose Combined Financial Statements.

(d) The Statement of NetAssets at Fair value and Statement of Total Returns at Fair Value are prepared in accordance with the requirements of REIT Regulations and circulars issued thereunder.

For S R B C & CO LLP Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003 per Abhishek Agarwal Partner

Membership Number: 112773

UDIN: 25112773BMSBTD9756 Mumbai July 18, 2025 834Annexure 1

Part A: List of Asset SPVs Sl. No. Name of the Entity

1. Devbhumi Realtors Private Limited (‘DRPL’)

2. Worldwide Realcon Private Limited

3. Darshita Infrastructure Private Limited

4. Sattva Knowledge Centre Private Limited (formerly known as Jaganmayi Realtors Private Limited)

5. One BKC Realtors Private Limited

6. One World Center Private Limited (refer Note 63 II (b))

7. One International Center Private Limited

8. Prima Bay Private Limited

9. Cessna Garden Developers Private Limited

10. Exora Business Park Private Limited (formerly known as Pluto Cessna Business Parks Private Limited)

11. Mindcomp Regency Park Private Limited (refer Note 63 II (c))

12. GV Techparks Private Limited (refer Note 63 II (c))

13. Softzone Tech Park Limited* (refer Note 63 II (d))

14. Salarpuria Builders Private Limited (refer Note 63 II (d))

15. Darshita Hi-Rise Private Limited

16. Pluto Business Parks Private Limited

17. Sattva Horizon Private Limited (formerly known as Siddeshwari Griha Nirman Private Limited)

18. Darshita Edifice Private Limited (formerly known as Darshita Edifice LLP) (refer Note 62A (i))

19. Jaganmayi Real Estates Private Limited

20. Debonair Realtors Private Limited

21. Salarpuria Developers Private Limited

22. Darshita Housing Private Limited

23. Kosmo One Business Park Private Limited

24. One Qube Realtors Private Limited

25. Pluto Atriza Business Parks Private Limited

26. Shirasa Regency Park Private Limited

27. One BKC Solar Energy Private Limited

28. Prima Bay Solar Energy Private Limited

29. NABS Data Zone Private Limited

30. Harkeshwar Realtors Private Limited

31. Quadro Info Technologies Private Limited

32. Salarpuria Griha Nirman Private Limited * includingcarveoutfinancialinformationofSattvaSupreme,SattvaMagnificiaIIandSattvaTouchstoneassets 835Part B: List of Investment Entities Sl. No. Name of the Entity

1. Pluto Solista Business Parks Private Limited

2. BSP Office Management Services Private Limited

3. Sattva Properties Management Private Limited

4. Sattva Infra Management Private Limited 836Knowledge Realty Trust Special Purpose Combined Balance Sheet (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars Note 2025 2024 2023 Assets Non-current assets Property, plant and equipment 4 1,462.28 341.95 146.63 Capital work-in-progress 5 85.41 25.49 – Investment property 6 190,838.93 190,121.65 177,680.22 Investment property under development 6 6,598.64 9,329.80 18,620.87 Goodwill 7 4,698.72 4,698.72 4,698.72 Other intangible assets 8 124.12 0.06 0.12 Right of use assets 9 42.15 – – Financial assets Investments 11 933.28 7,466.12 9,968.63 Loans 12 1.28 569.90 672.32 Other financial assets 13 5,379.26 5,457.93 3,803.81 Deferred tax assets (net) 50 375.44 2,593.79 2,000.61 Non-current tax assets (net) 14 1,360.92 1,145.33 1,207.38 Other non-current assets 15 8,556.22 7,630.50 6,679.56 220,456.65 229,381.24 225,478.87 Current assets Inventories 16 56.68 38.53 16.15 Financial assets Investments 17 5,878.43 3,976.22 6,885.47 Trade receivables 18 1,578.77 1,418.77 1,478.07 Cash and cash equivalents 19 2,131.86 2,678.06 2,038.08 Other bank balances 20 1,185.96 1,345.42 993.76 Loans 21 8,748.49 6,834.35 5,512.49 Other financial assets 22 1,250.06 1,263.29 1,265.32 Current tax assets (net) 23 107.27 30.00 189.89 Other current assets 24 3,035.65 2,061.22 1,585.00 23,973.17 19,645.86 19,964.23 Assets held for sale 25 3,251.01 1.07 1.07 27,224.18 19,646.93 19,965.30 Total Assets 247,680.83 249,028.17 245,444.17 Equity and Liabilities Equity Capital 26 2,705.05 2,619.22 2,567.19 Other equity 27 18,452.10 21,798.27 12,043.71 21,157.15 24,417.49 14,610.90 837Knowledge Realty Trust Special Purpose Combined Balance Sheet (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars Note 2025 2024 2023 Liabilities Non-current liabilities Financial liabilities Borrowings 28 185,303.44 184,366.64 176,378.16 Lease liabilities 29 45.38 – 84.88 Other financial liabilities 30 6,496.62 5,855.99 5,192.54 Provisions 31 14.45 10.20 6.73 Deferred tax liabilities (net) 50 2,289.67 1,969.17 1,856.38 Other non-current liabilities 32 890.28 850.75 675.08 195,039.84 193,052.75 184,193.77 Current liabilities Financial liabilities Borrowings 33 12,618.30 13,209.18 25,888.48 Lease liabilities 34 – 84.89 113.85 Trade payables 35 Total outstanding dues of micro enterprises and small enterprises 135.91 31.17 29.07 Total outstanding dues of creditors other than micro enterprises and small enterprises 1,111.50 1,200.39 883.62 Other financial liabilities 36 15,468.19 15,284.19 18,278.08 Other current liabilities 37 2,076.15 1,713.06 1,392.12 Provisions 38 14.54 12.94 6.98 Current tax liabilities (net) 39 59.25 22.11 47.30 31,483.84 31,557.93 46,639.50 Total Liabilities 226,523.68 224,610.68 230,833.27 Total Equity and Liabilities 247,680.83 249,028.17 245,444.17 Summary of material accounting policies 3 838Knowledge Realty Trust Special Purpose Combined Balance Sheet (All amounts are in Indian Rupees millions, unless otherwise stated) The accompanying notes are an integral part of the special purpose combined financial statements.

As per our report of even date For S R B C & CO LLP For and on behalf of the Board of Directors of Chartered Accountants Knowledge Realty Office Management ICAI Firm’s registration number: 324982E/E300003 Services Private Limited (as a Manager to Knowledge Realty Trust) per Abhishek Agarwal Bijay Kumar Agarwal Tuhin Parikh Partner Director Director Membership No.: 112773 DIN: 00088987 DIN: 00544890

Place: Mumbai Place: Hyderabad Place: Mumbai

Date: July 18, 2025 Date: July 18, 2025 Date: July 18, 2025 Shirish Godbole Neeraj Toshniwal Chief Executive Officer Chief Financial Officer

Place: Mumbai Place: Mumbai

Date: July 18, 2025 Date: July 18, 2025 839Knowledge Realty Trust Special Purpose Combined Statement of Profit and Loss (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars Note 2025 2024 2023 Income Revenue from operations 40 39,301.01 33,393.86 29,003.01 Other income 41 2,167.63 2,490.90 2,156.65 41,468.64 35,884.76 31,159.66 Expenses Cost of material consumed and works contract services 42 54.02 373.33 20.91 Operating and maintenance expenses 43 4,131.02 3,024.02 2,561.92 Employee benefits expense 44 411.94 319.67 244.40 Other expenses 45 3,941.41 3,864.14 3,392.23 8,538.39 7,581.16 6,219.46 Earnings before finance costs, depreciation, amortisation, exceptional items and tax (EBITDA) 32,930.25 28,303.60 24,940.20 Finance costs 46 17,462.35 16,927.13 15,331.76 Depreciation and amortisation expenses 47 3,808.05 5,875.22 5,927.81 21,270.40 22,802.35 21,259.57 Profit before exceptional items and tax 11,659.85 5,501.25 3,680.63 Exceptional items 48 3,502.18 – – Profit before tax 8,157.67 5,501.25 3,680.63

Tax expense: 49 Current tax 3,343.13 2,573.66 2,183.79 Tax adjustments relating to earlier years 50.45 11.34 (88.72) Deferred tax (credit)/charge 2,538.93 (480.34) (606.84) 5,932.51 2,104.66 1,488.23 Profit for the year 2,225.16 3,396.59 2,192.40 Other comprehensive income Items that will not be reclassified subsequently to profit or loss

(i) Re-measurement (loss)/gain on defined benefits obligations 57 (0.95) 1.42 1.98

(ii) Income tax relating to above item 50 0.07 0.06 (0.25) Total other comprehensive income/(loss) for the year (0.88) 1.48 1.73 Total comprehensive income for the year 2,224.28 3,398.07 2,194.13 Earnings per unit 53 – – – Summary of material accounting policies 3 840Knowledge Realty Trust Special Purpose Combined Statement of Profit and Loss (All amounts are in Indian Rupees millions, unless otherwise stated) The accompanying notes are an integral part of the special purpose combined financial statements.

Place: Mumbai Date: Place: Hyderabad Place: Mumbai July 18, 2025 Date: July 18, 2025 Date: July 18, 2025 Shirish Godbole Neeraj Toshniwal Chief Executive Officer Chief Financial Officer

Place: Mumbai Place: Mumbai

Date: July 18, 2025 Date: July 18, 2025 841Knowledge Realty Trust Special Purpose Combined Statement of Cash flows (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Cash flow from operating activities Profit before tax 8,157.67 5,501.25 3,680.63

Adjustments for:

Depreciation and amortization expenses 3,808.05 5,875.22 5,927.81 Loss on redemption/re-measurement/fair valuation of financials instruments (net) 179.38 286.56 170.40 Interest income (1,293.44) (1,368.29) (1,420.49) Finance costs 17,462.35 16,927.13 15,331.76 Bad debts/Advances w/off 51.82 27.61 22.22 Liabilities written back (229.35) (245.51) (49.50) Allowances for credit losses on trade receivables and loans and advances 45.16 239.00 287.23 Loss/(profit) on sale of investments (243.45) (201.65) (190.21) Loss/(gain) on sale/discard of PPE and investment property (1.79) 244.73 8.44 Rental income on discounting of security deposits received (752.06) (524.37) (608.95) Lease equalisation income (957.76) (1,163.10) (671.58) Exceptional items 3,502.18 – – Provision written back in respect of deferred consideration – (226.74) – Operating profit before working capital changes 29,728.76 25,371.84 22,487.76

Changes in working capital:

Inventories (18.15) (22.39) (6.04) Trade receivables (197.88) 40.30 (432.47) Other financial assets (193.42) (147.65) 446.37 Other assets (552.79) (521.16) (264.49) Trade payables 46.02 363.86 141.72 Other financial liabilities 1,026.75 (2,447.62) 1,073.86 Other liabilities 899.91 830.36 516.73 Provisions 7.79 16.09 (45.01) Net cash flow from operating activities before taxes 30,746.99 23,483.63 23,918.43 Income taxes paid (net of refunds) (3,515.58) (2,535.14) (1,581.79) Net cash flow from operating activities 27,231.41 20,948.49 22,336.64 842Knowledge Realty Trust Special Purpose Combined Statement of Cash flows (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Cash flow from investing activities Purchase of property, plant and equipment, capital work in progress, investment property, investment property under developments and intangible assets (6,601.92) (8,452.12) (8,681.90) Sale of property, plant and equipment, investment property and intangible assets 411.35 4.11 200.43 Purchase of investments (20,516.09) (11,762.93) (13,557.22) Proceeds from sale of investments 23,633.95 17,534.05 12,296.91 Payment towards business combination and acquisition of minority interest – (10.00) (216.62) Intercorporate deposits, including OCD’s given/repaid (net) (2,797.41) (726.39) 2,332.10

(Investment)/redemption of bank deposits (net) 259.69 (2,462.00) (538.11) Interest received 811.23 846.82 871.43 Net cash flow used in investing activities (4,799.20) (5,028.46) (7,292.98) Cash flow from financing activities Proceeds from issue of equity shares 152.40 6,000.10 0.20 Payment towards capital reduction (5,649.61) – – Proceeds from issue of compulsorily convertible debentures – – 390.00 Proceeds from issue of optionally convertible debentures 200.00 – – Proceeds from issue of non convertible debentures – 500.00 1,485.00 Redemption of optionally convertible debentures (430.00) (30.00) – Redemption of non convertible debentures (5,150.29) (555.00) – Proceeds from other long-term borrowings 140,119.78 83,349.58 59,892.86 Repayment of other long-term borrowings (131,423.25) (87,675.53) (53,723.52) Proceeds/(repayments) from short-term borrowings (net) (1,811.01) 300.85 (1,286.22) Proceeds/(repayments) from/of inter corporate deposits (net) (1,341.01) (1,422.32) (6,122.62) Payment of lease liabilities (88.91) (132.66) (151.80) Dividend paid (643.13) – (1,270.07) Movement of Owner’s net investment (carve-out difference) (refer note 2) 655.72 408.32 170.13 Interest paid (17,569.10) (16,023.38) (14,249.76) Net cash flow used in financing activities (22,978.41) (15,280.04) (14,865.80) 843Knowledge Realty Trust Special Purpose Combined Statement of Cash flows (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Net (decrease)/increase in cash and cash equivalents (546.20) 639.99 177.86 Cash and cash equivalents at the beginning of the year 2,678.06 2,038.07 1,860.22 Cash and cash equivalents at the end of the year 2,131.86 2,678.06 2,038.08

Cash and cash equivalent comprises of:

Balances with banks: – in current accounts 1,005.10 2,311.53 1,095.14 – in deposits with original maturity of less than 3 months (including interest accrued) 157.39 73.49 778.68 – escrow accounts 967.65 291.37 89.04 – in overdraft accounts – – 73.65 Cash on hand 1.72 1.67 1.57 Cash and bank balances (refer note 19) 2,131.86 2,678.06 2,038.08

Note: Theabovestatementofcashflowhasbeenpreparedunderthe‘IndirectMethod’assetoutintheAccountingStandard(IndAS)7-“CashFlowStatements”asnotified underCompanies(Accounts)Rules,2015.

Summary of material accounting policies (refer Note 3) The accompanying notes are an integral part of the special purpose combined financial statements.

Place: Mumbai Place: Hyderabad Place: Mumbai

Date: July 18, 2025 Date: July 18, 2025 Date: July 18, 2025 Shirish Godbole Neeraj Toshniwal Chief Executive Officer Chief Financial Officer

Place: Mumbai Place: Mumbai

Date: July 18, 2025 Date: July 18, 2025 844tsurT ytlaeR egdelwonK ytiuqE ni segnahC fo tnemetatS denibmoC esopruP laicepS )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( ytiuqerehtO demeeD /noitubirtnoc –)noitubirtsid( stnemurtsnI no)ssol(/niaG latipaC rehtolatoT ytiuqeyleritne deniateR htiwnoitcasnart seitiruceS noitamaglamA noitpmeder folatipaC ytiuqelatoT ytiuqe erutanni sgninrae sredloherahs muimerP evreserticifed evreserlatipaC evreser s’VPS sralucitraP

94.714,42

72.897,12

95.1 )84.134,01(

74.296,1

52.348,94 )89.042,12(

36.088,1

97.25

22.916,2 4202 ,10 lirpAta sa ecnalaB

61.522,2

61.522,2 –

61.522,2 – – – – – – raey eht rof tiforP )88.0( )88.0( – )88.0( – – – – – – )xat fo ten( emocni evisneherpmoc rehtO

04.251 – – – – – – – –

04.251 )62 eton refer( raey eht gnirud deussI deniater hguorht detuor ecnereffid tuo evraC

27.556

27.556 –

27.556 – – – – – – )2 eton refer( sgninrae refer( noitcuder latipac ot tnausrup derrefsnarT )16.946,5( )40.385,5( –

32.353,8 – )72.639,31( – – – )75.66( ))c( 72 etoN )31.346( )31.346( – )31.346( – – – – – – diap dnediviD

51.751,12

01.254,81

95.1

26.851

74.296,1

89.609,53 )89.042,12(

36.088,1

97.25

50.507,2 5202 ,13 hcraM ta sa ecnalaB

09.016,41

17.340,21

77.132,6 )78.509,51(

74.296,1

09.233,93 )89.042,12(

36.088,1

97.25

91.765,2 3202 ,10 lirpAta sa ecnalaB

95.693,3

95.693,3 –

95.693,3 – – – – – – raey eht rof tiforP

84.1

84.1 –

84.1 – – – – – – )xat fo ten( emocni evisneherpmoc rehtO

02.000,6

95.779,5 – – –

16.22 ))c( 72 ,62 eton refer( raey eht gnirud deussI /serutnebed elbitrevnoc yroslupmoC fo noisrevnoC serahs ecnereferp elbitrevnoc yroslupmoC – )24.92( )81.032,6( – –

67.002,6 – – –

24.92 ))h( dna )g( ,)c( 72 eton refer( )SPCC/DCC( deniater hguorht detuor ecnereffid tuo evraC

23.804

23.804 –

23.804 – ]●[ – – – – )2 eton refer( sgninrae refer( noitcuder latipac ot tnausrup derrefsnarT – – –

00.866,1 – )00.866,1( – – – – ))c( 72 etoN

94.714,42

72.897,12

95.1 )84.134,01(

74.296,1

52.348,94 )89.042,12(

36.088,1

97.25

22.916,2 4202 ,13 hcraM ta sa ecnalaB 845tsurT ytlaeR egdelwonK ytiuqE ni segnahC fo tnemetatS denibmoC esopruP laicepS )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( ytiuqerehtO demeeD /noitubirtnoc –)noitubirtsid( stnemurtsnI no)ssol(/niaG latipaC rehtolatoT ytiuqeyleritne deniateR htiwnoitcasnart seitiruceS noitamaglamA noitpmeder folatipaC ytiuqelatoT ytiuqe erutanni sgninrae sredloherahs muimerP evreserticifed evreserlatipaC evreser s’VPS sralucitraP

26.661,31

82.327,11

93.778,71 )28.444,2( )76.228,21(

96.714,82 )37.732,12(

36.088,1

97.25

43.344,1 2202 ,10 lirpAta sa ecnalaB

04.291,2

04.291,2 –

04.291,2 – – – – – – raey eht rof tiforP

37.1

37.1 –

37.1 – – – – – – )xat fo ten( emocni evisneherpmoc rehtO )01.04( )01.04( )01.04( – – – – – – rentrap ot noitubirtsiD

01.093

00.093

00.093 – – – – –

01.0 ))g( 72 ,62 eton refer( raey eht gnirud deussI etisopmoc ot tnausrup serahs ytiuqe fo eussI – )52.3( – – – – )52.3( – –

52.3 tnemegnarra fo emehcs serutnebed elbitrevnoc yliroslupmoc fo noisrevnoC

90.0 )14.021,1( )26.530,21( – –

12.519,01 – – –

05.021,1 ))g( dna )c( 72 eton refer( serahs ytiuqe otni rehto ot sgninrae deniater morf derrefsnarT – – – )41.515,41(

41.515,41 – – – – – ))e( 72 eton refer( ytiuqe fo tnenopmoc deniater hguorht detuor ecnereffid tuo evraC

31.071

31.071 –

31.071 – – – – – – )2 eton refer( sgninrae )70.072,1( )70.072,1( – )70.072,1( – – – – – – diap dnediviD

09.016,41

17.340,21

77.132,6 )78.509,51(

74.296,1

09.233,93 )89.042,12(

36.088,1

97.25

91.765,2 3202 ,13 hcraM ta sa ecnalaB 846tsurT ytlaeR egdelwonK ytiuqE ni segnahC fo tnemetatS denibmoC esopruP laicepS )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( )3 etoN refer( seicilop gnitnuocca lairetam fo yrammuS .stnemetats laicnanif denibmoc esoprup laiceps eht fo trap largetni na era seton gniynapmocca ehT etad neve fo troper ruo rep sA fo srotceriD fo draoB eht fo flaheb no dna roF PLL OC & C B R S roF detimiL etavirP secivreS tnemeganaM eciffO ytlaeR egdelwonK stnatnuoccA deretrahC )tsurT ytlaeR egdelwonK ot reganaM a sa( 300003E/E289423 :rebmun noitartsiger s’mriF IACI lawinhsoT jareeN elobdoG hsirihS hkiraP nihuT lawragA ramuK yajiB lawragA kehsihbA rep reciffO laicnaniF feihC evitucexE feihC rotceriD rotceriD rentraP reciffO 09844500 :NID 78988000 :NID 377211 :.oN pihsrebmeM iabmuM :ecalP iabmuM :ecalP iabmuM :ecalP dabaredyH :ecalP iabmuM :ecalP 5202 ,81 yluJ :etaD 5202 ,81 yluJ :etaD 5202 ,81 yluJ :etaD 5202 ,81 yluJ :etaD 5202 ,81 yluJ :etaD 847Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements

1. Organisation Structure The Special Purpose Combined Financial Statements (‘Special Purpose Combined Financial Statements’) comprise financial statements of Knowledge Realty Trust (‘Trust’), Devbhumi Realtors Private Limited (‘DRPL’), Worldwide Realcon Private Limited (‘WRPL’), Darshita Infrastructure Private Limited (‘DIPL’), Sattva Knowledge Centre Private Limited (formerly known as Jaganmayi Realtors Private Limited) (‘SKCPL’), One BKC Realtors Private Limited (‘OBRPL’), One World Center Private Limited (‘OWCPL’), One International Center Private Limited (‘OICPL’), Prima Bay Private Limited (‘PBPL’), Cessna Garden Developers Private Limited (‘CGDPL’), Exora Business Park Private Limited (formerly known as Pluto Cessna Business Parks Private Limited) (‘EBPPL’), Mindcomp Regency Park Private Limited (‘MRPPL’), GV Techparks Private Limited (‘GVTPL’), Softzone Tech Park Limited (‘STPL’), Salarpuria Builders Private Limited (‘SBPL’), Darshita Hi-Rise Private Limited (‘DHRPL’), Salarpuria Griha Nirman Private Limited (‘SGNPL’), Pluto Business Parks Private Limited (‘PBPPL’), Sattva Horizon Private Limited (formerly known as Siddeshwari Griha Nirman Private Limited) (‘SHPL’), Quadro Info Technologies Private Limited (‘QITPL’), Darshita Edifice Private Limited (formerly known as Darshita Edifice LLP) (‘DEPL’), Jaganmayi Real Estates Private Limited (‘JREPL’), Debonair Realtors Private Limited (‘DBRPL’), Harkeshwar Realtors Private Limited (‘HRPL’), Salarpuria Developers Private Limited (‘SDPL’), Darshita Housing Private Limited (‘DHPL’), Kosmo One Business Park Private Limited (‘KOBPL’), One Qube Realtors Private Limited (‘OQRPL’), PlutoAtriza Business Parks Private Limited (‘PABPPL’), Pluto Solista Business Parks Private Limited (‘PSBPPL’), BSP Office Management Services Private Limited (‘BSPOMSPL’), Shirasa Regency Park Private Limited (‘SRPPL’), Sattva Properties Management Private Limited (‘SPMPL’), Sattva Infra Management Private Limited (‘SIMPL’), OneBKCSolarEnergyPrivateLimited(‘OBSEPL’),PrimaBaySolarEnergyPrivateLimited(‘PBSEPL’) and NABS Data Zone Private Limited (‘NDPL’) (together referred to as ‘Knowledge Realty Trust’or the “Group”).

BREPAsia SG L&T Holding (NQ) Pte. Ltd and Sattva Developers Private Limited (together referred to as ‘Sponsors’) on October 10, 2024 has set up Knowledge Realty Trust as an irrevocable trust, pursuant tothetrustdeed,undertheprovisionsoftheIndianTrustsAct,1882andthetrusthasbeenregisteredwith the Securities Exchange Board of India (SEBI) as a Real Estate Investment Trust under Regulation 6 of the Securities Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 (as amended).

The trustee to Knowledge Realty Trust is Axis Trustee Services Limited (the ‘Trustee’) and the manager of Knowledge Realty Trust is Knowledge Realty Office Management Services Private Limited (formerly knownasTrinityOfficeManagementServicesPrivateLimited)(the‘InvestmentManager’or‘Manager’).

The investment objectives of Knowledge Realty Trust are to carry on the activities of a real estate investment trust, as permissible under the SEBI (Real Estate Investment Trusts) Regulations, 2014 (as amended).KnowledgeRealtyTrustwillprimarilyinvestincommercialofficesinIndia.KnowledgeRealty Trust is proposing to acquire the commercial buildings (the “Initial PortfolioAssets”), by acquiring 100% equity share capital of the entities mentioned below.

848Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements The description of the entities/assets is as under:

Sl. No. Name of the Entity Classification Description of asset

1. DRPL Asset Special Sattva Knowledge City located at Hyderabad Purpose Vehicle (‘SPV’)

2. WRPL SPV Sattva Knowledge Park located at Hyderabad

3. DIPL SPV Sattva Knowledge Capital located at Hyderabad

4. SKCPL* SPV Sattva Knowledge Capital – Landlord Area located at Hyderabad

5. OBRPL SPV One BKC located at Mumbai

6. OWCPL SPV One World Center located at Mumbai (refer note 63 II (a and b))

7. OICPL SPV One International Center and One Unity Center located at Mumbai

8. PBPL SPV Prima Bay located at Mumbai

9. CGDPL SPV Cessna Business Park located at Bengaluru

10. EBPPL SPV Exora Business Park located at Bengaluru

11. MRPPL SPV Sattva Global City and Sattva Global City (including wholly located at Bengaluru owned subsidiary GVTPL (refer Note 63 II (c))

12. STPL SPV Sattva Softzone, Sattva Touchstone, Sattva (refer Note 63 II (d)) Magnificia II and Sattva Supreme located at Bengaluru

13. SBPL SPV Sattva Spectrum located at Bengaluru (refer Note 63 II (d))

14. DHRPL SPV Sattva Knowledge Court located at Bengaluru

15. SGNPL SPV Sattva Techpoint located at Bengaluru

16. PBPPL SPV One Trade Tower located at Bengaluru

17. SHPL SPV Sattva Horizon located at Bengaluru

18. QITPL SPV Sattva Infozone located at Bengaluru

19. DEPL SPV Sattva Magnificia I located at Bengaluru (refer Note 62A (i))

20. JREPL SPV Sattva South Avenue located at Bengaluru

21. DBRPL SPV Sattva Eminence located at Bengaluru

22. HRPL SPV Sattva Cosmo Lavelle located at Bengaluru

23. SDPL SPV Sattva Premia located at Bengaluru

24. DHPL SPV Sattva Endeavour located at Bengaluru

25. KOBPL SPV Kosmo One located at Chennai

26. OQRPL SPV One Qube located at NCR

27. PABPPL SPV Fintech One located at Ahmedabad 849Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements Sl. No. Name of the Entity Classification Description of asset

28. PSBPPL Investment Entity CAM Bengaluru – II

29. BSPOMSPL** Investment Entity CAM Mumbai

30. SRPPL SPV Karnataka Solar – I at Bengaluru

31. SPMPL Investment Entity CAM Bengaluru – I

32. SIMPL Investment Entity CAM Hyderabad

33. OBSEPL (One BKC SPV One BKC Solar – Solar entity Solar)**

34. PBSEPL (Prima Bay SPV Prima Bay Solar – Solar entity Solar)**

35. NDPL** SPV Karnataka Solar – II – Solar entity SPVs and Investment Entities collectively referred to as “components”.

The components are companies domiciled in India. Each of the component is proposed to be transferred directly or indirectly from the respective shareholders to Knowledge Realty Trust. * AcquiredonApril4,2025.Asfinancialinformationinrespectofthesaidasset,previouslyheldbyathirdparties,isnotavailablefortheperiodpriortoacquisition, theSpecialPurposeCombinedFinancialStatementsdoesnotincludeanyfinancialinformationwithrespecttothesame.

** NDPL,BSPOMSPL,PrimaBaySolarandOneBKCSolarhavebeenincorporatedonMay4,2022,January3,2023,August31,2024andSeptember2,2024respectively.

2. Basis of preparation and Material accounting policies Basis of preparation The Special Purpose Combined Financial Statements comprise the Special Purpose Combined Balance SheetasatMarch31,2025,March31,2024andMarch31,2023;theSpecialPurposeCombinedStatement of Profit and Loss (including other comprehensive income), the Special Purpose Combined Statement of CashFlows,theSpecialPurposeCombinedStatementofChangesinEquityfortheyearsendedMarch31, 2025, March 31, 2024 and March 31, 2023 and a summary of material accounting policies and other explanatory information with other additional disclosures.

The Special Purpose Combined Financial Statements were approved for issue in accordance with resolution passed by the Board of Directors of the Manager on July 18, 2025.

850Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements TheSpecialPurposeCombinedFinancialStatementshavebeenpreparedinaccordancewiththeGuidance NoteonCombinedandCarveOutFinancialStatements,GuidancenoteonReportsinCompanyProspectus (Revised 2019) issued by the Institute of Chartered Accountants of India (the “ICAI”) (the “Guidance Notes”),totheextentnotinconsistentwithSEBI(RealEstateInvestmentTrusts)Regulations,2014,SEBI master circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 for real estate investment trusts dated July 11, 2025, (‘SEBI Circular’) and other circulars issued thereunder (‘REIT Regulations’), as amended and in accordance with IndianAccounting Standards (IndAS) notified under the Companies (IndianAccounting Standards) Rules, 2015 (as amended from time to time), notes mentioned below and accounting policies described in Note 3 and presentation requirements of Division II of Schedule III to the Companies Act, 2013 (as amended from time to time), with the exceptions and modifications as mentioned in REIT Regulations. Specific attention is drawn to the following aspects:

– In preparing these Special Purpose Combined Financial Statements, “Capital” represent shareholder’s investment in the components. – Asondateoffinancialstatements,theTrusthasnotissuedanyunitsandhence,theEarningsperunit could not be computed.

The Special Purpose Combined Financial Statements are special purpose financial statements and have been prepared by the Manager to meet the requirements of the REIT Regulations and for inclusion in the Offer Document(s) (‘OD’) prepared by the Manager in connection with the proposed initial public issue of units of the Trust.As a result, the Special Purpose Combined Financial Statements may not be suitable for any other purpose.

All the assets, SPVs and Investment Entities, which are proposed to be owned by the Trust collectively form part of Special Purpose Combined Financial Statements. Further, the Special Purpose Combined Financial Statements are prepared based on an assumption that all the assets (except for 0.6 million sq.ft.

areaofSattvaKnowledgeCapitalacquiredsubsequenttoMarch31,2025)werepartofKnowledgeRealty Trust. Accordingly, all the components (including components directly or indirectly acquired by sponsor after April 1, 2022 or proposed to be acquired) have been combined for the period presented.

As at March 31, 2023, MRPPL held 99.53% equity interest in GVTPL. The balance 0.47% held by third party shareholder was acquired by MRPPL during the year ended March 31, 2024. Accordingly, GVTPL has been combined considering 100% equity interest of Knowledge Realty Trust from April 1, 2022 and consideration paid by MRPPL for acquisition of the balance 0.47% has been recognized as liability as at April 1, 2022. Liability is recognized at amortized cost with the subsequent measurement through statement of profit and loss.

Subsequent to year ended March 31, 2025, the Softzone Scheme ofArrangement (i.e. merger of SBPLand carve out assets of Sattva Supreme, Sattva Magnifica II and Sattva Touchstone (together referred as ‘Demerged Undertakings’) into STPL) is approved by the National Company Law Tribunal with the appointed date of April 1, 2024. However, as required by the SEBI Circular, in the preparation of this Special Purpose Combined Financial Statements, the Demerged Undertakings are considered as part of Trust for all the periods presented in accordance with the guidance prescribed in the SEBI Regulations, with their net assets as at April 1, 2022 being considered at book value in the preparation of the Special Purpose Combined Financial Statements.

ThisSpecialPurposeCombinedFinancialStatementsmaynotberepresentativeofthepositionwhichmay prevail after the components are transferred to Knowledge Realty Trust.

The Special Purpose Combined Financial Statements have been prepared on a going concern basis. These Special Purpose Combined Financial Statements have been prepared on the historical cost basis except otherwise indicated in the accounting policies.

The Special Purpose Special Purpose Combined Financial Statements are prepared in Indian Rupees and rounded off to nearest million, except when otherwise indicated.

851Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements Transition to Ind AS The Special Purpose Combined Financial Statements shall be prepared in accordance with Ind AS and shall be adjusted for any policy differences with that followed by Knowledge Realty Trust for the periods presented.All the components forming part of Knowledge RealtyTrust had already transitioned to IndAS prior to April 1, 2021, except for the components mentioned below, who have prepared their statutory financial statements for the year ended March 31, 2025, March 31, 2024 and March 31, 2023, except as mentioned otherwise below, in accordance with the generally accepted accounting principles in India

(IndianGAAP)tocomplyinallmaterialrespectswiththeaccountingstandardsnotifiedundersection133 of the CompaniesAct 2013 read together with the Companies (Accounting Standards)Amendment Rules, 2006 (as amended from time to time):

(cid:129) Harkeshwar Realtors Private Limited (cid:129) Quadro Infotechnologies Private Limited (cid:129) Salarpuria Griha Nirman Private Limited (cid:129) Salarpuria Developers Private Limited (cid:129) Sattva Properties Management Private Limited (cid:129) Sattva Infra Management Private Limited (cid:129) Sattva Knowledge Centre Private Limited (formerly known as Jaganmayi Realtors Private Limited) (cid:129) Shirasa Regency Park Private Limited (incorporated on May 4, 2022) (cid:129) Mindcomp Regency Park Private Limited* (cid:129) Darshita Edifice Private Limited (formerly known as Darshita Edifice LLP)* (cid:129) NABS Data Zone Private Limited * onlyforfinancialyear2022-23and2023-24 852Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements In preparing these Special Purpose Combined Financial Statements, the initial date of application of Ind AS has been considered as April 1, 2021 or its date of incorporation, whichever is later, by these components.

Ind AS 101 requires that all Ind AS standards and interpretations that are effective for the first Ind AS financial statements, be applied consistently and retrospectively. The resulting difference between the carrying amounts of the assets and liabilities in the Special Purpose Combined Financial Statements between Ind AS and Indian GAAP as at the transition date have been recognised directly in equity.

In preparing its opening Ind AS balance sheet as at April 1, 2021, the said components have applied the following principles for assets, liabilities and equity forming part of the Special Purpose Combined Financial Statements.

(cid:129) Recognise all assets and liabilities whose recognition is required by Ind ASs; (cid:129) Not recognise items as assets and liabilities if Ind ASs do not permit such recognition; (cid:129) Reclassify items that if recognised in accordance with previous GAAPas one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity in accordance with Ind ASs; and (cid:129) Apply Ind ASs in measuring all recognised assets and liabilities.

IndAS101allowsfirsttimeadopterscertainexemptionsandexceptionsfromtheretrospectiveapplication of certain requirements under Ind AS. The above mentioned components have applied the following

exemptions and exceptions:

A. Optional exemptions availed i. The carrying value of all its property, plant and equipment, investment property and intangible assets recognized as at transition date measured as per the previous GAAP and used that carrying value as its deemed cost as of the transition date.

ii. IndAS 103 Business Combinations not applied retrospectively to past business combinations. iii. Arrangement contains a lease determined based on facts and circumstances existing at the date of transition to Ind AS.

B. Mandatory exceptions i. The estimates under Ind AS at the transition date are consistent with estimates made for the same date under Indian GAAP. Key estimates considered in preparation of Special Purpose

CombinedFinancialStatementsthatwerenotrequiredundertheIndianGAAParelistedbelow: (cid:129) Fair valuation of financial instruments carried at fair value through profit and loss

(FVTPL) and/or fair value through other comprehensive income (FVOCI); (cid:129) Impairment of financial assets based on expected credit loss model; and (cid:129) Determinationofthediscountedvalueforfinancialinstrumentscarriedatamortisedcost.

ii. Classification of financial assets based on facts and circumstances that exist on the transition date. Measurement of the financial assets accounted at amortised cost has been done retrospectively except where the same is impracticable.

853Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements C. Significant transition adjustments as at April 1, 2021 The following adjustments have been made by the components for preparing IndAS financial statements as at April 1, 2021:

(i) These components have applied Ind AS 116 retrospectively with the cumulative effect of initially applying the Standard recognised at the date of initial application as an adjustment to the opening balance of retained earnings. Accordingly:

a. Right-of-use assets at the date of initial application for leases previously classified as an operating lease at its carrying amount as if the Standard had been applied since the commencement date, but discounted using the respective components incremental borrowing rate at the date of initial application.

b. Finance lease receivable at the date of initial application for leases previously classified as an operating lease at its carrying amount as if the Standard had been applied since the commencement date, but discounted using the respective components incremental borrowing rate at the date of initial application.

(ii) These components have recognised security deposit liabilities at fair value from its initiation along withdeferredleaserentals,usingtheincrementalborrowingrateoftherespectivecomponentsatthe transition date. The impact of the said adjustment from the initiation date till the transition date has been recognised as an adjustment to the opening balance of retained earnings.

(iii) These components have recognised eligible investments and borrowings at amortised cost by applying Ind AS 109 retrospectively with the cumulative effect of initially applying the Standard recognised at the date of initial application as an adjustment to the opening balance of retained earnings and investment property under development respectively.

Basis of Combination and Carve Out The Special Purpose Combined Financial Statements have been prepared using uniform accounting policies for like transactions and other events in similar circumstances. The financial statements/ information of all the components/Assets Transferred used for the purpose of combination are drawn up to the same reporting date i.e. years ended on March 31, 2025, March 31, 2024 and March 31, 2023. The Special Purpose Combined Financial Statements have been prepared using the principles of consolidation as per IndAS 110—Consolidated Financial Statements and the Guidance Notes, to the extent applicable.

However, unlike consolidated financial statements, the Special Purpose Combined Financial Statements does not have any parent company.

The procedure for preparing Special Purpose Combined Financial Statements of Knowledge Realty Trust

are stated below: – The financial statements of all the components were combined by combining/adding like items of assets, liabilities, equity, income, expenses and cash flows. – For combining components which is subsidiary of any other component for all the period presented, the carrying amounts pertaining to such components reflected in the consolidated financial statements of respective parent component have been used.

– The financial statements of all the components were combined based on the assumption that all the components were part of a single group for the entire period presented.

854Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements – The transactions relating to investments made by any component in the financial instruments of another component by way of purchase of such instruments from entities not forming part of Knowledge Realty Trust have been eliminated, with the difference between the carrying value of investment and related liability being recognised as ‘Gain on settlement of inter-company balances with related parties’ under the head ‘Other income’ in the combined statement of profit and loss – Intragroup assets, liabilities, equity, income, expenses and cash flows relating to transactions between components of Knowledge Realty Trust are eliminated in full.

Carve out/carve in financial information of the carved-out and carved-in assets/businesses

For the purpose of preparation of Special Purpose Combined Financial Statements of: – the net assets pertaining to assets of Touchstone, Magnificia and Supreme properties proposed to be acquired by Knowledge Realty Trust have been carved-out from Salarpuria Properties Private Limited, Rajamata Realtors Private Limited and Sattva Developers Private Limited respectively (referred to as ‘Carved-in assets’) for inclusion in financial statements of STPL in accordance with the requirement of REIT Regulations; and – thenetassetspertainingtocommonareamaintenanceservicebusinessofMagnificiacommercialhas been carved out from Neelanchal Griha Nirman Private Limited (referred to as ‘Carved-in assets’) for inclusion in financial statements of SPMPL in accordance with the requirement of REIT Regulations.

Further, CGDPL, OWCPL, SPMPL and SIMPL is transferred to Knowledge Realty Trust, only after carving out specific assets which are not proposed to be acquired by Knowledge Realty Trust (referred to as ‘Carved-out assets’).

The following basis of allocation has been followed in preparing Carve-Out Financial Information for the carved out and carved in assets for use in the preparation of Special Purpose Combined Financial

Statements: – The financial information of carved-out and carved-in assets have been prepared using principles prescribed in the Guidance Note on Combined and Carve-Out Financial Statements. – Income and expenses, which can be directly identified to carved-out and carved-in assets are treated as direct operating income or expenses. Similar principle has been applied for identification of specific assets and liabilities related to the carved-out and carved-in assets. Accordingly, assets, liabilities, revenue and expenses directly attributable to the carved-out and carved-in assets have been specifically identified and included in the Carve-Out and Carve-In financial information.

Certain Other expenses are allocated in the ratio of revenue. – No specific guidance is available for allocation of common income, expenses, assets and liabilities to carve-in and carve-out assets. Accordingly, in preparing historical carved out financial information, certain accounting conventions commonly used and found appropriate by the management have been applied. The allocation basis used is appropriate and reflects the management’s best estimate of how the underlying services have been consummated by the carved-out and carved-in assets. However, the financial position of the carved-out and carved-in assets post allocation may not accurately resemble the financial position that would have been reported had the operations of these assets been carried out in a separate standalone entity or the position which may prevail in the future.

855Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements – Income taxes have been recorded as if the carved-out and carved-in assets were a separate legal entity filing a separate tax return in their local jurisdiction. Tax expense has been arrived at in accordance with the Guidance Note on Combined and Carve-Out Financial Statements.Accordingly, current and deferred tax income/expenses have been computed using the tax rates and tax laws that havebeenenactedorsubstantivelyenactedbytheendofthereportingperiodandthetaxableincome of the carved-out and carved-in assets.

– The difference between the assets and liabilities of the carved out and carved in financial statements as on each Balance sheet date has been disclosed as ‘Carved out difference’in Retained Earnings in accordance with the requirements of Guidance Note.

3. Summary of Material Accounting Policies The following is the summary of material accounting policies applied by Knowledge Realty Trust in preparation of its Special Purpose Combined Financial Statements.

(a) Foreign Currencies The Special Purpose Combined Financial Statements are presented in INR which is also the functional currency of components of Knowledge Realty Trust. For each component (referred to as ‘entity’), Knowledge RealtyTrust determines the functional currency and items included in the financial statements of each entity are measured using that functional currency.

Transactions and balances Transactions in foreign currencies are initially recorded by the entity at their respective functional currency spot rates at the date the transaction first qualifies for recognition. However, for practical reasons,entityuseanaveragerateiftheaverageapproximatestheactualrateatthedateofthetransaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date.

Non-monetaryitemsthataremeasuredintermsofhistoricalcostinaforeigncurrencyaretranslatedusing the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined.

The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on itemswhosefairvaluegainorlossisrecognisedinOCIorstatementofprofitandlossarealsorecognised in OCI or statement of profit and loss, respectively).

(b) Critical accounting estimates and judgements In the application of Knowledge Realty Trust’s accounting policies, the Management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

856Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements

The areas involving critical estimates or judgements are: – Determining fair value of investment properties, including impairment assessment of investment

propertiesandgoodwill:Thedeterminationofthefairvalueofinvestmentpropertiesrequirestheuse of estimates such as future cash flows from the assets (such as market rent, market parking rent, rent growth rate, parking income growth rate, market lease tenure, market escalations, maintenance income prevailing in the market etc.) and discount rates applicable to those assets. These estimates are based on local market conditions existing at the balance sheet date. Impairment exists when the carryingvalueofanassetorcashgeneratingunitexceedsitsrecoverableamount,whichisthehigher of its fair value less costs of disposal and its value in use. The value in use calculation is based on adiscountedcashflow(‘DCF’)model.Thecashflowsarederivedfromthebudgets.Therecoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for the purpose of determining fair values.

– Useful lives of investment property and property, plant and equipment: Management reviews its estimate of the useful lives of investment property and property, plant and equipment at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical and economic obsolescence that may change the utility of assets.

– Assessment of lease term for revenue recognition:The management has considered lease term as the non-cancellable term of the lease, after considering all facts and circumstances including renewal, termination and market conditions.

– Deferred tax assets are recognised for unused tax losses and minimum alternate tax (MAT) credit, to the extent that it is probable that taxable profit will be available against which the losses/MAT credit can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.

– Recognition and measurement of provisions and contingencies: Key assumptions about the likelihood and magnitude of an outflow of resources.

Estimates and judgement are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on Knowledge Realty Trust and that are believed to be reasonable under the circumstances.

(c) Current versus non-current classification Knowledge Realty Trust presents assets and liabilities in the balance sheet based on current/non-current classification. An asset is treated as current when it is:

– Expected to be realised or intended to be sold or consumed in the normal operating cycle, – Held primarily for the purpose of trading, – Expected to be realised within twelve months after the reporting period, or – Cashorcashequivalentunlessrestrictedfrombeingexchangedorusedtosettlealiabilityforatleast twelve months after the reporting period.

857Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements All other assets are classified as non-current.

A liability is current when: – It is expected to be settled within the normal operating cycle, – It is held primarily for the purpose of trading, – It is due to be settled within twelve months after the reporting period, or – Thereisnounconditionalrighttodeferthesettlementoftheliabilityforatleasttwelvemonthsafter the reporting period.

All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

Knowledge Realty Trust and all the components have identified twelve months as their operating cycle.

(d) Fair value measurements Knowledge Realty Trust measures financial instruments such as derivatives at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement

is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: – In the principal market for the asset or liability, or – In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by Knowledge Realty Trust components.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

KnowledgeRealtyTrustusesvaluationtechniquesthatareappropriateinthecircumstancesandforwhich sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the Special Purpose Combined Financial Statements are categorised within the fair value hierarchy, described as follows, based on the

lowest level input that is significant to the fair value measurement as a whole: – Level 1—Quoted (unadjusted) market prices in active markets for identical assets or liabilities; – Level 2—Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable;

– Level 3—Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

858Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements For assets and liabilities that are recognised in the financial statements on a recurring basis, Knowledge Realty Trust determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation(basedonthelowestlevelinputthatissignificanttothefairvaluemeasurementasawhole) at the end of each reporting period.

External valuers are involved for valuation of significant assets such as property, plant and equipment and investmentproperty.Involvementofexternalvaluersisdecidedbyeachcomponentmanagementonaneed basis and relevant approvals. The valuers involved are selected based on criteria like market knowledge, reputation, independence and professional standards. The management of each component decides after discussion with the external valuers, which valuation techniques and inputs to use for each case.

At each reporting date, the management of respective component analyses the movement of assets and liabilities which are required to be remeasured or reassessed as per their accounting policies. For this analysis, the management verifies the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents.

The management in conjunction with each components external valuers also compares the change in fair value of each asset and liability with relevant external sources to determine whether the change is reasonable.

For the purpose of fair value disclosures, Knowledge Realty Trust has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above.This note summarises accounting policy for fair value. Other fair value related disclosures are given in the relevant notes.

(e) Revenue from Operations Revenue from lease rentals LeasesinwhichKnowledgeRealtyTrustdoesnottransfersubstantiallyalltherisksandrewardsincidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lock-in term. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lock-in term onthesamebasisasrentalincome.Contingentrentsarerecognisedasrevenueintheperiodinwhichthey are earned.

Revenue from contracts with customers Revenue is recognised upon transfer of control of promised goods or services to customer in an amount that reflects the consideration Knowledge Realty Trust expects to receive in exchange for those goods or services.

Revenue is measured at the amount of transaction price. This involves inter alia discounting of the consideration due to the present value if payment extends beyond normal credit terms. Revenue is recognised when recovery of the consideration is probable, and the amount of revenue can be measured reliably.

(cid:129) Revenue from contract with customers majorly include income from maintenance services. Revenue is recognised as and when the services are rendered based on the terms of the contracts. Knowledge Realty Trust collects goods and service tax on behalf of the government and therefore, it is not an economic benefit flowing to Knowledge Realty Trust. Hence, it is excluded from revenue.

Knowledge Realty Trust raises invoices as per the terms of the contract, upon which the payment is due to be made by the customers.

859Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements If the consideration in a contract includes a variable amount (like volume rebates/incentives, cash discounts etc.), Knowledge Realty Trust estimates the amount of consideration to which it will be entitled in exchange for rendering the services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved. The estimate of variable consideration for expected future volume rebates/incentives, cash discounts etc. are made on the most likely amount method. Revenue is disclosed net of such amounts.

(cid:129) Saleofrenewableenergy—Revenuefromsaleofpowerisrecognisednetofcashdiscountovertime for each unit of electricity delivered at the contracted rate. (cid:129) Contractual projects—Revenue from contractual project is recognised over time, using an input method with reference to the stage of completion of the contract activity at the end of the reporting period, measured based on the proportion of contract costs incurred for work performed to date relative to the estimated total contract costs. Knowledge Realty Trust recognises revenue only when it can reasonably measure its progress in satisfying the performance obligation. Until such time, Knowledge Realty Trust recognises revenue to the extent of cost incurred, provided Knowledge RealtyTrustexpectstorecoverthecostsincurredtowardssatisfyingtheperformanceobligation.The stage of completion on a project is measured on the basis of proportion of the contract work based upon the contracts/agreements entered into by Knowledge Realty Trust with its customers.

Contract balances Contract assets Acontractassetistherighttoconsiderationinexchangeforgoodsorservicestransferredtothecustomer.

If Knowledge Realty Trust performs its obligation by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional.

Trade receivables A receivable (whether billed or unbilled) represents Knowledge Realty Trust’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due).

Contract liabilities (Advance received from customers) A contract liability is the obligation to transfer goods or services to a customer for which Knowledge Realty Trust has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before Knowledge Realty Trust transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier).

ContractliabilitiesarerecognisedasrevenuewhenKnowledgeRealtyTrustperformsitsobligationsunder the contract.

860Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements

(f) Dividend income and Interest income Dividend income is recognised in the statement of profit and loss on the date on which Knowledge Realty Trust’s right to receive payment is established.

Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to Knowledge Realty Trust and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable,whichistheratethatexactlydiscountsestimatedfuturecashreceiptsthroughtheexpectedlife of the financial asset to that asset’s net carrying amount on initial recognition.

(g) Property, Plant and Equipment Property, plant and equipment are carried at cost of acquisition or construction less accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of theplantandequipmentandborrowingcostsforlong-termconstructionprojectsiftherecognitioncriteria are met. The cost of property, plant and equipment includes freight, duties, taxes and other incidental expenses related to the acquisition or construction of the respective assets. The cost of such assets not ready for their intended use are disclosed as capital work-in-progress.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment.

Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to Knowledge Realty Trust and the cost of the item can be measured reliably.

Derecognition The gain or loss arising on disposal of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment which is recognised in the statement of profit and loss in the year of occurrence.

Anitemofproperty,plantandequipmentandanysignificantpartinitiallyrecognisedisderecognisedupon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and carryingamountoftheasset)isincludedinthestatementofprofitandlosswhentheassetisderecognised.

The management believes that its estimates of useful lives as given below best represent the period over which management expects to use these assets.

Depreciation Depreciableamountisthecostoftheassetsorotheramountsubstitutedforcost,lessitsestimatedresidual value.

Depreciation is calculated on the depreciable amount of property, plant and equipment calculated as per the depreciation method followed by the respective components over the estimated useful lives mentioned belowandisrecognisedinthestatementofprofitandloss.Thecomponentsmanagementbasedonitsbest estimates follow either straight line method or written down value method for depreciating property, plant and equipment.

861Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements Subsequent measurement Property, plant and equipment are subsequently measured at cost less accumulated depreciation and impairmentlosses,ifany.Depreciationonproperty,plantandequipmentisprovidedonthebasisofuseful

lives as set out below:

The estimated useful lives, residual values and depreciation method are reviewed at the end of each reportingperiod,withtheeffectofanychangesinestimateaccountedforonaprospectivebasis.Estimated useful lives of the items of property, plant and equipment are as follows:

Type of asset Estimated Useful Lives (In years) Buildings 10-75 (Refer note 1 in (h) below) Furniture and fixtures 8-15 Office Equipments 3-20 Vehicles 6-20 Computers 3-6 Plant and Machinery 15 Electrical installations 10

(h) Investment property (including under development) Investment property is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Upon initial recognition, an investment property is measured at cost.

Thecostincludesthecostofreplacingpartoftheinvestmentpropertiesandborrowingcostsforlong-term constructionprojectsiftherecognitioncriteriaaremet.Thecostofinvestmentpropertiesincludesfreight, duties, taxes and other incidental expenses related to the acquisition or construction of the respective assets. The cost of such assets not ready for their intended use are disclosed as investment property under development.

When significant parts of the investment property are required to be replaced at intervals, Knowledge Realty Trust depreciates them separately based on their specific useful lives. All other repair and maintenance costs are recognized in the statement of profit and loss as incurred.

Subsequent to initial recognition, investment property is measured at cost less accumulated depreciation and accumulated impairment losses, if any.

InitialdirectcostsincurredbyKnowledgeRealtyTrustinnegotiatingandarranginganoperatingleaseare added to the carrying amount of the respective investment property and are amortised over the lease term on the same basis as the lease income.

Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to Knowledge Realty Trust.

Though Knowledge Realty Trust measures investment property using cost based measurement, the fair value of investment property is disclosed in the notes. Fair values are determined based on an annual evaluation performed by an accredited external independent valuer.

862Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements Depreciation Depreciableamountisthecostoftheassetsorotheramountsubstitutedforcost,lessitsestimatedresidual value.

Depreciation is calculated on the depreciable amount of investment property calculated as per the depreciation method followed by the respective components over the estimated useful lives mentioned belowandisrecognisedinthestatementofprofitandloss.Thecomponentsmanagementbasedonitsbest estimates follow either straight line method or written down value method for depreciating investment property.

Leasehold improvements are amortised over the primary period of lease or the estimated useful life whichever is lower on the same method as that followed for property, plant and equipment and investment property.Assets acquired on leases are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that Knowledge Realty Trust will obtain ownership by the end of the lease term.

The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. The

estimated useful lives of items of investment properties are as follows:

Type of asset Estimated Useful Lives (In years) Buildings Primary lease period of land or building or 10 to 75 years, whichever is lower (Refer note 1 below) Leasehold land Primary lease period Plant and Machinery 3-20 Furniture and fixtures 10-15 Office Equipment 3-20 Computers 3-6 Electrical installations 10-20 The management believes that its estimates of useful lives as given above best represent the period over which management expects to use these assets.

Note1

(a) SomeofthecomponentsofKnowledgeRealtyTrusthavebeendepreciatingInvestmentPropertyandProperty,PlantandEquipmentusingwrittendownvaluemethod uptoMarch31,2024.WitheffectfromApril1,2024thesaidcomponentshavechangedthemethodfromwrittendownvaluetostraightlinemethodbasedonthepast experienceandmanagement’sassessmentofthefutureeconomicbenefitsfromtheseassets.Refernote4and6oftheSpecialPurposeCombinedFinancialStatements.

(b) Someofthecomponentshadestimatedtheusefullifeofbuildingsatlowerof60yearsorbalanceleasetermtillMarch31,2024.WitheffectfromApril1,2024,Knowledge RealtyTrusthasrevisedtheusefullifeofbuildingsclassifiedasInvestmentPropertyfrom‘lowerofbalanceleasetermand60years’to‘lowerofbalanceleaseterms and75years’,basedonmaintenanceandupkeepplanandaninternalassessmentsupportedbyatechnicalevaluationconductedbyanindependentexternalstructural engineer.Refernote4and6oftheSpecialPurposeCombinedFinancialStatements.

(c) DRPLhasbeendepreciatingInvestmentPropertyandProperty,PlantandEquipmentusingwrittendownvaluemethoduptoMarch31,2023.WitheffectfromApril1, 2023,thesaidcomponenthaschangedthemethodfromwrittendownvaluetostraightlinemethodbasedonthepastexperienceandmanagement’sassessmentofthe futureeconomicbenefitsfromtheseassets.Refernote4and6oftheSpecialPurposeCombinedFinancialStatements.

(d) DRPLhadestimatedtheusefullifeofbuildingsat60yearstillMarch31,2023.WitheffectfromApril1,2023,thesaidcomponenthasrevisedtheusefullifeofbuildings classifiedasInvestmentPropertyfrom60yearsto75years,basedonmaintenanceandupkeepplanandaninternalassessmentsupportedbyatechnicalevaluation conductedbyanindependentexternalstructuralengineer.Refernote4and6oftheSpecialPurposeCombinedFinancialStatements.

863Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements Derecognition Any gain or loss on disposal of an investment property is recognised in the statement of profit and loss.

Investment property under development Investment property under development represents expenditure incurred in respect of capital projects and are carried at cost less accumulated impairment loss, if any. Cost includes development costs, borrowing costs and other direct expenditure.

(i) Other Intangible Assets Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses if any.

Cost of an item of intangible assets comprises its purchase price, including import duties and non- refundable purchase taxes, after deducting trade discounts and rebates, any cost directly attributable to bringing the asset to its working condition for its intended use.

Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to Knowledge Realty Trust.

Costofintangibleassetslesstheirestimatedresidualvaluesareamortizedovertheirestimatedusefullives using the straight-line method followed by respective component and is included in depreciation and amortization in the statement of profit and loss.

Derecognition of Intangible assets An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in statement of profit and loss when the asset is derecognised.

Useful lives of intangible assets Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit and loss, unless such expenditure forms part of carrying value of another asset.

Knowledge Realty Trust has used the following useful lives for amortisation of intangible assets:

Type of asset Estimated Useful Lives (In years) Software 3 Access rights 15 The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.

864Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements

(j) Impairment of tangible and intangible assets Goodwillistestedforimpairmentatleastonanannualbasis.Forallotherassets,KnowledgeRealtyTrust assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, Knowledge Realty Trust estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or Cash-generating unit’s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets.

When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The impairment loss is recognized in the statement of profit and loss.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used.

Knowledge Realty Trust bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of Knowledge Realty Trust’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of 10 years.

(k) Goodwill acquired in business combination (at component level) Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held, over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, Knowledge Realty Trust re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in other comprehensive income (OCI) and accumulated in equity as capital reserve. However, ifthereisnoclearevidenceofbargainpurchase,theentityrecognisesthegaindirectlyinequityascapital reserve, without routing the same through OCI.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocatedtoeachofKnowledgeRealtyTrust’scash-generatingunitsorgroupofcashgeneratingunitsthat are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.

A cash generating unit to which goodwill has been allocated is tested for impairment annually, or more frequentlywhenthereisanindicationthattheunitmaybeimpaired.Iftherecoverableamountofthecash generatingunitislessthanitscarryingamount,theimpairmentlossisallocatedfirsttoreducethecarrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit.Any impairment loss for goodwill is recognised in the statement of profit and loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.

865Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements

(l) Inventories Inventories are stated at the lower of cost and net realisable value. Cost of inventory includes cost of purchaseandothercostsincurredinbringingtheinventoriestotheirpresentlocationandcondition.Costs ofinventoriesaredeterminedonfirstinfirstoutbasis.Netrealisablevaluerepresentstheestimatedselling price for inventories less all estimated costs of completion and costs necessary to make the sale.

(m) Lease accounting At inception of contract, Knowledge Realty Trust assesses whether the contract is, or contains, a lease.A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At inception or on reassessment of a contract that contains a lease component, Knowledge Realty Trust allocates consideration in the contract to each lease component on the basis of their relative standalone price.

As a lessee Right-of-use assets Knowledge Realty Trust has few lease contracts for land used in its operations.

Knowledge Realty Trust recognises right-of-use assets at the commencement date of the lease. Right- of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, lease payments made at or before the commencement date less any lease incentives received and estimate of costs to dismantle.

Lease liabilities At the commencement date of the lease, Knowledge Realty Trust recognises lease liabilities measured at thepresentvalueofleasepaymentstobemadeoverthelock-inleaseterm.Incalculatingthepresentvalue of lease payments, Knowledge Realty Trust generally uses its incremental borrowing rate at the lease commencement date if the discount rate implicit in the lease is not readily determinable.

Afterthecommencementdate,theamountofleaseliabilitiesisincreasedtoreflecttheaccretionofinterest and reduced for the lease payments made. The carrying amount is remeasured when there is a change in future lease payments arising from a change in index or rate. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset.

Knowledge Realty Trust presents lease liabilities separately on face of the Balance Sheet.

Short term leases and leases of low value of assets KnowledgeRealtyTrustappliestheshort-termleaserecognitionexemptiontoitsshort-termleases.Italso applies the lease of low-value assets recognition exemption that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.

866Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements As a lessor Leasesareclassifiedasfinanceleaseswhensubstantiallyalloftherisksandrewardsofownershiptransfer from Knowledge Realty Trust to the lessee. Amounts due from lessees under finance leases are recorded as receivables at the Knowledge Realty Trust’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the net investment outstanding in respect of the lease.

(n) Employee benefits Defined contribution plans Knowledge Realty Trust has defined contribution plans for post-employment benefits in the form of Provident Fund which is administered through Government of India. Provident Fund Scheme is classified as defined contribution plans as Knowledge Realty Trust has no further obligation beyond making the contributions. Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions.

Defined benefits plans Knowledge Realty Trust has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides for a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days of salary payable for each completed year of service. Vesting occurs upon completion of five years of service. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method. Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability, are recognised immediately inthebalancesheetwithacorrespondingdebitorcredittoretainedearningsthroughothercomprehensive income(OCI)intheperiodinwhichtheyoccur.Remeasurementsarenotreclassifiedtostatementofprofit and loss in subsequent periods. Past service costs are recognised in statement of profit and loss on the

earlier of: – The date of the plan amendment or curtailment, and – The date that Knowledge Realty Trust recognises related restructuring costs – Net interest is calculated by applying the discount rate to the net defined benefit liability or asset.

Knowledge RealtyTrust recognises the following changes in the net defined benefit obligation as an

expense in the Combined Statement of Profit and Loss: – Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and – Net interest expense or income.

Termination benefits Aliability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognizes any related restructuring costs.

867Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements Other employee benefits Accumulated leave, which is expected to be utilized within the next 12 months, is treated as short-term employee benefit. Knowledge Realty Trust measures the expected cost of such absences as the additional amount that it expects to pay as a result of the unused entitlement that has accumulated at the reporting date. Knowledge Realty Trust recognizes expected cost of short-term employee benefit as an expense, when an employee renders the related service.

Knowledge Realty Trust treats accumulated leave expected to be carried forward beyond twelve months, as long-term employee benefit for measurement purposes. Such long-term compensated absences are

provided for based on the actuarial valuation using the projected unit credit method at the reporting date.

Actuarial gains/losses are immediately taken to the statement of profit and loss and are not deferred. The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer the settlement for at least twelve months after the reporting date.

(o) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

All other borrowing costs are recognised in statement of profit and loss in the period in which they are incurred.

(p) Taxation Current Tax Currentincometaxassetsandliabilitiesaremeasuredattheamountexpectedtoberecoveredfromorpaid tothetaxationauthorities.Thetaxratesandtaxlawsusedtocomputetheamountarethosethatareenacted or substantively enacted, at the reporting date.

Current income tax relating to items recognised outside the statement of profit and loss is recognised outside the statement of profit and loss (either in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.

Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred Tax Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Special Purpose Combined Financial Statements and the corresponding tax bases used in the computation of taxable profit.

868Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements Deferred tax liabilities are recognised for all taxable temporary differences, except: – When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss – In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:

– When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss – Inrespectofdeductibletemporarydifferencesassociatedwithinvestmentsinsubsidiaries,associates andinterestsinjointventures,deferredtaxassetsarerecognisedonlytotheextentthatitisprobable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax assets and liabilities are offset only if there is a legally enforceable right to set off the recognized amounts, and it is intended to realize the asset and settle the liability on a net basis or simultaneously.

Deferred tax relating to items recognised outside the statement of profit and loss is recognised outside the statement of profit and loss (either in other comprehensive income or in equity). Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.

DeferredtaxassetsincludeMinimumAlternativeTax(MAT)paidinaccordancewiththetaxlawsinIndia, which is likely to give future economic benefits in the form of availability of set off against future income tax liability.Accordingly, MATis recognised as deferred tax asset in the balance sheet when the asset can be measured reliably, and it is probable that the future economic benefit associated with the asset will be realised. Knowledge Realty Trust reviews Deferred TaxAsset related to “MAT credit entitlement” at each reporting date and writes down the asset to the extent that it is no longer probable that it will pay normal tax during the specified period.

869Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements

(q) Financial Instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets and financial liabilities are recognised when Knowledge Realty Trust becomes a party to the contractual provisions of the instruments.

Initial recognition and measurement Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when Knowledge Realty Trust becomes a party to the contractual provisions of the instrument.

Afinancial asset or financial liability is initially measured at fair value plus, for an item not at fair value through profit and loss (FVTPL), transaction costs.

Classification and subsequent measurement On initial recognition, a financial asset is classified as measured at (cid:129) Amortised cost (cid:129) Fair value through other comprehensive income (FVOCI)—debt investment;

(cid:129) Fair value through other comprehensive income (FVOCI)—equity investment; or (cid:129) Fair value through profit and loss (FVTPL) Financial assets are not reclassified subsequent to their initial recognition, except if and in the period Knowledge Realty Trust changes its business model for managing financial assets.

A financial asset is measured at amortised cost if it meets both of the following conditions and is not

designated as at FVTPL: (cid:129) the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; (cid:129) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

AdebtinvestmentismeasuredatFVOCIifitmeetsbothofthefollowingconditionsandisnotdesignated

as at FVTPL: (cid:129) the asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; (cid:129) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

870Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements On initial recognition of an equity investment that is not held for trading, Knowledge Realty Trust may irrevocably elect to present subsequent changes in the investment’s fair value in OCI (designated as FVOCI—equity investment). This election is made on an investment-by-investment basis.

All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, Knowledge Realty Trust may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

Financial assets: Business model assessment Knowledge Realty Trust makes an assessment of the objective of the business model in which a financial assetisheldataportfoliolevelbecausethisbestreflectsthewaythebusinessismanagedandinformation is provided to management. The information considered includes:

(cid:129) the stated policies and objectives for the portfolio and the operation of those policies in practice.

These include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets;

(cid:129) how the performance of the portfolio is evaluated and reported to Knowledge Realty Trust’s management; (cid:129) the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed;

(cid:129) how managers of the business are compensated—e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and (cid:129) the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity.

Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with Knowledge Realty Trust’s continuing recognition of the assets.

Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL.

Financial assets: Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, ‘principal’is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.

871Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements In assessing whether the contractual cash flows are solely payments of principal and interest, Knowledge Realty Trust considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, Knowledge Realty Trust

considers: (cid:129) contingent events that would change the amount or timing of cash flows; (cid:129) terms that may adjust the contractual coupon rate, including variable interest rate features; (cid:129) prepayment and extension features; and (cid:129) terms that limit Knowledge Realty Trust’s claim to cash flows from specified assets (e.g.

non-recourse features).

A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract.Additionally, for a financial asset acquired at a significant discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition.

Financial assets: Subsequent measurement and gains and losses Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in the statement of profit and loss. Any gain or loss on derecognition is recognised in the statement of profit and loss.

Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income under the effective interest method, foreign exchange gains and losses and impairment are recognised in the statement of profit and loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to the statement of profit and loss.

Equity investments at FVOCI These assets are subsequently measured at fair value.

Dividends are recognised as income in the statement of profit and loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses arerecognisedinOCIandarenotreclassifiedtothestatement of profit and loss.

Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in the statement of profit and loss.

872Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements

Financial liabilities: Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPLif it is classified as held-for-trading, or it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, includinganyinterestexpense,arerecognisedinthestatementofprofitandloss.Otherfinancialliabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in the statement of profit and loss.Any gain or loss on derecognition is also recognised in the statement of profit and loss.

Derecognition Financial assets Knowledge Realty Trust derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which Knowledge RealtyTrust neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset.

If Knowledge Realty Trust enters into transactions whereby it transfers assets recognised on its balance sheet, but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets are not derecognised.

Financial liabilities Knowledge Realty Trust derecognises a financial liability when its contractual obligations are discharged or cancelled or expire.

Knowledge Realty Trust also derecognises a financial liability when its terms are modified and the cash flows under the modified terms are substantially different. In this case, a new financial liability based on themodifiedtermsisrecognisedatfairvalue.Thedifferencebetweenthecarryingamountofthefinancial liability extinguished and the new financial liability with modified terms is recognised in the statement of profit and loss.

Offsetting Financialassetsandfinancialliabilitiesareoffsetandthenetamountpresentedinthebalancesheetwhen, and only when, Knowledge Realty Trust currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.

Compound financial instruments The liability component of a compound financial instrument is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognised at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts.

873Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method or FVTPL, as applicable. The equity component of a compound financial instrument is not measured subsequently.

Interest/fairvaluechangesrelatedtothefinancialliabilityisrecognisedinthestatementofprofitandloss (unless it qualifies for inclusion in cost of asset). In case of conversion at maturity, the financial liability is reclassified to equity and no gain or loss is recognised.

Impairment of financial assets Knowledge Realty Trust applies the expected credit loss model for recognising impairment loss on financial assets measured at amortised cost, lease receivables, trade receivables, other contractual rights to receive cash or other financial assets. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that Knowledge Realty Trust expects to receive,discountedatanapproximationoftheoriginaleffectiveinterestrate.Theexpectedcashflowswill include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

For trade receivables and contract assets, Knowledge Realty Trust applies a simplified approach in calculating ECLs. Therefore, Knowledge Realty Trust does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Knowledge Realty Trust has established a provision matrix that is based on its historical credit loss experience, adjusted for forward- looking factors specific to the debtors and the economic environment.

ECLsarerecognisedintwostages.Forcreditexposuresforwhichtherehasnotbeenasignificantincrease in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there hasbeenasignificantincreaseincreditrisksinceinitialrecognition,alossallowanceisrequiredforcredit lossesexpectedovertheremaininglifeoftheexposure,irrespectiveofthetimingofthedefault(alifetime ECL).

(r) Cash and Cash Equivalents Cashandcashequivalentinthebalancesheetcomprisecashatbanksandonhandandshort-termdeposits with an original maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.

(s) Provisions Provisions are recognised when Knowledge Realty Trust has a present obligation (legal or constructive) as a result of a past event, it is probable that Knowledge Realty Trust will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Theamountrecognisedasaprovisionisthebestestimateoftheconsiderationrequiredtosettlethepresent obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

Presentobligationsarisingunderonerouscontractsarerecognisedandmeasuredasprovisionswithcharge to statement of profit and loss.An onerous contract is considered to exist where Knowledge Realty Trust has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.

874Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements

(t) Contingent liabilities A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of Knowledge Realty Trust or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognised because it cannot be measured reliably. The contingent liability is not recognised in the books of accounts but its existence is disclosed in the Special Purpose Combined Financial Statements by way of notes to accounts, unless possibility of an outflow of resources embodying economic benefit is remote.

(u) Segment Information An operating segment is a component of Knowledge Realty Trust that engages in business activities from which it may earn revenues and incur expenses. All operating segments’ operating results are reviewed regularly by a representative of Knowledge Realty Trust, Knowledge Realty Trust’s Chief Operating Decision Maker (‘CODM’), to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available.

All the assets of Knowledge Realty Trust and source of revenue is within India and hence, no separate geographical segment is identified.

Knowledge Realty Trust has determined (i) ‘Office’and (ii) ‘Others’as reportable segments as evaluated by the CODM for allocation of resources and assessing the performance.

Segment result represents Net Operating Income (NOI) which has been defined by the CODM as follows:

Office NOI for Office business is defined as Revenue from operations, which includes (i) revenue from lease rentals and (ii) income from maintenance services less other operating expenses which includes

(a) Operations and maintenance expenses excluding non-recurring repairs and maintenance expense;

(b) employee benefits expenses of CAM entities; (c) property tax and (d) certain other expenses, which include insurance and all other expenses of CAM entities.

Others NOI for other segments is defined as Revenue from operations which includes (i) Food and beverage revenue (ii) Income from generation of renewable energy and (iii) other operating revenue less other operating expenses which includes (a) operating and maintenance expenses related to Solar assets; (b) employeebenefitsexpensesofourSolarAssetSPVs;(c)relatedotherexpensesexcludingpropertytaxand

(d) Cost of material consumed and works contract services.

875Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements

(v) Joint Development Arrangements (‘JDA’) Land/development rights received under JDA is measured at the fair value of the estimated construction service rendered to the landowner and the same is accounted on completion of the project. Further, non- refundable deposit amount paid by Knowledge Realty Trust under the JDA is recognised as Investment property under development and on the completion of the project, the non- refundable amount is transferred as land cost to Investment Property.

(w) Subsequent events The Special Purpose Combined Financial Statements are adjusted to reflect events that occur after the reporting date but before the Special Purpose Combined Financial Statements are issued. The Special Purpose Combined Financial Statements have their own date of authorisation, which differs from that of the financial statements of the combining entities. Therefore, when preparing the Special Purpose Combined Financial Statements, management considers events up to the date of authorisation of these financial statements (i.e. including those that occurred after the authorisation date of the financial statements of combining entities).

(x) Combined Statement of net assets at fair value The disclosure of Statement of NetAssets at FairValue comprises of the fair values of the total assets and fair values of the total liabilities of individual components. The fair value of the assets are reviewed regularly by Management with reference to independent assets and market conditions existing at the reporting date, using generally accepted market practices. The independent valuers are leading independent appraisers with a recognised and relevant professional qualification and with recent experience in the location. Judgment is also applied in determining the extent and frequency of independent appraisals. Such independent appraisals and the assumptions used are reviewed at each balance sheet date.

(y) Statement of Total Returns at Fair Value The disclosure of total returns at fair value comprises of the Total Comprehensive Income as per the Combined Statement of Profit and loss and Other Changes in Fair Value of investment property, property, plant and equipment where the cost model is followed which were not recognised in total Comprehensive Income.

(z) Earnings before finance costs, depreciation, amortisation, exceptional items and tax (EBITDA) Knowledge Realty Trust has elected to present EBITDA as a separate line item on the face of the Combined Statement of Profit and Loss. In its measurement, Knowledge Realty Trust does not include finance costs, depreciation, amortisation, exceptional items and tax.

3.1 Recent pronouncements The Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (IndianAccounting Standards) Rules as issued from time to time. Knowledge Realty Trust has reviewed the new pronouncements issued and applicable since April 1, 2022 and based on its evaluation has determined that it does not have any significant impact on the Special Purpose Combined Financial Statements.

876tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( tnempiuqe dna tnalp ,ytreporP 4 lacirtcelE eciffO erutinruF dna tnalP dloheerF latoT selciheV sretupmoC snoitallatsni stnempiuqe serutxif dna seirenihcam gnidliuB dnal sralucitraP eulav gniyrrac ssorG

14.376

37.9

41.61

65.7

82.23

06.372

21.882

89.54 – 2202 ,10 lirpA ta sa ecnalaB

48.87

57.0

68.1 –

66.2

37.27

48.0 – – snoitiddA )53.43( – )39.0( – – )05.8( )29.42( – – snoiteleD

09.717

84.01

70.71

65.7

49.43

38.733

40.462

89.54 – 3202 ,13 hcraM ta sa ecnalaB noitaicerped detalumuccA

23.935

68.7

96.01

34.5

64.91

06.722

45.252

47.51 – 2202 ,10 lirpA ta sa ecnalaB

75.56

99.0

67.3

21.0

32.4

18.14

91.31

74.1 – )74 eton refer( raey eht rof egrahC )26.33( – )86.0( – – )64.8( )84.42( – – snoiteleD

72.175

58.8

77.31

55.5

96.32

59.062

52.142

12.71 – 3202 ,13 hcraM ta sa ecnalaB

36.641

36.1

03.3

10.2

52.11

88.67

97.22

77.82 – 3202 ,13 hcraM ta sa eulav gniyrrac teN eulav gniyrrac ssorG

09.717

84.01

70.71

65.7

49.43

38.733

40.462

89.54 – 3202 ,10 lirpA ta sa ecnalaB

39.632 –

05.2

71.1

65.1

82.841

59.81

74.46 – snoitiddA )42.9( – )28.8( – )92.0( )31.0( – – – snoiteleD

95.549

84.01

57.01

37.8

12.63

89.584

99.282

54.011 – 4202 ,13 hcraM ta sa ecnalaB 877tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( )deunitnoc( tnempiuqe dna tnalp ,ytreporP 4 lacirtcelE eciffO erutinruF dna tnalP dloheerF latoT selciheV sretupmoC snoitallatsni stnempiuqe serutxif dna seirenihcam gnidliuB dnal sralucitraP noitaicerped detalumuccA

72.175

58.8

77.31

55.5

96.32

59.062

52.142

12.71 – 3202 ,10 lirpA ta sa ecnalaB

45.14

83.0

60.2

72.0

73.3

06.62

27.7

41.1 – )74 eton refer( raey eht rof egrahC )71.9( – )18.8( – )92.0( )70.0( – – – snoiteleD

46.306

32.9

20.7

28.5

77.62

84.782

79.842

53.81 – 4202 ,13 hcraM ta sa ecnalaB

59.143

52.1

37.3

19.2

44.9

05.891

20.43

01.29 – 4202 ,13 hcraM ta sa eulav gniyrrac teN eulav gniyrrac ssorG

95.549

84.01

57.01

37.8

12.63

89.584

99.282

54.011 – 4202 ,10 lirpA ta sa ecnalaB

23.764,1

30.8

53.1

91.0

37.4

55.0

74.623,1

27.67

82.94 snoitiddA ytreporp tnemtsevnI ot derrefsnarT )52.753( – )06.0( – )12.4( )81.232( )68.81( )04.101( – )woleb )vi( etoN refer( )83.2( – )79.0( – )20.1( )71.0( )22.0( – – snoiteleD

82.350,2

15.81

35.01

29.8

17.53

81.452

83.095,1

77.58

82.94 5202 ,13 hcraM ta sa ecnalaB 878tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( )deunitnoc( tnempiuqe dna tnalp ,ytreporP 4 lacirtcelE eciffO erutinruF dna tnalP dloheerF latoT selciheV sretupmoC snoitallatsni stnempiuqe serutxif dna seirenihcam gnidliuB dnal sralucitraP noitaicerped detalumuccA

46.306

32.9

20.7

28.5

77.62

84.782

79.842

53.81 – 4202 ,10 lirpA ta sa ecnalaB

57.15

75.0

93.1

81.0

51.2

16.9

95.53

62.2 – )74 eton refer( raey eht rof egrahC ytreporp tnemtsevnI ot derrefsnarT )29.26( – )21.0( – )59.2( )72.84( )08.1( )87.9( – )woleb )vi( etoN refer( )74.1( – )19.0( – )03.0( )21.0( )41.0( – – snoiteleD

00.195

08.9

83.7

00.6

76.52

07.842

26.282

38.01 – 5202 ,13 hcraM ta sa ecnalaB

82.264,1

17.8

51.3

29.2

40.01

84.5

67.703,1

49.47

82.94 5202 ,13 hcraM ta sa eulav gniyrrac

teN :setoN .)A(82etonrefer,sgniworrobtsniagadegdelptnempiuqednatnalp,ytreporproF )i( .B16etonrefer,tnempiuqednatnalp,ytreporpfoesahcrupottcepserhtiwstnemtimmoclautcartnocroF )ii( ,13hcraMdedneraeyehtrofdnaLPRDrof4202,13hcraMdedneraeyehtrofylevitcepsorpdedivorpneebsah,)h(3etoNfo1etoNnidenoitnemsadohtemnoitaicerpedniegnahcdnagnidliuBfoefillufesuotgnitalersetamitsegnitnuoccaehtnisegnahcfotceffeehT )iii( noillim33.72.sRybrewolsi4202,13hcraMdedneraeyehtrofegrahcnoitaicerped,yltneuqesnoC.”srorrEdnasetamitsEgnitnuoccAnisegnahC,seicilopgnitnuoccA“no8SADNIrepsastnemetatSlaicnaniFdenibmoCesopruplaicepSehtnis’VPSehtfoemosrof5202 .sdoireperutufehtrofsesnepxenoitaicerpedehttcapmiosladluowegnahcsihT.noillim22.2.sRybrewolsi5202,13hcraMdedneraeyehtrofdna eunevernoslatneresaelfonoitaredisnocnitnanetaotLPRDybtuodesaelneebsahsroiretnillagnidulcniecapstnaruatsereht,4202,1rebmevoNmorF.4202,13rebotcOllit’ytiCegdelwonKavttaS‘gnidliubstinissenisubtnaruatseradetarepodnadenwoLPRD )vi( .ytreporptnemtsevniottnempiuqednatnalp,ytreporpmorfderrefsnartneebsahecapstnaruatserdiasehtfonoitaicerpeddetalumuccagnidnopserrocdnakcolbssorgeht,ylgnidroccA.ledomerahs 879Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 5 Capital work-in-progress (’CWIP’) Capital Particulars work-in-progress Gross carrying value Balance as at April 01, 2023 – Additions 25.49 Balance as at March 31, 2024 25.49 Additions 1,460.79 Capitalized (1,400.87) Balance as at March 31, 2025 85.41

Notes:

(i) ThereisnoCWIPduringtheyearendedMarch31,2023.Accordingly,themovementinCWIPisnotdisclosedforthesaidfinancialyear.

(ii) ForageingofCWIP,refernote10.

880tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( tnempoleved rednu gnidulcni ytreporp tnemtsevnI 6 tnemtsevnI ytreporp – latoT rednu tnemtsevnI lacirtcelE eciffO erutinruF dna tnalP dlohesaeL dloheerF tnempoleved ytreporP stnempiuqe stnempiuqe serutxif dna seirenihcam sgnidliuB sdnal sdnal sralucitraP eulav gniyrrac ssorG

05.225,02

87.533,491

65.0

47.632

15.249,1

54.050,51

32.585,301

70.662,42

22.452,94 2202 ,10 lirpA ta sa ecnalaB

31.871,8

96.747,11 –

70.0

01.135,1

34.103,1

24.488,6 –

76.030,2 snoitiddA )27.112( – – – – – – – – esael ecnanif ot derrefsnarT )62.684,9( – – – – – – – – dezilatipaC )87.183( )96.981( – – )91.81( )42.0( )62.171( – – slasopsiD elas rof dleh sa deifissalc stessA – )99.41( – – – )99.41( – – – )iix eton refer(

78.026,81

97.878,502

65.0

18.632

24.554,3

56.633,61

93.892,011

70.662,42

98.482,15 3202 ,13 hcraM ta sa ecnalaB noitaicerped detalumuccA –

93.953,22

71.0

38.491

36.820,1

33.210,7

18.115,31

26.116 – 2202 ,10 lirpA ta sa ecnalaB –

21.268,5

50.0

16.9

84.864

33.883,1

36.277,3

20.322 – )74 eton refer( raey eht rof egrahC – )55.61( – – )34.61( )21.0( – – – slasopsiD elas rof dleh sa deifissalc stessA – )93.6( – – – )93.6( – – – )iix eton refer( –

75.891,82

22.0

44.402

86.084,1

51.493,8

44.482,71

46.438 – 3202 ,13 hcraM ta sa ecnalaB ,13 hcraM ta sa eulav gniyrrac teN

78.026,81

22.086,771

43.0

73.23

47.479,1

05.249,7

59.310,39

34.134,32

98.482,15 3202 881tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( tnemtsevnI ytreporp – latoT rednu tnemtsevnI lacirtcelE eciffO erutinruF dna tnalP dlohesaeL dloheerF tnempoleved ytreporP stnempiuqe stnempiuqe serutxif dna seirenihcam sgnidliuB sdnal sdnal sralucitraP eulav gniyrrac ssorG

78.026,81

97.878,502

65.0

18.632

24.554,3

56.633,61

93.892,011

70.662,42

98.482,15 3202 ,10 lirpA ta sa ecnalaB

58.017,6

65.765,81 – –

27.462,2

38.905,1

27.848,31 –

92.449 snoitiddA )46.446,51( – – – – – – – – dezilatipaC – )76.135( – )60.0( )75.25( )79.62( )43.644( – )37.5( slasopsiD tcartnoc skrow ot detaler tsoc :sseL )82.753( – – – – – – – – ))xi( eton refer( secivres

08.923,9

86.419,322

65.0

57.632

75.766,5

15.918,71

77.007,321

70.662,42

54.322,25 4202 ,13 hcraM ta sa ecnalaB noitaicerped detalumuccA –

75.891,82

22.0

44.402

86.084,1

51.493,8

44.482,71

46.438 – 3202 ,10 lirpA ta sa ecnalaB –

26.338,5

40.0

66.5

57.517

88.490,1

12.397,3

80.422 – )74 eton refer( raey eht rof egrahC – )61.932( – )60.0( )15.02( )49.01( )56.702( – – slasopsiD –

30.397,33

62.0

40.012

29.571,2

90.874,9

00.078,02

27.850,1 – 4202 ,13 hcraM ta sa ecnalaB ,13 hcraM ta sa eulav gniyrrac teN

08.923,9

56.121,091

03.0

17.62

56.194,3

24.143,8

77.038,201

53.702,32

54.322,25 4202 882tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( tnemtsevnI ytreporp – latoT rednu tnemtsevnI lacirtcelE eciffO erutinruF dna tnalP dlohesaeL dloheerF tnempoleved ytreporP stnempiuqe stnempiuqe serutxif dna seirenihcam sgnidliuB sdnal sdnal sralucitraP eulav gniyrrac ssorG

08.923,9

86.419,322

65.0

57.632

75.766,5

15.918,71

77.007,321

70.662,42

54.322,25 4202 ,10 lirpA ta sa ecnalaB

51.378,2

51.130,8 –

01.6

91.650,1

12.743

52.678,4 –

04.547,1 ))x( eton refer( noitiddA )11.275,5( – – – – – – – – dezilatipaC dna tnalp ,ytreporp morf derrefsnarT –

62.753 –

28.4

81.232

68.81

04.101 – – )4 eton refer( tnempiuqe )47.03( – – – – – – – – yrotnevni ot derrefsnarT dleh tessa tnerruc-non ot deifissalceR – )10.152,3( – – – – – – )10.152,3( ))iix( eton refer( elas rof )64.1( )10.169( – – )43.09( )80.77( )95.493( – )00.993( slasopsiD

46.895,6

70.190,822

65.0

76.742

06.568,6

05.801,81

38.382,821

70.662,42

48.813,05 5202 ,13 hcraM ta sa ecnalaB noitaicerped detalumuccA –

30.397,33

62.0

40.012

29.571,2

90.874,9

00.078,02

27.850,1 – 4202 ,10 lirpA ta sa ecnalaB –

97.157,3

20.0

92.3

94.964

06.227

58.233,2

45.322 – )74 eton refer( raey eht rof egrahC dna tnalp ,ytreporp morf derrefsnarT –

29.26 –

70.3

72.84

08.1

87.9 – – )4 eton refer( tnempiuqe – )06.553( – – )21.42( )87.65( )07.472( – – slasopsiD –

41.252,73

82.0

04.612

65.966,2

17.541,01

39.739,22

62.282,1 – 5202 ,13 hcraM ta sa ecnalaB ,13 hcraM ta sa eulav gniyrrac teN

46.895,6

39.838,091

82.0

72.13

40.691,4

97.269,7

09.543,501

18.389,22

48.813,05 5202 883Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

Notes:

(i) Investmentpropertiescomprisesofcommercialbuildingsandotherassetsformingpartofbuildings,thatisleasedtothirdparties.Theplantandmachineries,furniture &fixtures,officeequipmentsandelectricalequipmentsarephysicallyattachedtothebuildingsandformanintegralpartthereof,hencetheyareconsideredasinvestment property.

(ii) Theinitialdirectcosti.e.brokerageisamortizedovernon-cancellableperiod(lock-inperiod)ofleasearrangement.

(iii) Investmentpropertieshavebeenpledgedagainstborrowings,thedetailsrelatingtowhicharedescribedinNote28(A).

(iv) TheeffectofchangesintheaccountingestimatesrelatingtousefullifeofBuildingandchangeindepreciationmethodasmentionedinNote1ofNote3(h),hasbeen providedprospectivelyfortheyearendedMarch31,2024forDRPLandfortheyearendedMarch31,2025forsomeoftheSPV’sintheSpecialpurposeCombined FinancialStatementsasperINDAS8on“Accountingpolicies,ChangesinAccountingEstimatesandErrors”.Consequently,depreciationchargefortheyearended March31,2024islowerbyRs.989.91millionandfortheyearendedMarch31,2025islowerbyRs.2676.11million.Thischangewouldalsoimpactthedepreciation expensesforthefutureperiods.

(v) Amountsrecognisedinstatementofprofitandlossforinvestmentproperty Forthe Forthe Forthe yearended yearended yearended Particulars March31,2025 March31,2024 March31,2023 Rentalincomederivedfrominvestmentproperty 33,545.48 28,639.37 25,286.71

Less:Directoperatingexpenses(includingrepairsandmaintenance)generatingrental income (1,129.53) (1,135.75) (1,076.23)

Less:Directoperatingexpenses(includingrepairsandmaintenance)notgenerating rentalincome (3,024.22) (2,005.04) (1,765.03) Profitarisingfrominvestmentpropertybeforedepreciationandindirectcost 29,391.73 25,498.58 22,445.45 (3,751.79) (5,833.62) (5,862.12) Profitarisingfrominvestmentpropertybeforeindirectcost 25,639.94 19,664.96 16,583.33

(vi) Leasingarrangements Investmentpropertiesareleasedtotenantsunderlong-termoperatingleaseswithrentalspayablemonthly.Refernote58fordetailsonfutureminimumleaserentals.

(vii) Fairvalues TheSPVshaveobtainedtheindependentvaluationsforitsinvestmentpropertiesonMarch31,2025,March31,2024&March31,2023,detailsofwhichisasunder:

Asat Asat Asat Fairvalue March31,2025 March31,2024 March31,2023 Fairvalueofinvestmentproperty,includingunderdevelopment 555,575.31 485,876.36 427,741.00 Thefairvalueofinvestmentproperty(includingunderdevelopment)hasbeendeterminedbyexternal,independentpropertyvaluerhavingappropriaterecognised professionalqualification,recentexperienceinthelocationandcategoryofthepropertybeingvaluedandisaregisteredvaluerasdefinedunderrule2ofCompanies

(RegisteredValuersandValuation)Rules,2017.TheSPVsobtainindependentvaluationforitsinvestmentpropertyatleastannuallyandfairvaluemeasurementsare categorisedaslevel3measurementinthefairvaluehierarchy.

Thevaluationmodelsappliedbytheindependentvaluerisdiscountedcashflowmethod,wherenetpresentvalueisdeterminedbasedonprojectedcashflowsdiscounted atanappropriaterate.

Further,inputsusedintheabovevaluationmodelsareasunder:

(i) Propertydetailscomprisingoftotalleasablearea,areaactuallyleased,vacantarea,parkingslotsetc.

(ii) Revenueassumptionscomprisingofmarketrent,marketparkingrent,rentgrowthrate,parkingincomegrowthrate,marketleasetenure,marketescalations, maintenanceincomeprevailinginthemarketetc.

(iii) Costassumptionscomprisingofpropertytax,brokeragecost,costescalationsetc.

(iv) Discountingassumptionscomprisingofterminalcaprateof7.50%-8.50%(March31,2024:7.50%-8.50%,March31,2023:7.66%-8.00%)anddiscountrateof

11.70%-12.70%(March31,2024:11.70%,March31,2023:11.70%)

(v) Estimatedcashflowsfromleaserentals,parkingincome,operationandmaintenanceincomeetc.forthefutureyears.

(viii) Thelandandbuilding,includingassetswhichareanintegralpartthereof,ofOQRPLhavingcarryingvalueofRs.3,805.37million(March31,2024:Rs.3,824.30million andMarch31,2023:Rs.3,852.18million)isaffixedbytheGurugramDistrictCourtinanunrelatedlitigation.Refernote61(C)(i)fordetails.

(ix) Inearlieryear,JREPLhadenteredintoaJointDevelopmentAgreement(“JDA”)withthelandownerfordevelopmentofaCommercialProject(’Project’).Duringthe yearendedMarch31,2024,JREPLandthelandownermutuallycancelledtheJDA.Subsequently,JREPLpurchasedaportionofthelandpertainingtotheaforesaid Projectfromthelandownerandenteredintoaconstructionagreementwiththesaidlandownerforprovidingworkscontractservices(construction)onthebalanceportion ofland.Accordingly,investmentpropertyunderdevelopmentrelatedtosuchservicesistransferredtostatementofprofitandlossandrelatedrevenueshavebeen recognisedbyJREPL.

(x) TheadditionsduringtheyearendedMarch31,2025includesRs.174.58millionpaidbyGVTPL,awhollyownedsubsidiaryofMRPPL,forobtainingapprovalsfrom therelevantauthoritiesforde-notification/demarcationofcertainareainitsIT/ITeSSEZproject‘SattvaGlobalCity’.

(xi) DHRPL,MRPPLandSGNPLaresubjecttolegalproceedingsandclaims,whichhavearisenintheordinarycourseofbusiness,includingcertainlitigationsforlands acquiredbythemforconstructionpurposes,eitherthroughjointdevelopmentagreementsorthroughoutrightpurchases.Thesecasesarependingwithvariouscourts andarescheduledforhearings.Themanagementbelievesthatthesecaseswillnotadverselyaffectitsfinancialstatements.

(xii) DuringtheyearendedMarch31,2025,theBoardofDirectorsofGVTPLhaveapprovedthesaleofpartoflandheldinMylasandravillagetoGVTResiPrivateLimited

(GRPL),arelatedparty.Further,subsequenttotheyearendedMarch31,2025,theSPVhasenteredintoadefinitivesaleagreementwithGRPL,towardsthesaleof saidlandparcelandhastransferredsaidlandtoGRPLforacashconsiderationofRs.3,900.00million.Accordingly,costofsaidlandamountingtoRs.3,251.01million hasbeendisclosedasassetheldforsaleinthebalancesheet.

(xiii) ForageingofInvestmentpropertyunderdevelopment,refernote10.

884Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 7 Goodwill As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Goodwill on business combination (Office segment) 4,698.72 4,698.72 4,698.72 Total 4,698.72 4,698.72 4,698.72

Notes:

(i) Thesaidgoodwillisacquiredthroughabusinesscombinationandhasanindefiniteusefullife.Further,thesamehasbeenallocatedtoaCashGeneratingUnit(CGU) ofOBRPLi.e.itsinvestmentproperty,whichistheonlyoperatingandreportablesegmentofOBRPL.

(ii) ImpairmenttestingofGoodwill:

Basedontheresultsofthegoodwillimpairmenttest,theidentifiedCGUhasitsestimatedvalueinusemorethantheircarryingamount(includinggoodwill)and accordinglynoimpairmentlossprovisionhasbeenrecognizedinthestatementofprofitandloss.TheManagementbelievesthatanyreasonablypossiblechangeinthe keyassumptionsasmentionedbelowonwhichrecoverableamountisbasedwouldnotcausetheaggregatecarryingamounttoexceedtheaggregaterecoverableamount ofthegoodwill.

ManagementofthesaidSPVperformsimpairmenttestforgoodwillannually.Goodwillacquiredinbusinesscombinationsistestedforimpairmentatacashgenerating unit(CGU)level.Therecoverableamountisbasedonavalueinusecalculationusingthediscountedcashflowmethod.Valueinusehasbeendeterminedbydiscounting thefuturecashflowgeneratedfromthecontinuinguseofassets.

(iii) Keyassumptionsusedforvalueinusecalculationsareasfollows:

Terminal Discountrate Annualgrowthrate capitalisationrate Keyassumptions (in%) (in%) (in%) AsatMarch31,2025 11.70 5.00 7.50 AsatMarch31,2024 11.70 5.00 7.50 AsatMarch31,2023 11.70 5.00 7.50 8 Other Intangible Assets Access rights (Transmission Particulars Softwares lines) Total Gross carrying value Balance as at April 01, 2022 0.67 – 0.67 Additions – – – Balance as at March 31, 2023 0.67 – 0.67 Accumulated amortisation Balance as at April 01, 2022 0.43 – 0.43 Charge for the year (refer note 47) 0.12 – 0.12 Balance as at March 31, 2023 0.55 – 0.55 Net carrying value as at March 31, 2023 0.12 – 0.12 Gross carrying value Balance as at April 01, 2023 0.67 – 0.67 Additions – – – Balance as at March 31, 2024 0.67 – 0.67 885Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Access rights (Transmission Particulars Softwares lines) Total Accumulated amortisation Balance as at April 01, 2023 0.55 – 0.55 Charge for the year (refer note 47) 0.06 – 0.06 Balance as at March 31, 2024 0.61 – 0.61 Net carrying value as at March 31, 2024 0.06 – 0.06 Gross carrying value Balance as at April 01, 2024 0.67 – 0.67 Additions – 127.20 127.20 Balance as at March 31, 2025 0.67 127.20 127.87 Accumulated amortisation Balance as at April 01, 2024 0.61 – 0.61 Charge for the year (refer note 47) 0.04 3.10 3.14 Balance as at March 31, 2025 0.65 3.10 3.75 Net carrying value as at March 31, 2025 0.02 124.10 124.12 9 Right of use assets Particulars Leasehold land Gross carrying value Balance as at April 01, 2024 – Additions 43.52 Deletions – Balance as at March 31, 2025 43.52 Accumulated depreciation Balance as at April 01, 2024 – Charge for the year (refer note 47) 1.37 Balance as at March 31, 2025 1.37 Net carrying value as at March 31, 2025 42.15

Note:

(i) ThereisnorightofuseassetsduringtheyearsendedMarch31,2024andMarch31,2023.Accordingly,theaforementionedmovementisdisclosedonlyfortheyear endedMarch31,2025.

886Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 10 Ageing of Capital work-in-progress and Investment property under development (’IPUD’)

(a) Ageing of capital work-in-progress Projects in CWIPfora period of Less than More than Particulars 1 year 1-2 years 2-3 years 3 years Total As at March 31, 2025 Projects in progress 85.41 – – – 85.41 Projects temporarily suspended – – – – – Total 85.41 – – – 85.41 As at March 31, 2024 Projects in progress 25.49 – – – 25.49 Projects temporarily suspended – – – – – Total 25.49 – – – 25.49

Notes:

(i) ThereisnoCWIPduringtheyearendedMarch31,2023.Accordingly,ageingofCWIPasMarch31,2023isnotdisclosed.

(ii) TherearenoprojectwhosecompletionisoverdueorhasexceededitscostcomparedtoitsoriginalplanduringthefinancialyearsendedMarch31,2025andMarch31,

2024.

(b) Ageing of IPUD Projects in IPUD fora period of Less than More than Particulars 1 year 1-2 years 2-3 years 3 years Total As at March 31, 2025 Projects in progress 1,350.89 1,502.75 1,034.09 2,710.91 6,598.64 Projects temporarily suspended – – – – – Total 1,350.89 1,502.75 1,034.09 2,710.91 6,598.64 As at March 31, 2024 Projects in progress 3,023.27 2,058.44 1,896.18 2,351.91 9,329.80 Projects temporarily suspended – – – – – Total 3,023.27 2,058.44 1,896.18 2,351.91 9,329.80 As at March 31, 2023 Projects in progress 5,628.00 4,153.28 3,082.93 5,756.66 18,620.87 Projects temporarily suspended – – – – – Total 5,628.00 4,153.28 3,082.93 5,756.66 18,620.87

Note: TherearenoprojectwhosecompletionisoverdueorhasexceededitscostcomparedtoitsoriginalplanduringthefinancialyearsendedMarch31,2025,March31, 2024andMarch31,2023 887Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 11 Non-current investments As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 A) Investments at fair value through profit and loss

(FVTPL):

(i) Investment in mutual funds (unquoted)* – – 1,508.58

(ii) Investment in equity shares – unquoted 700,000 (March 31, 2024: 700,000; March 31, 2023:

700,000) equity shares of Rs. 100 each fully paid up in Maniam Properties Private Limited 70.00 6.58 6.58 B) Measured at cost less accumulated impairment loss, if any:

(i) Investments in equity shares of wholly owned subsidiaries^ (unquoted):

1,000 (March 31, 2024: Nil, March 31, 2023: Nil) Equity Shares of Rs. 10 each fully paid up of Bhumi Axis Infrastructures Private Limited 0.01 – – 1,000 (March 31, 2024: Nil, March 31, 2023: Nil) Equity Shares of Rs. 10 each fully paid up of Devbhumi Urban spaces Private Limited 0.01 – – 1,000 (March 31, 2024: Nil, March 31, 2023: Nil) Equity Shares of Rs. 10 each fully paid up of Octave Viventi Developers Private Limited 0.01 – – 1,000 (March 31, 2024: Nil, March 31, 2023: Nil) Equity Shares of Rs. 10 each fully paid up of Orwell Horizon Properties Private Limited 0.01 – –

(ii) Investments in equity shares of Joint venture

(unquoted) (refer note (i) below):

14,700 (March 31, 2024: 14,700, March 31, 2023:

14,700) Equity Shares of Rs. 10 each fully paid up of Moonlike Construction Private Limited (’MCPL’) (refer note (ii) below) 852.76 824.07 824.07 C) Other investments measured at amortised cost Investments in Joint venture (refer note (i) below)

(a) Compulsorily convertible preference shares

(unquoted) (in the nature of debt):

1,000,000 (March 31, 2024: 1,000,000; March 31, 2023: 1,000,000) 0% Compulsorily Convertible Preference shares of Rs. 100 each fully paid up in MCPL 80.48 88.33 80.46 888Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023

(b) Optionally convertible debentures (in the nature of debt) 25,279,105 (March 31, 2024: 22,779,105; March 31, 2023: 22,779,105) 0% optionally convertible debentures of Rs.100 each fully paid up in MCPL (refer note (ii) below) 2,527.91 2,103.30 1,941.70 Investments in debentures (unquoted):

(a) Non-convertible debentures:

Nil (March 31, 2024: Nil; March 31, 2023: 50,000) 1% non-convertible debentures of Rs. 1,000 each fully paid in Salarpuria Realtors Private Limited – – 86.83 Nil (March 31, 2024: 36,800; March 31, 2023:

36,800) 1% non-convertible debentures of Rs. 1,000 each fully paid in Savitrimata Realtors Private Limited – 66.14 61.62 Nil (March 31, 2024: 100,000; March 31, 2023:

100,000) 1% non-convertible debentures of Rs. 1,000 each fully paid in Sattva Housing Private Limited – 83.37 145.51 Nil (March 31, 2024: 100,000; March 31, 2023:

100,000) 1% non-convertible debentures of Rs. 1,000 each fully paid in Eden Buildcon Limited – 126.04 116.16 Nil (March 31, 2024: 27,000; March 31, 2023:

27,000) 1% non-convertible debentures of Rs. 10,000 each fully paid in Sattva Realtors Private Limited – 339.66 307.96 Nil (March 31, 2024: Nil; March 31, 2023: 67,500) of 1% non-convertible debentures of Rs. 1,000 each fully paid in Darshita Buildcon Private Limited – – 100.86 Nil (March 31,2024: 9,000; March 31,2023: 19,000) 1% non-convertible debentures of Rs. 10,000 each fully paid in Sattva Realtors Private Limited – 109.68 206.97 Nil (March 31,2024: Nil; March 31,2023: 10,000) 1% Non convertible debentures of Rs. 10,000 each fully paid in Sattva Homes Private Limited – – 112.29 Nil (March 31, 2024: Nil; March 31, 2023: 33,000) non convertible debentures in Jaganmayi Hi Rise Private Limited – – 349.62 Nil (March 31, 2024: 1,500; March 31, 2023: 1,500) of 1% non – convertible debentures of Rs. 10,000 each fully paid in Salarpuria Realtors Private Limited – 18.90 16.58 Nil (March 31, 2024: Nil; March 31, 2023: 33,200) 1% non-convertible debentures of Rs. 1,000 each fully paid in Salarpuria Realtors Private Limited – – 47.11 889Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Nil (March 31, 2024: 20,000; March 31, 2023:

20,000) 1% non-convertible debentures of Rs. 1,000 each fully paid in Monotype Griha nirman Private Limited – 22.54 20.22 Nil (March 31, 2024: 15,000; March 31, 2023:

15,000) 1% non-convertible debentures of Rs. 1,000 each fully paid in Real Griha Nirman Private Limited – 20.76 15.45 Nil (March 31, 2024: 1,000; March 31, 2023: 1,000) 1% non-convertible debentures of Rs. 10,000 each fully paid in Real Griha Nirman Private Limited – 12.75 11.76 18,000 (March 31, 2024: 18,000; March 31, 2023:

18,000) 1% non-convertible debentures of Rs. 1,000 each fully paid in Darshita Construction Private Limited – 32.35 30.14 Nil (March 31, 2024: 65,000; March 31, 2023:

65,000) 1% non-convertible debentures of Rs. 1,000 each fully paid in Maestro Hotels & Resorts Private Limited – 100.66 98.27 Nil (March 31, 2024: Nil; March 31, 2023: 90,000) 1% non-convertible debentures of Rs. 1,000 each fully paid in Salarpuria Housing Private Limited – – 143.21 Nil (March 31, 2024: 100,000; March 31, 2023:

100,000) 1% non-convertible debentures of Rs. 1,000 each fully paid in Salarpuria Real Estate Private Limited – 190.96 174.12 Nil (March 31, 2024: 8,900; March 31, 2023: 8,900) 1% non-convertible debentures of Rs. 1,000 each fully paid in Darshita Hotels & Motels Private Limited. – 9.17 14.39 Nil (March 31, 2024: 687,500; March 31, 2023:

687,500) 1% non-convertible debentures of Rs. 1,000 each fully paid in Savitrimata Realtors Private Limited – 1,326.76 1,235.46 Nil (March 31, 2024: 6,000; March 31, 2023: 6,000) 1% non-convertible debentures of Rs. 10,000 each fully paid in Sattva homes Private Limited – 78.05 71.94 Nil (March 31, 2024: Nil; March 31, 2023: 8,000) 1% non-convertible debentures of Rs. 10,000 each fully paid in Vishnuchakra Realtors Private Limited – – 96.91 Nil (March 31, 2024: 5,000; March 31, 2023: 5,000) 1% non-convertible debentures of Rs. 1,000 each fully paid in Candid Builders Private Limited – 6.38 5.88 890Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Nil (March 31, 2024: 340,000; March 31, 2023:

740,000) 1% non-convertible debentures of Rs. 1,000 each fully paid in Salarpuria Real Estate Private Limited – 422.31 885.96 Nil (March 31, 2024: 25,000; March 31, 2023:

25,000) 1% non-convertible debentures of Rs. 10,000 each fully paid in Wateredge Builders Private Limited – 348.03 320.63 Nil (March 31, 2024: 85,000; March 31, 2023:

85,000) 1% non-convertible debentures of Rs. 1,000 each fully paid in Darshita Buildcon Private Limited – 112.78 115.17 Nil (March 31, 2024: 500; March 31, 2023: 500) 1% non-convertible debentures of Rs. 10,000 each fully paid in Darshita Construction Private Limited – 6.62 6.10 Nil (March 31, 2024: 500; March 31, 2023: 500) 1% non-convertible debentures of Rs. 10,000 each fully paid in Mahishmardini Realtors Private Limited – 6.62 6.10 Nil ((March 31, 2024: Nil; March 31, 2023: 500) 1% non-convertible debentures of Rs. 10,000 each fully paid in Vishnuchakra Realtors Private Limited – – 6.18

(b) Optionally convertible debentures:

Nil (March 31, 2024: 2,500, March 31, 2023: 2,500) 1% Optionally convertible debentures of Rs. 1,000 each fully paid in Maestro Hotels & Motels Private Limited – 3.02 2.82 Nil (March 31, 2024: 20,000, March 31, 2023:

20,000) 1% Optionally convertible debentures of Rs. 1,000 each fully paid in Sattva Homes Private Limited – 24.12 22.55 Nil (March 31, 2024: 20,000, March 31, 2023:

20,000) 1% Optionally convertible debentures of Rs. 1,000 each fully paid in Darshita Buildcon Private Limited – 24.15 22.57 Nil (March 31, 2024: 5,000; March 31, 2023: Nil) of 1% optionally convertible debentures of Rs. 1,000 each fully paid in Jaganmayi Builders & Developers Private Limited – 4.98 – Nil (March 31, 2024: 102,500, March 31, 2023: Nil) of 1% optionally convertible debentures of Rs. 1,000 each fully paid in Shirasa Hi-Rise Private Limited – 102.38 – Nil (March 31, 2024: 5,400; March 31, 2023: 5,400) 2% optionally-convertible debentures of Rs. 10,000 each fully paid in Darshita Hotels & Motels Private Limited – 82.40 84.24 891Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Nil (March 31, 2024: 650,000; March 31, 2023:

650,000) 1% optionally-convertible debentures of Rs. 1,000 each fully paid in Monotype Griha Nirman Private Limited – 700.82 655.57 Nil (March 31, 2024: 50,000; March 31, 2023: Nil) 1% optionally-convertible debentures of Rs. 1,000 each fully paid in Darshita Buildcon Private Limited – 50.63 – Nil (March 31, 2024: 10,000; March 31, 2023:

10,000) 1% optionally-convertible debentures of Rs. 1000 each fully paid in Jaganmayi Hi-rise Private Limited – 10.81 10.09 3,531.19 7,466.12 9,968.63

Less: Classified as current (refer Note 17) (2,597.91) – – Total 933.28 7,466.12 9,968.63 Aggregate amount of quoted investments and market value thereof – – – Aggregate amount of unquoted investments 933.28 7,466.12 9,968.63 Total 933.28 7,466.12 9,968.63 * MutualfundsamountingtoRs.Nil(March31,2024:Rs.Nil,March31,2023:Rs.1,508.58million)pledgedaslienagainstDSRArequirementsoftermloan.

^ SubsequenttoMarch31,2025,thesaidinvestmentsinwhollyownedsubsidiarieshasbeendisposedoffbyDRPL.

Notes:

(i) DRPLholds49%equitystakeinMCPLandhadpaidconsiderationfortherighttoacquiretheremaining51%stake.Subsequenttotheyearend,DRPLhasdivested itsentireinvestmentsinequitysharesofMCPLandCCPS,andtheentireOCDsubscribedbyithasbeenredeemedbyMCPL.Further,DRPLnolongerhastheright toacquireremaining51%stake.AsMCPLisnotproposedtobeacquiredbytheTrust,thefinancialinformationofMCPLisnotincludedinthespecialpurposecombined financialstatements.TheamountsincludedintheNetAssetValueasdisclosedinNote64withrespecttoinvestmentinMCPLandadvanceagainsttherighttoacquire remaining51%ofMCPListheamountrealizedsubsequenttotheyearend.

(ii) DuringtheyearendedMarch31,2025,DRPL(the“SPV”)hasinvestedin0%OptionallyConvertibleDebentures(“OCDs”)ofMCPLamountingtoofRs.250million (March31,2024:Nil,March31,2023:Nil).TheseOCDsalongwithpreviousinvestmentinOCDsofMCPLamountstoRs.2,527.91millionasatMarch31,2025 (March31,2024:Rs.2,277.91million,March31,2023:Rs.2,277.91million).TheseOCDsareeitherconvertibleintofixednumberofequitysharesorredeemableat anytime,attheoptionofOCDholder.

Based on the initial measurement principle under Ind AS 109, the difference between the face value and expected present value of the investment amounting to Rs. 28.69 million (March 31, 2024: Nil, March 31, 2023: Nil) has been accounted as deemed equity investment, as this is arising out of transaction with the joint venture of the SPV. Further, in earlier years, loss arising on modification of OCDs amounting to Rs. 463.86 million has been considered as deemed equity investment in MCPL.

892Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 12 Loans—Non-current As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 At amortised cost Secured Loans to others 671.20 671.20 671.20

Less: Allowances for credit losses on loans (refer note below) (671.20) (102.50) – Unsecured, considered good Loans to related parties (refer note 59) 1.28 1.20 1.12 Total 1.28 569.90 672.32

Note: Theaboveloancarriesaninterestof8%perannumcompoundedannuallyandissecuredagainstpubliccarparkingbuildinglocatedatONEBKC,GBlock,Bandra KurlaComplex,Bandra(East),Mumbai.DuringtheyearendedMarch31,2025,themanagementoftheSPVhasreassessedtherecoverabilityofthesaidoutstanding loantakingintoconsiderationenforceabilityofthesecuritiesgivenandhasrecognisedadditionalcreditlossofRs.568.70million.

13 Other financial assets—non-current As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 At amortised cost (Unsecured, considered good) Security deposits 858.87 821.65 848.55 Advance for purchase of equity shares (refer note 11(i)) 351.90 351.90 351.90 Bank deposits with more than 12 months maturity^ (refer note below) 3,954.70 3,830.74 2,308.58 Finance lease receivable (refer note 58) 197.17 444.52 284.64 Interest accrued on intercorporate deposits/loans to related party (refer note 59) 7.50 – – Other receivables 9.12 9.12 10.14 Total 5,379.26 5,457.93 3,803.81 ^ includinginterestaccrued

Note: Thebelowmentionedamountsoffixeddepositshavebeenkeptaslien/pledgedagainststatedpurposesbelow:

As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Fixed deposits (refer note 13, 19, 20 and 22) 5,312.49 5,336.73 4,098.97 out of above, fixed deposit pledged as – lien against DSRA requirements of term loan 2,463.21 2,999.64 1,534.72 Total 2,463.21 2,999.64 1,534.72 893Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 14 Non-current tax assets (net) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Advance tax including tax deducted at source (net of provision) 1,360.92 1,145.33 1,207.38 Total 1,360.92 1,145.33 1,207.38 15 Other non-current assets As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 (Unsecured, considered good) Capital advances (refer note below) 748.40 477.75 1,162.11 Prepaid expenses 24.90 10.11 7.44 Lease equalisation reserve 2,683.92 2,223.57 1,271.11 Balances with government authorities (refer note 61C(ii)) 5,099.00 4,919.07 4,238.90 Total 8,556.22 7,630.50 6,679.56

Note: JRPLhasenteredintoanagreementdatedMay23,2024forpurchaseof24.25%shareinthecommercialproject“SattvaKnowledgeCapital”foratotalconsideration ofRs.4,003.20million.Pursuanttosaidagreement,JRPLhasadvancedRs.517.91milliontotheSellerasatMarch31,2025andthesamehasbeenclassifiedunder Capitaladvances.

16 Inventories As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 (At cost or net realisable value whichever is lower) Food and beverages 16.28 11.36 6.21 Others (including Oil and Diesel) 40.40 27.17 9.94 Total 56.68 38.53 16.15 17 Investments—current As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 A) Measured at fair value through profit and loss:

Investment in mutual funds* 3,280.52 3,976.22 6,885.47 Investment in equity shares reclassified from non-current to current (refer note 11) 2,597.91 – – Total 5,878.43 3,976.22 6,885.47 894Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 17 Investments—current (continued) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Aggregate amount of quoted investments and market value thereof – – – Aggregate amount of unquoted investments 5,878.43 3,976.22 6,885.47 5,878.43 3,976.22 6,885.47 * MutualfundsamountingtoRs.69.62million(March31,2024:Rs.221.88million,March31,2023:Rs.207.09million)pledgedaslienagainstDSRArequirementsof termloan.

18 Trade receivables As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 At amortised cost Trade receivables – unsecured, considered good 1,578.77 1,418.77 1,478.07 Trade receivables – credit impaired 523.74 478.58 519.03 2,102.51 1,897.35 1,997.10

Less: Expected credit losses on trade receivables (523.74) (478.58) (519.03) Total 1,578.77 1,418.77 1,478.07 out of above Receivables from related parties 60.36 – 20.17 Receivables from others 1,518.41 1,418.77 1,457.90 Total 1,578.77 1,418.77 1,478.07 895Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

Notes:

(i) Tradereceivablesarenon-interestbearing

(ii) Fordetailsw.r.t.exposuretocreditandcurrencyrisks,andlossallowancesrelatedtotradereceivables,refernote55.

(iii) Therearenodebtsduebydirectorsorotherofficersofthecomponentsoranyofthemeitherseparatelyorjointlywithanyofthepersonordebtsduesbyfirmsorprivate companiesrespectivelyinwhichanydirectorisapartnerordirectororamember,otherthanthosedisclosedabove.

(iv) Movementinlossallowanceisasunder:

Forthe Forthe Forthe yearended yearended yearended Particulars March31,2025 March31,2024 March31,2023 Opening 478.58 519.03 345.63

Add:Recognisedduringtheyear(refernote45) 45.16 37.23 207.81

Less:Writtenoffduringtheyear – (77.68) (34.41) Closing 523.74 478.58 519.03

(v) Ageingoftradereceivables Outstandingforfollowingperiodfrominvoicedate Lessthan 6months- Morethan Particulars 6months 1year 1-2years 2-3years 3years Total AsatMarch31,2025 Undisputed–consideredgood 1,393.37 73.10 74.13 23.14 15.03 1,578.77 Undisputed–creditimpaired 1.03 1.05 2.23 2.63 302.38 309.32 Disputed–creditimpaired – – – – 214.42 214.42 Total 1,394.40 74.15 76.36 25.77 531.83 2,102.51 AsatMarch31,2024 Undisputed–consideredgood 1,164.80 99.74 32.00 49.09 73.14 1,418.77 Undisputed–creditimpaired 1.00 1.16 2.84 62.92 227.30 295.22 Disputed–creditimpaired – – – – 183.36 183.36 Total 1,165.80 100.90 34.84 112.01 483.80 1,897.35 AsatMarch31,2023 Undisputed–consideredgood 1,119.43 202.62 57.83 4.79 93.40 1,478.07 Undisputed–creditimpaired 1.08 1.08 60.33 168.30 56.43 287.22 Disputed–creditimpaired 0.48 – 12.78 19.08 199.47 231.81 Total 1,120.99 203.70 130.94 192.17 349.30 1,997.10

Note: Therearenotradereceivablebalanceswhicharenotdueasatanyaforementionedreportingdate.

896Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 19 Cash and cash equivalents As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 At amortised cost

Balances with banks: – in current accounts 1,005.10 2,311.53 1,095.14 – in overdraft accounts – – 73.65 – escrow accounts* 967.65 291.37 89.04 – in deposits with original maturity of less than 3 months^ 157.39 73.49 778.68 Cash on hand 1.72 1.67 1.57 Total 2,131.86 2,678.06 2,038.08 ^ includinginterestaccrued * BalancesamountingtoRs.151.74million(March31,2024:Rs.54.04million,March31,2023:Rs.45.11million)areheldinescrowaccountmarkedaslienagainst DSRArequirementsoftermloan.

20 Other bank balances As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 At amortised cost Deposits with original maturity of more than three months but less than 12 months^ 1,185.96 1,345.42 993.76 Total 1,185.96 1,345.42 993.76 ^ includinginterestaccrued 21 Loans—current As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 At amortised cost Secured Loans to others 1,880.23 1,525.29 1,303.72

Less: Allowances for credit losses on loans (refer note (i) below) (1,880.23) (300.99) (79.42) Unsecured Loans to – related parties (refer note (ii) below and note 59) 8,678.49 5,509.55 4,288.19 – others 70.00 100.50 – Total 8,748.49 6,834.35 5,512.49 897Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

Note:

(i) Theaboveloancarriesaninterestof9%perannumcompoundedannuallyandissecuredagainstpropertylocatedatCentralAvenueRoad,Santacruz(West),Mumbai.

DuringtheyearendedMarch31,2025,themanagementoftheSPVhasreassessedtherecoverabilityofthesaidoutstandingloantakingintoconsiderationenforceability ofthesecuritiesgivenandhasrecognisedadditionalcreditlossofRs.1,579.24million.

(ii) Pertainstoloansgiventorelatedpartieswhicharerepayableondemandandcarriesinterestrateof8%-10%perannum.

22 Other financial assets—current As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 At amortised cost (Unsecured, considered good) Unbilled receivables 411.69 449.86 207.90 Bank deposits with remaining maturity for less than 12 months 0.08 49.61 – Interest accrued on – bank deposits 14.36 37.47 17.95 – on debentures from related parties (refer note 59) – 28.49 34.79 – intercorporate deposits/loans to related parties (refer note 59) 76.33 – 1.60 – intercorporate deposits to others 11.10 9.60 – Security deposits 157.56 226.26 102.31 Finance lease receivable (refer note 58) 102.32 193.92 170.80 Receivables from land owners 155.63 162.16 162.16 Others receivables – related parties (refer note 59) 77.50 30.18 48.09 – others 243.49 75.74 519.72 1,250.06 1,263.29 1,265.32 Refundable deposits – credit impaired – 19.00 19.00 Other receivables – credit impaired – 5.00 484.05

Less: Provision for expected credit loss – (24.00) (503.05) – – – Total 1,250.06 1,263.29 1,265.32 898Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 23 Current tax assets (net) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Income tax assets (net) 107.27 30.00 189.89 Total 107.27 30.00 189.89 24 Other current assets As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Unsecured, considered good Balances with government authorities (refer note 61C(ii)) 1,409.17 1,107.20 843.78 Advance to suppliers 74.38 75.62 50.27 Advance to employees 0.54 0.64 0.42 Lease equalisation reserve 1,291.08 747.74 572.37 Prepaid expenses 86.24 118.36 116.17 Unit issue expenses (to the extent not written off or adjusted) (refer note below) 168.84 – – Other receivables 5.40 11.66 1.99 Total 3,035.65 2,061.22 1,585.00

Note: DuringtheyearendedMarch31,2025,theGrouphasincurredexpensesamountingtoRs.168.84millioninconnectionwiththeproposedpublicissueofunits.Thesaid expensesshallberecognisedinthefinancialstatementsinaccordancewiththeapplicableaccountingstandards.

25 Assets held for sale As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Investment Property held for sale (refer note 6((xii)) 3,251.01 – – Plant & Machinery held for sale – 1.07 1.07 Total 3,251.01 1.07 1.07 899Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 26 Capital As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Authorised capital A. Equity share capital 4,200,000 (March 31, 2024: 4,000,000; March 31, 2023: 4,000,000) equity shares of Rs. 9.60 (March 31, 2024: Rs. 10; March 31, 2023: Rs. 10) each of One International Center Private Limited 40.32 40.00 40.00 1,500,000 (March 31, 2024: 1,500,000; March 31, 2023: 1,500,000) equity shares of Rs. 10 each of One World Center Private Limited 15.00 15.00 15.00 100,000 (March 31, 2024: 100,000; March 31, 2023:

100,000) equity shares of Rs.10 each of Pluto Solista Business Parks Private Limited 1.00 1.00 1.00 10,000 (March 31, 2024: 10,000; March 31, 2023:

Nil) equity shares of Rs. 10 each of BSP Office Management Services Private Limited 0.10 0.10 – 62,000,000 (March 31, 2024: 62,000,000; March 31, 2023: 62,000,000) equity shares of Rs. 1 each of One BKC Realtors Private Limited 62.00 62.00 62.00 25,000,000 (March 31, 2024: 25,000,000; March 31, 2023: 25,000,000) equity shares of Rs. 10 each of Prima Bay Private Limited 250.00 250.00 250.00 6,000,000 (March 31, 2024: 6,000,000; March 31, 2023: 6,000,000) equity shares of Rs. 10 each of Cessna Garden Developers Private Limited 60.00 60.00 60.00 2,000,000 (March 31, 2024: 2,000,000; March 31, 2023: 1,000,000) equity shares of Rs. 10 each of Exora Business Park Private Limited 20.00 20.00 10.00 35,000,000 (March 31, 2024: 35,000,000; March 31, 2023: 35,000,000) equity shares of Rs. 10 of each Pluto Business Parks Private Limited 350.00 350.00 350.00 200,000 (March 31, 2024: 200,000; March 31, 2023:

200,000) equity shares of Rs. 10 each of One Qube Realtors Private Limited 2.00 2.00 2.00 17,550,000 (March 31, 2024: 10,000,000; March 31, 2023: 10,000,000) equity shares of Rs. 5.70 (March 31, 2024: Rs. 10; March 31, 2023: Rs. 10) each of Kosmo One Business Park Private Limited 100.04 100.00 100.00 100,000,000 (March 31, 2024: 100,000,000;

March 31, 2023: 100,000,000) equity shares of Rs. 10 each of Pluto Atriza Business Parks Private Limited 1,000.00 1,000.00 1,000.00 900Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 50,000 (March 31, 2024: 50,000; March 31, 2023:

50,000) Equity shares of Rs. 10 each of Debonair Realtors Private Limited 0.50 0.50 0.50 50,000 (March 31, 2024: 50,000; March 31, 2023:

50,000) Equity Shares of Rs. 10 each up of Harkeshwar Realtors Private Limited 0.50 0.50 0.50 500,000 (March 31, 2024: 500,000; March 31, 2023:

500,000) Equity shares of Rs. 10 each of Salarpuria Developers Private Limited 5.00 5.00 5.00 100,000 (March 31, 2024: Nil, March 31, 2023: Nil) Equity shares of Rs. 10 each of Darshita Edifice Private Limited 1.00 – – 91,250,000 (March 31, 2024: 100,000; March 31, 2023: 100,000) Equity Shares of Rs. 10 each of Shirasa Regency Park Private Limited (refer note (i) below) 912.50 1.00 1.00 10,000 (March 31, 2024: 10,000; March 31, 2023:

10,000) Equity shares of Rs. 10 each of Jaganmayi Realtors Private Limited 0.10 0.10 0.10 100,000 (March 31, 2024: 100,000; March 31, 2023:

100,000) Equity shares of Rs. 10 each of Jaganmayi Real Estates Private Limited 1.00 1.00 1.00 200,000 (March 31, 2024: 200,000; March 31, 2023:

200,000) Equity shares of Rs. 10 each of Quadro Info Technologies Private Limited 2.00 2.00 2.00 100,000 (March 31, 2024: 100,000; March 31, 2023:

100,000) Equity shares of Rs. 10 each of Darshita Hi-Rise Private Limited 1.00 1.00 1.00 20,500,000 (March 31, 2024: 20,500,000; March 31, 2023: 20,500,000) Equity shares of Rs. 10 each of Darshita Housing Private Limited 20.50 20.50 20.50 100,000 (March 31, 2024: 100,000; March 31, 2023:

100,000) Equity shares of Rs. 10 each of Sattva Properties Management Private Limited 1.00 1.00 1.00 200,000 (March 31, 2024: 200,000; March 31, 2023:

200,000) Equity shares of Rs. 10 each of Darshita Infrastructure Private Limited 2.00 2.00 2.00 195,000,000 (March 31, 2024: 195,000,000;

March 31, 2023: 195,000,000) Class A equity shares of Rs. 10 each of Devbhumi Realtors Private Limited 1,950.00 1,950.00 1,950.00 195,000,000 (March 31, 2024: 195,000,000;

March 31, 2023: 195,000,000) Class B equity shares of Rs. 10 each of Devbhumi Realtors Private Limited 1,950.00 1,950.00 1,950.00 901Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 203,731,520 (March 31, 2024: 203,731,520;

March 31, 2023: 203,731,520) Class C equity shares of Rs. 10 each of Devbhumi Realtors Private Limited 2,037.32 2,037.32 2,037.32 100,000 (March 31, 2024: 100,000; March 31, 2023:

100,000) equity shares of Rs.10 each of Worldwide Realcon Private Limited 1.00 1.00 1.00 100,000 (March 31, 2024: 100,000; March 31, 2023:

100,000) Equity shares of Rs. 10 each of Salarpuria Griha Nirman Private Limited 1.00 1.00 1.00 100,000 (March 31, 2024: 100,000; March 31, 2023:

100,000) Equity shares of Rs. 10 each of Sattva Infra Management Private Limited 1.00 1.00 1.00 9,200,000 (March 31, 2024: 9,200,000; March 31, 2023: 1,700,000) Equity shares of Rs. 10 each of Mindcomp Regency Park Private Limited 92.00 92.00 17.00 3,500,000 (March 31, 2024: 3,500,000; March 31, 2023: 3,500,000) Equity shares of Rs. 10 each of Softzone Tech Park Limited 35.00 35.00 35.00 50,000 (March 31, 2024: 50,000; March 31, 2023:

50,000) Equity shares of Rs. 10 each of Sattva Horizon Private Limited 0.50 0.50 0.50 100,000 (March 31, 2024: 100,000; March 31, 2023:

100,000) Equity shares of Rs. 10 each, fully paid up of NABS Data Zone Private Limited 1.00 1.00 1.00 Total 8,916.38 8,003.52 7,918.42 B. Preference share capital 59,000,000 (March 31, 2024: 59,000,000; March 31, 2023: 59,000,000) equity shares of Rs. 10 each of One International Center Private Limited 590.00 590.00 590.00 34,000,000 (March 31, 2024: 34,000,000; March 31, 2023: 34,000,000) preference shares of Rs. 10 each of Kosmo One Business Park Private Limited 340.00 340.00 340.00 Total 930.00 930.00 930.00 Grand Total 9,846.38 8,933.52 8,848.42 902Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Equity share capital Issued, subscribed and fully paid-up 3,833,958 (March 31, 2024: 3,833,958; March 31, 2023: 3,833,958) equity shares of Rs. 9.60 (March 31, 2024: Rs. 10; March 31, 2023: Rs. 10) each, fully paid up of One International Center Private Limited (refer Note 27(c)(vi)) 36.81 38.34 38.34 436,136 (March 31, 2024: 436,136; March 31, 2023:

436,136) equity shares of Rs. 10 each, fully paid up of One World Center Private Limited 4.36 4.36 4.36 10,000 (March 31, 2024: 10,000; March 31, 2023:

10,000) equity shares of Rs. 10 each, fully paid up of Pluto Solista Business Parks Private Limited 0.10 0.10 0.10 10,000 (March 31, 2024: 10,000; March 31, 2023:

Nil) equity shares of Rs. 10 each, fully paid up of BSP Office Management Services Private Limited 0.10 0.10 – 62,000,000 (March 31, 2024: 62,000,000; March 31, 2023: 62,000,000) equity shares of Rs 1 each, fully paid up of One BKC Realtors Private Limited 62.00 62.00 62.00 21,812,158 (March 31, 2024: 24,510,000; March 31, 2023: 24,510,000) equity shares of Rs. 10 each, fully paid up of Prima Bay Private Limited (refer Note 27(c)(iv)) 218.12 245.10 245.10 3,999,997 (March 31, 2024: 3,999,997; March 31, 2023: 3,999,997) equity shares of Rs. 10 each, fully paid up of Cessna Garden Developers Private Limited 40.00 40.00 40.00 5,04,481 (March 31 2024: 568,613; March 31 2023:

568,613) equity shares of Rs. 10 each, fully paid up of each Exora Business Park Private Limited (refer Note 27(c)) 5.04 5.69 5.69 33,966,745 (March 31, 2024: 33,966,745; March 31, 2023: 33,966,745) equity shares of Rs. 10 each, fully paid up of Pluto Business Parks Private Limited 339.67 339.67 339.67 135,206 (March 31, 2024: 135,206; March 31, 2023:

135,206) equity shares of Rs. 10 each, fully paid up of One Qube Realtors Private Limited 1.35 1.35 1.35 8,694,421 (March 31, 2024: 8,694,421; March 31, 2023: 8,694,421) equity shares of Rs. 5.70 (March 31, 2024: Rs. 10; March 31, 2023: Rs. 10) each, fully paid up of Kosmo One Business Park Private Limited (refer Note 27(c)(iii)) 49.56 86.94 86.94 903Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 74,029,296 (March 31, 2024: 74,029,296; March 31, 2023: 74,029,296) equity shares of Rs. 10 each, fully paid up of Pluto Atriza Business Parks Private Limited 740.29 740.29 740.29 10,000 (March 31, 2024: 10,000; March 31, 2023:

10,000) Equity shares of Rs. 10 each, fully paid up of Debonair Realtors Private Limited 0.10 0.10 0.10 10,000 (March 31, 2024: 10,000; March 31, 2023:

10,000) Equity Shares of Rs. 10 each, fully paid up of Harkeshwar Realtors Private Limited 0.10 0.10 0.10 397,500 (March 31, 2024: 397,500; March 31, 2023:

397,500) Equity shares of Rs. 10 each, fully paid up of Salarpuria Developers Private Limited 3.98 3.98 3.98 15,250,000 (March 31, 2024: 10,000; March 31, 2023: 10,000) Equity Shares of Rs. 10 each, fully paid up of Shirasa Regency Park Private Limited (refer note (i) below) 152.50 0.10 0.10 10,000 (March 31, 2024: 10,000; March 31, 2023:

10,000) Equity shares of Rs. 10 each, fully paid up of Jaganmayi Realtors Private Limited 0.10 0.10 0.10 10,000 (March 31, 2024: 10,000; March 31, 2023:

10,000) Equity shares of Rs. 10 each, fully paid up of Jaganmayi Real Estates Private Limited 0.10 0.10 0.10 100,000 (March 31, 2024: 100,000; March 31, 2023:

100,000) Equity shares of Rs. 10 each, fully paid up of Quadro Info Technologies Private Limited 1.00 1.00 1.00 10,000 (March 31, 2024: 10,000; March 31, 2023:

10,000) Equity shares of Rs. 10 each, fully paid up of Darshita Hi-Rise Private Limited 0.10 0.10 0.10 2,000,000 (March 31, 2024: 2,000,000; March 31, 2023: 2,000,000) Equity shares of Rs. 10 each, fully paid up of Darshita Housing Private Limited 20.00 20.00 20.00 10,000 (March 31, 2024: 10,000; March 31, 2023:

10,000) Equity shares of Rs. 10 each, fully paid up of Sattva Properties Management Private Limited 0.10 0.10 0.10 60,000 (March 31, 2024: 60,000; March 31, 2023:

60,000) Equity shares of Rs. 10 each, fully paid up of Darshita Infrastructure Private Limited 0.60 0.60 0.60 42,759,840 (March 31, 2024: 42,759,840; March 31, 2023: 42,759,840) Class A equity shares of Rs. 10 each, fully paid up of Devbhumi Realtors Private Limited 427.60 427.60 427.60 904Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 22,690,952 (March 31, 2024: 22,690,952; March 31, 2023: 22,690,952) Class B equity shares of Rs. 10 each, fully paid up of Devbhumi Realtors Private Limited 226.91 226.91 226.91 30,000,000 (March 31, 2024: 30,000,000; March 31, 2023: 30,000,000) Class C equity shares of Rs. 10 each, fully paid up of Devbhumi Realtors Private Limited 300.00 300.00 300.00 20,000 (March 31, 2024: 20,000; March 31, 2023:

20,000) equity shares of Rs. 10 each, fully paid up of Worldwide Realcon Private Limited 0.20 0.20 0.20 100,000 (March 31, 2024: 100,000; March 31, 2023:

100,000) Equity shares of Rs. 10 each, fully paid up of Salarpuria Griha Nirman Private Limited 1.00 1.00 1.00 10,000 (March 31, 2024: 10,000; March 31, 2023:

10,000) Equity shares of Rs. 10 each, fully paid up of Sattva Infra Management Private Limited 0.10 0.10 0.10 5,230,780 (March 31, 2024: 5,230,780; March 31, 2023: 38,462) Equity shares of Rs. 10 each, fully paid up of Mindcomp Regency Park Private Limited 52.31 52.31 0.38 2,018,100 (March 31, 2024: 2,018,100; March 31, 2023: 2,018,100) Equity shares of Rs. 10 each, fully paid up of Softzone Tech Park Limited 20.18 20.18 20.18 50,000 (March 31, 2024: 50,000; March 31, 2023:

50,000) Equity shares of Rs. 10 each, fully paid up of Sattva Horizon Private Limited 0.50 0.50 0.50 7,000 (March 31, 2024: 10,000; March 31, 2023:

10,000) Equity shares of Rs. 10 each, fully paid up of NABS Data Zone Private Limited 0.07 0.10 0.10 10,000 (March 31, 2024: Nil; March 31, 2023: Nil) Equity shares of Rs. 10 each, Darshita Edifice Private Limited (refer note (ii) below) 0.10 – – Capital contribution in LLP Darshita Edifice LLP (refer note (ii) below) – 0.10 0.10 2,705.05 2,619.22 2,567.19 Notes

(i) DuringtheyearendedMarch31,2025,SRPPLhasissued15.24millionequitysharesofRs.10eachforatotalconsiderationofRs.152.40million.

(ii) ConvertedintoprivatelimitedcompanywitheffectfromNovember14,2024.

(iii) Terms/rightsattachedtoequityshares: a) EachSPV/InvestmentEntity,exceptDRPLhasonlyoneclassofequityshare.Eachholderofequitysharesisentitledtoonevotepershare.EachSPV/Investment EntitydeclaresandpaysdividendsinIndianRupees.ThedividendproposedbytheboardofdirectorsofrespectiveSPV/InvestmentEntityissubjecttoapprovalof shareholders.IntheeventofliquidationoftheSPV/InvestmentEntity,theholdersofequityshareswillbeentitledtoreceiveremainingassetsoftherespective SPV/InvestmentEntity,afterdistributionofallpreferentialamounts.Thedistributionwillbeinproportiontothenumberofequitysharesheldbytheshareholders.

b) DRPLhas3classesofequitysharescomprisingofClassAequityshares,ClassBequitysharesandClassCequityshareshavingaparvalueof₹10eachpershare.

EachholderofClassAequitysharesisentitledtoonevotepershareandisentitledfordividendonlyafterClassBandClassCequityshareholdershavebeen providedadividendincompliancewiththeagreement.ClassBandClassCequitysharesshallnotcarryanyvotingrightsexcepttherighttovoteinclassmeeting onlyincaseofvariationoftheclassrights,butshallbeentitledfordividendatequalrates.

905tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( :ytitnE tnemtsevnI/VPS eht fo sredloherahs fo sliated dna seitrap detaler dna setaicossa sti gnidulcni ,gnidloherahs rosnopS esiw ytitnE tnemtsevnI/VPS fo sliateD dedneraeyehtroF/tasA dedneraeyehtroF/tasA dedneraeyehtroF/tasA 3202,13hcraM 4202,13hcraM 5202,13hcraM egnahC% egnahC% egnahC% gnirud gnirud gnirud raeyeht % soN raeyeht % soN raeyeht % soN ssalC redloherahsehtfoemaN ytitnetnemtsevnI/VPSfoemaN %00.0 %98.89 055,197,3 %00.0 %98.89 055,197,3 %00.0 %98.89 055,197,3 gnidloHT&L GS aisAPERB detimiL etavirP retneC lanoitanretnI enO dtL etP )QN( %00.0 %49.0 101,63 %00.0 %49.0 101,63 %00.0 %49.0 101,63 gnidloHT&L SBS aisAPERB detimiL etavirP retneC lanoitanretnI enO dtL )QN( %00.0 %61.0 703,6 %00.0 %61.0 703,6 %00.0 %61.0 703,6 gnidloHT&L GS IIVPERB detimiL etavirP retneC lanoitanretnI enO dtL )QN( %40.0- %62.38 721,363 %00.0 %62.38 721,363 %00.0 %62.38 721,363 detimiL I ocdloH MIF detimiL etavirP retneC dlroWenO %40.0 %47.61 900,37 %00.0 %47.61 900,37 %00.0 %47.61 900,37 AbuS stnemtsevnI notsirA detimiL etavirP retneC dlroWenO detimiL %00.0 %00.0 – %00.001 %00.001 000,01 %00.0 %00.001 000,01 gnidloH naidnI II aisAPERB detimiL etavirP skraP ssenisuB atsiloS otulP .dtL .etP )QN( IIVoC %00.0 %00.05 000,5 %00.05- %00.0 – %00.0 %00.0 – hahS kohsAajreeN detimiL etavirP skraP ssenisuB atsiloS otulP %00.0 %00.05 000,5 %00.05- %00.0 – %00.0 %00.0 – hahS dnahcpiD kohsA detimiL etavirP skraP ssenisuB atsiloS otulP %00.0 %00.0 – %88.89 %88.89 888,9 %00.0 %88.89 888,9 III gnidloHT&L GS aisAPERB etavirP secivreS tnemeganaM eciffOPSB .dtL .etP )QN( detimiL %00.0 %00.0 – %59.0 %59.0 59 %00.0 %59.0 59 iannehC SBS II aisAPERB etavirP secivreS tnemeganaM eciffOPSB .dtL )QN( gnidloH detimiL %00.0 %00.0 – %71.0 %71.0 71 %00.0 %71.0 71 iannehC SBS IIIVPERB etavirP secivreS tnemeganaM eciffOPSB .dtL )QN( gnidloH detimiL %00.0 %33.99 675,785,16 %00.0 %33.99 675,785,16 %00.0 %33.99 675,785,16 gnidloH naidnI II aisAPERB detimiL etavirP srotlaeR CKB enO .dtL .etP )QN(VI oC %00.0 %05.0 652,903 %00.0 %05.0 652,903 %00.0 %05.0 652,903 naidnI SBS II aisAPERB detimiL etavirP srotlaeR CKB enO .dtL )QN(VI oC gnidloH %00.0 %71.0 861,301 %00.0 %71.0 861,301 %00.0 %71.0 861,301 gnidloH naidnI SBS IIIVPERB detimiL etavirP srotlaeR CKB enO .dtL )QN(VI oC 906tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( dedneraeyehtroF/tasA dedneraeyehtroF/tasA dedneraeyehtroF/tasA 3202,13hcraM 4202,13hcraM 5202,13hcraM egnahC% egnahC% egnahC% gnirud gnirud gnirud raeyeht % soN raeyeht % soN raeyeht % soN ssalC redloherahsehtfoemaN ytitnetnemtsevnI/VPSfoemaN %00.0 %98.89 825,832,42 %00.0 %98.89 825,832,42 %00.0 %98.89 865,075,12 II gnidloHT&L GS aisAPERB detimiL etavirP yaB amirP .dtL .etP )QN( %00.0 %49.0 650,132 %00.0 %49.0 650,132 %00.0 %49.0 326,502 T&L naidnI SBS aisAPERB detimiL etavirP yaB amirP .dtL )QN( II gnidloH %00.0 %61.0 614,04 %00.0 %61.0 614,04 %00.0 %61.0 769,53 T&L naidnI SBS IIIVPERB detimiL etavirP yaB amirP .dtL )QN( II gnidloH %00.0 %00.58 799,993,3 %00.0 %00.58 799,993,3 %00.0 %00.58 799,993,3 gnidloH naidnI II aisAPERB detimiL etavirP srepoleveD nedraG ansseC dtL.etP )QN( IIVoC %00.0 %44.0 006,71 %00.0 %44.0 006,71 %00.0 %44.0 006,71 lapoG rahawaJ .rM detimiL etavirP srepoleveD nedraG ansseC %00.0 %69.0 004,83 %00.0 %69.0 004,83 %00.0 %69.0 004,83 rahawaJ areeM .srM detimiL etavirP srepoleveD nedraG ansseC %00.0 %79.0 006,83 %00.0 %79.0 006,83 %00.0 %79.0 006,83 rahawaJ vaL .rM detimiL etavirP srepoleveD nedraG ansseC %00.0 %79.0 006,83 %00.0 %79.0 006,83 %00.0 %79.0 006,83 rahawaJ hsuK .rM detimiL etavirP srepoleveD nedraG ansseC %00.0 %44.0 006,71 %00.0 %44.0 006,71 %00.0 %44.0 006,71 lapoG rahonaM .rM detimiL etavirP srepoleveD nedraG ansseC %00.0 %09.2 000,611 %00.0 %09.2 000,611 %00.0 %09.2 000,611 rahonaM aheN .srM detimiL etavirP srepoleveD nedraG ansseC %00.0 %44.0 006,71 %00.0 %44.0 006,71 %00.0 %44.0 006,71 lapoG nerihD .rM detimiL etavirP srepoleveD nedraG ansseC %00.0 %98.2 006,511 %00.0 %98.2 006,511 %00.0 %98.2 006,511 nerihD ateeN .srM detimiL etavirP srepoleveD nedraG ansseC %00.0 %05.2 000,001 %00.0 %05.2 000,001 %00.0 %05.2 000,001 demhAdeyS .rM detimiL etavirP srepoleveD nedraG ansseC %00.0 %05.2 000,001 %00.0 %05.2 000,001 %00.0 %05.2 000,001 neevarP aneeraF .srM detimiL etavirP srepoleveD nedraG ansseC %00.0 %00.001 316,865 %00.0 %00.001 316,865 %00.0 %00.001 184,405 gnidloH naidnI II aisAPERB detimiL etavirP kraP ssenisuB aroxE *dtL etP )QN( IIVoC ssenisuB ansseC otulP sa nwonk ylremrof( )detimiL etavirP skraP %00.0 %00.001 547,669,33 %00.0 %00.001 547,669,33 %00.0 %00.001 547,669,33 gnidloH naidnI II aisAPERB detimiL etavirP skraP ssenisuB otulP gnidloH( dtL etP )QN( IIVoC *)ynapmoC %00.0 %98.89 407,331 %00.0 %98.89 407,331 %00.0 %98.89 407,331 gnidloHT&L GS aisAPERB detimiL etavirP srotlaeR ebuQ enO .dtL .etP )QN( 907tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( dedneraeyehtroF/tasA dedneraeyehtroF/tasA dedneraeyehtroF/tasA 3202,13hcraM 4202,13hcraM 5202,13hcraM egnahC% egnahC% egnahC% gnirud gnirud gnirud raeyeht % soN raeyeht % soN raeyeht % soN ssalC redloherahsehtfoemaN ytitnetnemtsevnI/VPSfoemaN %00.0 %49.0 572,1 %00.0 %49.0 572,1 %00.0 %49.0 572,1 gnidloHT&L SBS aisAPERB detimiL etavirP srotlaeR ebuQ enO .dtL )QN( %00.0 %61.0 322 %00.0 %61.0 322 %00.0 %61.0 322 gnidloHT&L SBS IIIVPERB detimiL etavirP srotlaeR ebuQ enO .dtL )QN( %00.0 %00.0 1 %00.0 %00.0 1 %00.0 %00.0 1 iannehC SBS II aisAPERB detimiL etavirP srotlaeR ebuQ enO *dtL )QN( gnidloH %00.0 %00.0 1 %00.0 %00.0 1 %00.0 %00.0 1 iannehc SBS IIIVPERB detimiL etavirP srotlaeR ebuQ enO *dtL )QN( gnidloH %00.0 %00.0 1 %00.0 %00.0 1 %00.0 %00.0 1 T&L naidnI SBS aisAPERB detimiL etavirP srotlaeR ebuQ enO *dtL )QN( II gnidloH %00.0 %00.0 1 %00.0 %00.0 1 %00.0 %00.0 1 T&L naidnI SBS IIIVPERB detimiL etavirP srotlaeR ebuQ enO *dtL )QN( II gnidloH %00.0 %98.89 801,895,8 %00.0 %98.89 801,895,8 %00.0 %98.89 801,895,8 III gnidloHT&L GS aisAPERB detimiL etavirP kraP ssenisuB enO omsoK dtL etP )QN( %00.0 %49.0 469,18 %00.0 %49.0 469,18 %00.0 %49.0 469,18 iannehC SBS II aisAPERB detimiL etavirP kraP ssenisuB enO omsoK dtL )QN( gnidloH %00.0 %71.0 943,41 %00.0 %71.0 943,41 %00.0 %71.0 943,41 iannehC SBS IIIVPERB detimiL etavirP kraP ssenisuB enO omsoK dtL )QN( gnidloH %00.0 %00.001 692,920,47 %00.0 %00.001 692,920,47 %00.0 %00.001 692,920,47 gnidloH naidnI II aisAPERB detimiL etavirP skraP ssenisuB azirtAotulP *dtL etP )QN( IIVoC %00.0 %05.25 052,5 %00.0 %05.25 052,5 %00.0 %05.25 052,5 airupralaS avrupA.srM detimiL etavirP srotlaeR rianobeD %00.0 %00.03 000,3 %00.0 %00.03 000,3 %00.0 %00.03 000,3 etavirP srepoleveD avttaS detimiL etavirP srotlaeR rianobeD detimiL %00.0 %05.71 057,1 %00.0 %05.71 057,1 %00.0 %05.71 057,1 airupralaS anahcrA.srM detimiL etavirP srotlaeR rianobeD %00.0 %05.9 059 %00.0 %05.9 059 %00.0 %05.9 059 airupralaS anahcrA.srM detimiL etavirP srotlaeR rawhsekraH %00.0 %00.6 006 %00.0 %00.6 006 %00.6- %00.0 – lawragAramuK yajiB .rM detimiL etavirP srotlaeR rawhsekraH %00.0 %00.5 005 %00.0 %00.5 005 %00.5- %00.0 – lawragAuriN .srM detimiL etavirP srotlaeR rawhsekraH 908tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( dedneraeyehtroF/tasA dedneraeyehtroF/tasA dedneraeyehtroF/tasA 3202,13hcraM 4202,13hcraM 5202,13hcraM egnahC% egnahC% egnahC% gnirud gnirud gnirud raeyeht % soN raeyeht % soN raeyeht % soN ssalC redloherahsehtfoemaN ytitnetnemtsevnI/VPSfoemaN %00.0 %05.9 059 %00.0 %05.9 059 %00.0 %05.9 059 airupralaS avrupA.rM detimiL etavirP srotlaeR rawhsekraH %00.0 %00.8 008 %00.0 %00.8 008 %00.0 %00.8 008 airupralaS aniveD .srM detimiL etavirP srotlaeR rawhsekraH %00.0 %00.9 009 %00.0 %00.9 009 %00.0 %00.9 009 FUH airupralaS hsekaR detimiL etavirP srotlaeR rawhsekraH %00.0 %00.91 009,1 %00.0 %00.91 009,1 %00.0 %00.91 009,1 etavirP srepoleveD avttaS detimiL etavirP srotlaeR rawhsekraH detimiL %00.0 %00.7 007 %00.0 %00.7 007 %00.0 %00.7 007 etavirP sgnidloH tsafleB detimiL etavirP srotlaeR rawhsekraH detimiL %00.0 %00.9 009 %00.0 %00.9 009 %00.0 %00.9 009 etavirP )aidnI( leeN teeN detimiL etavirP srotlaeR rawhsekraH detimiL %00.0 %00.9 009 %00.0 %00.9 009 %00.0 %00.9 009 etavirP slaicremmoC atkuM detimiL etavirP srotlaeR rawhsekraH detimiL %00.0 %00.9 009 %00.0 %00.9 009 %00.0 %00.9 009 etavirP slaicremmoC ainagiaJ detimiL etavirP srotlaeR rawhsekraH detimiL %00.0 %00.0 – %00.0 %00.0 – %00.11 %00.11 001,1 tsurTylimaF ihddirV detimiL etavirP srotlaeR rawhsekraH %00.0 %30.5 000,02 %00.0 %30.5 000,02 %00.0 %30.5 000,02 etavirp setaicossAdiAthgiR detimiL etavirP srepoleveD airupralaS detimil %00.0 %94.81 005,37 %00.0 %94.81 005,37 %00.0 %94.81 005,37 etavirp laicremmoC rimaR detimiL etavirP srepoleveD airupralaS detimil %00.0 %99.71 005,17 %00.0 %99.71 005,17 %00.0 %99.71 005,17 etavirp srelleweJ iruagvihS detimiL etavirP srepoleveD airupralaS detimil %00.0 %78.81 000,57 %00.0 %78.81 000,57 %00.0 %78.81 000,57 etavirp srepoleveD avttaS detimiL etavirP srepoleveD airupralaS detimil %00.0 %00.5 578,91 %00.0 %00.5 578,91 %00.5- %00.0 – lawragAuriN .srM detimiL etavirP srepoleveD airupralaS %00.0 %31.6 573,42 %00.0 %31.6 573,42 %31.6- %00.0 – lawragAramuK yajiB .rM detimiL etavirP srepoleveD airupralaS %00.0 %00.0 – %00.0 %00.0 – %31.11 %31.11 052,44 tsurTylimaF iihddirV detimiL etavirP srepoleveD airupralaS %00.0 %92.6 000,52 %00.0 %92.6 000,52 %00.0 %92.6 000,52 airupralaS atiduM detimiL etavirP srepoleveD airupralaS 909tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( dedneraeyehtroF/tasA dedneraeyehtroF/tasA dedneraeyehtroF/tasA 3202,13hcraM 4202,13hcraM 5202,13hcraM egnahC% egnahC% egnahC% gnirud gnirud gnirud raeyeht % soN raeyeht % soN raeyeht % soN ssalC redloherahsehtfoemaN ytitnetnemtsevnI/VPSfoemaN %00.0 %92.6 000,52 %00.0 %92.6 000,52 %00.0 %92.6 000,52 airupralaS anahcrA.srM detimiL etavirP srepoleveD airupralaS %00.0 %81.9 005,63 %00.0 %81.9 005,63 %00.0 %81.9 005,63 airupralaS avrupA.rM detimiL etavirP srepoleveD airupralaS %00.0 %69.3 147,51 %00.0 %69.3 147,51 %00.0 %69.3 147,51 tnempoleved lairtsudnI nilreM detimiL etavirP srepoleveD airupralaS ived adarahS detimiL %00.0 %52.0 399 %00.0 %52.0 399 %00.0 %52.0 399 kolAhtiw yltnioj airupralaS detimiL etavirP srepoleveD airupralaS airupralaS %00.0 %25.2 710,01 %00.0 %25.2 710,01 %00.0 %25.2 710,01 airupralaS atiniV detimiL etavirP srepoleveD airupralaS %00.0 %00.0 – %00.0 %00.0 – %00.05 %00.05 000,01 etavirP esiR-iH atihsraD detimiL etavirP ecifidE atihsraD detimiL %00.0 %00.0 – %00.0 %00.0 – %00.04 %00.04 000,8 tsurTylimaF iihddirV detimiL etavirP ecifidE atihsraD %00.0 %00.0 – %00.0 %00.0 – %00.01 %00.01 000,2 PLL seitreporP lahcnaleeN detimiL etavirP ecifidE atihsraD %00.05 %00.05 000,5 %00.0 %00.05 000,5 %57.31- %52.63 000,526,7 tsurTylimaF iihddirV detimiL etavirP kraP ycnegeR asarihS %00.05 %00.05 000,5 %00.0 %00.05 000,5 %00.05- %00.0 – lawragAuriN .srM detimiL etavirP kraP ycnegeR asarihS %00.0 %00.0 – %00.0 %00.0 – %57.12 %57.12 000,575,4 dtL etavirP srepoleveD avttaS detimiL etavirP kraP ycnegeR asarihS %00.0 %00.0 – %00.0 %00.0 – %05.41 %05.41 000,050,3 PLL snoitcurtsnoC pmocdniM detimiL etavirP kraP ycnegeR asarihS %00.0 %00.0 – %00.0 %00.0 – %00.8 %00.8 857,286,1 detimiL etavirP kraP hceTVG detimiL etavirP kraP ycnegeR asarihS %00.0 %00.0 – %00.0 %00.0 – %05.5 %05.5 798,651,1 detimiL etavirP esir-iH aihsraD detimiL etavirP kraP ycnegeR asarihS %00.0 %00.0 – %00.0 %00.0 – %00.5 %00.5 427,150,1 detimiL kraP hceTenoztfoS detimiL etavirP kraP ycnegeR asarihS %00.0 %00.0 – %00.0 %00.0 – %00.5 %00.5 427,150,1 seigolonhceTofnI ordauQ detimiL etavirP kraP ycnegeR asarihS detimiL etavirP %00.0 %00.0 – %00.0 %00.0 – %05.1 %05.1 715,513 etavirP namriN ahirG airupralaS detimiL etavirP kraP ycnegeR asarihS detimiL %00.0 %00.0 – %00.0 %00.0 – %00.1 %00.1 543,012 etavirP srotlaeR rawhsekraH detimiL etavirP kraP ycnegeR asarihS detimiL 910tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( dedneraeyehtroF/tasA dedneraeyehtroF/tasA dedneraeyehtroF/tasA 3202,13hcraM 4202,13hcraM 5202,13hcraM egnahC% egnahC% egnahC% gnirud gnirud gnirud raeyeht % soN raeyeht % soN raeyeht % soN ssalC redloherahsehtfoemaN ytitnetnemtsevnI/VPSfoemaN %00.0 %00.0 – %00.0 %00.0 – %57.0 %57.0 957,751 etavirP srepoleveD airupralaS detimiL etavirP kraP ycnegeR asarihS detimiL %00.0 %00.0 – %00.0 %00.0 – %57.0 %57.0 957,751 etavirP srotlaeR rianobeD detimiL etavirP kraP ycnegeR asarihS detimiL %00.0 %00.05 000,5 %00.0 %00.05 000,5 %00.05- %00.0 – lawragAramuK yajiB .rM detimiL etavirP ertneC egdelwonK avttaS srotlaeR iyamnagaJ sa nwonk ylremrof( )detimiL etavirP %00.0 %00.05 000,5 %00.0 %00.05 000,5 %00.05- %00.0 – lawragAuriN .srM detimiL etavirP ertneC egdelwonK avttaS srotlaeR iyamnagaJ sa nwonk ylremrof( )detimiL etavirP %00.0 %00.0 – %00.0 %00.0 – %00.08 %00.08 000,8 tsurTylimaF iiihddirV detimiL etavirP ertneC egdelwonK avttaS srotlaeR iyamnagaJ sa nwonk ylremrof( )detimiL etavirP %00.0 %00.0 – %00.0 %00.0 – %00.02 %00.02 000,2 PLL noitcurtsnoC pmocdniM detimiL etavirP ertneC egdelwonK avttaS srotlaeR iyamnagaJ sa nwonk ylremrof( )detimiL etavirP %00.0 %00.54 005,4 %00.0 %00.54 005,4 %00.0 %00.54 005,4 etavirP srepoleveD avttaS detimiL etavirP setatsE laeR iyamnagaJ detimiL %00.0 %00.51 005,1 %00.0 %00.51 005,1 %00.0 %00.51 005,1 etavirP etatsE laeR avttaS detimiL etavirP setatsE laeR iyamnagaJ detimiL %00.0 %00.01 000,1 %00.0 %00.01 000,1 %00.0 %00.01 000,1 PLL seitreporP dednaL atihsraD detimiL etavirP setatsE laeR iyamnagaJ %00.0 %00.02 000,2 %00.0 %00.02 000,2 %00.0 %00.02 000,2 PLL seitreporP lahcnaleeN detimiL etavirP setatsE laeR iyamnagaJ %00.0 %00.5 005 %00.0 %00.5 005 %00.0 %00.5 005 lawragAramuK yajiB .rM detimiL etavirP setatsE laeR iyamnagaJ %00.0 %00.5 005 %00.0 %00.5 005 %00.0 %00.5 005 lawragAuriN .srM detimiL etavirP setatsE laeR iyamnagaJ %00.0 %00.0 – %00.0 %00.0 – %00.51 %00.51 000,51 tsurTylimaF iihddirV detimiL etavirP seigolonhceTofnI ordauQ %00.0 %05.7 005,7 %00.0 %05.7 005,7 %05.7- %00.0 – lawragAramuK yajiB .rM detimiL etavirP seigolonhceTofnI ordauQ %00.0 %00.51 000,51 %00.0 %00.51 000,51 %00.0 %00.51 000,51 etavirP srepoleveD avttaS detimiL etavirP seigolonhceTofnI ordauQ detimiL 911tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( dedneraeyehtroF/tasA dedneraeyehtroF/tasA dedneraeyehtroF/tasA 3202,13hcraM 4202,13hcraM 5202,13hcraM egnahC% egnahC% egnahC% gnirud gnirud gnirud raeyeht % soN raeyeht % soN raeyeht % soN ssalC redloherahsehtfoemaN ytitnetnemtsevnI/VPSfoemaN %00.0 %05.7 005,7 %00.0 %05.7 005,7 %05.7- %00.0 – lawragAuriN .srM detimiL etavirP seigolonhceTofnI ordauQ %00.0 %00.0 – %00.0 %00.0 – %00.0 %00.0 – airupralaS atiduM .srM detimiL etavirP seigolonhceTofnI ordauQ %00.0 %00.51 000,51 %00.0 %00.51 000,51 %00.0 %00.51 000,51 FUH airupralaS hsekaR detimiL etavirP seigolonhceTofnI ordauQ %00.0 %00.8 000,8 %00.0 %00.8 000,8 %00.0 %00.8 000,8 airupralaS aniveD detimiL etavirP seigolonhceTofnI ordauQ %00.0 %05.91 005,91 %00.0 %05.91 005,91 %00.0 %05.91 005,91 airupralaS avrupA detimiL etavirP seigolonhceTofnI ordauQ %00.0 %57.9 057,9 %00.0 %57.9 057,9 %00.0 %57.9 057,9 tsurTairupralaS naayvAakihdiV detimiL etavirP seigolonhceTofnI ordauQ %00.0 %57.71 057,71 %00.0 %57.71 057,71 %00.0 %57.71 057,71 airupralaS anahcrA detimiL etavirP seigolonhceTofnI ordauQ %00.0 %00.0 – %00.0 %00.0 – %00.24 %00.24 002,4 tsurTylimaF iihddirV detimiL etavirP esiR-iH atihsraD %00.0 %00.12 001,2 %00.0 %00.12 001,2 %00.12- %00.0 – lawragAramuK yajiB .rM detimiL etavirP esiR-iH atihsraD %00.0 %00.12 001,2 %00.0 %00.12 001,2 %00.12- %00.0 – lawragAuriN .srM detimiL etavirP esiR-iH atihsraD %00.0 %00.91 009,1 %00.0 %00.91 009,1 %00.0 %00.91 009,1 etavirP etatsE laeR avttaS detimiL etavirP esiR-iH atihsraD detimiL %00.0 %00.02 000,2 %00.0 %00.02 000,2 %00.0 %00.02 000,2 PLL seitreporP lahcnaleeN detimiL etavirP esiR-iH atihsraD %00.0 %00.91 009,1 %00.0 %00.91 009,1 %00.0 %00.91 009,1 etavirP srepoleveD avttaS detimiL etavirP esiR-iH atihsraD detimiL %00.0 %00.0 – %00.0 %00.0 – %00.01 %00.01 000,002 tsurTylimaF iihddirV detimiL etavirP gnisuoH atihsraD %00.0 %00.5 000,001 %00.0 %00.5 000,001 %00.5- %00.0 – lawragAramuK yajiB .rM detimiL etavirP gnisuoH atihsraD %00.0 %00.5 000,001 %00.0 %00.5 000,001 %00.5- %00.0 – lawragAuriN .srM detimiL etavirP gnisuoH atihsraD %00.0 %00.54 000,009 %00.0 %00.54 000,009 %00.0 %00.54 000,009 etavirP srepoleveD avttaS detimiL etavirP gnisuoH atihsraD detimiL %00.0 %00.51 000,003 %00.0 %00.51 000,003 %00.0 %00.51 000,003 etavirP etatsE laeR avttaS detimiL etavirP gnisuoH atihsraD detimiL %00.0 %00.01 000,002 %00.0 %00.01 000,002 %00.0 %00.01 000,002 PLL ytreporP dednaL atihsraD detimiL etavirP gnisuoH atihsraD %00.0 %00.02 000,004 %00.0 %00.02 000,004 %00.0 %00.02 000,004 PLL seitreporP lahcnaleeN detimiL etavirP gnisuoH atihsraD 912tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( dedneraeyehtroF/tasA dedneraeyehtroF/tasA dedneraeyehtroF/tasA 3202,13hcraM 4202,13hcraM 5202,13hcraM egnahC% egnahC% egnahC% gnirud gnirud gnirud raeyeht % soN raeyeht % soN raeyeht % soN ssalC redloherahsehtfoemaN ytitnetnemtsevnI/VPSfoemaN %00.0 %06.9 069 %00.0 %06.9 069 %06.9- %00.0 – lawragAramuK yajiB .rM etavirP tnemeganaM seitreporP avttaS detimiL %00.0 %06.9 069 %00.0 %06.9 069 %06.9- %00.0 – lawragAuriN .srM etavirP tnemeganaM seitreporP avttaS detimiL %00.0 %06.9 069 %00.0 %06.9 069 %00.0 %06.9 069 etavirP srepoleveD avttaS etavirP tnemeganaM seitreporP avttaS detimiL detimiL %00.0 %06.9 069 %00.0 %06.9 069 %00.0 %06.9 069 etavirP etatsE laeR avttaS etavirP tnemeganaM seitreporP avttaS detimiL detimiL %00.0 %55.9 559 %00.0 %55.9 559 %00.0 %55.9 559 PLL ytreporP dednaL atihsraD etavirP tnemeganaM seitreporP avttaS detimiL %05.9- %00.0 – %00.0 %00.0 – %00.0 %00.0 – etavirP raapayVnayaranimxaL etavirP tnemeganaM seitreporP avttaS detimiL detimiL %00.0 %05.9 059 %00.0 %05.9 059 %00.0 %05.9 059 etavirP laedommoC varuaG etavirP tnemeganaM seitreporP avttaS detimiL detimiL %00.0 %55.9 559 %00.0 %55.9 559 %00.0 %55.9 559 PLL iihddirVSBAN etavirP tnemeganaM seitreporP avttaS )PLL ecifidE lahcnaleeN( detimiL %00.0 %05.9 059 %00.0 %05.9 059 %00.0 %05.9 059 pmulC noisnaM lahcnaleeN etavirP tnemeganaM seitreporP avttaS PLL detimiL %00.0 %00.8 008 %00.0 %00.8 008 %00.0 %00.8 008 PLL seitreporP lahcnaleeN etavirP tnemeganaM seitreporP avttaS detimiL %00.0 %00.6 006 %00.0 %00.6 006 %00.0 %00.6 006 PLL semoH elytsefiL avttaS etavirP tnemeganaM seitreporP avttaS detimiL %05.9 %05.9 059 %00.0 %05.9 059 %00.0 %05.9 059 tnemtsevnI lahcnaleeN etavirP tnemeganaM seitreporP avttaS detimiL %00.0 %00.0 – %00.0 %00.0 – %02.91 %02.91 029,1 tsurTylimaF iihddirV etavirP tnemeganaM seitreporP avttaS detimiL %00.0 %58.94 219,92 %00.0 %58.94 219,92 %00.0 %58.94 219,92 gnidloHLPRD GS aisAPERB detimiL etavirP erutcurtsarfnI atihsraD .dtL .etP )QN( %00.0 %00.51 000,9 %00.0 %00.51 000,9 %00.0 %00.51 000,9 PLL ytreporP dednaL atihsraD detimiL etavirP erutcurtsarfnI atihsraD 913tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( dedneraeyehtroF/tasA dedneraeyehtroF/tasA dedneraeyehtroF/tasA 3202,13hcraM 4202,13hcraM 5202,13hcraM egnahC% egnahC% egnahC% gnirud gnirud gnirud raeyeht % soN raeyeht % soN raeyeht % soN ssalC redloherahsehtfoemaN ytitnetnemtsevnI/VPSfoemaN %00.0 %00.01 000,6 %00.0 %00.01 000,6 %00.0 %00.01 000,6 PLL seitreporP lahcnaleeN detimiL etavirP erutcurtsarfnI atihsraD %00.0 %00.52 000,51 %00.0 %00.52 000,51 %00.0 %00.52 000,51 etavirP srepoleveD avttaS detimiL etavirP erutcurtsarfnI atihsraD detimiL %00.0 %90.0 65 %00.0 %90.0 65 %00.0 %90.0 65 gnidloHLPRD SBS aisAPERB detimiL etavirP erutcurtsarfnI atihsraD .dtL )QN( %00.0 %50.0 23 %00.0 %50.0 23 %00.0 %50.0 23 gnidloHLPRD SBS IIIVPERB detimiL etavirP erutcurtsarfnI atihsraD .dtL )QN( %06.5- %02.11 069,986,01 %00.0 %02.11 069,986,01 %08.31 %00.52 069,986,01 AssalC etavirP srepoleveD avttaS detimiL etavirP srotlaeR imuhbveD detimiL %83.5- %00.0 – %00.0 %00.0 – %00.0 %00.0 – AssalC etavirP hcetdliuB atihsraD detimiL etavirP srotlaeR imuhbveD detimiL %78.8- %40.0 563,04 %00.0 %40.0 563,04 %50.0 %90.0 563,04 AssalC gnidloHLPRD SBS aisAPERB detimiL etavirP srotlaeR imuhbveD dtL )QN( %92.22 %43.22 878,223,12 %00.0 %43.22 878,223,12 %35.72 %78.94 878,223,12 AssalC gnidloHLPRD GS aisAPERB detimiL etavirP srotlaeR imuhbveD dtL etP )QN( %67.71- %20.0 776,61 %00.0 %20.0 776,61 %20.0 %40.0 776,61 AssalC gnidloHLPRD SBS IIIVPERB detimiL etavirP srotlaeR imuhbveD dtL )QN( %84.4 %84.4 489,572,4 %00.0 %84.4 489,572,4 %25.5 %00.01 489,572,4 AssalC etavirP etatselaeR avttaS detimiL etavirP srotlaeR imuhbveD detimiL %34.0- %41.3 981,399,2 %00.0 %41.3 981,399,2 %68.3 %00.7 981,399,2 AssalC PLL seitreporP lahcnaleeN detimiL etavirP srotlaeR imuhbveD %90.1 %85.3 787,024,3 %00.0 %85.3 787,024,3 %24.4 %00.8 787,024,3 AssalC PLL ytreporP dednaL atihsraD detimiL etavirP srotlaeR imuhbveD %49.5 %49.5 837,276,5 %00.0 %49.5 837,276,5 %60.91 %00.52 837,276,5 B ssalC etavirP srepoleveD avttaS detimiL etavirP srotlaeR imuhbveD detimiL %20.0 %20.0 124,12 %00.0 %20.0 124,12 %70.0 %90.0 124,12 B ssalC gnidloHLPRD SBS aisAPERB detimiL etavirP srotlaeR imuhbveD dtL )QN( %58.11 %58.11 602,513,11 %00.0 %58.11 602,513,11 %10.83 %78.94 602,513,11 B ssalC gnidloHLPRD GS aisAPERB detimiL etavirP srotlaeR imuhbveD dtL etP )QN( 914tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( dedneraeyehtroF/tasA dedneraeyehtroF/tasA dedneraeyehtroF/tasA 3202,13hcraM 4202,13hcraM 5202,13hcraM egnahC% egnahC% egnahC% gnirud gnirud gnirud raeyeht % soN raeyeht % soN raeyeht % soN ssalC redloherahsehtfoemaN ytitnetnemtsevnI/VPSfoemaN %10.0 %10.0 948,8 %00.0 %10.0 948,8 %30.0 %40.0 948,8 B ssalC gnidloHLPRD SBS IIIVPERB detimiL etavirP srotlaeR imuhbveD dtL )QN( %83.2 %83.2 590,962,2 %00.0 %83.2 590,962,2 %26.7 %00.01 590,962,2 B ssalC etavirP etatselaeR avttaS detimiL etavirP srotlaeR imuhbveD detimiL %66.1 %66.1 763,885,1 %00.0 %66.1 763,885,1 %43.5 %00.7 763,885,1 B ssalC PLL seitreporP lahcnaleeN detimiL etavirP srotlaeR imuhbveD %09.1 %09.1 672,518,1 %00.0 %09.1 672,518,1 %01.6 %00.8 672,518,1 B ssalC PLL ytreporP dednaL atihsraD detimiL etavirP srotlaeR imuhbveD %68.7 %68.7 000,005,7 %00.0 %68.7 000,005,7 %41.71 %00.52 000,005,7 C ssalC etavirP srepoleveD avttaS detimiL etavirP srotlaeR imuhbveD detimiL %00.0 %00.0 – %00.0 %00.0 – %00.0 %00.0 – C ssalC etavirP hcetdliuB atihsraD detimiL etavirP srotlaeR imuhbveD detimiL %30.0 %30.0 023,82 %00.0 %30.0 023,82 %60.0 %90.0 023,82 C ssalC gnidloHLPRD SBS aisAPERB detimiL etavirP srotlaeR imuhbveD dtL )QN( %76.51 %76.51 089,959,41 %00.0 %76.51 089,959,41 %91.43 %78.94 089,959,41 C ssalC gnidloHLPRD GS aisAPERB detimiL etavirP srotlaeR imuhbveD dtL etP )QN( %10.0 %10.0 007,11 %00.0 %10.0 007,11 %30.0 %40.0 007,11 C ssalC gnidloHLPRD SBS IIIVPERB detimiL etavirP srotlaeR imuhbveD dtL )QN( %41.3 %41.3 000,000,3 %00.0 %41.3 000,000,3 %68.6 %00.01 000,000,3 C ssalC etavirP etatselaeR avttaS detimiL etavirP srotlaeR imuhbveD detimiL %02.2 %02.2 000,001,2 %00.0 %02.2 000,001,2 %08.4 %00.7 000,001,2 C ssalC PLL seitreporP lahcnaleeN detimiL etavirP srotlaeR imuhbveD %15.2 %15.2 000,004,2 %00.0 %15.2 000,004,2 %94.5 %00.8 000,004,2 C ssalC PLL ytreporP dednaL atihsraD detimiL etavirP srotlaeR imuhbveD %58.94 %58.94 969,9 %00.0 %58.94 969,9 %00.0 %58.94 969,9 gnidloHLPRD GS aisAPERB detimiL etavirP noclaeR ediwdlroW detimiL )QN( %00.52 %00.52 000,5 %00.0 %00.52 000,5 %00.52- %00.0 – etavirP seitreporP airupralaS detimiL etavirP noclaeR ediwdlroW detimiL %00.0 %00.0 – %00.0 %00.0 – %00.52 %00.52 000,5 etavirP srepoleveD avttaS detimiL etavirP noclaeR ediwdlroW detimiL %00.01 %00.01 000,2 %00.0 %00.01 000,2 %00.0 %00.01 000,2 etavirP etatsE laeR avttaS detimiL etavirP noclaeR ediwdlroW detimiL 915tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( dedneraeyehtroF/tasA dedneraeyehtroF/tasA dedneraeyehtroF/tasA 3202,13hcraM 4202,13hcraM 5202,13hcraM egnahC% egnahC% egnahC% gnirud gnirud gnirud raeyeht % soN raeyeht % soN raeyeht % soN ssalC redloherahsehtfoemaN ytitnetnemtsevnI/VPSfoemaN %00.01 %00.01 000,2 %00.0 %00.01 000,2 %00.0 %00.01 000,2 PLL seitreporP lahcnaleeN detimiL etavirP noclaeR ediwdlroW %00.5 %00.5 000,1 %00.0 %00.5 000,1 %00.0 %00.5 000,1 PLL ytreporP dednaL atihsraD detimiL etavirP noclaeR ediwdlroW %01.0 %01.0 02 %00.0 %01.0 02 %00.0 %01.0 02 gnidloHLPRD GS aisAPERB detimiL etavirP noclaeR ediwdlroW detimiL )QN( %60.0 %60.0 11 %00.0 %60.0 11 %00.0 %60.0 11 gnidloHLPRD SBS IIIVRERB detimiL etavirP noclaeR ediwdlroW detimiL )QN( %00.0 %00.0 – %00.0 %00.0 – %00.11 %00.11 000,11 tsurTylimaF iihddirV detimiL etavirP namriN ahirG airupralaS %00.6 %00.6 000,6 %00.0 %00.6 000,6 %00.6- %00.0 – lawragAramuK yajiB .rM detimiL etavirP namriN ahirG airupralaS %00.5 %00.5 000,5 %00.0 %00.5 000,5 %00.5- %00.0 – lawragAuriN .srM detimiL etavirP namriN ahirG airupralaS %00.91 %00.91 000,91 %00.0 %00.91 000,91 %00.0 %00.91 000,91 dtL .tvP srepoleveD avttaS detimiL etavirP namriN ahirG airupralaS %00.9 %00.9 000,9 %00.0 %00.9 000,9 %00.0 %00.9 000,9 FUH airupralaS hsekaR detimiL etavirP namriN ahirG airupralaS %01.7 %01.7 201,7 %00.0 %01.7 201,7 %10.0 %11.7 901,7 airupralaS aniveD .srM detimiL etavirP namriN ahirG airupralaS %59.83 %59.83 059,83 %00.0 %59.83 059,83 %00.0 %59.83 159,83 airupralaS avrupA.rM detimiL etavirP namriN ahirG airupralaS %49.41 %49.41 049,41 %00.0 %49.41 049,41 %00.0 %49.41 049,41 airupralaS anahcrA.srM detimiL etavirP namriN ahirG airupralaS %10.0 %10.0 8 %00.0 %10.0 8 %10.0- %00.0 – lawragAanahcoluS .srM detimiL etavirP namriN ahirG airupralaS %00.0 %00.0 – %00.0 %00.0 – %02.91 %02.91 029,1 tsurTylimaF iihddirV detimiL etavirP tnemeganaM arfnI avttaS %06.9 %06.9 069 %00.0 %06.9 069 %06.9- %00.0 – lawragAramuK yajiB .rM detimiL etavirP tnemeganaM arfnI avttaS %06.9 %06.9 069 %00.0 %06.9 069 %06.9- %00.0 – lawragAuriN .sM detimiL etavirP tnemeganaM arfnI avttaS %06.9 %06.9 069 %00.0 %06.9 069 %00.0 %06.9 069 etavirP srepoleveD avttaS detimiL etavirP tnemeganaM arfnI avttaS detimiL %06.9 %06.9 069 %00.0 %06.9 069 %00.0 %06.9 069 etavirP etatsE laeR avttaS detimiL etavirP tnemeganaM arfnI avttaS detimiL %55.9 %55.9 559 %00.0 %55.9 559 %00.0 %55.9 559 PLL ytreporP dednaL atihsraD detimiL etavirP tnemeganaM arfnI avttaS %55.9 %55.9 559 %00.0 %55.9 559 %00.0 %55.9 559 PLL ecifidE lahcnaleeN detimiL etavirP tnemeganaM arfnI avttaS 916tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( dedneraeyehtroF/tasA dedneraeyehtroF/tasA dedneraeyehtroF/tasA 3202,13hcraM 4202,13hcraM 5202,13hcraM egnahC% egnahC% egnahC% gnirud gnirud gnirud raeyeht % soN raeyeht % soN raeyeht % soN ssalC redloherahsehtfoemaN ytitnetnemtsevnI/VPSfoemaN %05.9 %05.9 059 %00.0 %05.9 059 %00.0 %05.9 059 pmulC noisnaM lahcnaleeN detimiL etavirP tnemeganaM arfnI avttaS PLL %00.0 %00.0 – %00.0 %00.0 – %00.0 %00.0 – etavirP raapayVnayaraN imxaL detimiL etavirP tnemeganaM arfnI avttaS detimiL %05.9 %05.9 059 %00.0 %05.9 059 %00.0 %05.9 059 etavirP laedommoC varuaG detimiL etavirP tnemeganaM arfnI avttaS detimiL %00.6 %00.6 006 %00.0 %00.6 006 %00.0 %00.6 006 PLL semoH elytsefiL avttaS detimiL etavirP tnemeganaM arfnI avttaS %00.8 %00.8 008 %00.0 %00.8 008 %00.0 %00.8 008 PLL seitreporP lahcnaleeN detimiL etavirP tnemeganaM arfnI avttaS %05.9 %05.9 059 %00.0 %05.9 059 %00.0 %05.9 059 stnemtsevnI lahcnaleeN detimiL etavirP tnemeganaM arfnI avttaS %54.37 %54.37 152,82 %00.0 %54.37 990,248,3 %00.0 %54.37 990,248,3 gnidloH naidnI II aisAPERB detimiL etavirP kraP ycnegeR pmocdniM dtL etP )QN( IIIVoC %24.0 %24.0 261 %00.0 %24.0 740,22 %00.0 %24.0 740,22 naidnI sbS II aisAPERB detimiL etavirP kraP ycnegeR pmocdniM dtL )QN( IIIVoC gnidloH %31.0 %31.0 94 %00.0 %31.0 536,6 %00.0 %31.0 536,6 gnidloH naidnI sbS XIPERB detimiL etavirP kraP ycnegeR pmocdniM DTL )QN( IIIVoC %70.5 %70.5 059,1 %37.51 %08.02 000,880,1 %00.0 %08.02 000,880,1 etavirP srepoleveD avttaS .s/M detimiL etavirP kraP ycnegeR pmocdniM detimiL %39.02 %39.02 050,8 %37.51- %02.5 999,172 %00.0 %02.5 999,172 PLL seitreporP lahcnaleeN detimiL etavirP kraP ycnegeR pmocdniM %97.65 %97.65 899,541,1 %00.0 %97.65 899,541,1 %00.0 %97.65 899,541,1 etavirP srepoleved avttaS detimiL kraP hceTenoztfoS detimiL %78.41 %78.41 000,003 %00.0 %78.41 000,003 %00.0 %78.41 000,003 PLL seitreporP lahcnaleeN detimiL kraP hceTenoztfoS %51.11 %51.11 000,522 %00.0 %51.11 000,522 %00.0 %51.11 000,522 etavirP etatsE laeR avttaS detimiL kraP hceTenoztfoS detimiL %34.7 %34.7 000,051 %00.0 %34.7 000,051 %00.0 %34.7 000,051 PLL ytreporP dednaL atihsraD detimiL kraP hceTenoztfoS %00.0 %00.0 – %00.0 %00.0 – %34.7 %34.7 000,051 tsurTylimaF iihddirV detimiL kraP hceTenoztfoS %27.3 %27.3 370,57 %00.0 %27.3 370,57 %27.3- %00.0 1 lawragAramuK yajiB .rM detimiL kraP hceTenoztfoS 917tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( dedneraeyehtroF/tasA dedneraeyehtroF/tasA dedneraeyehtroF/tasA 3202,13hcraM 4202,13hcraM 5202,13hcraM egnahC% egnahC% egnahC% gnirud gnirud gnirud raeyeht % soN raeyeht % soN raeyeht % soN ssalC redloherahsehtfoemaN ytitnetnemtsevnI/VPSfoemaN %27.3 %27.3 370,57 %00.0 %27.3 370,57 %27.3- %00.0 1 lawragAuriN .srM detimiL kraP hceTenoztfoS %87.0 %87.0 256,51 %00.0 %87.0 256,51 %00.0 %87.0 007,51 etavirP srotlaeR htanarduR detimiL kraP hceTenoztfoS detimiL %87.0 %87.0 256,51 %00.0 %87.0 256,51 %00.0 %87.0 007,51 etavirP srotlaeR htanagnuT detimiL kraP hceTenoztfoS detimiL %87.0 %87.0 256,51 %00.0 %87.0 256,51 %00.0 %87.0 007,51 etavirP srotlaeR rawseplaK detimiL kraP hceTenoztfoS detimiL %04.34 %04.34 007,12 %00.0 %04.34 007,12 %00.0 %04.34 007,12 etavirP srepoleveD avttaS ylremroF( detimiL etavirP noziroH avttaS detimiL etavirP namriN ahirG irawhseddiS sa nwonK )detimiL %00.31 %00.31 005,6 %00.0 %00.31 005,6 %00.0 %00.31 005,6 etavirP setatsE laeR avttaS ylremroF( detimiL etavirP noziroH avttaS detimiL etavirP namriN ahirG irawhseddiS sa nwonK )detimiL %00.9 %00.9 005,4 %00.0 %00.9 005,4 %00.9- %00.0 – lawragAramuK yajiB .rM ylremroF( detimiL etavirP noziroH avttaS etavirP namriN ahirG irawhseddiS sa nwonK )detimiL %00.9 %00.9 005,4 %00.0 %00.9 005,4 %00.9- %00.0 – lawragAuriN .srM ylremroF( detimiL etavirP noziroH avttaS etavirP namriN ahirG irawhseddiS sa nwonK )detimiL %00.0 %00.0 – %00.0 %00.0 – %00.0 %00.0 – airupralaS avrupA.rM ylremroF( detimiL etavirP noziroH avttaS etavirP namriN ahirG irawhseddiS sa nwonK )detimiL %00.0 %00.0 – %00.0 %00.0 – %00.0 %00.0 – airupralaS anahcrA.srM ylremroF( detimiL etavirP noziroH avttaS etavirP namriN ahirG irawhseddiS sa nwonK )detimiL %00.0 %00.0 – %00.0 %00.0 – %00.81 %00.81 000,9 tsurTylimaF ihddirV ylremroF( detimiL etavirP noziroH avttaS etavirP namriN ahirG irawhseddiS sa nwonK )detimiL %06.5 %06.5 008,2 %00.0 %06.5 008,2 %00.0 %06.5 008,2 PLL ytreporP dednaL atihsraD ylremroF( detimiL etavirP noziroH avttaS etavirP namriN ahirG irawhseddiS sa nwonK )detimiL 918tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( dedneraeyehtroF/tasA dedneraeyehtroF/tasA dedneraeyehtroF/tasA 3202,13hcraM 4202,13hcraM 5202,13hcraM egnahC% egnahC% egnahC% gnirud gnirud gnirud raeyeht % soN raeyeht % soN raeyeht % soN ssalC redloherahsehtfoemaN ytitnetnemtsevnI/VPSfoemaN %00.02 %00.02 000,01 %00.0 %00.02 000,01 %00.0 %00.02 000,01 PLL seitreporP lahcnaleeN ylremroF( detimiL etavirP noziroH avttaS etavirP namriN ahirG irawhseddiS sa nwonK )detimiL %00.05 %00.05 000,5 %00.0 %00.05 000,5 %00.05- %00.0 – lawragAramuK yajiB .rM detimiL etavirP enoZ ataD SBAN %00.05 %00.05 000,5 %00.0 %00.05 000,5 %00.05- %00.0 – lawragAuriN .srM detimiL etavirP enoZ ataD SBAN %00.0 %00.0 – %00.0 %00.0 – %05.76 %05.76 004,5 tsurTylimaF iihddirV detimiL etavirP enoZ ataD SBAN %00.0 %00.0 – %00.0 %00.0 – %05.22 %05.22 008,1 detimiL etavirP noziroH avttaS detimiL etavirP enoZ ataD SBAN %00.0 %00.0 – %00.0 %00.0 – %00.01 %00.01 008 setavirP etatsE laeR iyamnagaJ detimiL etavirP enoZ ataD SBAN detimiL gnidloherahs evoba eht ,tseretni laicifeneb gnidrager sredloherahs morf deviecer snoitaralced rehto dna srebmem/sredloherahs fo retsiger sti gnidulcni ,ytitnE tnemtsevnI/VPS evitcepser fo sdrocer rep sA .serahs fo pihsrenwo laicifeneb dna lagel htob stneserper 919Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 27 Other Equity As at As at As at March 31, March 31, March 31, Particulars Note 2025 2024 2023 Capital redemption reserve (a) 52.79 52.79 52.79 Capital reserve (b) 1,880.63 1,880.63 1,880.63 Securities premium (c) 35,906.98 49,843.25 39,332.90 Amalgamation deficit reserve (d) (21,240.98) (21,240.98) (21,240.98) Deemed contribution/(distribution) – Gain/(loss) on transaction with shareholders (e) 1,692.47 1,692.47 1,692.47 Retained earnings (f) 158.62 (10,431.48) (15,905.87) 18,450.51 21,796.68 5,811.94 Instruments entirely equity in nature Compulsorily convertible debentures (CCDS) classified as equity (g) – – 3,849.98 Compulsorily convertible preference shares

(CCPS) classified as equity (h) 1.59 1.59 2,381.79

1.59 1.59 6,231.77 Total 18,452.10 21,798.27 12,043.71

(a) Capital redemption reserve As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Balance at the beginning of the year 52.79 52.79 52.79

Add: Movement during the year – – – Balance at the end of the year 52.79 52.79 52.79

(b) Capital reserve As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Balance at the beginning of the year 1,880.63 1,880.63 1,880.63

Add: Movement during the year – – –

Add: Adjustment pursuant to business combination under common control – – – Balance at the end of the year 1,880.63 1,880.63 1,880.63 920Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

(c) Securities Premium As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Balance at the beginning of the year 49,843.25 39,332.90 28,417.69

Add: Premium on fresh issue of the equity shares/CCPS (refer note 3 below) – 5,977.59 –

Add: Premium on issue of shares pursuant to conversion of CCDs/CCPS into equity shares (refer note 2 below) – 6,200.76 10,915.21

Less: Adjustment pursuant to capital reduction (refer note 1 below) (13,936.27) (1,668.00) – Balance at the end of the year 35,906.98 49,843.25 39,332.90 Note1:

Asat Asat Asat March31, March31, March31, Particulars 2025 2024 2023 OBRPL(refernote(i)below) – 1,445.00 – PBPL(refernote(ii)and(iv)below) 723.02 223.00 – KOBPL(refernote(iii)below) 3,324.53 – – EBPPL(refernote(v)below) 1,649.35 – OICPL(refernote(vi)below) 8,239.37 – – Total 13,936.27 1,668.00 –

Notes:

(i) OBRPLhasfiledpetitionunderSection66readwithSection52andotherapplicableprovisionsoftheCompaniesAct2013(“Act”)andNationalCompanyLawTribunal

(ProcedureforReductionofShareCapitaloftheSPV)Rules,2016(’NCLTRSCProcedureRules’)andotherapplicableNationalCompanyLawTribunal(‘NCLT’)Rules, 2016(’NCLTRules’)toobtainsanctionoftheNCLTforthereductionofsharecapital.ThesamehasbeenapprovedbyNCLTvideorderdatedAugust11,2023.Pursuant tothesaidNCLTorder,theaccumulatedlossesi.e.debitbalanceintheprofitandlossaccounttotheextentofRs.1,445.00millionpresentedunder“RetainedEarnings” formingpartof“OtherEquity”hasbeensetoffagainstSecuritiesPremiumAccount.

(ii) PBPLhasfiledthePetitionunderSection66readwithSection52andotherapplicableprovisionsoftheCompaniesAct2013(“Act”)andNationalCompanyLaw Tribunal(ProcedureforReductionofShareCapitaloftheSPV)Rules,2016(’NCLTRSCProcedureRules’)andotherapplicableNationalCompanyLawTribunal (‘NCLT’)Rules,2016(’NCLTRules’)toobtainsanctionoftheHon’bleTribunalforthereductionofsharecapitalasonJune14,2023.Thesamehasbeenapproved byNCLTvideorderdatedFebruary7,2024.PursuanttothesaidNCLTorder,theaccumulatedlossesi.e.debitbalanceintheprofitandlossaccounttotheextentof Rs.223.00millionpresentedunder“RetainedEarnings”formingpartof“OtherEquity”hasbeensetoffagainstSecuritiesPremiumAccount.

(iii) KOBPLhasfiledthePetitionunderSection66readwithSection52andotherapplicableprovisionsoftheCompaniesAct2013(“Act”)andNationalCompanyLaw Tribunal(ProcedureforReductionofShareCapitaloftheSPV)Rules,2016(’NCLTRSCProcedureRules’)andotherapplicableNationalCompanyLawTribunal (‘NCLT’)Rules,2016(’NCLTRules’)toobtainsanctionoftheHon’bleTribunalforthereductionofsharecapital.ThesaidSchemehasbeenapprovedbytheNCLT videorderdatedJune28,2024.PursuanttothesaidNCLTorder,(i)theaccumulatedlossesi.e.debitbalanceintheprofitandlossaccounttotheextentofRs.1,362.20 millionpresentedunder“RetainedEarnings”formingpartof“OtherEquity”hasbeensetoffagainstSecuritiesPremiumAccountand(ii)86,94,421equityshareshaving facevalueofRs.10eachhasbeenreducedbyRs.4.30pershareresultinginareductioninpaidupequitysharecapitalbyRs.37.39millionagainstpaymentofRs.230 perequityshareaggregatingtoRs.1,999.72milliontotheshareholdersoftheSPV,withthebalancebeingsetoffagainstSecuritiesPremiumAccount.

(iv) PBPLhasfiledpetitionunderSection66readandotherapplicableprovisionsoftheCompaniesAct,2013(‘Act’)readwiththeNationalCompanyLawTribunal

(ProcedureforReductionofShareCapitaloftheCompany)Rules,2016(‘NCLTRSCProcedureRules’)andotherapplicableNationalCompanyLawTribunalRules, 2016(‘NCLTRules’)toobtainsanctionoftheHon’bleTribunalforreductionofsharecapital.ThesaidSchemehasbeenapprovedbytheNCLTvideorderdated September25,2024.PursuanttothesaidNCLTOrder,theSPVhascancelled2,697,842equitysharesoffacevalueofRs.10eachresultinginreductionofpaidupshare capitalbyRs.26.98millionagainstconsiderationofRs.278perequityshareaggregatingtoRs.750.00million,withthebalancei.e.Rs.723.02millionviz.cashpaid toshareholderslessvalueofequitysharecapitalsocancelled,beingadjustedfromtheSecuritiesPremiumAccount.

(v) EBPPLhasfiledpetitionunderSection66readandotherapplicableprovisionsoftheCompaniesAct,2013(‘Act’)readwiththeNationalCompanyLawTribunal

(ProcedureforReductionofShareCapitaloftheCompany)Rules,2016(‘NCLTRSCProcedureRules’)andotherapplicableNationalCompanyLawTribunalRules, 2016(‘NCLTRules’)toobtainsanctionofthisHon’bleTribunalforreductionofsharecapital.ThesaidSchemehasbeenapprovedbytheNCLTvideorderdatedOctober 4,2024.PursuanttothesaidNCLTOrder,theSPVhascancelled64,132equitysharesoffacevalueofRs.10eachresultinginreductionofpaidupsharecapitalby Rs.0.64millionagainstcashconsiderationofRs.25,728perequityshareaggregatingtoRs.1,649.99million,withthebalanceofRs.1,649.35millionviz.cashpaid toshareholderslessvalueofequitysharecapitalsocancelled,beingadjustedfromtheSecuritiesPremiumAccount.

(vi) OICPLhasfiledpetitionunderSection66readwithSection52andotherapplicableprovisionsoftheCompaniesAct2013(“Act”)andNationalCompanyLawTribunal

(ProcedureforReductionofShareCapitaloftheCompany)Rules,2016(’NCLTRSCProcedureRules’)andotherapplicableNationalCompanyLawTribunal(‘NCLT’) Rules,2016(’NCLTRules’)toobtainsanctionoftheNCLTforthereductionofsharecapital.ThesaidSchemehasbeenapprovedbytheNCLTvideorderdatedFebruary 12,2025.PursuanttothesaidNCLTOrder,(i)theaccumulatedlossesi.e.debitbalanceintheprofitandlossaccounttotheextentofRs.6,991.03millionpresented under“RetainedEarnings”formingpartof“OtherEquity”hasbeensetoffagainstSecuritiesPremiumAccount,and(ii)38,33,958equitysharesoffacevalueofRs.10 eachhasbeenreducedtoRs.9.60perequityshareresultinginreductionofpaidupsharecapitalbyRs.1.53millionagainstconsiderationofRs.326perequityshare aggregatingtoRs.1,249.87million,withthebalanceofRs.1,248.34millionviz.cashpaidtoshareholderslessvalueofequitysharecapitalsocancelled,beingadjusted fromtheSecuritiesPremiumAccount.

921Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Note2:

Asat Asat Asat March31, March31, March31, Particulars 2025 2024 2023 MRPPL(refernote(i)below) – 6,200.76 – EBPPL(refernote(ii)below) – – 5,859.77 OBRPL(refernote(iii)below) – – 3,960.00 OWCPL(refernote(iv)below) – – 998.90 PABPPL(refernote(v)below) – – 96.54 Total – 6,200.76 10,915.21

Notes:

(i) TheSPVhasissued1,570,428and971,905equitysharesofRs.10eachatapremiumofRs.2,439persharepursuanttoconversionofClassBCCDsandCCPS respectively.(refernote27(g))

(ii) TheSPVhasconverted58,603CCDsoffacevalueofRs.1,00,0001eachaggregatingtoRs.5,860.36millioninto58,603equitysharesoffacevalueofRs.10eachat apremiumofRs.99,991perequityshare.(refernote27(g))

(iii) TheSPVhasconverted10,600,000ClassACCDsoffacevalueofRs.100eachaggregatingtoRs.1,060.00millionand29,400,000ClassBCCDsoffacevalueofRs.100 eachaggregatingtoRs.2,940.00millioninto40,000,000equitysharesoffacevalueofRs.1eachatapremiumofRs.99perequityshare(refernote27(g)).

(iv) TheSPVhasconverted10,000,000CCDsoffacevalueofRs.100eachaggregatingtoRs.1,000.00millioninto110,000equitysharesoffacevalueofRs.10eachat apremiumofRs.9,080.91perequityshare.(refernote27(g))

(v) TheSPVhasconverted8,359,027CCDsoffacevalueofRs.100eachaggregatingtoRs.835.90millioninto73,935,642equitysharesoffacevalueofRs.10eachat par.(refernote27(g)) Note3:

Asat Asat Asat March31, March31, March31, Particulars 2025 2024 2023 MRPPL(refernotebelow) – 5,977.59 – Total – 5,977.59 –

Notes:TheSPVhasissued2,041,650equitysharesoffacevalueofRs.10eachatapremiumofRs.2,439pershareforatotalconsiderationofRs.5,000.00millionand208,334 equitysharesoffacevalueofRs.10eachatapremiumofRs.4,790pershareforatotalconsiderationofRs.1,000.00million.

(d) Amalgamation deficit reserve As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Balance at the beginning of the year (21,240.98) (21,240.98) (21,237.73) Adjustment pursuant to composite scheme of arrangement – – (3.25) Balance at the end of the year (21,240.98) (21,240.98) (21,240.98) 922Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

Note:

Theabovebalancecomprisesofthefollowing:

Asat Asat Asat March31, March31, March31, Particulars 2025 2024 2023 OWCPL(referNote(i)) (14,518.37) (14,518.37) (14,518.37) KOBPL(referNote(ii)) (6,722.61) (6,722.61) (6,722.61) Total (21,240.98) (21,240.98) (21,240.98)

Notes:

(i) ThesaidreserverepresentsthenetliabilitytakenoverbytheSPVpursuanttotheCompositeSchemeofArrangement(“theScheme”)betweenIndiabullsProperties PrivateLimited(’IPPL’or‘DemergedSPV’),theSPVandtheirrespectiveshareholders,involvingdemergerofthebusinessofowing,operatingandmaintainingofan InformationTechnologyParkalongwithallrelatedassetsandliabilities.Further,inaccordancewiththesaidScheme,duringtheyearendedMarch31,2023,theSPV hasissuedequitysharestotheshareholdersofIPPLintheratioofoneequityshareofRs.10eachoftheSPVforeverytenequitysharesofIPPLheldbytheshareholders ofIPPLaggregatingtoRs.3.26million.

(ii) ThesaidreserverepresentsthenetliabilitytakenoverbytheSPVpursuanttotheCompositeSchemeofArrangement(“theScheme”)betweenIndiaLandAndProperties Limited(’ILPL’or‘DemergedSPV’),theSPVandtheirrespectiveshareholders,involvingdemergerofthebusinessofowing,operatingandmaintainingofanInformation TechnologyParkalongwithallrelatedassetsandliabilities.

(e) Deemed contribution/(distribution)—Gain/(loss) on transaction with shareholders As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Balance at the beginning of the year 1,692.47 1,692.47 (12,822.67)

Less: Transfer to retained earnings (refer note 2 below) – – 14,515.14 Balance at the end of the year (refer note 1 below) 1,692.47 1,692.47 1,692.47 Balance at the end of the year – – – Note1:

Asat Asat Asat March31, March31, March31, Particulars 2025 2024 2023 DRPL(refernotebelow) 1,692.47 1,692.47 1,692.47 Total 1,692.47 1,692.47 1,692.47

Note: Inearlieryears,315,130,674ClassCpreferencesharesofRs.10eachhavebeenredeemedinfullatdiscountofRs.4pershareand142,830,675ClassDpreference sharesofRs.10eachhavebeenredeemedinfullatparandaccordingly,balanceintheequityportionofpreferenceshareshavebeentransferredtootherequityas thereisnocontinuedobligationonaccountofredemptionofthesaidpreferenceshares.

Note2: PursuanttoSecuritiesSubscriptionAgreementdatedFebruary15,2021(‘Agreement’)betweenCessnaGardenDevelopersPrivateLimited(SPV)andVillageDeNandi PrivateLimited(‘VDNPL’or‘Issuer’),theSPVhasassignedthebalancereceivablefromPrestigeEstatesProjectsLimitedcomprisingofIntercorporatedeposits (‘ICD’)amountingtoRs.14,612millionandInterestaccruedbutnotdueondepositsamountingtoRs.1,190milliontoVDNPL.Againstthesaidbalancesassigned, theSPVhadsubscribedto1,580,232,398,0.001%RedeemablePreferenceShares(‘RPS’)atafacevalueofRs.10eachamountingtoRs.15,802millioninaccordance withthetermsandconditionscontainedintheAgreement.TheseRPSareredeemableatapremiumof10%oftheamountinvested,attheearlierof20yearsfromthe dateofissueoranytimeattheoptionoftheIssuer,actinginitssolediscretionupontheissueofnoticetotheholderofRPSi.e.theSPV.

ConsideringthesolediscretionoftheIssuertoredeemtheRPSandbasistheconfirmationreceivedfromIssuerwithrespecttotimingofredemptionandthenature ofissue,RPSwasclassifiedasfinancialassetandwasbeingfairvaluedatamortizedcostusingtheeffectiveinterestmethod,theimpactofwhich,amountingto Rs.14,515.14million,wasdirectlydebitedtoStatementofChangestoEquityas“OtherComponentofEquity”,asthesaidadjustmentwasonaccountofinitial recognitionofRPSatfairvaluebeingcommoncontroltransaction.

DuringtheyearendedMarch31,2023theBoardofDirectorsatitsmeetingheldonSeptember13,2022haveapprovedtransactionforthesale/transferofRPSto PrestigeExoraBusinessParksLimited.ThesameweresoldonSeptember16,2022atasaleconsiderationofRs.1,582.07million.Pursuanttosale/transferofthe investment,theamountofRs.14,515.14millionwhichwasdirectlydebitedtoStatementofChangestoEquityas“OtherComponentofEquity”atthetimeofinitial recognitionhasbeentransferredtoretainedearnings.

923Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

(f) Retained Earnings As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Surplus/(Deficit) in the statement of profit and loss (10,431.48) (15,905.87) (2,444.82) Profit for the year 2,225.16 3,396.59 2,192.40 Other comprehensive income/(loss) (net of tax) (0.88) 1.48 1.73 Transfer pursuant to capital reduction (refer Note 27 (c)) 8,353.23 1,668.00 – Distribution to partners – – (40.10) Carve out differences routed through retained earnings (refer note 2) 655.72 408.32 170.13 Transfer from Other components of equity (refer note 27 (e)) – – (14,515.14) Dividend paid (643.13) – (1,270.07) Balance at the end of the year 158.62 (10,431.48) (15,905.87)

(g) Compulsorily convertible debentures (CCDs) classified as equity As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Compulsorily convertible debentures classified as equity – Class A CCDs Balance at the beginning of the year – 4.00 1,509.90

Add: Issued during the year – – –

Less: Converted in equity share capital during the year – (4.00) (1,505.90) Balance at the end of the year – – 4.00 Compulsorily convertible debentures classified as equity – Class B CCDs Balance at the beginning of the year – 3,845.98 6,785.98

Add: Issued during the year – – 390.00

Less: Converted in equity share capital during the year – (3,845.98) (3,330.00) Balance at the end of the year – – 3,845.98 Compulsorily convertible debentures classified as equity – Others Balance at the beginning of the year – – 7,199.72

Add: Issued during the year – – –

Less: Converted in equity share capital during the year – – (7,199.72) Balance at the end of the year – – – Grand Total – – 3,849.98 924Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

The movement in CCDs classified as equity is as under:

As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Balance at the beginning of the year – 3,849.98 15,495.60

Add: Issued during the year PABPPL (b) – – 390.00

Less: Converted in equity shares during the year OBRPL (a) – – (4,000.00) PABPPL (b) – – (835.90) EBPPL (c) – – (5,860.36) PBPPL (d) – – (339.36) OWCPL (e) – – (1,000.00) MRPPL (f) – (3,849.98) – Balance at the end of the year – – 3,849.98

(a) OBRPL 30,600,000ClassACCD’sofRs.100eachaggregatingtoRs.3,060.00million – Conversionterms:ClassACCDsshallbefullyandmandatorilyconvertibleintooneequityshareeachonorbeforetheexpirydateofJune23,2029 – Couponrate:ClassACCDscarryinterestattherateof0.001%perannumonthefacevalueofRs100each.

– PriortoApril1,2022,CCD’samountingtoRs.2,000.00millionwereconvertedintoequityshares.Further,duringtheyearendedMarch31,2023,CCD’samounting toRs.1,060.00millionhavebeenconvertedintoequityshares,atapremiuminaccordancewiththeagreedtermsbetweentheparties(refernote27(c)fordetails) 29,400,000ClassBCCD’sofRs.100eachaggregatingtoRs.2,940.00million – Conversionterms:ClassBCCDsshallbefullyandmandatorilyconvertibleintooneequityshareeachonorbeforetheexpirydateofJune23,2029.

– Couponrate:ClassBCCDscarryinterestattherateof0.001%perannumonthefacevalueofRs.100each. – ThesaidCCD’shavebeenconvertedintoequityshares,atpremiumatinaccordancewiththeagreedtermsbetweenthepartiesduringtheyearendedMarch31,2023 (refernote27(c))fordetails).

(b) PABPPL 4,459,027ClassACCD’sofRs.100eachaggregatingtoRs.445.90million

Tenure:ThetermoftheClassACCDsis10yearsfromthedateofissuance

Conversionterms:Every1CCDofRs.100eachshallconvertinto10equityshareshavingafacevalueofRs.10eachatanytimeattheoptionofholdersofCCD’soratthe expiryoftheaforesaidterm,whicheverisearlier

Couponrate:TheseCCDsdonotcarryanycouponandareinterestfree.

ThesaidCCD’shavebeenconvertedintoequitysharesatapremium,inaccordancewiththeagreedtermsbetweenthepartiesduringtheyearendedMarch31,2023.

3,900,000ClassBCCD’sofRs.100eachaggregatingtoRs.390.00million

Tenure:ThetermoftheClassBCCDsis10yearsfromthedateofissuance

Conversionterms:Every1CCDofRs.100eachshallconvertinto7.52equityshareshavingafacevalueofRs.10eachatanytimeattheoptionofholdersofCCD’sorat theexpiryoftheaforesaidterm,whicheverisearlier.

Couponrate:TheseCCDsdonotcarryanycouponandareinterestfree.

ThesaidCCD’shavebeenconvertedintoequityshares,atapremiuminaccordancewiththeagreedtermsbetweenthepartiesduringtheyearendedMarch31,2023.

Conversionterms:Every1ClassACCDofRs.100,001eachshallconvertinto10,000equitysharesoffacevalueofRs.10each(subjecttoappropriateadjustmentfromtime totimeforanyconsolidation,split,subdivisionorreclassificationoftheequitysharesoranyreductionofcapitaloramalgamationorreorganizationoftheSPVasmutually determinedbytheClassACCDholdersandEBPPL)atsuchtimeandinsuchtranchesasmaybeagreedbytheholdersofequitysharesoftheSPVuponreceiptofawritten conversionnoticeissuedbytheClassACCDholderor(ii)attheendoftenyearsfromthedateofissuanceofClassACCDs,whicheverisearlier.

Couponrate:ThesaidCCDsdonotcarryanycouponforthefirst5yearsfromthedateoftheirallotment.

ThesaidCCD’shavebeenconvertedintoequityshares,atapremiuminaccordancewiththeagreedtermsbetweenthepartiesduringtheyearendedMarch31,2023(refer note27(c)fordetails).

(d) PBPPL 3,393,560UnsecuredCCDsoffacevalueRs.100eachaggregatingtoRs.339.36million

Conversionterm:Every1CCDofRs100eachshallconvertinto10equityshareshavingafacevalueofRs.10eachatanytimepost5yearsfromthedateofissue,atthe optionofholdersoftheCCDs.

Couponrate:ThesaidCCDsdonotcarryanycouponandareinterestfree.

ThesaidCCD’shavebeenconvertedintoequityshares,atapremiuminaccordancewiththeagreedtermsbetweenthepartiesduringtheyearendedMarch31,2023(refer note27(c)fordetails).

925Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

(e) OWCPL 10,000,000UnsecuredCCDsoffacevalueRs.100eachaggregatingtoRs.1,000.00million

Conversionterm:Every1,000CCDsofRs.100eachshallbeconvertibleinto11equitysharesofRs.10eachatanytimepost5yearsfromthedateofissue,attheoptionof holdersoftheCCDs.

Couponrate:TheseCCDsdonotcarryanycouponandareinterestfree.

ThesaidCCD’shavebeenconvertedintoequityshares,atapremiuminaccordancewiththeagreedtermsbetweenthepartiesduringtheyearendedMarch31,2023(refer note27(c)fordetails).

(f) MRPPL 400,000ClassACCD’sofRs.10eachaggregatingtoRs.4.00million

Conversionterms:EachClassACCDshallbeconvertibletoequitysharesintheratioof1:1atsuchtimeandinsuchtranchesasmaybeagreedbytheequityshareholders oftheSPVuponwrittenconversionnoticebytheCCDholderoroncommencementofinsolvencyresolutionprocessagainsttheSPVorattheendoftenyearsfromthedate ofissuanceofCCDs,whicheverisearlier

Couponrate:ThesaidCCDsshallnotcarrycouponrateforthefirstfiveyearshoweverifitisnotconvertedwithinthe5yearsfromthedateofallotment,acouponcomputed bytheBoardatanarm’slengthpriceontheissuepriceoftheCCDswillbepayableonanannualbasisontheCCDspostfiveyearstillthetimetheCCDsareconvertedinto equityshares.

384,597,880ClassBCCD’sofRs.100eachaggregatingtoRs.3,845.98million

Conversionterms:EachClassBCCDshallbeconvertedtoequitysharesintheratioof10:2449(i.e.10equitysharesfor2,449nosofclassBCCD)atsuchtimeandinsuch tranchesasmaybeagreedbytheequityshareholdersoftheSPVuponwrittenconversionnoticebytheCCDholderoroncommencementofinsolvencyresolutionprocessagainst theSPVorattheendoftenyearsfromthedateofissuanceofCCDs,whicheverisearlier

ThesaidCCD’shavebeenconvertedintoequityshares,atapremiuminaccordancewiththeagreedtermsbetweenthepartiesduringtheyearendedMarch31,2024(refer note27(c)fordetails).

(h) Compulsorily convertible preference shares classified as equity As at As at As at March 31, March 31, March 31, Particulars Note 2025 2024 2023 Balance at the beginning of the year 1.59 2,381.79 2,381.79

Add: Issued during the year – – –

Less: Converted into equity shares – MRPPL (refer note below) (i) – (2,380.20) – Balance at the end of the year 1.59 1.59 2,381.79 Note

(i) Termsof238,019,6560.001%CCPSissuedbyMRPPL: – MRPPLhasissued0.001%CCPShavingaparvalueofRs.10pershare. – ThesaidCCPScarrydividendat0.001%non-cumulative. – Conversionterms:Every2,449CCPSofRs.10eachshallconvertinto10equityshareshavingafacevalueofRs.10eachuponwrittenconversionnoticebythe CCPSholderoroncommencementofinsolvencyresolutionprocessagainsttheSPVorApril30,2022,whicheverisearlier.

ThesaidCCPShavebeenconvertedintoequityshares,atapremiuminaccordancewiththeagreedtermsbetweenthepartiesduringtheyearendedMarch31,2024 (refernote27(c)fordetails).

Footnotestoabove:

(a) Capitalredemptionreserve Capitalredemptionreservecomprisesamountsonaccountofredemptionofpreferenceshares/buybackofequityshares.

(b) Capitalreserve CapitalreserverepresentsthedifferencebetweenvalueofthenetassetstransferredtotheSPVinthecourseofbusinesscombinationsandtheconsiderationpaidforsuch businesscombinations.

(c) SecuritiesPremium Securitiespremiumrepresentspremiumreceivedonissueofequityshares,CCDsandCCPS.Thereservecanbeutilisedonlyforlimitedpurposesinaccordancewiththe provisionsoftheCompaniesAct,2013.

(d) Amalgamationdeficitreserve Reserveconsistofconsiderationwhichwasinexcessofthecarryingvalueofthenetassets(includingthereserves)pursuanttotheScheme.

(e) Deemedcontribution/(distribution)—Gain/(loss)ontransactionwithshareholders ThesaidreserverepresentsbalancepursuanttotransactionswiththeshareholdersoftherespectiveSPV.

(f) RetainedEarnings Retainedearningsaretheprofits/(loss)thattheSPVshaveearned/incurredtilldate,lessanytransferstogeneralreserve,dividendsorotherdistributionspaidtoshareholders.

Retainedearningsincludesremeasurementloss/(gain),netoftaxesthatwillnotbereclassifiedtothestatementofprofitandloss.

926Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 28 Borrowings—non current As at As at As at March 31, March 31, March 31, Particulars Notes 2025 2024 2023 At amortised cost

(i) Secured

(a) Term loan Banks (A) 187,233.38 172,461.42 180,550.22 Financial institutions (A) 2,525.59 5,722.54 4,952.68

(b) Bank overdrafts (A) 5,726.90 8,471.98 6,114.53

(ii) Unsecured

(a) Non-convertible bonds from related parties (refer note 59) (E) – 2,450.00 2,450.00

(b) Non-convertible debentures from related parties (refer note 59) (F) – – 490.84

(c) Optionally-convertible debentures from related parties (refer note 59) (G) – 247.95 1,596.01 195,485.87 191,853.89 198,654.28

Less: Current maturities of long-term debt (Disclosed under the head “Current borrowings”) (Refer note 33) Term loans from banks, financial institutions and debentures (10,182.43) (7,487.25) (22,276.12) Total 185,303.44 184,366.64 176,378.16 927Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

Note: Reconciliation of movements of liabilities to cashflows arising from financing activities Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Balance at the beginning of the year 198,297.43 202,749.59 201,254.35 Net cash inflows/(outflows) 164.22 (5,532.42) 245.50 Other non-cash changes – (25.91) (177.32) Interest expense 17,259.14 17,129.55 15,676.82 Interest paid (17,569.10) (16,023.38) (14,249.76) Balance at the end of the year 198,151.69 198,297.43 202,749.59

Closing balance represented by:

77.571,02 – – aidnI fo knaB etatS 1 morf gnitrats stnemllatsni slatner esael gnidulcni VPS eht fo selbaviecer desab sdnuf fo tsoc delttesebotdna0202,13yraunaJ rewoT’retneClanoitanretnIenO‘fotuodetareneg etar gnidnel .4302 ,13 rebmeceD yb ni detautis ,)”ytreporP tcejbuS“ eht( 3 dna 2 ,1 %83.0 sulp )’RLCM‘( ,13 hcraM dedne raey eht gniruD )ii( .iabmuM ehtdiaperyllufsahVPSeht,4202 eht dna ytreporP tcejbuS eht no egrahc evisulcxE )ii( .sgniworrob dias .dnal detaler lauqe eerht ni elbayapeR )i( erutuf dna tneserp eht no egrahc ussap-iraP )i( sulp RLCM raey 1

61.325,2

30.626,2 – detimiL knaB sixA 2 ,6202,61yraurbeFnostnemllatsni slatner esael gnidulcni VPS eht fo selbaviecer %54.0 ,71yraurbeFdna6202,61tsuguA enO‘ fo ’retneC ytinU enO‘ fo tuo detareneg .7202 )”ytreporP tcejbuS“ eht( ’retneC lanoitanretnI ,13 hcraM dedne raey eht gniruD )ii( .iabmuM ni detautis ehtdiaperyllufsahVPSeht,5202 .ytreporP tcejbuS eht no egrahc ussap-iraP )ii( .sgniworrob dias eht fo erahs etanoitroporp no egrahc ussap-iraP )iii( .detacol si ytreporP tcejbuS eht erehw dnal stnemllatsni ylhtnom 081 ni elbayapeR eht htiw gnola tcejorP eritne eht no egrahc ts1 )i( RLCM shtnom 6 –

31.167,81

70.174,91 knaB lanoitaN bajnuP 3 otdna3202,03rebmevoNmorfgnitrats eht ni tseretni/erahs dedividnu etanoitroporp )tfardrevo gnidulcnI( .8302 ,13 rebotcO yb delttes eb gnidliub tcejorP eht ot noitaler ni dnaL tcejorP .erutuf & tneserp htob ,noereht no noitacehtopyh fo yaw yb egrahc ts1 )ii( otnoitalerni,reworroBehtfotnuoccaworcse )a( rehto dna slatner esael nierehw tcejorP eht eht ot noitaler ni detisoped eb lliw emocni ;tcejorp gnisira ,swolf hsac/selbaviecer tner eht lla )b( ;tcejorP eht morf eht ot noitaler ni stessa dexif elbavom lla )c( ehtotnoitalernistessatnerruclladnatcejorP .erutuf dna tneserp ,tcejorP 929tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS stnemllatsni ylhtnom 081 ni elbayapeR erutuf dna tneserp eht no egrahc evisulcxE )i( RLCM shtnom 6 – –

83.254,9 knaB lanoitaN bajnuP 4 eb ot dna 4202 ,03 lirpA morf gnitrats slatner esael gnidulcni VPS eht fo selbaviecer .9302 ,13 hcraM yb delttes enO‘ fo ’retneC ytinU enO‘ fo tuo detareneg )”ytreporP tcejbuS“ eht( ’retneC lanoitanretnI .iabmuM ni detautis .ytreporP tcejbuS eht no egrahc evisulcxE )ii( eht fo erahs etanoitroporp no egrahc evisulcxE )iii( .detacol si ytreporP tcejbuS eht erehw dnal lauqe eerht ni elbayapeR )i( erutuf dna tneserp eht no egrahc ussap-iraP )i( sulp RLCM raey 1

30.384,2

42.784,2 – ecnaniF alriB aytidA 5 ,6202,61yraurbeFnostnemllatsni slatner esael gnidulcni VPS eht fo selbaviecer %56.0 )LFBA( detimiL ,71yraurbeFdna6202,61tsuguA enO‘ fo ’retneC ytinU enO‘ fo tuo detareneg .7202 )”ytreporP tcejbuS“ eht( ’retneC lanoitanretnI ,13 hcraM dedne raey eht gniruD )ii( .iabmuM ni detautis ehtdiaperyllufsahVPSeht,5202 .ytreporP tcejbuS eht no egrahc ussap-iraP )ii( .sgniworrob dias eht fo erahs etanoitroporp no egrahc ussap-iraP )iii( .detacol si ytreporP tcejbuS eht erehw dnal ylhtnom 081 ni elbayapeR )i( erutuf dna tneserp eht no egrahc evisulcxE )i( a.p %08.8 –

83.264,22

40.224,42 knaB lanoitaN bajnuP 6 morf gnitrats stnemllatsni slatneresaelgnidulcniynapmoCehtfoselbaviecer )naol mreT( eb ot dna 3202 ,03 rebmevoN ta detautis ’retneC dlroW enO‘ fo tuo detareneg .8302 ,13 rebotcO yb delttes ,graM tapaB itapaneS ,148 .oN tolP ,slliM retipuJ ,)”ytreporpdegagtrom“eht(iabmuM,leraPrewoL ylhtnom 861 ni elbayapeR )i( a.p %08.8 –

60.435,1

60.647 knaB lanoitaN bajnuP 7 dexif elbavom ,ynapmoc eht fo tnuocca worcsE morf gnitrats stnemllatsni )tfardrevO( fo tnemyaper lluf llit stessa tnerruc lla dna stessa eb ot dna 4202 ,03 rebmevoN dna tseretni htiw gnola seitilicaf tiderc/snaol eht .8302 ,13 rebotcO yb delttes .segrahc ,stcartnoc ecnarusni revo egrahc evisulcxE )ii( degagtrom eht ot noitaler ni sdeecorp ecnarusni .ytreporp eht fo gnidliub dna dnal eht no egrahc evisulcxE )iii( .ytreporp degagtrom 930tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS ylhtnom 081 ni elbayapeR )i( erutuf dna tneserp eht no egrahc evisulcxE )i( sulp RLCM htnom 6

45.601,42 – – aidnI fo knaB etatS 8 morf gnitrats stnemllatsni slatner esael gnidulcni VPS eht fo selbaviecer daerps %81.0 delttesebotdna0202,13yraunaJ tcejbuS“eht(’retneCdlroWenO‘fotuodetareneg .4302 ,13 rebmeceD yb .iabmuM ni detautis )”ytreporP ,13 hcraM dedne raey eht gniruD )ii( eht fo gnidliub dna dnal eht no egrahc evisulcxE )ii( ehtdiaperyllufsahVPSeht,4202 .ytreporP tcejbuS .sgniworrob dias 081 ni diaper eb ot naol mret ehT )i( esael erutuf dna tneserp no egrahc evisulcxE )i( RLCM raey 1

46.227,02

79.927,91

44.217,91 knaB naidnI 9 gnicnemmoc stnemllatsni ylhtnom laicremmoc ot tcepser htiw seessel morf slatner fo etad eht retfa htnom eno aera teprac a gnisirpmoc etagergga ni stinu eciffo ,03 lirpA morf .e.i tnemesrubsid B,Agniwniteeferauqs822,944yletamixorppafo .3202 rehtegot,iabmuMnidetautis’CKBenO‘foCdna dna )’1 ytreporP‘( secaps gnikrap rac 446 htiw agnisirpmocetagergganistinueciffolaicremmoc niteeferauqs792,91yletamixorppafoaerateprac ni detautis ’CKB enO‘ eht fo C dna B ,A gniw secaps gnikrap rac 02 htiw rehtegot ,iabmuM .)’2 ytreporP‘( dna 1 ytreporP no egagtrom evisulcxe dna tsriF )ii( .2 ytreporP no neil evitagen eht fo ruovaf ni yenrotta fo rewop elbacoverrI )iii( otknabehtgnizirohtuaVPSehtmorfknaBnaidnI .eessel morf tner tcelloc dna eviecer stnemllatsni ylhtnom 081 ni elbayapeR ,stessa elbavom eht revo egrahc evisulcxe dna tsriF RLCM htnom 3

05.663,3

00.722,3

05.360,3 adoraB fo knaB 01 eb ot dna 1202 lirpA morf gnitrats dna tsrif dna tnuocca worcse dna selbaviecer deruces .6302 hcraM yb delttes tner revo egagtrom fo yaw yb egrahc evisulcxe morf elbaviecer esael erutuf dna tneserp selbaviecer ni teef erauqs shkal

53.3 ot gnillatot stinu deifitnedi .)”ytreporP tcejbuS“ eht(’yaB amirP‘ 931tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS stnemllatsni ylhtnom 561 ni elbayapeR erutuf dna tneserp eht no egrahc tsrif evisulcxE )i( RLCM raey 1

81.354,6

95.293,6

19.896,6 adoraB fo knaB 11 eb ot dna 2202 rebotcO morf gnitrats gnidulcni VPS eht fo swolf hsac dna selbaviecer .6302 yaM yb delttes gnidliublaicremmocfotuodetarenegslatneresael 01 ot 8 dna A rewoT ni roolf 9 ot 1 revo daerps tcejbuS“ eht( ’yaB amirP‘ fo B rewoT ni roolf .)”ytreporP ,ytreporP tcejbuS eht no egrahc tsrif evisulcxE )ii( eht esu ylevisulcxe ot thgir eht htiw gnola eht htiw rehtegot ,secaps gnikrap rac detacolla dna saera nommoc eht yojne dna esu ot thgir fo stnapucco rehto eht htiw nommoc ni seitinema .yaB amirP ylhtnom 081 ni elbayapeR )i( tner erutuf dna gnitsixe no egrahc evisulcxE )i( ap %58.8

72.468,81

95.271,81

14.045,02 aidnI fo knaB etatS 21 morf gnitrats stnemlatsni .selbaviecer delttes eb ot dna 4202 rebotcO 13 detrevnoc yllaicremmoc fo egagtrom elbatiuqE )ii( .9302 rebmetpeS 03 yb 93gnirusaemda11ot1sgnidliuBhtiwgnoladnal dna esuoh bulc htiw gnola satnuG 3 dna serca ni detautis kraP ssenisuB ansseC ta PCLM .erolagnaB ylhtnom 171 ni elbayapeR )i( tner erutuf dna gnitsixe no egrahc evisulcxE )i( RLCM shtnom 6

36.104,3

15.171,3 – aidnI fo knaB etatS 31 morf gnitrats stnemlatsni .elbaviecer delttesebotdna1202yraurbeF82 detrevnoc yllaicremmoc fo egagtrom elbatiuqE )ii( .5302 hcraM 13 yb dnaserutxifhtiwgnola01Bkcolbhtiwgnoladnal ,13 hcraM dedne raey eht gniruD )ii( skcolb eseht fo tcepser ni noereht sutarappa rehto ehtdiaperyllufsahVPSeht,5202 .erolagnaB ni ta detautis kraP ssenisuB ansseC ta .sgniworrob dias 932tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS stnemllatsni ylhtnom 081 ni elbayapeR ssenisuB aroxE‘ revo egrahc evisulcxe dna tsriF )i( ap %55.8

41.989,11

29.174,21

64.024,21 adoraB fo knaB 41 eb ot dna 2202 ,13 yluJ morf gnitrats .)”ytreporP tcejbuS“ eht(’skraP .7302 ,03 enuJ yb delttes tneserp no noitacehtopyh fo yaw yb egrahc tsriF )ii( /esael gnidulcni selbaviecer/slatner erutuf dna tnerrucdnaecapsdesaelehtmorfstisopedytiruces .ytreporP tcejbuS eht fo stessa worcse eht revo egrahc evisulcxe dna tsriF )iii( niselbaviecerdnastessaelbavom,ARSD,tnuocca .ytreporP tcejbuS eht ot noitaler ni esac hcae htiwVPS eht yb detcelloc dnufer SDTno egrahC )vi( .slatner esael eht ot tcepser stnemlatsni ylhtnom 06 ni elbayapeR deifitnedi eht revo egagtrom evisulcxe dna tsriF )i( .a.p %95.8

58.564,2

43.789,1

58.579,1 aidnI knaB SBD 51 eb ot dna 3202 tsuguA morf gnitrats rewoT edarT – ytreporp elbavommi eht fo stinu detimil .8202 yluJ yb delttes nitseretnidedividnu,etanoitroporpehthtiwgnola ot noitaler ni dnal gniylrednu eht ni reworrob eht .)”ytreporP tcejbuS“ eht( stinu hcus worcse eht revo egrahc evisulcxe dna tsriF )ii( niselbaviecerdnastessaelbavom,ARSD,tnuocca .ytreporP tcejbuS eht ot noitaler ni esac hcae morf shtnom 63 retfa tnemyaper telluB htiwgnolaytreporpehtfodnalehtnoegrahctsriF )i( daerps sulp etar opeR

21.094,2

40.594,2

31.794,2 knaB tsriF CFDI 61 .tnemesrubsid tsrif fo etad eht .erutuf dna tneserp htob ,noereht gnidliub %58.2 fo detimiL elbavom no noitacehtopyh fo yaw yb egrahc tsriF )ii( morf shtnom 63 retfa tnemyaper telluB sulp RLCM raeY1

36.694

48.590,1

95.790,1 ecnaniF alriB aytidA 71 ecnarusni gnidulcni stessa tnerruc ,stessa dexif .tnemesrubsid tsrif fo etad eht %05.0 fo daerps )LFBA( detimiL ytiruces ,tnuocca worcse ,elbaviecer tner ,stessa tnuoccA evreseR ecivreS tseretnI dna stisoped .ytilicaf eht ot noitaler ni )ARSI( 933tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS stnemllatsni ylhtnom 081 ni elbayapeR dnaslatneresaelerutufdnatneserpehtnoegrahC )i( RLCM htnom 3 –

01.313,5

18.915,6 aidnI fo knaB etatS 81 ebotdna4202,13hcraMmorfgnitrats fo tuo detareneg VPS eht fo wolf hsac eritne )tfardrevo gnidulcnI( .9302 ,82 yraurbeF yb delttes ni detautis )”ytreporP tcejbuS“ eht(’enO omsoK‘ .iannehC fo yreviled lautca fo yaw yb egagtrom elbatiuqE )ii( tcejbuSehtniVPSehtfotseretnidnaeltitthgirlla .ytreporP .VPS eht fo tnuocca worcse eht no egrahC )iii( sa VPS eht fo stnemtsevni dnuf lautum no neiL )vi( .naol mret fo gnicivres rofARSD ylhtnom 081 ni elbayapeR )i( erutuf dna tneserp eht no egrahc evisulcxE )i( sulp RLCM htnom 6

56.745,5 – – aidnI fo knaB etatS 91 morf gnitrats stnemllatsni esaelgnidulcni,VPSehtfoswolfhsac/selbaviecer %50.0 delttes eb ot dna 9102 ,13 hcraM tcejbuS“eht(’enOomsoK‘fotuodetarenegslatner .4302 ,82 yraurbeF yb .iannehC ni detautis )”ytreporP ,13 hcraM dedne raey eht gniruD )ii( eht fo gnidliub dna dnal eht no egrahc evisulcxE )ii( ehtdiaperyllufsahVPSeht,4202 .ytreporP tcejbuS .sgniworrob dias .VPSehtfostessarehtoehtllarevoneilevitageN )iii( sa VPS eht fo stnemtsevni dnuf lautum no neiL )vi( .naol mret fo gnicivres rofARSD a nihtiw elbayaper si naol mreT )i( fo roolf 02 dna 91 ,81 no egrahc evisulcxE )i( RLCM htnom 3

71.003 – – detimiL knaB sixA 02 eht morf shtnom 651 fo doirep eht(tuotifdetalergnidulcnignidliub’enOhcetniF‘ tnemesrubsid tsrif fo etad .)”ytreporP tcejbuS“ fo muirotarom gnidulcni( erutuf dna tneserp htob no egrahc evisulcxE )ii( ni elbayaper ecneh ,)shtnom 6 .ytreporP tcejbuS eht morf gnisira selbaviecer .stnemlatsni ylhtnom 051 ,13 hcraM dedne raey eht gniruD )ii( ehtdiaperyllufsahVPSeht,4202 .sgniworrob dias 934tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS ylretrauq lauqe 3 ni elbayapeR )i( dlohesael eritne revo egrahc evisulcxe dna tsriF )i( RLCM htnom 21

30.904 – – detimiL ecnaniF sixA 12 snoillim05.211.sRfostnemlatsni gnidliub eritne fo egagtrom eht htiw gnola dnal muirotarom fo noitelpmoc tsop ,81 tpecxe s’gnikrap rac dna seitinema gnidulcni tsrif fo etad morf sraey 2( doirep .roolf 02 dna 91 .)tnemesrubsid dna noitacehtopyh fo yaw yb egrahc evisulcxE )ii( ,13 hcraM dedne raey eht gniruD )ii( ytiruces gnidulcni selbaviecer tner fo worcse ehtdiaperyllufsahVPSeht,4202 seesselynamorfselbaviecerrehtoynarostisoped .sgniworrob dias .roolf02dna91,81otgnitalerstpiecernahtrehto .tcejorP eht fo tnuocca worcse eht no egrahC )iii( stnemllatsni ylhtnom 081 ni elbayapeR dlohesael dna tcejorp eht ni egrahc evisulcxE )i( RLCM htnom 3 – –

48.060,2 knaB lanoitaN bajnuP 22 ot dna 4202 ,13 rebotcO morf gnitrats gnidliub eht htiw gnola dnal tcejorp eht ot sthgir .9302 ,03 rebmetpeS yb delttes eb .noereht dna tnuocca worcse eht revo egrahc evisulcxE )ii( hcae ni selbaviecer dna stessa elbavom ,ARSD .ytreporp egagtrom ot noitaler ni esac ,stcartnoc ecnarusni revo egrahc evisulcxE )iii( eht ot noitaler ni esac hcae ni sdeecorp ecnarusni .tcejorp ylhtnom lauqe 99 ni elbayapeR ytreporp fo egagtrom elbatiuqe revo egrahc tsriF )i( %05.9 ot %00.8

49.711

27.58

11.14 dtL knaB CFDH 32 .7102 yraurbeF morf stnemlatsni fo tcejorp a ,aimerP ni .tf .qS 097,96 gnirusaem )tfardrevo gnidulcnI( yevruStadetcurtsnoc,puorgavttaSdnaairupralaS ,ilboH ruhtraV ,illahanaseebudaK ,61.oN .akulaThtuoS erolagnaB morf detareneg snoitcelloc revo egrahc tsriF )ii( selbaviecer latner esael erutuf lla fo tnemngissa yevruS ta detautis ytreporp laicremmoc morf ,daoR gniR retuO rupajraS ta ”aimerP“

61.oN .erolagnaB ramuK yajiB .rM morf eetnaraug lanosreP )iii( .lawragA 935tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS naol eht yaper ot evah VPS ehT )i( elbaevomeritneehtfonoitacehtopyhfoyawybegrahC .a.p %02.01 ot %01.9

08.164 – – detimiL knaB sixA 42

5.3 fo mret eht fo yripxe eht retfa hcusstessaelbignatnignidulcnitcejorpehtfoseitreporp :3202 ,13 hcraM( .muspmul ta sraey & sloot ,seraps ,yrenihcam & tnalp elbaevom sa .a.p %01.9 ot %05.8 ,13 hcraM dedne raey eht gniruD )ii( .selcihev dna serutxif ,erutinruf ,seirossecca :2202 ,13 hcraM & ehtdiaperyllufsahVPSeht,4202 )%05.8 .sgniworrob dias stnemllatsni ylhtnom 081 ni elbayapeR foegagtromelbatiuqefoyawybderucesyliramirP )i( %03.2 + opeR raey 1

09.910,3

99.229,2

34.597,2 detimiL knaB sixA 52 .tnemesrubsid fo etad morf dedividnu dna ”truoC egdelwonK“ ni erahs VPS daerps fo9.ontolptagnidliubdesoporpdnadnalfoerahs ahtahK aera lairtsudnI ,esahP I idnukkaneddoD ,77on.ySnidetautis26.oNdlO,992.oN.lSgniraeb ,ilboH maruP R K ,egalliV idnukkaneddoD .stm qS 210,23 gnirusaem erolagnaB eht lla erutuf dna tneserp no egrahc yb deruceS )ii( tnergnidulcnistessatnerruc,stessadexifelbavom ”truoC egdelwonK“ morf gnitanigiro selbaviecer .tcejorp srepoleveD avttaS morf eetnaraug etaroproC )iii( morf eetnaraug lanosrep dna detimiL etavirP .lawragAramuK yajiB .rM erofeb ro no tnemyaper telluB elbaviecer & gnidliub ,dnal revo egrahc tsriF )i( + RLCM raey 1

00.335

00.331,1

00.331,1 knaB ICICI 62 .5202 ,13 tsuguA .tcejorp ”ruovaednE“ eht ot gniniatrep daerps %04.0 era knaB ICICI morf tfardrevo dna naol mret ehT )ii( fo lecrap dna eceip eht lla yb deruces yliramirp 1A/44dnaP74,P64,P44.oNyevruStadetacoldnal ta detautis serca

7.5 yletamixorppa gnirusaemda ,aerA lairtsudni esahP II ytiC cinortcelE ,ilboH ,rugeB ,egalliV arahargA annapannoK ,tcirtsiDnabrUerolagnaB,kulaThtuoSerolagnaB tneserp htob noereht serutcurts eht lla gnidulcnI tnempoleved eht lla htiw gnola ,erutuf dna lanoitidda gnidulcni( noereht gnisira laitnetop ,RDT fo mrof eht ni laitnetop tnempoleved .erutuf dna tneserp htob ,)cte ,ISF muimerP eht morf detareneg snoitcelloc revo egrahc tsriF )iii( .tcejorp ”ruovaednE“ 936tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS stnemlatsni ylhtnom 521 ni elbayapeR nierahss’VPSfoegagtromelbatiuqefoyawybderuceS + RLCM raey 1

16.799

08.649

97.578 detimiL knaB ICICI 72 1202 ,03 tsuguAmorf gnicnemmoc htiw gnola ,tcejorp eht fo skcolb cificeps niatrec daerps %50.0 worcse no egrahc dna selbaviecer fo noitacehtopyh + RLCM raey 1

11.923

85.113

23.782 detimiL knaB ICICI 82 .tcejorp eht fo skcolb deificeps eht fo tnuocca daerps %50.0 stnemlatsni ylhtnom 021 ni elbayapeR + RLCM raey 1

29.996,1

77.146,1

75.985,1 detimiL knaB ICICI 92 2202 ,03 yraunaJ morf gnicnemmoc daerps %50.0 stnemlatsni ylhtnom 651 ni elbayapeR + RLCM raey 1

88.951,2

60.880,2

28.260,2 detimiL knaB ICICI 03 2202 ,13 yluJ morf gnicnemmoc daerps %50.0 stnemlatsni ylhtnom 081 ni elbayapeR .a.p %0.9 ot %0.8

33.997

09.177

79.937 knaB laredeF 13 0202 enuJ morf gnicnemmoc stnemlatsni ylhtnom 071 ni elbayapeR .a.p %0.9 ot %0.8

28.254,1

54.353,1

27.442,1 knaB laredeF 23 1202 lirpAmorf gnicnemmoc stnemlatsni ylhtnom 271 ni elbayapeR .a.p %0.9 ot %0.8

05.738

52.397

15.547 knaB sixA 33 1202 lirpAmorf gnicnemmoc lauqenu 081 ni elbayaper si naol ehT

foelbaviecertnerfotnemngissA:ytiruceSyramirP )i( .a.p %57.8 – %04.8

52.716,1

99.794,1

87.753,1 aidnI fo knaB etatS 43 morfgnicnemmocstnemllatsniylhtnom .)AkcolB( I esahP .5102 rebotcO dnal fo egagtrom elbatiuqE :ytiruceS laretalloC )ii( gnirusaemda )A kcolB( I esahP fo gnidliub dna fo serca

15.71 gnirusaemda aera dnal dna serca 7 .I esahP lauqenu 441 ni elbayaper si naol ehT

foelbaviecertnerfotnemngissA:ytiruceSyramirP )i( .a.p %57.8 – %04.8

27.979,3

09.385,3

57.570,3 aidnI fo knaB etatS 53 morfgnicnemmocstnemllatsniylhtnom .)D kcolB( II esahP .7102 tsuguA dnal fo egagtrom elbatiuqE :ytiruceS laretalloC )ii( gnirusaemda )D kcolB( II esahP fo gnidliub dna fodnaltnacavfoegagtromelbatiuqEdnaserca5.5 .serca 2 gnirusaemda B kcolB 937tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS lauqenu 861 ni elbayaper si naol ehT elbaviecer tneR fo tnemngissA :ytiruceS yramirP )i( .a.p %57.8 – %04.8

36.757,1

65.706,1

54.754,1 aidnI fo knaB etatS 63 morfgnicnemmocstnemllatsniylhtnom II esahP dna )1 lecraP/A kcolB( I esahP fo .9102 lirpA .)3 lecraP/D kcolB( dnal)a(foegagtromelbatiuqE:ytiruceSlaretalloC )ii( revo )1 lecraP/A kcolB( I esahP fo gnidliub dna )3 lecraP/D kcolB( II esahP )b( serca 7 aera dnal dna serca

5.5 gnirusaemda aera dnal revo /BkcolBfodnaltnacavfoegagtromelbatiuqE)c( .serca 2 gnirusaemda 5 lecraP shtnom 761 ni elbayaper si naol ehT

foelbaviecertnerfotnemngissA:ytiruceSyramirP )i( .a.p %07.8 ot %05.8

89.648,6

65.713,6

21.287,5 aidnI fo knaB etatS 73 .9102 rebmevoN morf ’amgaM‘ gnidulcxe ,4 & 2 lecraP( III esahP .)kcolB dnal)a(foegagtromelbatiuqE:ytiruceSlaretalloC )ii( aeradnalrevo)4lecraP(IIIesahPfognidliubdna dnalrevo)2lecraP(IIIesahP)b(,serca305.01fo foegagtromelbatiuqE)c(dnaserca749.4foaera gnirusaemda 5 lecraP/B kcolB fo dnal tnacav .serca 2 shtnom 861 ni elbayaper si naol ehT tner no egrahc ussap irap tsriF :ytiruceS yramirP )i( .a.p %5.8

54.665,3

45.793,3

36.661,3 knaB K & J 83 .9102 rebmeceD morf amgaM‘ gnidulcxE( III esahP morf elbaviecer .)’kcolB

tolpnoegrahcussapiraptsriF:ytiruceSlaretalloC )ii( )C kcolB( ’kcolB sugrA‘ sgnidliub htiw 2 on ’kcolB evatcO‘ dna serca

49.4 gnirusaemda .serca

305.01 gnirusaemda )2E & 1E kcolB( niatrec fo eetnaraug etaroproC :eetnarauG )iii( foeetnarauglanosrepdnaVPSehtfosredloherahs .VPS eht fo srotcerid niatrec 938tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS ,stnemllatsni ylhtnom derutcurts 651 nagroM P J fo elbaviecer tner fo tnemngissA )i( .a.p %6.8

85.532,4

49.770,4

31.709,3 knaB CFDH 93 .0202 rebotcO morf gnitrats .)eesseL( detimiL etavirP secivreS

822.696,7 gnirusaemda dnal no egrahc ussap iraP )ii( gnidliub no egrahc evisulcxe dna ,sretem.qs tliubrepusagnivah,’kcolBamgaM‘otgniniatrep rac 378,1 htiw rehtegot tf.qs 925,639 fo aera pu .skrap elbavommi dna elbavom lla fo noitacehtopyH )iii( deludehcs eht fo stessa tnerruc dna stessa dexif .evoba )ii( ni derrefer ytreporp lauqenu 441 ni elbayaper si naol ehT

foelbaviecertnerfotnemngissA:ytiruceSyramirP )i( a.p %07.8 ot %05.8

16.573

34.598

69.842 aidnI fo knaB etatS 04 morfgnicnemmocstnemllatsniylhtnom .)AkcolB( I esahP )tfardrevO( .7102 tsuguA dnal fo egagtrom elbatiuqE :ytiruceS laretalloC )ii( gnirusaemda )A kcolB( I esahP fo gnidliub dna fo serca

15.71 gnirusaemda aera dnal dna serca 7 .I esahP lauqenu 081 ni elbayaper si naol ehT

foelbaviecertnerfotnemngissA:ytiruceSyramirP )i( a.p %07.8 ot %05.8

23.725

80.978

43.695 aidnI fo knaB etatS 14 morfgnicnemmocstnemllatsniylhtnom .)D kcolB( II esahP )tfardrevO( .5102 rebmevoN dnal fo egagtrom elbatiuqE :ytiruceS laretalloC )ii( gnirusaemda )D kcolB( II esahP fo gnidliub dna fodnaltnacavfoegagtromelbatiuqEdnaserca5.5 .serca 2 gnirusaemda 5 lecraP/B kcolB shtnom 071 ni elbayaper si naol ehT tner no egrahc ussap irap

tsriF :ytiruceS yramirP )i( a.p %07.8 ot %05.8

82.950,1

65.227

03.242 knaB K & J 24 .9102 rebmevoN morf amgaM‘ gnidulcxE( III esahP morf elbaviecer )tfardrevO( .)’kcolB

tolpnoegrahcussapiraptsriF:ytiruceSlaretalloC )ii( )C kcolB( ’kcolB sugrA‘ sgnidliub htiw 2 on ’kcolB evatcO‘ dna serca 49.4 gnirusaemda .serca

305.01 gnirusaemda )2E & 1E kcolB( ehtfosredloherahsniatrecfoeetnaraugetaroproC )iii( fosrotceridniatrecfoeetnarauglanosrepdnaVPS .VPS eht 939tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS tsrif morf shtnom 65 nihtiW dnadnalcificepstcejorpfoegagtromfoyawybderuceS + RLCM htnom 6

53.829,3 – – aidnI fo knaB etatS 34 reve hcihw 3202 yaM ro tnemesrubsid fonoitacehtopyhhtiwgnolagnidliubnoitcurtsnocrednu daerps %52.1 .reilrae si selbaviecer edart no egrahc dna slairetam noitcurtsnoc ybdeetnaraugneebsahytilicafeht,rehtruF.VPSehtfo puorg niatrec yb nevig eetnaraug etaroproc fo yaw yajiB yb nevig eetnaraug lanosrep dna seinapmoC .airupralaS avrupAdna lawragAramuK tsrif morf shtnom 55 nihtiW dnadnalcificepstcejorpfoegagtromfoyawybderuceS + RLCM raey 1

51.622,5 – – adoraB fo knaB 44 reve hcihw 3202 yaM ro tnemesrubsid fonoitacehtopyhhtiwgnolagnidliubnoitcurtsnocrednu daerps %8.0 )tfardrevO gnidulcnI( tnemyaptellubelgnishguorhtreilraesi selbaviecer edart no egrahc dna slairetam noitcurtsnoc latneR esaeL fo sdeecorp ediv ybdeetnaraugneebsahytilicafeht,rehtruF.VPSehtfo .gnitnuocsiD puorg niatrec yb nevig eetnaraug etaroproc fo yaw yajiB yb nevig eetnaraug lanosrep dna seinapmoC .airupralaS avrupAdna lawragAramuK morf stnemllatsni ylhtnom 081 nihtiW dnadnalcificepstcejorpfoegagtromfoyawybderuceS %03.2 + etaR opeR –

17.750,4

33.708,2 knaB sixA 54 .tnemesrubsid tsrif ,noitacehtohpyH ,rehtruF .VPS eht yb denwo gnidliub tcejorpehtfostessatnerrucdnastessadexifelbavomno + RLCM raey 1 –

87.215,2

40.454,6 knaB sixA 64 sah ytilicaf eht ,rehtruF .selbavieceR tneR gnidulcni %52.0 ybnevigeetnaraugetaroprocfoyawybdeetnaraugneeb nevig eetnaraug lanosrep dna seinapmoC puorg niatrec + RLCM raey 1 –

47.493,4

40.748,5 gnisuoH jajaB 74 .lawragAramuK yajiB yb %52.0 detimiL ecnaniF %03.2 + etaR opeR –

29.265

98.404 knaB sixA 84 940tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS 861 ni elbayaper si naol mret ehT tcepser ni ,selbaviecer tner fo tnemngissA )i( .a.p %06.8

76.583

03.643

00.813 knaB laredeF 94 )IME( stnemllatsni ylhtnom detauqe ni VPS eht ot gnignoleb ytreporp laicremmoc yluJ ot 8102 tsuguA morf gninnigeb .erolagnaB ,alagnamaroK .2302 gniraeb gnidliub dna dnal fo egagtrom elbatiuqE )ii( teef 001 )03-442-86.oN DIP( 03 .oN lapicinum .a.p %58.8

20.95 –

70.261 knaB laredeF 05 ,alagnamaroK ,daor teef 08 ylsuoiverp daor )tfardrevO( .soN .yS fo noitrop ni demrof daoR gniR rulmoD gnirusaem alagnamaroK ni detautis ,71& 61 gnidliublaicremmochtiwrehtegotteefqs682,901 detcurtsnoc ”tniophceT airupralaS“ yleman .noereht yajiB .rM sretomorp morf eetnaraug lanosreP )iii( airupralaS avrupA.rM dna lawragAramuK stnemllatsni ylhtnom 861 ni elbayapeR erutuf dna tneserp eht yb deruces yliramirP )i( daerps %6.0 + RLCM

03.407,31

21.629,21

95.710,21 aidnI fo knaB etatS 15 ottneuqesbushtnommorfgnicnemmoc VPS eht fo swolf hsac eritne dna selbaviecer .etad tnemesrubsid eht hceTegalliVlabolG’(tcejorpehtfotuodetareneg ytilicafehtfoetaDtnemeltteSlaniFehtllit)’kraP dna seitreporpelbavommiehtnoegrahctsrifevisulcxE )ii( .tcejorp eht fo ylhtnom 861 ot 06 ni tnemyapeR dna ytreporp elbavommi eht no egagtrom elbatiuqE a.p %57.8

28.026

80.565 – etavirP gnisuoH jajaB 25 dedne raey eht gniruD .stnemllatsni eht ni erutuf dna tneserp selbaviecer fo tnemngissa detimiL diaper ylluf sah VPS ,5202 ,13 hcraM ehtfosemit2revocmuminimhtiw”aicifingaM“tcejorp .sgniworrob dias eht dna ytiruces laretalloc sa ytiruces eht fo eulav latot .lawragAramuK yajiB irS fo eetnarauG lanosreP stnemllatsni ylhtnom 06 ni tnemyapeR aeradesael/AUBfoerahsrepoleveDehttsniagaderuceS a.p %06.9

00.038

00.002,1

00.002,1 etavirP gnisuoH jajaB 35 fo doirep llitsdnats lapicnirp gnidulcni deludehcsfonoitacehtopyhdnamurtcepSavttaSehtni detimiL .tnemesrubsid fo etad morf shtnom 24 foerahsrepolevedehtfostinudlosnumorfselbaviecer dnatneserphtobsdeecorpecnarusnilladnatcejorpeht .dnamed no elbayapeR a.p %06.9

44.161

83.473

00.822 etavirP gnisuoH jajaB 45 .”murtcepS avttaS“ fo swolf hsac erutuf )tfardrevO( detimiL 941tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS ylhtnom 231 ni smret tnemyapeR tner lla fo tnemngissa fo yaw yb deruces yliramirP ot dekniL a.p %52.8

30.186

94.295

88.594 knaB laredeF 55 .stnemllatsni ,’enotshcuoTairupralaS‘fostnanetllamorfselbaviecer %00.2 + etaR opeR dnal fo egagtrom elbatiuqe sa ytiruces laretalloc dna .daerpS a.p tcejorp fo aera .tf .qS

91.089,49 gnirusaemda 605,572 fo aera pu tliuB htiw’enotshcuoT airupralaS‘ ta 7P41 ,A1/51 oN .yS no detacol VPS eht fo .tf.qs erolagnaB ,ilboH ruhtraV ,egalliV illahanaseebudaK srotcerid owt fo eetnaraug lanosrep htiw gnola .airupralaS avrupA.rM dna lawragAramuK yajiB .rM ylhtnom 441 ni smret tnemyapeR eht morf selbaviecer tner fo noitacehtopyH )i ot deknil .a.p %08.8

22.218,2

21.862,1

87.206 arthsarahaM fo knaB 65 .stnemllatsni hceT lairtsudnI TI eht/seessel/stnapucco/stnanet htnoM 1 )tfardrevO gnidulcni( .enoztfoS airupralaS sa deman krap %2.0+RLCM dna slatner esael gnitcelloc rof yenrotta fo rewoP )ii .eessel eht yb degdelwonkca eb llahs emas gnignolebgnidliubdnadnalfoegagtromelbatiuqE )iii xelpmoc erawtfos a fo gnitsisnoc VPS eht ot dna1/08,1/18onyStadetautissroolf6+Ggnivah ,ilboHruhtraV,egallivrudnalleB,daorgnirta2/18 .akulaTtsaE erolagnaB lawragA ramuK yajiB rM fo eetnarauG lanosreP )vi .airupralaS avrupAsrM dna :seinapmoc gnidloherahs fo eetnarauG etaroproC )v dna detimiL etavirP namriN ahirG htworglleW .detimiL etavirP srepoleveD avttaS 942tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS stnemllatsni ylhtnom 081 ni elbayapeR eht no egagtrom fo yaw yb egrahc evisulcxe nA )i a.p %56.8

00.043

00.048

23.783,2 detimiL knaB ICICI 75 .4202 ,13 rebotcO morf gnicnemmoc & eceip A .tcejorP/ytreporP fo erahs repoleved erolagnaB tahurB gniraeb dnaL fo lecrap & 1/6/3031 .oN atahK ekilaP araganahaM sercA

77.5 yletamixorppa gnirusaemda 1/7 ,ilboH aknahaleY ,egalliV alatakneV ni detautis ,tcirtsid nabrU erolagnaB ,kulaT htroN erolagnaB &tneserphtobnoerehtserutcurtsehtllagnidulcni laitnetop tnempoleved eht lla htiw gnola ,erutuf dedividnu % 75 fo tnetxe eht ot noereht gnisira tfqs065,51,6yletamixorpparepolevedehtfoerahs ehtnilaitnetoptnempolevedlanoitiddagnidulcni( dnatneserphtob,)cteISFmuimerp,RDTfomrof .erutuf notseretnIytirucesfoyawybegrahcevisulcxenA )ii lladnatcejorpehtfoselbaviecerdeludehcserutuf .erutuf dna tneserp htob ,sdeecorp ecnarusni notseretnIytirucesfoyawybegrahcevisulcxenA )iii .tcejorp eht fo stnuocca worcsE eht ylhtnom detauqe 081 ni elbayapeR fo lecrap & eceip eht lla revo egrahc tsrif yb deruceS a.p %56.8 – –

78.273 detimiL knaB ICICI 85 morf gninnigeb stnemllatsni ekilaP araganahaM erolagnaB tahurB gniraeb dnaL .4202 ,13 rebotcO yletamixorppa gnirusaemda 1/7 & 1/6/3031 .oN atahK aknahaleY ,egalliV alatakneV ni detautis sercA

77.5 ,tcirtsidnabrUerolagnaB,kulaThtroNerolagnaB,ilboH & tneserp htob noereht serutcurts eht lla gnidulcni gnisiralaitnetoptnempolevedehtllahtiwgnola,erutuf eht fo erahs dedividnu %75 fo tnetxe eht ot noereht gnidulcni( tfqs 065,51,6 yletamixorppa repoleved ,RDT fo mrof eht ni laitnetop tnempoleved lanoitidda .erutuf dna tneserp htob ,)cte ISF muimerp 943tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS ylhtnom lauqe 521 ni elbayapeR ,roolFdnuorGnostinueciffonoegrahcevisulcxE )i( %00.9 – %05.7

82.473 – – ecnaniF jajaB 95 .9102 enuJ morf stnemlatsni dnagnikraprac97htiwgnolaht31dnaht21,ht11 detimiL ta detacol s’teef .qS 5147 fo aera ecarret yltnioj tcejorp a( ”aicifingaM airupralaS“ PMBB ,)puorg avttas dna airupralaS yb detomorp arupavedahaM,arupanijiV,87/B1/75/32.oNatahK ,raganinavarooD ,daoR sardaM dlO ,draW .610065-erolagnaB morf detareneg snoitcelloc revo egrahc tsriF )ii( fo roolf dnuorg no stinu eciffo laicremmoc ,arupanijiV maruP R.K ,aicifingaM airupralaS ,daoR sardaM dlO ,draW arupavedahaM amsilaT htiw ,610065-erolagnaB ,raganinavarooD morfdnaeesselehtsadetimiLetavirPnoitaroproC skrow eW ot tuo tel sroolf ht31 dna ht21 ,ht11 .eessel sa detimiL etavirP tnemeganaM aidnI srepoleveDavttaSybnevigsieetnaraugetaroproC )iii( .detimiL etavirP stnemlatsni ylhtnom 06 ni elbayapeR deifitnedi eht revo egagtrom evisulcxe dna tsriF )i( .a.p %59.8 –

84.95

43.041 aidnI knaB SBD 06 eb ot dna 3202 tsuguA morf gnitrats rewoT edarT – ytreporp elbavommi eht fo stinu )tfardrevO( detimiL .8202 yluJ yb delttes nitseretnidedividnu,etanoitroporpehthtiwgnola ot noitaler ni dnal gniylrednu eht ni reworrob eht .)”ytreporP tcejbuS“ eht( stinu hcus tnuoccaworcseehtrevoegrahcevisulcxednatsriF )ii( detaler dna stcartnoc ecnarusni ,ARSD dna hcae ni selbaviecer dna stessa elbavom ,sdeecorp .ytreporP tcejbuS eht ot noitaler ni esac 944tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS .stnemllatsni 441 ni elbayapeR morf slatner esael ylhtnom fo tnemngissA yb deruceS + RLCM raey 1

81.123 – – knaB K & J 16 fo aera gniypuccO detimiL etavirP aideM gnilS .s/M daerps %04.0 ,4202,13hcraMdedneraeyehtgniruD morf slatner htiw rehtegot ,ecaps eciffo sA.tfS 621,84 dias eht diaper ylluf sah VPS eht ylluf fO .tfS 005,2 dna gnikrap rac eviF ytneveS .sgniworrob gnirusaem ecaps latot fo tuo airetefaC dehsinruf sa wonk sesimerp laicremmoc eht fO .tfS 865,941 ,enahK rudnalleB inamA ta detautis ”ECNENIME“ & ts1 erolagnaB ,kulaT tsaE erolagnaB ,ilboH ruhtraV fomrofehtni(tnuoccAworcsEehtnoegrahcevisulcxe ybdeviecerebottnerehtllahcihwni)tnuoccatnerruc eb llahs ytreporp denoitnem evoba tuo gnisael .detisoped laretalloC fo egagtrom elbatiuqe fo yaw yb egrahc fo noisnetxE aerapudliubrepusfotfS865,941gnirusaemdaytreporp sa nwonk gnidliub laicremmoc eht ni erahs %06 gnieb pudliubrepusfO.tfS793,32fopuedam”ECNENIME“ putliubrepusfo,stfS927,42,roolfdnuorgehtnoaera gnidliubrepusfo,stfS927,42,roolftsrifehtfonoaera pu tliub repus fo stfS 429,52 ,roolf dnoces eht no aera aeraputliubrepusfostfS178,42,roolfhtfifehtnoaera pu tliub repus fo stfS 819,52 dna roolf htneves eht no repus fo stfS 320,8 htiw gnola roolf hthgie eht no aera gnidliubehtforoolf9evobaecarretehtnoaeraputliub eltit,thgir,erahsdedividnuetanoitroporphtiwrehtegot ytreporp detrevnoc fo lecrap dna ecirp ni tseretni dna ,671/571/471.oN.yS/042/932.oN atahK PMBB gniraeb ;satnuG40gnirusaem471.oN.ySninoitropgniebdnal ni noitrop ;satnuG 03 gnirusaem

571.oN .yS ni noitrop gnirusaem lla ni ;satnuG 52 gnirusaem 671.oN .yS gniraeb redro noisrevnoc( ,satnuG 91 ercA 1 detad 60-50/03/RS/BV )E(NLA.SIDB.oN .yD laicepS eht yb deussi 5002 ,12 rebmetpeS inamA ta detautis .tsiD erolagnaB ,renoissimmoC ,kulaTtsaEerolagnaB,ilboHruhtraV,enahKruddnelleB fognitsisnocgnikraprackcats301gnidulcnierolagnaB rackcats74,tnemesabrewolehtnignikraprackcats65 rac ecafrus 71 dna tnemesab reppu eht ni gnikrap gnidliubehtniecapsgnikrapracnepoehtgniebgnikrap etavirP srotlaeR rianobeD fo eman eht ni gnidnats rep sa snoilliM

01.335,1 .sR fo eulav gnivah ,detimiL .jarivaR .N yb 7102 ,82 lirpAdetad noitaulav 945tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP .oNlS laretallocsaegrahcfonoisnetxesahytreporpsihT )1 fo ytilicaf tfardrevO enilporD tsniaga ytiruces rianobeD .s/M fo ruovaf ni snoillim

00.085 .sR ytreporpdiasehtrehtruF.detimiLetavirPsrotlaeR fo tnuoma naol no egrahc fo noisnetxe sah snoilliM

00.012 .sR dna snoillim

00.094 .sR srenwO( srepoleveD avttaS .s/M ot desrubsid .)aerAsredliuB( srepoleveD avttaS dna )aerA srepoleveD avttaS .s/M fo eetnarauG etaroproC )2

00.816,1.sRfohtrowtengnivaH.detimiLetavirP .6102 ,13 hcraM no sa snoilliM ylhtnom dedarg 651 ni tnemyapeR eht no egrahc yramirp a evah llahs tfardrevo enil porD .a.p %5.8

30.3 –

90.31 knaB laredeF 26 .tnemllatsni tfosorciM morf elbaviecer tner erutuf fo maerts dna )LPILRM( detimiL etavirP aidnI baL hcraeseR htiw )LPIM( detimiL etavirP )D&R( aidnI tfosorciM .%01 fo nigram laitnediser-noN no detaerc si ME evisulcxe ,rehtruF htiw gnola ,teef erauqs

05.101,52 gnirusaemda ,dnaL gnirusaemda aera pu tliub repus gnivah gnidliub omsoC rewoT laicremmoc eht ni .tf.qs 05.120,77 ,daoR ycnediseR ,nwoT dnomhciR ni detautis ,ellevaL ,akatanraK ,520 065-erolagnaB ,elcriC dnomhciR

451.sRfoeulavxorppagnivah(ynapmoCehtybdenwo .)serorC eht no egrahc evisulcxe dna tsrif eb osla llahs erehT etaicossaehtfostessadexifelbaevomdnastessatnerruc dna ynapmoC eht fo eetnaraug etaroproC dna snrecnoc dna lawragA ramuK yajiB .rM fo eetnaraug lanosrep .airupralaS avrupA.rM ni s’IME ylhtnom hguorht elbayapeR tsniaga deruces si ytilicaf tfardrevo enilpord ehT %2 sulp etar opeR – –

44.6 knaB laredeF 36 shtnom 651 sti morf VPS eht fo selbaviecer tner fo noitacehtopyh daerps .stnanet

34.716,191

49.556,681

78.584,591 latoT 946tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( snoitutitsni laicnanif dna sknab morf sgniworrob mret-trohS )B( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP oNlS mret eht fo yripxe eht retfa elbayapeR fo %07 fo egagtroM elbatiuqE evisulcxE )i( .a.p %02.01 ot %05.8

79.29

49.275 – dtL knaB sixA 1 .muspmul ta sraey

5.3 fo gnola )noitcurtsnoc rednu( gnidliuB ”ytreporP“ )tfardrevO gnidulcnI( latotfo%07fotnetxeehtotdnalgniylrednuhtiw eb ot dnal dna sercA

72.3 si dnaL latot( .dnal ardnasareeV ta detautis serca 82.2 degagtrom .erolagnaB ,elebittA,aerAlairtsudnI eht fo noitacehtopyh fo yaw yb egrahc evisulcxE )ii( .VPSfo)stessatnerrucgnidulcxe(selbavomeritne fo noitacehtopyh fo yaw yb egrahc evisulcxE )iii( fo tnetxe eht ot( ytreporp fo selbaviecer erutuf .ytreporp fo stnanet evitcepsorp eht morf )%07 dna lawragA ramuK yajiB fo eetnaraug lanosreP )vi( etavirP srepoleveD avttaS fo eetnaraug etaroproc .detimiL stnemllatsni ylhtnom 081 ni elbayapeR foegagtromelbatiuqefoyawybderucesyliramirP )i( %03.2 + opeR raey 1

53.782

10.093

34.25 dtL knaB sixA 2 .tnemesrubsid fo etad morf dedividnu dna ”truoc egdelwonk“ ni erahs VPS daerps )tfardrevO( fo9.ontolptagnidliubdesoporpdnadnalfoerahs ahtahK aera lairtsudnI ,esahP I idnukkaneddoD ,77on.ySnidetautis26.oNdlO,992.oN.lSgniraeb ,ilboH maruP R K ,egalliV idnukkaneddoD .stm qS 210,23 gnirusaem erolagnaB eht lla erutuf dna tneserp no egrahc yb deruceS )ii( tnergnidulcnistessatnerruc,stessadexifelbavom ”truoC egdelwonK“ morf gnitanigiro selbaviecer .tcejorp srepoleveD avttaS morf eetnaraug etaroproC )iii( morf eetnaraug lanosrep dna detimiL etavirP .lawragAramuK yajiB .rM 947tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP oNlS sekatrednudnaotseergareworroBehT elbaviecer & gnidliub ,dnal revo egrahc tsrif )i( + RLCM raey 1

05.411

26.521

45.551 knaB ICICI 3 lapicnirp eht rednel eht ot yaper ot .tcejorp ”ruovaednE“ eht ot gniniatrep daerps %04.0 )tfardrevO( tellub ni I LTR eht fo stnuoma era knaB ICICI morf tfardrevo dna naol mret ehT )ii( ,13 tsuguA erofeb ro no tnemyaper fo lecrap dna eceip eht lla yb deruces yliramirp .4202 1A/44dnaP74,P64,P44.oNyevruStadetacoldnal ta detautis serca

78.873

31.616

20.552 knaB ICICI 4 htiw gnola ,tcejorp eht fo skcolb cificeps niatrec daerps %01.0 )tfardrevO( worcse no egrahc & selbaviecer fo noitacehtopyh .tcejorp eht fo skcolb deificeps eht fo tnuocca stnemlatsni ylhtnom 081 ni elbayapeR nierahss’VPSfoegagtromelbatiuqefoyawybderuceS rep %00.9 – %00.8

42.232

10.16

26.87 knaB sixA 5 .1202 lirpAmorf gnicnemmoc htiw gnola ,tcejorp eht fo skcolb cificeps niatrec munna )tfardrevO( worcse no egrahc & selbaviecer fo noitacehtopyh .tcejorp eht fo skcolb deificeps eht fo tnuocca stnemlatsni ylhtnom 081 ni elbayapeR nierahss’VPSfoegagtromelbatiuqefoyawybderuceS rep %00.9 – %00.8

68.092

89.031

18.37 knaB laredeF 6 .1202 lirpAmorf gnicnemmoc htiw gnola ,tcejorp eht fo skcolb cificeps niatrec munna )tfardrevO( worcse no egrahc & selbaviecer fo noitacehtopyh .tcejorp eht fo skcolb deificeps eht fo tnuocca shtnom 21 nihtiw elbayapeR imuhbveDfoemanehtnistisopedmretnoneilcificepS rep %00.9 – %00.8 –

45.871 – knaB laredeF 7 .3202 rebmeceD morf gnicnemmoc .htnom 21 rof decalp detimiL etavirP srotlaeR munna )tfardrevO( 948tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP oNlS .dnamed no elbayapeR si hcihw ytilicaf tfardrevo deliava sah VPS ehT etar tisoped dexiF –

12.87

68.29 aidnI fo knaB etatS 8 %05.0foetartseretnigniyrracdnadnamednoelbayaper %05.0 sulp stisopeddexifnoelbacilppasetarehtevobamunnarep .ytilicaf tfardrevo eht rof detaerc .dnamed no elbayapeR tner lla fo tnemngissa fo yaw yb deruces yliramirP RLCM htnom 6 –

35.881 – knaB laredeF 9 ,’enotshcuoTairupralaS‘fostnanetllamorfselbaviecer )tfardrevO( dnal fo egagtrom elbatiuqe sa ytiruces laretalloc dna tcejorp fo aera .tf .qS

91.089,49 gnirusaemda 605,572 fo aera pu tliuB htiw’enotshcuoT airupralaS‘ ta 7P41 ,A1/51 oN .yS no detacol VPS eht fo tfs erolagnaB ,ilboH ruhtraV ,egalliV illahanaseebudaK srotcerid owt fo eetnaraug lanosrep htiw gnola .airupralaS avrupA.rM dna lawragAramuK yajiB .rM ro no tnemyaper tellub a ni elbayapeR fo lecrap & eceip eht lla revo egrahc tsrif yb deruceS .a.p %4.9

57.26

48.15 – knaB ICICI 01 .4202 ,13 rebmeceD erofeb ekilaP araganahaM erolagnaB tahurB gniraeb dnaL )tfardrevO( yletamixorppa gnirusaemda 1/7 & 1/6/3031 .oN atahK aknahaleY ,egalliV alatakneV ni detautis sercA 77.5 ,tcirtsidnabrUerolagnaB,kulaThtroNerolagnaB,ilboH & tneserp htob noereht serutcurts eht lla gnidulcni gnisiralaitnetoptnempolevedehtllahtiwgnola,erutuf ni laitnetop tnempoleved lanoitidda gnidulcni( noereht dna tneserp htob ,)cte ISF muimerp ,RDT fo mrof eht .erutuf ni s’IME ylhtnom hguorht elbayapeR tsniaga deruces si ytilicaf tfardrevo enilpord ehT %2 sulp etar opeR

23.2

36.01 – knaB laredeF 11 .shtnom 651 sti morf VPS eht fo selbaviecer tner fo noitacehtopyh daerps .stnanet .dnamed no elbayapeR .selbaviecer edart dna stisoped mret yb deruceS .a.p %5.8 –

70.43 – knaB laredeF 21 )tfardrevO( 949tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP oNlS latipacgnikroWdnamednO–tfardrevO :ytiruceS yramirP .a.p %0.8

00.001 –

19.81 knaB CFDH 31 .syad 09 – naol dnamed .syad09otpuselbavieceRevisulcxE–stbeDkooB (cid:129) )tfardrevO( tocsaM fo GC evisulcxE – eetnarauG etaroproC (cid:129) eht fo renwo eht si ohw detimiL etavirP seitreporP .laretalloc sa dednetxe ytreporp :ytiruceS yradnoceS ytreporp fo egagtrom fo noisnetxE ytreporP (cid:129) ,daoR rooslU ,B kcolB ,rosdniW airupralaS tocsaM ot gnignoleb 240065 – erolagnaB ,urusalaH .detimiL etavirP seitreporP .dnamed no elbayapeR .stisoped mret yb deruceS .a.p %5.8 –

89.53 – knaB laredeF 41 )tfardrevO(

68.165,1

94.474,2

91.727 latoT 950tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( sdnob elbitrevnoc-noN )C( etartseretnI tasA tasA tasA smrettnemyapeR sliatedytiruceS etartseretni/smret 3202,13hcraM 4202,13hcraM 5202,13hcraM sralucitraP oNlS

00.012,2 .sR ot gnitnuoma dnoB )i( ytinU enO gnidliub eht no egrahc ussap-iraP )i( etaR lliB-TshtnoM 3

00.005,2

00.005,2 – elbitrevnoc-noN 1 gnirud demeeder neeb sah noillim gnidulcni retneC lanoitanretnI enO fo retneC )sBCN( sdnob .3202 ,13 hcraM dedne raey eht stessa ecnarusni ,elbaviecer ,stessa tcejorp ,dnal( elbayaper era sdnob ecnalab ehT .erutuf dna tneserp htob )stessa stnuocca dna morf syad 5 dna shtnom 66 retfa eht fo erahs etanoitroporp no egrahc ussap-iraP )ii( .nwod ward fo etad eht itapaneS ta 316 dna 216 .oN tolP ta detacol dnal ,13 hcraM dedne raey eht gniruD )ii( enO rof iabmuM ,daoR enotsnihplE ,graM tapaB ehtdiaperyllufsahVPSeht,5202 .erutuf dna tneserp htob retneC ytinU sBCN fo ecnalab gnidnatstuo noillim 005,2 .sR ot gnitnuoma .)tseretni htiw gnola(

00.005,2

00.005,2 – latoT 951tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( )95 eton refer( sgniworrob etaroproc-retnI )D( tasA tasA tasA etartseretnI ,13hcraM ,13hcraM ,13hcraM smrettnemyapeR etartseretni/smret 3202 4202 5202 sralucitraP oNlS dnamed no elbayapeR a.p %0.9 ot %0.7

23.856,1

02.530,3

41.495,1 detimiL etavirP seitreporP airupralaS 1 dnamed no elbayapeR a.p %0.9 ot %0.7

02.933 –

22.1 detimiL etavirP tnemeganaM ytreporP LPPS 2 dnamed no elbayapeR .a.p %0.9 ot %5.7

84.54 – – detimiL etavirP laedommoC varuaG 3 dnamed no elbayapeR .a.p %5.7 – –

43.01 detimil etavirP seitreporp pmocdniM 4 dnamed no elbayapeR a.p %5.8 ot %0.7

13.1

50.01

54.2 detimiL etavirP raapayV nayaranimxaL 5 dnamed no elbayapeR .a.p %0.8 – –

35.4 detimiL etavirP vresniF SBAN 6 dnamed no elbayapeR a.p %0.9 ot %0.7 –

08.1

39.1 PLL gnillewD pmocdniM 7 dnamed no elbayapeR .a.p %0.9 ot %5.7

10.0 – – detimiL etavirP etatsE laeR airupralaS 8 dnamed no elbayapeR .a.p %0.8

57.5 – – detimiL etavirP seitreporP tocsaM 9 dnamed no elbayapeR a.p %0.9 ot %0.7

72.0 –

72.0 detimiL etavirP srepoleveD avttaS 01 dnamed no elbayapeR a.p %0.9 ot %0.7

61.0 – – detimiL etavirP seitreporP atsamannihC 11 dnamed no elbayapeR .a.p %0.8 – –

09.23 lawragA ramuK yajiB .rM 21 dnamed no elbayapeR .a.p %0.8 – –

98.23 lawragA uriN .srM 31 dnamed no elbayapeR .a.p %0.8 – –

79.72 PLL stcejorP lahcnaleeN 41

05.050,2

50.740,3

46.807,1 latot dnarG 952tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( sdnob elbitrevnoc-noN )E( tasA tasA tasA etartseretnI ,13hcraM ,13hcraM ,13hcraM smrettnemyapeR etartseretni/smret 3202 4202 5202 sralucitraP oNlS shtnom 861 retfa elbayaper era serutnebed esehT )i( a ta elbameedeR

00.006

00.006 – .detimiL .etP )QN( gnidloH T&L GS aisAPERB 1 5302,13rebotcOno.e.itnemtollafoetadehtmorf %57.01 fo muimerp :3202 ,13 hcraM ,000,06 :4202 ,13 hcraM( liN .RRI %57.01 fo muimerp a ta elbameeder era dna .RRI elbitrevnoc-noN ,hcae 000,01 .sR fo )000,06 sahVPSeht,5202,13hcraMdedneraeyehtgniruD )ii( )sBCN( sdnob elbitrevnoc-noN gnidnatstuo dias eht demeeder .%57.01 fo muimerp noitpmeder ta serutnebed 861 fo doirep a rof deussi neeb evah sdnob ehT )i( si etar tseretnI

23.9

23.9 – .detimiL )QN( gnidloH T&L SBS aisAPERB 2 elgnis eno ni diaper eb ot si dna syad 11 shtnom etar eht ta elbayap )239 :3202 ,13 hcraM ,239 :4202 ,13 hcraM( liN morfsisablaunnanoelbayapsitseretnI.tnemlatsni dna munna rep %6 sdnob elbitrevnoc-noN ,hcae 000,01 .sR fo .4202 ,10 lirpA a ta elbameeder )sBCN( sahVPSeht,5202,13hcraMdedneraeyehtgniruD )ii( fo RRI ta muimerp sBCN fo ecnalab gnidnatstuo eht diaper ylluf .%57.01 .)tseretni htiw gnola( 861 fo doirep a rof deussi neeb evah sdnob ehT )i( si etar tseretnI

87.889

87.889 – .detimiL .etP )QN( gnidloH T&L GS aisAPERB 3 elgnis eno ni diaper eb ot si dna syad 11 shtnom etar eht ta elbayap :3202 ,13 hcraM ,878,89 :4202 ,13 hcraM( liN morfsisablaunnanoelbayapsitseretnI.tnemlatsni dna munna rep %6 elbitrevnoc-noN ,hcae 000,01 .sR fo )878,89 .4202 ,10 lirpA a ta elbameeder )sBCN( sdnob sahVPSeht,5202,13hcraMdedneraeyehtgniruD )ii( fo RRI ta muimerp sBCN fo ecnalab gnidnatstuo eht diaper ylluf .%57.01 .)tseretni htiw gnola( 861 fo doirep a rof deussi neeb evah sdnob ehT )i( si etar tseretnI

09.1

09.1 – .detimiL )QN( gnidloH T&L SBS IIIV PERB 4 elgnis eno ni diaper eb ot si dna syad 11 shtnom etar eht ta elbayap )091 :3202 ,13 hcraM ,091 :4202 ,13 hcraM( liN morfsisablaunnanoelbayapsitseretnI.tnemlatsni dna munna rep %6 sdnob elbitrevnoc-noN ,hcae 000,01 .sR fo .4202 ,10 lirpA a ta elbameeder )sBCN( sahVPSeht,5202,13hcraMdedneraeyehtgniruD )ii( fo RRI ta muimerp sBCN fo ecnalab gnidnatstuo eht diaper ylluf .%57.01 .)tseretni htiw gnola( 953tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( tasA tasA tasA etartseretnI ,13hcraM ,13hcraM ,13hcraM smrettnemyapeR etartseretni/smret 3202 4202 5202 sralucitraP oNlS shtnom 861 retfa elbayaper era serutnebed esehT )i( a ta elbameedeR

00.058

00.058 – .detimiL .etP )QN( gnidloH T&L GS aisAPERB 5 dna6302yluJ13no.e.itnemtollafoetadehtmorf %57.01 fo muimerp :3202 ,13 hcraM ;000,58 :4202 ,13 hcraM( liN .RRI %57.01 fo muimerp a ta elbameeder era .RRI elbitrevnoc-noN ,hcae 000,01 .sR fo )000,58 sahVPSeht,5202,13hcraMdedneraeyehtgniruD )ii( )sBCN( sdnob elbitrevnoc-noN gnidnatstuo dias eht demeeder .%57.01 fo muimerp noitpmeder ta serutnebed

00.054,2

00.054,2 – latoT dnarG 954tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( )sDCN( serutnebed elbitrevnoc-noN )F( tasA tasA tasA etartseretnI ,13hcraM ,13hcraM ,13hcraM smrettnemyapeR etartseretni/smret 3202 4202 5202 sralucitraP oNlS VPS eht fo noitpo eht ta elbayaper eb llahs sDCN )i( a.p %00.1

98.04 – – :3202 ,13 hcraM ,liN :4202 ,13 hcraM( liN 1 fi eulav ecaf eht no %05 fo muimerp a ta reussi ro fo eulav ecaf gnivah sDCN %1 )000,52 roirpdemeederfieulavecaftaroytirutamllitdleh RASS ot deussi diap ylluf hcae 000,01 .sR .ytirutam ot detimiL etavirP seitreporP .sraey 5 si sDCN eht fo eruneT )ii( VPS eht fo noitpo eht ta elbayaper eb llahs sDCN )i( a.p %00.1

57.932 – – :3202 ,13 hcraM ,liN :4202 ,13 hcraM( liN 2 fi eulav ecaf eht no %05 fo muimerp a ta reussi ro fo eulav ecaf gnivah fo sDCN %1 )007,81 roirpdemeederfieulavecaftaroytirutamllitdleh xetoM ot deussi diap ylluf hcae 000,01 .sR .ytirutam ot detimiL etavirP sredarT .sraey 5 si sDCN eht fo eruneT )ii( fo%05fomuimerptademeederebllahssDCNdiasehT a.p %00.1

26.481 – – :3202 ,13 hcraM ,liN :4202 ,13 hcraM( liN 3 ehtmorfsraey5foyripxenosDCNehtfoeulavecafeht fo eulav ecaf gnivah fo sDCN %1 )004,41 .tnemtolla fo etad itavraparaH ot deussi diap ylluf hcae 000,01 .sR detimiL etavirP srotlaeR fo%05fomuimerptademeederebllahssDCNdiasehT a.p %00.1

85.52 – – :3202 ,13 hcraM ,liN :4202 ,13 hcraM( liN 4 ehtmorfsraey5foyripxenosDCNehtfoeulavecafeht fo eulav ecaf gnivah fo sDCN %1 )000,2 .tnemtolla fo etad atamjaR ot deussi diap ylluf hcae 000,01 .sR detimiL etavirP srotlaeR

48.094 – – latoT dnarG 955tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( )derucesnU( serutnebed elbitrevnoc-yllanoitpO )G( tasA tasA tasA etartseretnI ,13hcraM ,13hcraM ,13hcraM smrettnemyapeR etartseretni/smret 3202 4202 5202 sralucitraP oNlS VPS eht fo noitpo eht ta elbayaper eb llahs sDCO )i( a.p %00.1

00.725 – – :3202 ,13 hcraM ,liN :4202 ,13 hcraM( liN 1 fi eulav ecaf eht no %03 fo muimerp a ta reussi ro fo eulav ecaf gnivah fo sDCO %1 )000,084 roirpdemeederfieulavecaftaroytirutamllitdleh xetoM ot deussi diap ylluf hcae 000,1 .sR .ytirutam ot detimiL etavirP sredarT .sraey 5 si sDCO eht fo eruneT )ii( 01 .sR otni elbitrevnoc eb lliw sDCOU %1 ehT )iii( gniliaverpeulavtekramriafataserahSytiuqEhcae ytiuqEotnisDCOU%1fonoisrevnocfoemitehtta rotnatnuoccAderetrahCaybdenimretedsaserahS .reulav deretsiger a VPS eht fo noitpo eht ta elbayaper eb llahs sDCO )i( a.p %00.1

89.691 – – :3202 ,13 hcraM ,liN :4202 ,13 hcraM( liN 2 fi eulav ecaf eht no %04 fo muimerp a ta reussi ro fo eulav ecaf gnivah fo sDCO %1 )000,591 roirpdemeederfieulavecaftaroytirutamllitdleh LPPS ot deussi diap ylluf hcae 000,1 .sR .ytirutam ot detimiL etavirP tnemeganaM ytreporP .sraey 5 si sDCO eht fo eruneT )ii( ytiuqe otni elbitrevnoc eb lliw sDCO dias ehT )iii( emit eht ta gniliaverp eulav tekram riaf a ta serahs deretrahC a yb denimreted sa noisrevnoc fo .reulav deretsiger a ro tnatnuoccA VPS eht fo noitpo eht ta elbayaper eb llahs sDCO )i( a.p %00.1

69.12

45.22 – :3202 ,13 hcraM ,000,02 :4202 ,13 hcraM( liN 3 fi eulav ecaf eht no %03 fo muimerp a ta reussi ro fo eulav ecaf gnivah fo sDCO %1 )000,02 roirpdemeederfieulavecaftaroytirutamllitdleh pmocdniM ot deussi diap ylluf hcae 000,1 .sR .ytirutam ot detimiL etavirP kraphceT .sraey 5 si sDCO eht fo eruneT )ii( ytiuqe otni elbitrevnoc eb lliw sDCO dias ehT )iii( emit eht ta gniliaverp eulav tekram riaf a ta serahs deretrahC a yb denimreted sa noisrevnoc fo .reulav deretsiger a ro tnatnuoccA 956tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( tasA tasA tasA etartseretnI ,13hcraM ,13hcraM ,13hcraM smrettnemyapeR etartseretni/smret 3202 4202 5202 sralucitraP oNlS VPS eht fo noitpo eht ta elbayaper eb llahs sDCO )i( a.p %00.1

72.19 – – :3202 ,13 hcraM ,liN :4202 ,13 hcraM( liN 4 fi eulav ecaf eht no %05 fo muimerp a ta reussi ro fo eulav ecaf gnivah fo sDCO %1 )000,58 roirpdemeederfieulavecaftaroytirutamllitdleh htworglleW ot deussi diap ylluf hcae 000,1 .sR .ytirutam ot detimiL etavirP namriN anhriG .sraey 5 si sDCO eht fo eruneT )ii( ytiuqe otni elbitrevnoc eb lliw sDCO dias ehT )iii( emit eht ta gniliaverp eulav tekram riaf a ta serahs deretrahC a yb denimreted sa noisrevnoc fo .reulav deretsiger a ro tnatnuoccA %04fomuimerpatademeederebllahssDCOdiasehT a.p %00.1

11.17 – – :3202 ,13 hcraM ,liN :4202 ,13 hcraM( liN 5 etad eht morf sraey 5 fo yripxe no fo eulav ecaf eht fo fo eulav ecaf gnivah fo sDCO %1 )000,07 redloh erutnebed dna VPS ehT .foereht tnemtolla fo airupralaS ot deussi diap ylluf hcae 000,1 .sR eht fo noisrevnoc eht esicrexe nac tnesnoc lautum htiw detimiL etavirP seitreporP eht no gniliaverp eulav riaf ta serahs ytiuqe otni sDCO .noisrevnoc fo etad gnivah serutnebed elbitrevnoc yllanoitpO derucesnU a.p %00.1

21.373 – – :3202 ,13 hcraM ,liN :4202 ,13 hcraM( liN 6 nidemeederebllahshcihwhcae000,1.sRfoeulavecaf fo eulav ecaf gnivah sDCO %1 )000,073 –:rennam gniwollof airupralaS ot deussi diap ylluf hcae 000,1 .sR ta tnemtolla fo etad eht morf sraey 5 fo yripxe nO )i( detimiL etavirP seitreporP eulav ecaf sti fo %00.04 – %00.03 fo muimerp a a.p %00.1 –

14.522 – :3202 ,13 hcraM ,000,012 :4202 ,13 hcraM( liN 7 noitpmederrofsredlohDCOehtotnoitpotuphtiw 000,1 .sR fo eulav ecaf gnivah sDCO %1 )liN .tnemtolla fo etad eht morf sraey 5 erofeb stcejorP atihsraD ot deussi diap ylluf hcae erofeb sredloh DCO yb desicrexe si noitpo tup fI )ii( detimiL etavirP on ,tnemtolla fo etad eht morf sraey 5 fo yripxe .elbayap si muimerp a.p %00.1

23.87 – – :3202 ,13 hcraM ,liN :4202 ,13 hcraM( liN 8 fo eulav ecaf gnivah sDCO %1 )000,07 ahirG nretaS ot deussi diap ylluf hcae 000,1 .sR detimiL etavirP namriN 957tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( tasA tasA tasA etartseretnI ,13hcraM ,13hcraM ,13hcraM smrettnemyapeR etartseretni/smret 3202 4202 5202 sralucitraP oNlS gnivah serutnebed elbitrevnoC yllanoitpO derucesnU a.p %00.1

51.402 – – :3202 ,13 hcraM ,liN :4202 ,13 hcraM( liN 9 ni demeeder eb llahs hcae 000,1 .sR fo eulav ecaf fo eulav ecaf gnivah sDCO %1 )000,002 –:rennam gniwollof airupralaS ot deussi diap ylluf hcae 000,1 .sR ta tnemtolla fo etad eht morf sraey 5 fo yripxe nO )i( detimiL etavirP seitreporP .sDCO eht fo eulav ecaf eht fo %04 fo muimerp a a.p %00.1

01.23 – – :3202 ,13 hcraM ,liN :4202 ,13 hcraM( liN 01 eht,sraey5foyripxeerofebdetposinoitpmederfI )ii( fo eulav ecaf gnivah sDCO %1 )000,02 .rap ta demeeder eb llahs sDCO pmocdniM ot deussi diap ylluf hcae 000,1 .sR detimiL etavirP seitreporP

10.695,1

59.742 – latoT dnarG 958tsurT ytlaeR egdelwonK stnemetatS laicnaniF denibmoC esopruP laicepS eht ot setoN )detats esiwrehto sselnu ,snoillim seepuR naidnI ni era stnuoma llA( serutnebed elbitrevnoc-non mret-trohS )H( tasA tasA tasA etartseretnI ,13hcraM ,13hcraM ,13hcraM smrettnemyapeR etartseretni/smret 3202 4202 5202 sralucitraP oNlS eht fo noitpo eht ta elbayaper eb llahs sDCN )a tseretni fo etar dexif –

93.002 – :3202 ,13 hcraM ,004,41 :4202 ,13 hcraM( liN 1 ecafehtno%05fomuimerpatareussiroynapmoc a.p %1 fo eulav ecaf gnivah fo sDCN %1 )liN fi eulav ecaf ta ro ytirutam llit dleh fi eulav itavraparaH ot deussi diap ylluf hcae 000,01 .sR .ytirutam ot roirp demeeder detimiL etavirP srotlaeR .sraey 5 si sDCN eht fo eruneT )b –

93.002 – latoT dnarG 959Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 29 Lease liabilities—non-current As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 At amortised cost Lease liabilities (refer note 58 B) 45.38 – 84.88 Total 45.38 – 84.88 30 Other financial liabilities—non-current As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 At amortised cost Lease deposits 6,434.45 5,260.83 4,851.72 Capital creditors including retention money payable 62.17 77.10 105.89 Interest accrued on debentures (refer note 59) – 518.06 234.93 Total 6,496.62 5,855.99 5,192.54 31 Provisions—Non-current As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023

Provision for employee benefits: – Gratuity (refer note 57) 14.45 10.20 6.73 Total 14.45 10.20 6.73 32 Other non-current liabilities As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Deferred lease rentals 890.28 850.75 675.08 Total 890.28 850.75 675.08 960Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 33 Current borrowings As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 At amortised cost Loan repayable on demand – Secured – from banks (refer note 28 (B)) – 541.80 – – Bank overdraft (refer note 28 (B)) 727.19 1,932.69 1,561.86 Inter Corporate Borrowings – Unsecured – from related parties (refer note 28 (D)) 1,708.68 3,047.05 2,050.50 Debentures – Unsecured – Non-convertible debentures from related parties (Refer note 28 (H)) – 200.39 – Current maturities of long-term debts (refer note 28) 10,182.43 7,487.25 22,276.12 Total 12,618.30 13,209.18 25,888.48 34 Lease liabilities—Current As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 At amortised cost Lease liabilities (refer note 58 B) – 84.89 113.85 Total – 84.89 113.85 35 Trade payables As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 At amortised cost Total outstanding dues of micro enterprises and small enterprises* 135.91 31.17 29.07 Total outstanding dues of creditors other than micro enterprises and small enterprises 1,111.50 1,200.39 883.62 Total 1,247.41 1,231.56 912.69 * BasedontheinformationavailablewithCompanyasatyearendtherearenoduesoutstandingtothesupplierswhoareregisteredasmicroandsmallenterprises registeredunder“TheMicro,SmallandMediumEnterprisesDevelopmentAct,2006”(‘MSMEDAct’)otherthanthosedisclosedabove.Thishasbeenrelieduponby theauditors.

Notes:

(i) Tradepayablesarenoninterestbearingandarenormallysettledin0to45days.Therearenootheramountspaid/payabletowardsinterest/principalundertheMSMED Act,otherthanthosedisclosedinthesespecialpurposecombinedfinancialstatements.

(ii) Forexplanationsonthecreditriskmanagementprocesses,referNote55.

961Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

(iii) Tradepayablesageingscheduleisasunder:

Outstandingforfollowingperiodfromthedateofinvoice Morethan Particulars Lessthan1year 1-2years 2-3years 3years Total AsatMarch31,2025 Undisputeddues–microandsmallenterprises 135.84 0.07 – – 135.91 Undisputeddues–Others 1,088.63 16.18 1.59 5.10 1,111.50 Total 1,224.47 16.25 1.59 5.10 1,247.41 AsatMarch31,2024 Undisputeddues–microandsmallenterprises 27.93 3.24 – – 31.17 Undisputeddues–Others 1,177.03 12.68 3.88 6.80 1,200.39 Total 1,204.96 15.92 3.88 6.80 1,231.56 AsatMarch31,2023 Undisputeddues–microandsmallenterprises 29.07 – – – 29.07 Undisputeddues–Others 847.70 24.66 9.79 1.47 883.62 Total 876.77 24.66 9.79 1.47 912.69

Note: Therearenotradepayablesbalanceswhicharenotdueasatanyaforementionedreportingdate.

(iv) DisclosureunderMicro,SmallandMediumEnterprisesDevelopmentAct,2006(“MSMEDAct,2006”) Asat Asat Asat March31, March31, March31, Particulars 2025 2024 2023 a) Theprincipalamountandtheinterestduethereonremainingunpaidtoanysupplier attheendofeachaccountingyear; 135.91 31.17 29.07 b) Theamountofinterestpaidbythebuyerintermsofsection16oftheMicro,Small andMediumEnterprisesDevelopmentAct,2006,alongwiththeamountofthe paymentmadetothesupplierbeyondtheappointeddayduringeachaccounting year; – – – c) Theamountofinterestdueandpayablefortheperiodofdelayinmakingpayment

(whichhavebeenpaidbutbeyondtheappointeddayduringtheyear)butwithout addingtheinterestspecifiedundertheMicro,SmallandMediumEnterprises DevelopmentAct,2006; – – – d) Theamountofinterestaccruedandremainingunpaidattheendofeachaccounting year;and – – – e) Theamountoffurtherinterestremainingdueandpayableeveninthesucceeding years,untilsuchdatewhentheinterestduesaboveareactuallypaidtothesmall enterprise,forthepurposeofdisallowanceofadeductibleexpenditureunder section23oftheMicro,SmallandMediumEnterprisesDevelopmentAct,2006. – – – TheaboveinformationregardingMicro,SmallandMediumEnterpriseshasbeendeterminedtotheextentsuchpartieshavebeenidentifiedonthebasisofinformationavailable withtheSPVs.Further,theSPVsgenerallymakespaymenttoallitssupplierswithintheagreedcreditperiod(lessthan45days)andthus,themanagementisconfidentthat noliabilityofinterestunderthisActisexpectedtoarise.

962Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 36 Other financial liabilities—Current As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 At Amortised Cost Interest accrued – on term loan and bank overdraft 221.87 89.87 115.66 – on inter corporate borrowings (refer note 59) 0.12 0.38 – – on debentures (refer note 59) – 3.62 10.22 – on others 7.96 109.68 122.14 Lease deposits 12,871.34 12,099.64 11,155.28 Employee related liabilities 9.98 10.98 8.15 Capital creditors including Retention money payable 1,523.04 1,873.44 1,792.01 Book overdraft 203.38 416.49 275.70 Advance received against sale of investments 70.00 – – Others payables – others (refer note below) 310.15 421.14 4,624.01 – related parties (refer note 59) 250.35 258.95 174.91 Total 15,468.19 15,284.19 18,278.08

Note: ThetotalpurchaseconsiderationtowardsBusinessTransferAgreementdatedSeptember12,2019readalongwithitsFirstAmendedAgreementdatedFebruary10,2020 andRestatedandAmendedInvestmentAgreementdatedFebruary24,2020payablebyMRPPLtoTanglinDevelopmentLimited(‘TDL’),netofSeriesAOCDredeemed hasbeendisclosedasotherpayables(March31,2025:Nil,March31,2024:Nil,March31,2023:Rs.3,981.96million)whichisexpectedtobesettledonredemption ofbalanceSeriesAOCDaspertermsofRestatedandAmendedInvestmentAgreement.

Further,duringtheearlieryears,MRPPLhadpaidanaggregateamountofRs.971.14milliontowardsstampduty,registrationcharges,consultancychargesandother chargesthatwererecoverablefromTDLundertheRestatedandAmendedInvestmentAgreement.ThemanagementoftheSPV,basedondiscussionswithTDLwas confidentofrecoveryofaforesaidpaymentsagainstthebalanceconsiderationpayabletotheTDL.However,asatMarch31,2022,theSPV,consideringtheuncertainty, onprudentbasishasmadeprovisionamountingtoRs.489.05milliontowardstherecoverableamounts,whichhasbeenwrittenoffduringtheyearendedMarch31,2023.

DuringtheyearendedMarch31,2024,pursuanttothesettlementarrangementbetweentheSPVandTDLalongwithitsstakeholders,theSPVhassettledtheabove payable(netoffrecoverable).

963Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 37 Other current liabilities As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Deferred lease rentals 814.52 600.19 487.95 Statutory dues 828.05 700.27 476.98 Advance received from customers (Contract liabilities) 399.00 385.59 410.93 Other liabilities 34.58 27.01 16.26 Total 2,076.15 1,713.06 1,392.12 38 Provisions—current As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023

Provision for employee benefits: – Gratuity (refer note 57) 2.37 2.57 0.97 – Compensated absences 12.17 10.37 6.01 Total 14.54 12.94 6.98 39 Current tax liabilities (net) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Provision for tax, net of advance tax 59.25 22.11 47.30 Total 59.25 22.11 47.30 964Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 40 Revenue from operations Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Revenue from lease rentals Lease rental income 31,835.66 26,951.90 24,006.18 Lease equalisation income 957.76 1,163.10 671.58 Rental income on discounting of lease deposits received 752.06 524.37 608.95 Revenue from lease rentals (A) 33,545.48 28,639.37 25,286.71 Revenue from contracts with customers Maintenance services* 5,321.30 4,223.64 3,600.37 Food and beverage revenue 46.36 34.10 – Income from generation of renewable energy 183.24 – – 5,550.90 4,257.74 3,600.37 Other operating revenue Others including works contract services 204.63 496.75 115.93

204.63 496.75 115.93 Total revenue from contracts with customers (B) 5,755.53 4,754.49 3,716.30 Total (A)+(B) 39,301.01 33,393.86 29,003.01 * IncludesmaintenanceservicesprovidedbyBSPOMSPLtoarelatedpartynotformingpartoftheGroupamountingtoRs.48.96million(March31,2024:Rs.35.64 million,March31,2023:Nil)

(i) Reconciliation of the amount of revenue recognised in the statement of profit & loss with the contracted price Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Revenue as per contracted price 5,755.53 4,754.49 3,716.30 Adjustments Discount – – – Revenue from contract with customers 5,755.53 4,754.49 3,716.30 965Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

(ii) Timing of transfer of goods or services Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Revenue recognised over a period of time 5,536.91 4,591.85 3,625.52 Revenue recognised at a point of time 218.62 162.64 90.78 Total revenue from contracts with customers 5,755.53 4,754.49 3,716.30

(iii) Contract Balances As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Receivables which are included in trade receivables 192.10 290.27 711.97 Contract liabilities 399.00 385.59 410.93 Contract asset is the right to receive consideration in exchange for goods or services transferred to the customer. Contract assets (unbilled receivables) are transferred to receivables when the rights become unconditional and contract liabilities are recognised as and when the performance obligation is satisfied.

Contract liability is the obligation to transfer goods or services to customers for which the entities has received consideration.

Performance Obligation The performance obligation of the SPV’s in case of maintenance service income and other operating income excluding income from works contract services is satisfied over-time. The SPV’s raises invoices as per the terms of the contract, upon which the payment is due to be made by the customers.

As per the terms of the service contracts with the customers, the SPV’s has right to consideration from customers in an amount that directly corresponds with the value to the customers of the SPV’s performance obligation completed till date. Accordingly, the SPV’s have used the practical expedient under Ind AS 115 ‘Revenue from contracts with customers’ and has disclosed information relating to performance obligations to the extent required under Ind AS 115. The entire revenue is earned from the customers located in India.

966Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 41 Other income Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Interest income on – fixed deposits 367.51 293.13 167.87 – inter corporate deposits (refer note 59) 390.88 280.35 303.70 – on debentures, redeemable preference shares & compulsorily convertible preference shares (refer note 59) 385.40 621.16 728.03 – income tax/indirect tax refund 14.75 22.29 108.95 – finance lease receivable 80.01 107.79 28.70 – others (security deposits etc.) 54.87 43.58 83.25 Gain on fair valuation of mutual funds 72.60 85.29 179.71 Gain on settlement of inter-company balances with related parties – 99.77 115.66 Gain on fair valuation of Investments 88.16 – – Profit on sale of investments 243.45 201.65 190.21 Sale of scrap 14.43 3.42 5.00 Profit on sale of PPE and investment property 1.85 – – Liabilities written back 229.35 245.51 49.50 Provision written back in respect of deferred consideration – 226.74 – Insurance claim – 76.77 20.00 Miscellaneous income 224.37 183.45 176.07 Total 2,167.63 2,490.90 2,156.65 967Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 42 Cost of material consumed and works contract services Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Food and beverages Opening Stock – – – Cost of food, beverages and other consumables 23.28 16.05 –

23.28 16.05 – Others (including works contract) Opening – – – Cost towards works contract services 30.74 357.28 20.91

Less: Closing Stock – – –

30.74 357.28 20.91 Total 54.02 373.33 20.91 43 Operating and maintenance expenses Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Power and fuel (net of recoveries) 443.61 386.98 380.86 Manpower charges 1,123.95 996.90 813.82 Common area maintenance expense 579.46 422.17 201.36 Repairs and maintenance related to operation 1,904.50 1,134.81 1,154.16 Other operating expenses 79.50 83.16 11.72 Total 4,131.02 3,024.02 2,561.92 44 Employee benefits expense Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Salaries, bonus and allowances 391.74 298.73 229.01 Contribution to provident and other funds (refer note 57) 11.07 7.54 5.49 Gratuity expense (refer note 57) 6.71 9.41 3.89 Staff welfare expenses 2.42 3.99 6.01 Total 411.94 319.67 244.40 968Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 45 Other expenses Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Legal and professional fees 860.69 666.77 506.80 Payment to auditors* 54.96 55.79 51.10 Rates and taxes (including property taxes) 1,210.41 1,094.79 1,006.36 Insurance expense 79.66 98.59 97.69 Property service management fees (refer note 59) 600.77 477.10 446.33 Repairs and maintenance – others 242.22 118.65 86.65 Advertisement expenses 56.29 43.84 94.01 Corporate overheads – 85.48 81.41 Travelling and conveyance 24.57 17.68 21.26 Corporate social responsibility expenses 132.96 86.06 64.92 Allowances for expected credit losses – on trade receivables/security deposit 45.16 37.23 207.81 – on loans/advances – 201.77 79.42 Loss on redemption/re-measurement of financials instruments 238.03 371.85 350.11 Loss on sale/discard of PPE and investment property 0.06 244.73 8.44 Other installation charges 99.90 94.00 31.72 Bad debts/Advances written off 51.82 27.61 22.22 Miscellaneous expenses 243.91 142.20 235.98 Total 3,941.41 3,864.14 3,392.23 * Paymenttoauditors(excludingtaxes) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 For statutory audit (including special purpose audit) 38.14 37.26 51.10 For other services 15.15 18.30 – Reimbursement for out of pocket expenses 1.67 0.23 –

54.96 55.79 51.10 969Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 46 Finance costs Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023

Interest expense on: – term loans and bank overdrafts 16,934.01 16,239.69 14,289.00 – unwinding on lease deposits from tenants 612.59 532.29 664.49 – lease liabilities 6.31 18.82 4.48 – debentures and bonds (refer note 59) 52.98 540.13 806.61 – inter-corporate borrowings (refer note 59) 176.85 181.26 261.35 – unwinding interest on compound financial instruments 56.37 12.25 3.55 – others 13.57 16.98 9.57 Bank charges 19.31 10.05 19.68 Other borrowings costs, incl. prepayment charges 75.60 156.50 290.86

Less: attributable to the qualifying assets (485.24) (780.84) (1,017.83) Total 17,462.35 16,927.13 15,331.76 47 Depreciation and amortisation expenses Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Depreciation on property, plant and equipment (refer note 4) 51.75 41.54 65.57 Depreciation on right of use assets (refer note 9) 1.37 – – Depreciation on investment properties (refer note 6) 3,751.79 5,833.62 5,862.12 Amortisation of intangible assets (refer note 8) 3.14 0.06 0.12 Total 3,808.05 5,875.22 5,927.81 970Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 48 Exceptional items Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Allowance for credit loss pursuant to non-recoverability of loans (refer note (a) below) 2,010.00 – – Loss on redemption/re-measurement of financial instruments (refer note (b) below) 1,492.18 – – Total 3,502.18 – –

Notes:

(a) TillMarch31,2024,OBRPLhadgivenloansamountingtoRs.2,196.49milliontotwoparties[classifiedunderNon-currentloans—OthersandCurrentloans—Secured —Others]againstcertainsecurities,onwhichcreditlossallowanceofRs.403.49millionwasrecognisedtilltheyearthenended.Further,duringtheyearendedMarch 31,2025,thesaidSPVhadadvancedadditionalloanamountingtoRs.217.00milliontooneofthesaidparty.AsatMarch31,2025,themanagementofthesaidSPV hasreassessedtherecoverabilityofthesaidoutstandingloans,takingintoconsiderationenforceabilityofthesecuritiesgiven,andhasrecognisedadditionalallowance forcreditlossduetononrecoverabilityofthesaidloansamountingtoRs.2,010.00millionduringtheyearthenended.

(b) SomeoftheSPVsoftheGrouphavesubscribedtoinstrumentsissuedbytheirrelatedpartiesasatMarch31,2024.Asperthetermsofthesaidinstruments,nointerest isreceivablebytheSPVs,iftheinstrumentsareredeemedonorbeforethespecifiedtermfromthedateoftheirissuance.Accordingly,untilthefinancialyearended March31,2024,theSPVshadassessedthattheseinstrumentswouldberedeemedonorafterthetermfromthedateofissuanceandhadrecognizedinterestincomeon suchinstruments.Further,theTrustisintheprocessoflistingitsunits,andaspartofthisprocess,theSPVsarerequiredtosettleorredeemallinstrumentsissuedto orsubscribedbyrelatedpartiespriortothelisting.Asaresult,theSPVshave,duringtheyearendedMarch31,2025,redeemed/settledtheinstrumentsandhave recognisedalossofRs.1,492.18millionpursuanttotheredemptionofthesaidinstruments.Accordingly,thesaidlosshasbeenclassifiedasanexceptionaliteminthe specialpurposecombinedfinancialstatements.

49 Income tax

The major components of income tax expense for the year ended are:

(A) Statement of profit and loss section Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Current tax Current tax 3,343.13 2,573.66 2,183.79 Tax adjustments relating to earlier years 50.45 11.34 (88.72) Total current tax expense 3,393.58 2,585.00 2,095.07 Deferred tax Origination and reversal of temporary differences (refer note 50) 2,538.93 (480.34) (606.84) Income tax expense reported in the statement of profit and loss 5,932.51 2,104.66 1,488.23 971Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Other comprehensive income section

Deferred tax related to items recognised in other comprehensive income:

Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Statement to Other comprehensive income Deferred tax related to items recognised in other comprehensive income (0.07) (0.06) 0.25 Income tax expense reported in the statement of profit and loss (0.07) (0.06) 0.25

(B) Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Accounting profit before tax 11,659.85 5,501.25 3,680.63 26%- 26%- 26%- Domestic tax rate 34.944% 34.94% 34.94% Computed tax expense 2,639.98 1,983.83 1,340.11 Deferred tax asset not recognised on tax losses and MAT credit entitlement 534.30 622.57 487.76 Reversal of deferred tax assets on tax losses recognised in earlier years (refer Note 50(ii)) 2,165.91 – – Tax impact of benefits assessed under income from house property (695.87) (1,502.28) (1,099.30) DTA recognised on UAD pertaining to earlier years (152.77) – – Expenses not allowable for tax purposes 969.07 984.93 972.51 Tax impact on account of change in tax rate 267.85 4.35 (61.36) Transactions chargeable to tax at lower rate 39.49 (13.90) (15.77) Utilisation of unrecognised brought forward losses and MAT credit – (36.59) (36.82) Tax impact of earlier year items 50.45 11.34 (88.72) Others 114.10 50.41 (10.18) Tax expense 5,932.51 2,104.66 1,488.23 972Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 50 Deferred tax

Reflected in the balance sheet as follows:

As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Deferred tax assets 4,299.18 5,512.04 4,022.37 Deferred tax liabilities (6,213.41) (4,887.41) (3,878.14) Net Deferred tax assets/(liabilities) (1,914.23) 624.63 144.23

classified as under:

Deferred tax assets 375.44 2,593.79 2,000.61 Deferred tax liabilities (2,289.67) (1,969.17) (1,856.38) Net Deferred tax assets/(liabilities) (1,914.23) 624.63 144.23

(a) Movement in deferred tax assets/(liabilities) for year ended March 31, 2025 is as under:

Recognised Recognised As at in statement in other Recognised As at April 01, of profit comprehensive through March 31, Particulars 2024 and loss income otherequity 2025 Deferred tax assets Unabsorbed depreciation 2,421.68 979.87 – – 3,401.55 Business loss 3.64 0.43 – – 4.07 Expenses allowable on payment basis 153.00 (152.74) – – 0.26 Allowance for credit losses 270.41 (14.52) – – 255.89 Unabsorbed house property losses 2,165.91 (2,165.91) – – – Remeasurement loss on defined benefit plans 5.32 1.18 0.09 – 6.59 Others 49.63 11.99 (0.02) – 61.60 5,069.59 (1,339.70) 0.07 – 3,729.96 Deferred tax liabilities Property, plant and equipment, investment property and intangible assets (3,519.08) (1,354.32) – – (4,873.40) Borrowings and lease liabilities (92.63) 43.01 – – (49.62) Lease equalisation reserve (865.92) (256.61) – – (1,122.53) Security deposits (79.90) (36.17) – – (116.07) Income chargeable to tax on receipt basis (320.61) 315.11 – – (5.50) Others (9.27) (37.02) – – (46.29) (4,887.41) (1,326.00) – – (6,213.41) 973Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Recognised Recognised As at in statement in other Recognised As at April 01, of profit comprehensive through March 31, Particulars 2024 and loss income otherequity 2025 Minimum alternate tax credit entitlement 442.45 126.77 – – 569.22 Deferred tax assets/(liabilities)

(net) 624.63 (2,538.93) 0.07 – (1,914.23)

(b) Movement in deferred tax asset/(liabilities) for the year ended March 31, 2024 is as under:

Recognised Recognised As at in statement in other Recognised As at April 01, of profit comprehensive through March 31, Particulars 2023 and loss income otherequity 2024 Deferred tax assets Unabsorbed depreciation 1,881.34 540.34 – – 2,421.68 Business loss 3.65 (0.01) – – 3.64 Expenses allowable on payment basis 25.69 127.31 – – 153.00 Allowance for credit losses 189.42 80.99 – – 270.41 Unabsorbed house property losses 1,365.78 800.13 – – 2,165.91 Remeasurement loss on defined benefit plans 0.35 4.91 0.06 – 5.32 Others 15.25 34.38 – – 49.63 3,481.48 1,588.05 0.06 – 5,069.59 Deferred tax liabilities Property, plant and equipment, investment property and intangible assets (2,952.59) (566.49) – – (3,519.08) Borrowings and lease liabilities (26.45) (66.18) – – (92.63) Lease equalisation reserve (537.62) (328.30) – – (865.92) Security deposits (18.62) (61.28) – – (79.90) Income chargeable to tax on receipt basis (320.41) (0.20) – – (320.61) Others (22.45) 13.18 – – (9.27) (3,878.14) (1,009.27) – – (4,887.41) Minimum alternate tax credit entitlement 540.89 (98.44) – – 442.45 Deferred tax assets/(liabilities)

(net) 144.23 480.34 0.06 – 624.63 974Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

Recognised Recognised in As at in statement other Recognised As at April 01, of profit comprehensive through March 31, Particulars 2022 and loss income otherequity 2023 Deferred tax assets Unabsorbed depreciation 1,610.06 271.28 – – 1,881.34 Business loss 9.45 (5.80) – – 3.65 Expenses allowable on payment basis (0.13) 25.82 – – 25.69 Allowance for credit losses 78.76 110.66 – – 189.42 Unabsorbed house property losses 463.04 902.74 – – 1,365.78 Remeasurement loss on defined benefit plans 0.94 (0.34) (0.25) – 0.35 Others – 15.25 – – 15.25 2,162.12 1,319.61 (0.25) – 3,481.48 Deferred tax liabilities Property, plant and equipment, investment property and intangible assets (2,787.08) (165.51) – – (2,952.59) Borrowings and lease liabilities (154.07) 127.62 – – (26.45) Lease equalisation reserve (191.98) (345.64) – – (537.62) Security deposits (18.92) 0.30 – – (18.62) Income chargeable to tax on receipt basis (251.23) (69.18) – – (320.41) Others (42.54) 20.09 – – (22.45) (3,445.82) (432.32) – – (3,878.14) Minimum alternate tax credit entitlement 821.34 (280.45) – – 540.89 Deferred tax assets/(liabilities)

(net) (462.36) 606.84 (0.25) – 144.23

Notes:

(i) TheSPVsoffsettaxassetsandliabilitiesifandonlyifithasalegallyenforceablerighttosetoffcurrenttaxassetsandcurrenttaxliabilitiesandthedeferredtaxassets anddeferredtaxliabilitiesrelatetoincometaxesleviedbythesametaxauthority.

(ii) DuringtheyearendedMarch31,2025,theSPVshavereassessedtherealizabilityofdeferredtaxassetrecognizedonbusinessandhousepropertylossesundertheincome tax.Basedonsuchreassessmentandconsideringtheexpectedchangeinshareholding,certainSPVs,havewrittenoffDTArecognisedonsuchlosses,havewrittenoff thedeferredassetbalanceonsuchlossestotallingtoRs.2,165.91million.

975Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

(iii) Unrecogniseddeferredtaxassets Deferredtaxassetshavenotbeenrecognisedonhousepropertyandbusinesslosses,asdetailedintablebelow,becauseitisnotprobablethatfuturetaxableprofitwill beavailableagainstwhichtheSPVcanusethebenefitstherefrom.

Asat Asat Asat March31, March31, March31, Particulars 2025 2024 2023 Unrecognised deferred tax assets on House property losses Unrecognised deferred tax asset on losses 3,600.35 347.95 239.88 Year in which losses are due for expiry Between Between Between AY2025-26 – AY2025-26 – AY2024-25 – AY2033-34 AY2032-33 AY2030-31 Business losses Unrecognised deferred tax asset on losses 573.41 945.69 400.04 Year in which losses are due for expiry Between Between Between AY2025-26 – AY2025-26 – AY2024-25 – AY2033-34 AY2032-33 AY2030-31 51 Segment Reporting IndAS 108 establishes standards for the way that business enterprises report information about operating segmentsandrelateddisclosures.Basedonthe‘managementapproach’asdefinedinIndAS108,theChief Operating Decision Maker (‘CODM’) evaluates the Knowledge Realty Trust’s performance and allocates resources based on an analysis of various performance indicators by operating segments.

Theaccountingprinciplesusedinthepreparationofthespecialpurposecombinedfinancialstatementsare consistently applied to record revenue and expenditure in individual segments and are as set out in the significant accounting policies.

(a) Operating segments of Knowledge Realty Trust are —

(i) Office, and

(ii) Others;Otherssegmentcomprise(a)Incomefromgenerationofrenewableenergy(b)Foodand beverage revenue and (c) Other operating revenue.

Net Operating Income (‘NOI’) is the key metric reported to the CODM for the purposes of assessment of the segment results.

(b) Knowledge Realty Trust operates within India and does not have operations in economic environments with different risks and returns. Hence, it is considered operating in single geographical segment.

Further, the information relating to segment assets and segment liabilities are not regularly provided to CODM for review and hence the same is not disclosed.

976Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) A. Segment Revenue Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Revenue from External customer Office 38,866.78 32,863.01 28,887.08 Others 435.84 541.06 115.93 Inter-segment Revenue Others (1.61) (10.21) – Total Segment Revenue 39,301.01 33,393.86 29,003.01 B. Segment Results Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Office 34,010.77 28,663.37 25,480.00 Others 311.90 157.46 94.77 Segment Results (Net Operating Income) 34,322.67 28,820.83 25,574.77 Unallocated Non-Operating income 2,167.63 2,490.90 2,156.65 Unallocated Non-Operating expenses (3,560.05) (3,008.13) (2,791.22) Earnings before finance costs, depreciation, amortisation, exceptional items and tax (EBITDA) 32,930.25 28,303.60 24,940.20 Finance costs (17,462.35) (16,927.13) (15,331.76) Depreciation and amortisation expenses (3,808.05) (5,875.22) (5,927.81) Profit before exceptional items and tax 11,659.85 5,501.25 3,680.63 Exceptional items (3,502.18) – – Profit before tax 8,157.67 5,501.25 3,680.63 Tax expenses (5,932.51) (2,104.66) (1,488.23) Profit for the year 2,225.16 3,396.59 2,192.40 977Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Office segment Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Segment revenue 38,866.78 32,863.01 28,887.08

Less: Power and fuel (net of recoveries) (443.61) (386.98) (380.86)

Less: Manpower charges (920.03) (847.27) (697.48)

Less: Repairs and maintenance related to operations (935.06) (740.35) (787.76)

Less: Property tax (1,049.87) (1,036.44) (975.29)

Less: Other direct costs (1,507.44) (1,188.60) (565.69) Segment results 34,010.77 28,663.37 25,480.00 Others segment Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Segment revenue 434.23 530.85 115.93

Less: Cost of material consumed and works contract services (54.02) (373.33) (20.91)

Less: Repairs and maintenance related to operations (48.83) – –

Less: Other direct costs (19.48) (0.06) (0.25) Segment results 311.90 157.46 94.77 978Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 52 Statement of Property Wise Revenue from Operations (As required under REIT Regulations) Property Wise Revenue (net of eliminations) is as under:

Forthe Forthe Forthe yearended yearended yearended Name of the SPV/ March 31, March 31, March 31, Investment entity Property name Location 2025 2024 2023 One International Center One International Mumbai 3,983.77 2,701.37 1,949.40 Private Limited Center and One Unity Center One World Center Private One World Center Mumbai 3,475.87 2,915.44 2,649.81 Limited Pluto Solista Business Parks CAM Bengaluru – II Bengaluru 211.54 125.82 0.06 Private Limited BSP Office Management CAM Mumbai Mumbai 49.52 35.67 – Services Private Limited One BKC Realtors Private One BKC Mumbai 2,850.99 2,635.61 2,616.92 Limited Prima Bay Private Limited Prima Bay Mumbai 1,581.84 1,541.21 1,464.95 Cessna Garden Developers Cessna Business Park Bengaluru 3,747.18 3,627.90 3,353.25 Private Limited Exora Business Park Private Exora Business Park Bengaluru 2,083.46 2,036.93 2,260.81 Limited Pluto Business Parks Private One Trade Tower Bengaluru 473.55 453.31 370.13 Limited One Qube Realtors Private One Qube Gurgaon 429.69 127.13 26.66 Limited Kosmo One Business Park Kosmo One Chennai 1,216.61 1,037.29 867.94 Private Limited Pluto Atriza Business Parks Fintech One Ahmedabad 179.93 46.29 27.11 Private Limited One BKC Solar Energy One BKC Solar Mumbai – – – Private Limited Prima Bay Solar Energy Prima Bay Solar Mumbai – – – Private Limited Debonair Realtors Private Sattva Eminence Bengaluru 149.86 201.86 120.34 Limited Harkeshwar Realtors Private Sattva Cosmo Lavelle Bengaluru 138.86 138.86 125.58 Limited Salarpuria Developers Private Sattva Premia Bengaluru 67.65 61.15 59.34 Limited Darshita Edifice Private Sattva Magnificia – I Bengaluru 90.33 76.03 63.53 Limited (refer note 62A(i)) Shirasa Regency Park Private Karnataka Solar – I Bengaluru 183.24 – – Limited Sattva Knowledge Centre Sattva Knowledge Hyderabad – – – Private Limited Capital 979Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended Name of the SPV/ March 31, March 31, March 31, Investment entity Property name Location 2025 2024 2023 Jaganmayi Real Estates Sattva South Avenue Bengaluru 54.64 368.21 – Private Limited Quadro Info Technologies Sattva Infozone Bengaluru 260.63 254.58 252.84 Private Limited Darshita Hi-Rise Private Sattva Knowledge Bengaluru 790.80 680.13 584.27 Limited Court Darshita Housing Private Sattva Endeavour Bengaluru – – – Limited Sattva Properties Management CAM Bengaluru – I Bengaluru 735.19 598.84 534.07 Private Limited Darshita Infrastructure Private Sattva Knowledge Hyderabad 1,258.96 1,099.87 1,032.83 Limited Capital Devbhumi Realtors Private Sattva Knowledge City Hyderabad 7,338.53 6,540.55 5,585.77 Limited Worldwide Realcon Private Sattva Knowledge Park Hyderabad 2,262.19 816.57 76.96 Limited Salarpuria Griha Nirman Sattva Techpoint Bengaluru 481.07 307.40 324.83 Private Limited Sattva Infra Management CAM Hyderabad Hyderabad 1,856.91 1,361.63 1,076.42 Private Limited GV Tech Parks Private Sattva Global City Bengaluru 1,805.39 1,965.34 2,070.63 Limited (refer note 63 II c) Softzone Tech Park Limited Sattva Softzone Bengaluru 1,231.96 1,376.06 1,152.71 (refer note 63 II d) Softzone Tech Park Limited Sattva Magnificia – II Bengaluru 134.91 133.03 112.81 (refer note 63 II d) Softzone Tech Park Limited Sattva Touchstone Bengaluru 145.36 144.44 180.70 (refer note 63 II d) Softzone Tech Park Limited Sattva Supreme Bengaluru 30.58 (14.66) 62.34 (refer note 63 II d) Softzone Tech Park Limited Sattva Spectrum Bengaluru – – – (refer note 63 II d) Sattva Horizon Private Sattva Horizon Bengaluru – – – Limited NABS Datazone Private Karnataka Solar – II Bengaluru – – – Limited Total 39,301.01 33,393.86 29,003.01 980Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 52A Statement of Property Wise Cash flow from operations (As required under REIT Regulations)

Property Wise Cashflow from operation is as under:

Forthe Forthe Forthe yearended yearended yearended Name of the SPV/ March 31, March 31, March 31, Investment entity Property name Location 2025 2024 2023 One International Center One International Mumbai 2,818.13 1,492.11 795.34 Private Limited Center One World Center Private One World Center Mumbai 2,853.94 2,197.85 1,889.78 Limited Pluto Solista Business Parks CAM Bengaluru – II Bengaluru 31.92 148.20 (0.06) Private Limited BSP Office Management CAM Mumbai Mumbai (95.04) 247.61 – Services Private Limited One BKC Realtors Private One BKC Mumbai 2,435.01 2,157.00 1,988.52 Limited Prima Bay Private Limited Prima Bay Mumbai 1,419.64 1,111.93 1,088.82 Cessna Garden Developers Cessna Business Park Bengaluru 2,294.96 2,611.13 2,699.55 Private Limited Exora Business Park Private Exora Business Park Bengaluru 1,430.81 1,452.68 1,512.84 Limited Pluto Business Parks Private One Trade Tower Bengaluru 115.74 358.53 274.03 Limited One Qube Realtors Private One Qube Gurgaon 250.70 45.15 25.37 Limited Kosmo One Business Park Kosmo One Chennai 865.26 683.31 636.43 Private Limited Pluto Atriza Business Parks Fintech One Ahmedabad 87.83 76.34 (321.05) Private Limited One BKC Solar Energy One BKC Solar Mumbai – – – Private Limited Prima Bay Solar Energy Prima Bay Solar Mumbai – – – Private Limited Debonair Realtors Private Sattva Eminence Bengaluru 114.25 162.49 68.05 Limited Harkeshwar Realtors Private Sattva Cosmo Lavelle Bengaluru 98.43 91.93 81.00 Limited Salarpuria Developers Private Sattva Premia Bengaluru 53.10 35.19 34.48 Limited Darshita Edifice Private Sattva Magnificia – I Bengaluru 75.76 79.79 38.70 Limited (refer note 62A(i)) Shirasa Regency Park Private Karnataka Solar – I Bengaluru 76.40 13.47 (3.31) Limited Sattva Knowledge Centre Sattva Knowledge Hyderabad 2.80 (0.11) (0.06) Private Limited Capital Jaganmayi Real Estates Sattva South Avenue Bengaluru 102.96 (9.18) (29.48) Private Limited Quadro Info Technologies Sattva Infozone Bengaluru 155.00 167.07 228.06 Private Limited Darshita Hi-Rise Private Sattva Knowledge Bengaluru 803.16 661.39 562.10 Limited Court 981Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended Name of the SPV/ March 31, March 31, March 31, Investment entity Property name Location 2025 2024 2023 Darshita Housing Private Sattva Endeavour Bengaluru (43.63) (118.08) (67.11) Limited Sattva Properties Management CAM Bengaluru – I Bengaluru 361.87 754.89 494.53 Private Limited Darshita Infrastructure Private Sattva Knowledge Bengaluru 1,078.45 1,020.78 964.85 Limited Capital Devbhumi Realtors Private Sattva Knowledge City Hyderabad 4,760.01 4,746.49 4,432.38 Limited Worldwide Realcon Private Sattva Knowledge Park Hyderabad 1,197.92 540.70 (382.17) Limited Salarpuria Griha Nirman Sattva Techpoint Bengaluru 453.85 230.01 180.04 Private Limited Sattva Infra Management CAM Hyderabad Hyderabad 1,236.09 676.33 414.24 Private Limited GV Tech Parks Private Sattva Global City SEZ Bengaluru 1,384.79 (1,769.63) 2,669.07 Limited (refer note 63 II c) Softzone Tech Park Limited Sattva Softzone Bengaluru 970.54 1,116.38 2,178.60 (refer note 63 II d) Softzone Tech Park Limited Sattva Magnificia – II Bengaluru – – – (refer note 63 II d) Softzone Tech Park Limited Sattva Touchstone Bengaluru – – – (refer note 63 II d) Softzone Tech Park Limited Sattva Supreme Bengaluru – – – (refer note 63 II d) Softzone Tech Park Limited Sattva Spectrum Bengaluru – – – (refer note 63 II d) Sattva Horizon Private Sattva Horizon Bengaluru 23.31 (92.66) (114.01) Limited NABS Datazone Private Karnataka Solar – II Bengaluru 49.49 – – Limited Total 27,231.41 20,948.49 22,336.64 53 Earnings per unit (“EPU”) The number of units that Knowledge Realty Trust will issue to investors in the proposed Initial Public Offer is not presently ascertainable. Hence, the disclosures in respect of Earnings per unit have not been presented.

54 Financial instruments—Fair value measurement

(i) Fair value hierarchy Financialassetsandfinancialliabilitiesmeasuredatfairvalueinthefinancialstatementsaregroupedintothreelevels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: quoted prices (unadjusted) in active markets for financial instruments.

982Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: unobservable inputs for the asset or liability.

(ii) Duringtheyeartherewerenotransferbetweenlevel1andlevel2andnotransferinto&outoflevel3fairvalue measurement.

(iii) Accounting classifications and fair values Particulars AsatMarch31,2025 AsatMarch31,2024 AsatMarch31,2023 Carrying Carrying Carrying amount Fairvalue amount Fairvalue amount Fairvalue Financial assets measured at amortized cost Loans 8,749.77 8,749.77 7,404.25 7,404.25 6,184.81 6,184.81 Trade receivables 1,578.77 1,578.77 1,418.77 1,418.77 1,478.07 1,478.07 Cash and cash equivalents 2,131.86 2,131.86 2,678.06 2,678.06 2,038.08 2,038.08 Other bank balances 1,185.96 1,185.96 1,345.42 1,345.42 993.76 993.76 Other financial assets 6,629.32 6,629.32 6,721.22 6,721.22 5,069.13 5,069.13 Other investments* 3,531.19 3,531.19 7,466.12 7,466.12 8,460.05 8,460.05 Financial assets measured at fairvalue through profit and loss Investment in mutual funds** 3,280.52 3,280.52 3,976.22 3,976.22 8,394.05 8,394.05 Total 27,087.39 27,087.39 31,010.06 31,010.06 32,617.95 32,617.95 Financial liabilities measured at amortized cost Borrowings including current maturities and interest accrued 198,151.69 198,151.69 198,297.43 198,297.43 202,749.59 202,749.59 Trade payables 1,247.41 1,247.41 1,231.56 1,231.56 912.69 912.69 Lease liabilities (current and non-current) 45.38 45.38 84.89 84.89 198.73 198.73 Lease deposits (current and non-current) 19,305.79 19,305.79 17,360.47 17,360.47 16,007.00 16,007.00 Other financial liabilities (current and non-current) 2,429.07 2,429.07 3,058.10 3,058.10 6,980.67 6,980.67 Total 221,179.34 221,179.34 220,032.45 220,032.45 226,848.68 226,848.68 ** Level2ofFairvaluehierarchy * Level3ofFairvaluehierarchy ThefairvaluesoftheLevel3instrumentshavebeenestimatedusingaMonteCarlosimulationmodel.The valuation requires certain assumptions about the model inputs, including discount rate, average tenor and historical long run volatility/the probabilities of the various estimates within the range can be reasonably assessed and are used in management’s estimate of fair value for these CCDs.

All other assets and liabilities are Level 2 of Fair value hierarchy.

The Management considers that the carrying amount of the above financial assets and liabilities approximates to their fair value.

983Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 55 Financial risk management Risk management framework The components Board of Directors (Board) have overall responsibility for the establishment and oversight of components risk management framework. The risk management policies are established to identify and analyse the risks faced by the component, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and its activities.

The components Board oversees how management monitors compliance with risk management policies andprocedures,andreviewstheadequacyoftheriskmanagementframeworkinrelationtotherisksfaced bythecomponent.TheBoardofeachcomponentisassistedinitsoversightrolebyinternalaudit.Internal audit undertakes both regular and adhoc reviews of risk management controls and procedures, the results of which are reported to the Board.

A Credit risk Credit risk is the risk of financial loss to Knowledge Realty Trust if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from components receivables from customers, loans and cash and cash equivalents. The carrying amount of financial assets represents the maximum credit exposure.

Thecomponentshaveanestablishedprocesstoevaluatethecreditworthinessofitstenantsandprospective tenants to minimise potential credit risk. Credit evaluations are performed by respective components Board before lease agreements are entered into with prospective tenants. Security in the form of bankers’ guarantees, corporate guarantees or cash security deposits are obtained upon the commencement of the lease.

The components have established a policy for performing an impairment analysis which represents its estimate of losses in respect of trade and other receivables. The main component of this allowance is estimated losses that relate to specific tenants or counterparties.The allowance account is used to provide for impairment losses. Subsequently when the components management is satisfied that no recovery of such losses is possible, the financial asset is considered irrecoverable, and the amount charged to the allowance account is then written off against the carrying amount of the impaired financial asset.

The components have exposure to the following risks arising from financial instruments i.e. liquidity risk and market risk.

984Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) B Liquidity risk Liquidityriskistheriskthatthecomponentwillencounterdifficultyinmeetingtheobligationsassociated with its financial liabilities that are settled by delivering cash or another financial asset. The components approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the components reputation.

Borrowings of components comprises of lease rental discounting loans, where the servicing of the debt is backed up by monthly lease rentals receivable from customers and through escrow mechanism, thus mitigating the exposure to liquidity risks.

Maturities of financial liabilities The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted contractual cash flow, and include contractual interest payments and

exclude the impact of netting agreements:

Carrying Particulars amount Total 0–12 months 1–5 years > 5 years March 31, 2025 Borrowings including current maturity and interest accrued* 198,151.69 324,245.04 28,805.15 99,183.33 196,256.56 Trade payables 1,247.41 1,247.41 1,247.41 – – Lease liabilities (current and non-current) 45.38 85.21 – 6.68 78.53 Lease deposits (current and non-current) 19,305.79 20,837.98 12,960.00 7,501.99 375.99 Other financial liabilities 2,429.07 2,429.07 2,370.87 58.20 – Total 221,179.34 348,844.71 45,383.43 106,750.20 196,711.08 Carrying Particulars amount Total 0–12 months 1–5 years > 5 years March 31, 2024 Borrowings including current maturity and interest accrued* 198,297.43 329,841.25 33,275.05 108,975.48 187,590.72 Trade payables 1,231.56 1,231.56 1,231.56 – – Lease liabilities (current and non-current) 84.89 88.90 88.90 – – Lease deposits (current and non-current) 17,360.47 18,919.86 12,915.85 5,651.85 352.16 Other financial liabilities (current and non-current) 3,058.10 3,058.10 2,718.17 339.93 – Total 220,032.45 353,139.67 50,229.53 114,967.26 187,942.88 985Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Carrying Particulars amount Total 0–12 months 1–5 years > 5 years March 31, 2023 Borrowings including current maturity and interest accrued* 202,749.59 306,698.06 39,635.00 103,591.47 163,471.59 Trade payables 912.69 912.69 912.69 – – Lease liabilities (current and non-current) 198.73 221.57 79.04 142.53 – Lease deposits (current and non-current) 16,007.00 17,559.13 11,902.80 5,416.66 239.67 Other financial liabilities (current and non-current) 6,980.67 6,980.67 6,897.21 83.46 – Total 226,848.68 332,372.12 59,426.74 109,234.12 163,711.26 * includingfutureinterest C Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates which will affect the components income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

(i) Currency risk Noneofthecomponentshavesignificantforeigncurrencytransactionsandthusarenotmateriallyexposed to foreign currency risk arising from foreign currency transactions.

(ii) Interest rate risk The components main interest rate risk arises from long-term borrowings with variable rates, which exposes it to cash flow interest rate risk.

The exposure of Knowledge Realty Trust’s borrowing to interest rate changes at the end of year are as

follows:

As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Variable rate borrowings 174,738.30 166,224.60 168,935.10 Fixed rate borrowings 23,183.44 31,351.22 33,331.54 Total Borrowings 197,921.74 197,575.82 202,266.64 986Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Cash flow sensitivity analysis for variable-rate instruments A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased/(decreased) profit by the amounts as under:

Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Interest rates – increase by 100 basis points (1,747.38) (1,662.25) (1,689.35) Interest rates – decrease by 100 basis points 1,747.38 1,662.25 1,689.35

(iii) Equity Risk The components listed and non-listed securities are susceptible to market price risk arising from uncertaintiesaboutfuturevaluesoftheinvestmentsecurities.Themanagementofthecomponentsmanage the equity price risk through diversification and by placing limits on individual and total equity instruments. Reports on the equity portfolio are submitted to the components management on a regular basis. The components Board of Directors reviews and approves all equity investment decisions.

56 Capital management For the purpose of the capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the SPV. The primary objective of the capital management is to maximise the shareholder’s value.

The components policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The components capital structure mainly constitutes debt, which is influenced by the changes in regulatory framework, government policies, available options of financing and the impact of the same on the liquidity position.

Thecomponentsmonitorscapitalusingaratioof‘adjustednetdebt’to‘adjustedequity’.Forthispurpose, adjusted net debt is defined as total borrowing, including interest-bearing loans less cash and cash equivalents and other bank balances. Adjusted equity comprises all components of equity.

The Group’s adjusted net debt to adjusted equity ratio is analysed as follows:

As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Total borrowings (including interest accrued) (refer note 28, 30, 33 and 36) 198,151.69 198,297.43 202,749.59

Less: Cash and cash equivalents (refer note 19) (2,131.86) (2,678.06) (2,038.08) Adjusted net debt (i) 196,019.83 195,619.37 200,711.51 Capital (refer note 26) 2,705.05 2,619.22 2,567.19 Other equity (refer note 27) 18,452.10 21,798.27 12,043.71 Adjusted equity (ii) 21,157.15 24,417.49 14,610.90 Adjusted net debt to adjusted equity ratio (in times) [(i)/(ii)] 9.26 8.01 13.74 987Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 57 Employee benefits The component’s contribute to the following post-employment plans.

(a) Defined contribution plans:

The contributions paid/payable to Regional Provident Fund are determined under the relevant approved schemesand/orstatutesandarerecognisedasexpenseinthestatementofprofitandlossduringtheperiod in which the employee renders the related service. There are no further obligations other than the contributions payable to the approved trusts/appropriate authorities.

The component’s make contributions, determined as a specified percentage of employees salaries, in respect of qualifying employees towards provident fund, which is defined contribution plan. The component’s have no obligation other than to make the specified contribution. The contributions are charged to the statement of profit and loss as they accrue. The amount recognized as an expense towards

contribution to provident and other funds for the year is as under:

Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Employers’ contribution to Provident Fund 10.40 7.28 5.44 Total 10.40 7.28 5.44

(b) Defined benefit plans:

The components have a defined benefit gratuity plan in India (the Plan), governed by the Payment of Gratuity Act, 1972. The Plan entitles an employee, who has rendered at least five years of continuous service, to gratuity at the rate of fifteen days wages for every completed year of service or part thereof in excess of six months, based on the rate of wages last drawn by the employee at the time of retirement, deathorterminationofemployment.Liabilitiesforthesamearedeterminedthroughanactuarialvaluation as at the reporting dates using the “projected unit cost method”.

Based on the actuarial valuation obtained in this respect, the following table sets out the details of

the gratuity obligation:

As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Defined benefit obligation 28.17 22.39 16.07 Fair value of plan assets (11.35) (9.62) (8.94) Net defined benefit liability 16.82 12.77 7.13

Disclosed in financial statements as under:

Current liability 2.37 2.57 0.97 Non-current liability 14.45 10.20 6.73 Gratuity plan asset – – (0.57) Total employee benefit liabilities 16.82 12.77 7.13 988Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) A. Changes in present value of defined benefit obligations Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Present value of obligation as at beginning of the year 22.39 16.07 18.69 Benefits paid during the year (3.88) (4.30) (7.44) Current service cost 7.33 4.34 4.32 Past service cost – 4.45 – Interest cost 1.42 2.29 1.22 Acquisition/Transfers – – 2.10 Actuarial (gains) losses recognised in other comprehensive income – changes in demographic assumptions 0.01 0.35 – – changes in financial assumptions 0.27 (0.15) 0.16 – experience adjustments 0.63 (0.66) (2.98) Present value of obligation as at end of the year 28.17 22.39 16.07 B. Expense recognised in the statement of profit or loss Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Current service cost 7.33 4.34 4.32 Past service cost – 4.45 – Interest cost 1.42 2.29 1.22 Interest income (0.64) (0.62) (0.59) Capitalised during the year (1.40) (1.05) (1.06) Total 6.71 9.41 3.89 C. Remeasurements recognised in other comprehensive income Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Actuarial (gain)/loss on defined benefit obligations 0.91 (0.46) (2.82) Actuarial (gain)/loss on plan assets 0.04 (1.82) 0.58 Capitalised during the year – 0.86 0.26 Total 0.95 (1.42) (1.98) 989Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) D. Reconciliation of present value of plan assets Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Present value of plan asset as at beginning of the year 9.62 8.94 7.00 Contributions paid by the employer 1.93 0.20 3.87 Benefits paid (0.80) (0.97) (1.94) Transfer In/Out – (0.99) – Interest income 0.64 0.62 0.59 Return on plan assets (excluding amounts included in net interest expense) (0.04) 1.82 (0.58) Present value of plan asset as at end of the year 11.35 9.62 8.94 E. Defined benefit obligation i. Actuarial assumptions Principal actuarial assumptions at the reporting date (expressed as weighted averages):

As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Discount rate 6.74%-6.99% 7.22%-7.23% 7.36%-7.43% Future salary growth 8%-10% 8%-10% 8%-10% Employee turnover 1%-20% 1%-20% 1%-20% Estimated rate of return on plan assets 6.74%-6.74% 7.23%-7.23% 7.43%-7.43% Retirement age 60 years 60 years 60 years Mortality Rate 100% of 100% of 100% of IALM IALM IALM (2012-14) (2012-14) (2012-14) Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and mortality tables. These assumptions translate into an average life expectancy in years for a pensioner retiring at age 60.

990Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) ii. Sensitivity analysis Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amount shown

below:

Particulars As at March 31, 2025 As at March 31, 2024 Increase Decrease Increase Decrease Discount rate (1% movement) (4.62) 3.22 (2.16) 2.45 Future salary growth (1% movement) 2.43 (3.94) 1.87 (1.71) Attrition rate (1% movement) (1.00) 1.10 (0.11) 0.09 Particulars As at March 31, 2023 Increase Decrease Discount rate (1% movement) (1.33) 1.72 Future salary growth (1% movement) 1.41 (1.28) Attrition rate (1% movement) (0.19) 0.22 Sensitivities due to mortality and withdrawal are not material and hence impact of change not calculated.

Thesensitivityanalysispresentedabovemaynotberepresentedoftheactualchangeinthedefinedbenefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be co-related. Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the balance sheet.

Through its defined benefit plans, the component’s are exposed to a number of risks, the most significant

of which are detailed below:

(A) Asset volatility: The plan liabilities are calculated using a discount rate set with reference to bond yields, these are subject to interest rate risk.

(B) Salary growth & demographic assumptions: The plan liabilities are calculated using the salary escalation and demographic assumptions which is sponsored by the component’s and hence it underwrites all the risks pertaining to the plan. In particular, there is a risk for the component’s that any adverse salary growth or demographic experience can result in an increase in cost of providing thesebenefitstoemployeesinfuture.Sincethebenefitsarelumpsuminnaturetheplanisnotsubject to any longevity risks.

991Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

(C) Defined benefit obligation—average duration The weighted average duration of the defined benefit obligation is 7.92 years-18.46 years (March 31, 2024: 7.95 years-19.34 years and March 31, 2023: 7.3 years-20 years).

Expected future cash flows As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023

The expected maturity analysis of undiscounted gratuity is as follows:

0 to 1 year 1.39 1.94 0.88 1 to 5 Year 6.92 3.72 2.94 more than 5 Years 20.81 17.70 9.52 Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an approximation of the sensitivity of the assumptions shown.

58 Leases A Group as Lessor

(i) Operating leases The future minimum lease receivables under non-cancellable operating leases in aggregate are as follows:

As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Less than 1 year 15,762.03 12,345.55 10,371.64 1-2 years 12,590.97 9,874.74 7,709.41 2-3 years 7,394.42 6,302.03 4,278.79 3-4 years 2,849.64 3,537.71 1,904.10 4-5 years 1,038.80 1,931.74 749.31 More than 5 years 813.71 764.90 33.74 992Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

(ii) Finance leases The Group has entered into agreement with few tenants to provide furniture and fixtures on lease for a period of one to five year. Wherever considered necessary to reduce credit risk, the Group may obtain security in any form (for example: bank guarantee) for the term of the lease.

Thefollowingtablesetsoutthematurityanalysisofleasepaymentsreceivables,showingtheundiscounted

lease payments to be received after the reporting date:

As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Less than 1 year 134.91 267.35 227.85 1-2 years 119.05 155.67 184.72 2-3 years 56.99 139.81 78.05 3-4 years 52.08 78.75 62.19 4-5 years 3.99 77.19 1.51 More than 5 years – 136.74 – Total undiscounted lease payments receivable 367.02 855.51 554.32

Less: Unearned finance income (67.53) (217.07) (98.88) Net investment in lease 299.49 638.44 455.44

Classified in the combined financial statements as under:

Non-current 197.17 444.52 284.64 Current 102.32 193.92 170.80 Total 299.49 638.44 455.44 Profit and loss information Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Finance income on net investment in lease 80.01 107.79 28.70

80.01 107.79 28.70 B Group as Lessee Lease liabilities majorly includes liability towards land leased for setting up of solar power plants where the lease term in generally around 30 years. Each lease is reflected on the balance sheet as a right-of-use asset and a lease liability.Variable lease payments which do not depend on an index or a rate are excluded from the initial measurement of the lease liability and right of use assets.

There are no lease payment that are not include in the measurement of the lease liability.

Total cash flow for leases for the year ended March 31, 2025 was Rs. 88.91 million (for the year ended March 31, 2024: Rs. 132.66 million, March 31, 2023: Rs. 151.8 million).

993Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

The amounts recognised in the statement of profit or loss are as follows:

Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Interest on lease liabilities 6.31 18.82 4.48 Depreciation of right to use assets 1.37 – – Expense relating to short-term leases – 2.62 – Total amount recognised in profit or loss 7.68 21.44 4.48

Note: formaturityofleaseliabilitiesrefernote55.

Set out below are the carrying amounts of lease liabilities and the movement during the year.

Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Opening 84.89 198.73 – Addition 43.09 – 346.05 Deletion – – – Accretion of interest 6.31 18.82 4.48 Payments (88.91) (132.66) (151.80) Closing 45.38 84.89 198.73

Classified in the combined financial statements as under:

Non-current 45.38 – 84.88 Current – 84.89 113.85 Total 45.38 84.89 198.73 59 Related party disclosures I List of related parties as per the requirements of REIT regulations Sponsors, Manager and Trustee to the Knowledge Realty Trust Sponsors (w.e.f. October 10, 2024): BREP Asia SG L&T Holding (NQ) Pte. Ltd and Sattva Developers Private Limited Manager (w.e.f. October 10, 2024): Knowledge Realty Office Management Services Private Limited (formerly known as Trinity Office Management Services Private Limited) Trustee (w.e.f. October 10, 2024): Axis Trustee Services Limited 994Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) II List of related parties as per the requirements of Ind AS 24–Related Party Disclosures SPV/Investment entity has identified related parties and related party transactions as per INDAS 24. The list of related parties and their transactions given in these Combined Financial Statements are a line-by-line combination of all the transactions with related parties entered into by the SPVs subject to elimination for transaction and balances between the SPVs. Besides that Sponsors, Manager and Trustee have been identified as related parties and all transactions with them have been included in the list below.

Further, affiliates of Sponsors have been identified as related parties and disclosure has been given to the extent transactions with such affiliates.

(i) Following are the list of related parties SlNo. Entity Relation RelatedParty Natureofrelationship 1 One International Holding BREPAsia SG L&THolding (NQ) Pte.

Center Private Company Ltd.

Limited Key management Mr. Shravan Sharma Director (tillAugust 10, 2022) personnel Mr. Sumit Bhartia Director Mr. Nikhil Pradeep Jalan Director Ms. Swati Fanil Shah Director (tillAugust 31, 2024) Ms. MitiAshok Shah Director (tillAugust 31, 2024) Mr.Aaryaman PankajTibrewal Director (w.e.f.August 10, 2022) Mr.VishalTharwani Chief Financial Officer (till January

2023) Mr. Manish Jain Chief Financial Officer (w.e.f.April 1, 2023 till October 3, 2023) Mr. Prakash Gupta Director and Chief Executive Officer (tillAugust 31, 2024) Mr.Anish Kedia Chief Financial Officer (w.e.f.

February 6, 2024 tillAugust 31, 2024) Ms. NehaWason Company Secretary (w.e.f.April 1, 2023 tillAugust 31, 2024) Ms. RituYatenderVerma Company Secretary (till March 31,

2023) Fellow Indiabulls Properties Private Limited subsidiary Spero Properties and Services Private companies Limited Mariana Infrastructure Limited Company in Nucleus Office Parks Private Limited which the (w.e.f. June 24, 2024) directors are interested – where transaction exists Investing entities BREPAsia SBS L&THolding (NQ) Ltd BREPVII SG L&THolding (NQ) Ltd BREPVIII SBS L&THolding (NQ) Ltd 2 OneWorld Ultimate BREPAsia SG L&THolding (NQ) Pte.

Center Private Holding Ltd.

Limited Company Holding FIM Holdco I Limited Company Fellow Sky Forest Projects Private Limited subsidiary companies 995Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship Key management Mr. MohitArora Director personnel Mr.Abhishek Govind Patil Director (till July 11, 2024) Mr. Srejan Goyal Director (w.e.f. October 17, 2023) Other Ariston Investments SubALimited shareholders 3 Pluto Solista Holding BREPAsia II Indian Holding CoVII Business Parks Company (NQ) Pte. Ltd. (fromAugust 31, 2023) Private Limited Key management Ms. NeerjaAshok Shah Director (w.e.f November 27, 2020 till personnel July 1, 2023) Mr.Ashok Dipchand Shah Director (w.e.f November 27, 2020 till July 1, 2023) Mr. Sumit Bhartia Director (w.e.f. July 1, 2023) Mr.Aaryaman PankajTibrewal Director (w.e.f. July 1, 2023) 4 BSPOffice Holding BREPAsia SG L&THolding III (NQ) Management Company Pte. Ltd.

Services Private Limited Key management Ms. NeerjaAshok Shah Director (till January 09, 2023) personnel Mr.Ashok Dipchand Shah Director (till January 09, 2023) Mr.TuhinArvind Parikh Director (w.e.f. January 09, 2023 till June 27, 2023) Mr.Asheesh Mohta Director (w.e.f. January 09, 2023 till June 27, 2023) Mr.Aaryaman PankajTibrewal Director (w.e.f. June 13, 2023) Mr. Sumit Bhartia Director (w.e.f. June 13, 2023) Other BREPAsia II SBS Chennai Holding shareholders (NQ) Ltd BREPVIII SBS Chennai Holding (NQ) Ltd.

Companies in Concepts International India Private which a Director Limited or his relative is a member or director (where transactions have taken place during the year) 5 One BKC Holding BREPAsia II Indian Holding Co IV Realtors Private Company (NQ) Pte. Ltd.

Limited Key management Mr. Shravan Sharma Director personnel Mr. Sumit Bhartia Director Other BREPAsia II SBS Indian Holding Co shareholders IV(NQ) Ltd.

BREPVIII SBS Indian Holding Co IV

(NQ) Ltd.

Company in Nucleus Office Parks Private Limited which the (w.e.f. June 24, 2024) directors are interested – where transaction exists Wholly Owned One BKC Solar Energy Private Limited Subsidiary (w.e.f. September 02, 2024) 996Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship 6 Prima Bay Holding BREPAsia SG L&THolding II (NQ) Private Limited Company Pte. Ltd.

Key management Mr.Abhishek Patil Director personnel Mr. Shravan Sharma Director Mr. Sumit Bhartia Director (w.e.f. June 24, 2024) Mr.Arpit Jain Company Secretary (till February 28,

2023) Ms. RituYatenderVerma Company Secretary (till October 31,

2023) Ms. Rashmi Company Secretary (w.e.f.April 01,

2024) Other BREPAsia SBS Indian L&THolding II Shareholders (NQ) Ltd BREPVIII SBS Indian L&THolding II

(NQ) Ltd Company in Nucleus Office Parks Private Limited which the (w.e.f. June 24, 2024) directors are interested – where transaction exists Wholly Owned Prima Bay Solar Energy Private Limited Subsidiary (w.e.f.August 31, 2024) 7 Cessna Garden Controlling BREPAsia II Indian Holding CoVII Developers enterprise (NQ) PTE.Ltd (w.e.f. March 09, 2021) Private Limited Other Mr. Jawahar Gopal shareholders Mrs. Meera Jawahar Mr. Lav Jawahar Mr. Kush Jawahar Mr. Manohar Gopal Mrs. Nehaa Manohar Mr. Dhiren Gopal Mrs. Neeta Dhiren Mr. SyedAhmed Mrs. Fareena SyedAhmed Company in Nucleus Office Parks Private Limited which the (w.e.f. June 24, 2024) directors are INR EnergyVentures Private Limited interested – (w.e.f. July 19, 2022) where Prestige Exora Business Parks Limited transaction (w.e.f. September 29, 2021 up to exists March 31, 2023) Key management Mr.Vikram Garg Director (w.e.f. March 9, 2021 to personnel September 29, 2021) Mr. Shravan Sharma Director (w.e.f. March 9, 2021 to September 29, 2021) Mr.Abhishek Govind Patil Director (w.e.f March 9, 2021 up to January 30, 2023) Mr. Nikhil Pradeep Jalan Director (w.e.f. March 9, 2021) Mr. Sumit Bhartia Director (w.e.f. September 29, 2021) Mr. Srejan Goyal Director (w.e.f. September 29, 2021) Mr.Aaryaman PankajTibrewal Director (w.e.f. January 30, 2023) AOPin which Cessna Business Park entity is member 997Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship 8 Exora Business Holding BREPAsia II Indian Holding CoVII Park Private Company (NQ) Pte. Ltd.

Limited Key management Mr.Asheesh Mohta Directors (till October 04, 2021) personnel Mr. Sumit Bhartia Directors (w.e.f. October 04, 2021) Mr.Abhishek Patil Directors (till January 30, 2023) Mr.Aaryaman PankajTibrewal Directors (w.e.f. January 30, 2023) Enterprises INR EnergyVentures Private Limited where directors (from July 19, 2022) are interested Nucleus Officeparks Parks Private Limited (up to June 24, 2024) Jointly Prestige Beta Projects Private Limited controlled entity of the holding company 9 Pluto Business Holding BREPAsia II Indian Holding CoVII Parks Private Company (NQ) Pte. Ltd.

Limited Key management Mr. Sumit Bhartia Director personnel Mr.Alok Jain Director Mrs. Neha Pansari Company Secretary (w.e.f.April 20,

2023) Enterprises Nucleus Officeparks Parks Private where directors Limited (up to June 24, 2024) are interested Entities in which INR EnergyVentures Private Limited Directors are (from July 19, 2022) interested Mamadapur Solar Private Limited (from April 12, 2021 up to September 2, 2022) 10 One Qube Holding BREPAsia SG L&THolding (NQ) Pte Realtors Private Company Limited Limited Key management Mr. MohitArora Director personnel Mr. Srejan Goyal Director (w.e.f. July 19, 2022) Mr.Aaryaman PankajTibrewal Director (w.e.f. January 30, 2023) Mr.Abhishek Govind Patil Director (till January 30, 2023) Mr. Shravan Sharma Director (till July 19, 2022) Ms. MitiAshok Shah Director (till March 31, 2022) Ms. Swati Fanil Shah Director (till March 31, 2022) Other BREPAsia SBS L&THolding (NQ) shareholders Ltd.

BREPVIII SBS L&THolding (NQ) Ltd.

Company in Spero Properties and Services Private which a Director Limited or his relative is a member or director – where transactions exists 11 Kosmo One Holding BREPAsia SG L&THolding III (NQ) Business Park Company Pte. Ltd. (w.e.f. June 5, 2021) Private Limited Indiabulls Real Estate Limited (till June 4, 2021) 998Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship Key management Mr. Sumit Bhartia Director personnel Mr. Quaiser Parvez Director (wef September 27, 2021) Mr.Abhishek Patil Director (till July 11, 2024) Mr.Aaryaman PankajTibrewal Director (w.e.f July 11, 2024) Mr. MohitArora Director (till September 27, 2021) Mr.Alok Kumar Jain Director (till September 27, 2021) Ms. MitiAshok Shah Independent Director (till February 07,

2022) Ms. Swati Fanil Shah Independent Director (till February 07,

2022) Ms. NehaWason Company Secretary (till February 07,

2022) Other BREPAsia II SBS Chennai Holding shareholders (NQ) Ltd BREPVIII SBS Chennai Holding (NQ) Ltd Companies/firms Nucleus Office Parks Private Limited in which directors/KMP are interested 12 PlutoAtriza Holding BREPAsia II Indian Holding CoVII Business Parks Company (NQ) Pte. Ltd.

Private Limited Key management Mr.Abhishek Govind Patil Director (till January 30, 2023) personnel Mr. Srejan Goyal Director Mr.Aaryaman PankajTibrewal Director (w.e.f. January 30, 2023) Ms. Poonam Negi Company Secretary (w.e.f.April 01, 2023 till July 15, 2024) Ms. Divya Sabharwal Company Secretary (w.e.f.August 01,

2024) 13 Debonair Enterprises Salarpuria Properties Private Limited.

Realtors Private under the Darshita Buildcon Private Limited Limited common control Greenage Griha Nirman Private Limited of shareholders Salarpuria Housing Private Limited Darshita Developers Private Limited Sattva Developers Private Limited Christmas Realtors Private Limited Salarpuria Realestate Private Limited Sattva Infrastructure India Private Limited Mindcomp Construction LLP VidarbhaAdvertising Sattva Homes Private Limited Eden Buildcon Private Limited LaxminarayanVyapaar Private Limited S.P.P.LProperty Management Private Limited 999Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship Enterprises Salarpuria Properties Private Limited owned or Darshita Buildcon Private Limited significantly Salarpuria Housing Private Limited influenced by Sattva Developers Private Limited key management Christmas Realtors Private Limited personnel or Salarpuria Realestate Private Limited their relatives or Sattva Infrastructure India Private major Limited shareholders of Mindcomp Construction LLP the Company VidarbhaAdvertising which have Sattva Homes Private Limited transactions Eden Buildcon Private Limited during the year LaxminaryanVypaar Private Limited S.P.P.LProperty Management Private Limited Key managerial Mr. Jagannath Subbarao personnel Mr.VithalVyas Mr. RavishAgarwal Mr. Sumit Das 14 Harkeshwar Entities under Mrs.Archana Salarpuria Realtors Private the significant Mr. Bijay KumarAgarwal Limited control/influence Mr. NiruAgarwal of Directors/ Mr.Apurva Salarpuria Shareholders Ms. Devina Salarpuria Apurva Salarpuria Karta of Rakesh Salarpuria HUF Sattva Developers Private Limited Belfast Holdings Private Limited Neet Neel (India) Private Limited Mukta Commercials Private Limited Jaigania Commercials Private Limited Vriddhii FamilyTrust Enterprises S.P.P.LProperty Management Private owned or Limited significantly Salarpuria Properties Private Limited influenced by LaxminarayanVyapaar Private Limited key management Neelanchal Properties LLP personnel or Christmas Realtors Private Limited their relatives or Eden Buildcon Limited major Savitrimata Realtors Private Limited shareholders of Salarpuria Realtors Private Limited the Company Sattva Housing Private Limited which have Poppy Realtors Private Limited transactions Poorna BuildTech Private Limited during the year Maestro Hotels and Resorts Private Limited VidarbhaAdvertising Sattva Homes Private Limited Darshita Buildcon Private Limited Sattva Realtors Private Limited Sattva Developers Private Limited Maestro Hotels & Motels Private Limited Rajmata Realtors Private Limited Darshita BuildTech Private Limited Key managerial Mr. Gautam Chakraborty Director personnel Mr. Siddharth Jain Director Mr.Aditya Purohit Director Mr. Jagannath Subbarao Director Mr.Aditya Purohit Company Secretary 1000Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship 15 Salarpuria Entities under Mrs. NiruAgarwal Developers the significant Mr. Bijay KumarAgarwal Private Limited control\ Vriddhii FamilyTrust influence of Mudita Salarpuria Directors\ Mrs.Archana Salarpuria Shareholders Mr.Apurva Salarpuria Sattva Developers Private Limited Enterprises Sattva Developers Private Limited owned or Salarpuria Properties Private Limited significantly S.P.P.LProperty Management Private influenced by Limited key management Salarpuria Housing Private Limited personnel or Nabs vriddi LLP their relatives or major shareholders of the Company which have transactions during the year Key managerial Mr. RajivAgarwal personnel Mr. RavishAgarwal Mr.VithalVyas Mrs.Archana Salarpuria 16 Darshita Edifice Parties Mr. Bijay KumarAgarwal LLP exercising Vriddhii FamilyTrust significant Mr. NiruAgarwal influence Neelanchal Projects LLP Enterprises S.P.P.LProperty Management Private owned or Limited significantly LaxminarayanVyapaar Private Limited influenced by Sattva Developers Private Limited key management Sattva Real Estate Private Limited personnel or Neelanchal Griha Nirman Private their relatives or Limited major Gaurav Commodeal Private Limited shareholders of Mindcomp Properties Private Limited the Company DarshitaAashiyana Private Limited which have Dawntech Electronics Private Limited transactions Salarpuria Properties Private Limited during the year Key managerial Mr. Bijay KumarAgarwal personnel Mr. RavishAgarwal Mr.VithalVyas Mr. Pradeep Kumar Dhandhania Mr. NiruAgarwal 17 Shirasa Regency Entities under Mr. Bijay KumarAgarwal Park Private the significant Vriddhii FamilyTrust Limited control\ Mr. NiruAgarwal influence of Sattva Developers Private Limited Directors\ Mindcomp Constructions LLP Shareholders 1001Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship Enterprises Salarpuria Properties Private Limited owned or Salarpuria Real Estates Private Limited significantly LaxminarayanVyapaar Private Limited influenced by Mindcomp Properties Private Limited key management S.P.P.LProperty Management Private personnel or Limited their relatives or Eden Buildcon Private Limited major shareholders of the Company which have transactions during the year Key managerial Mr. Surendra Kumar Bajaj personnel Mr. RavishAgarwal Mr. Siddharth Jain Mr. Swapnil Chandrakant Patel Ms. Manjula Somanath 18 Sattva Investors Mr. Bijay KumarAgarwal Knowledge Vriddhii FamilyTrust Capital private Mr. NiruAgarwal Limited (formerly Mindcomp Construction LLP known as Jaganmayi Realtors Private Limited)) Enterprises S.P.P.LProperty Management Private owned or Limited significantly Salarpuria Properties Private Limited influenced by LaxminarayanVyapaar Private Limited key management Sattva Developers Private Limited personnel or their relatives or major shareholders of the Company Key managerial Mr. Mahabaleshwar Ganapati Bhat personnel Mr. Siddharth Jain Mr.VithalVyas Ms. Manjula Somanath 19 Jaganmayi Real Investors Sattva Developers Private Limited Estates Private Sattva Real Estate Private Limited Limited Vriddhi FamilyTrust Darshita Landed Properties LLP Neelanchal Properties LLP Mr. Bijay KumarAgarwal Mrs. NiruAgarwal 1002Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship Enterprises Salarpuria Properties Private Limited owned or S.P.P.LProperty Management Private significantly Limited influenced by Rajmata Realtors Private Limited key management Sattva Developers Private Limited personnel or Greenage Griha Nirman Private Limited their relatives or Salarpuria Real estate Private Limited major Salarpuria Housing Private Limited shareholders of Mindcomp Properties Private Limited the Company Vedant Griha Nirman Private Limited Wellgrowth Grihanirman Private Limited Eden Buildcon Private Limited Darshita Landed Properties LLP LaxminarayanVyapaar Private Limited Jaganmayi Realtors Private Limited Sattva Resi Private Limited Jaganmayi Hi-Rise Private Limited Key managerial Mr. RajivAgarwal Director personnel Mr.VithalVyas Mr. RavishAgarwal Ms.AdrijaAgarwal Director Mr. Siddharth Jain Director 20 Quadro Info Investors Mr. Bijay KumarAgarwal Technologies Sattva Developers Private Limited Private Limited Vriddhii FamilyTrust Ms. Mudita Salarpuria Mr.Apurva Salarpuria Karta of Rakesh salarpuria HUF Ms. Devina Salarpuria Mr.Apurva Salarpuria VidhikaAvyaan SalarpuriaTrust Ms.Archana Salarpuria 1003Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship Enterprises Salarpuria Properties Private Limited owned or Greenage Griha Nirman Private Limited significantly Salarpuria Real Estates Private Limited influenced by Sattva Real Estate Private Limited key management Sattva Resi Private Limited personnel or Eden Buildcom Private Limited their relatives or Mahishmardini Griha Nirman Private major Limited shareholders of Darshita Constructions Private Limited the Company Vishnu Chakra Realtors Private Limited which have Darshita Buildcon Private Limited transactions Sattva Infrastructure India Private during the year Limited Chowringhee Residency Private Limited Poorna Build-Tech Private Limited Neelanchal Dwelling LLP Trinayani Realtors Private Limited Salarpuria Housing Private Limited LaxminarayanVyapaar Private Limited Water Edge Builders Private Limited Rajlaxmi Griha Nirman Private Limited S.P.P.LProperty Management Private Limited Sattva Developers Private Limited Darshita Landed Property LLP Coremind Software Services Private Limited Salarpuria Real Estate Private Limited Key managerial Mr.Apurva Salarpuria personnel Mr. Siddharth Jain Mr.VithalVyas Mr. Jagannath Subbarao 21 Darshita Hi-Rise Entities under Mr. Bijay KumarAgarwal Private Limited significant Mrs. NiruAgarwal control\ Vriddhii FamilyTrust Influence of Sattva Real Estate Private Limited Directors\ Neelanchal Properties LLP Shareholders Sattva Developers Private Limited Enterprises Salarpuria Properties Private Limited owned or S.P.P.LProperty Management Private significantly Limited influenced by Bhojeshwar Realtors Private Limited key management Greenage Griha Nirman Private Limited personnel or Rajmata Realtors Private Limited their relatives or Salarpuria Housing Private Limited major Salarpuria Real Estates Private Limited shareholders of Sattva Developers Private Limited the Company Vedant Griha Nirman Private Limited which have Haraparvati Realtors Private Limited transactions Mascot Properties Private Limited during the year DarshitaAashiyana Private Limited Dawntech Electronics Private Limited Darshita Southern India Happy Homes Private Limited Compact Griha Nirman Private Limited Om JoyousTrading Co Private Limited Wellgrowth Griha Nirman Private Limited 1004Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship Key managerial Mr.Ashwin Sancheti personnel Mr.VithalVyas Mr. Siddharth Jain (w.e.f 25.02.2025) Mr. Mahabaleshwar Ganapati Bhat 22 Darshita Housing Entities under Mr. Bijay KumarAgarwal Private Limited the significant Mrs. NiruAgarwal control\ Vriddhii FamilyTrust influence of Sattva Developers Private Limited Directors\ Sattva Real Estate Private Limited Shareholders Darshita Landed Property LLP Neelanchal Properties LLP Enterprises Greenage Griha Nirman Private Limited owned or Haraparvati Realtors Private Limited significantly LaxminarayanVyapaar Private Limited influenced by Mascot Properties Private Limited key management Mindcomp Properties Private Limited personnel or MindcompTech Park Private Limited their relatives or MotexTraders Private Limited major Neelanchal Realtors LLP shareholders of Poppy Realtors Private Limited the Company Wellgrowth Griha Nirman Private Limited Rajmata Realtors Private Limited Salarpuria Housing Private Limited Salarpuria Properties Private Limited Salarpuria Real Estate Private Limited Darshita Southern India Happy Homes Private Limited Sattva Housing Private Limited S.P.P.LProperty Management Private Limited SSAR Properties Private Limited Suprana Realtors Private Limited Trinayani Realtors Private Limited Key managerial Mr. Sanjay KumarAgarwal personnel Mr.VithalVyas Mr. RavishAgarwal 23 Sattva Properties Investors Mr. Bijay KumarAgarwal Management Mrs. NiruAgarwal Private Limited Sattva Developers Private Limited NABSVriddhii LLP(Formerly known as Neelanchal Edifice LLP) LaxminarayanVyapaar Private Limited Vriddhii FamilyTrust Sattva Real Estate Private Limited Darshita Landed Property LLP Neelanchal Investment Gaurav Commodeal Private Limited Neelanchal Mansion Clump LLP Neelanchal Properties LLP Sattva Lifestyle Homes LLP 1005Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship Enterprises Salarpuria Properties Private Limited owned or Haraparvati Realtors Private Limited significantly Eden Buildcon Private Limited influenced by Darshitha Landed Property LLP key management MindcompTech park Private Limited personnel or LaxminarayanVyapaar Private Limited their relatives or Salarpuria Properties Private Ltd major Rajmata Realtors Private Limited shareholders of Satern Griha Nirman Private Limited the Company Darshita Southern India Happy Homes Private Limited Sattva Homes Private Limited Sattva Realtors Private Limited S.P.P.LProperty Management Private Limited Sattva Housing Private Limited VidarbhaAdvertising NuezTechnologies Private Limited (formerly known as Sattva E-tech India Private Limited) LaxminarayanVyapaar Private Limited NABSTechpark Private Limited Mindcomp Properties Private Limited Darshita Retail Private Limited Sattva Developers Private Limited Darshita Regency Park LLP Neelanchal Grihanirman Private Limited Hanoch Integrated Private Limited Trigger Supply Private Limited Key managerial Mr. Shyam Sunder Purohit Director personnel Mr. Swapnil Chandrakant Patel RavishAgarwal – Director (w.e.f.

28/02/2025) Mr. Siddharth Jain Director 24 Darshita Entities with BREPAsia SG DRPLHolding (NQ) Pte.

Infrastructure significant Ltd. (Shareholder) Private Limited influence over Darshita Landed Property LLP the Company (Shareholder) Darshita Southern India Happy Homes Private Limited Eden Buildcon Private Limited Mindcomp Properties Private Limited Moonlike Construction Private Limited Neelanchal Properties LLP(Shareholder) Salarpuria Properties Private Limited Salarpuria Realestate Private Limited Sattva City Private Limited Sattva Developers Private Limited

(Shareholder) Savitrimata Realtors Private Limited Poppy Realtors Private Limited S.P.P.LProperty Management Private Limited 1006Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship Key managerial Mr. Bijay KumarAgarwal personnel Mr. Siddharth Jain Mr. Mahesh Kumar Khaitan Mr.Asheesh Mohta Mr. PiyushAgarwal Mr. Sumit Bhartia Mr. MohitArora 25 Devbhumi Entities with Sattva Developers Private Limited Joint control Realtors Private significant BREPAsia SG DRPLHolding (NQ) Pte.

Limited influence over Ltd the Company Other related Eden Buildcon Private Limited parties with Mascot Properties Private limited whom Neelanchal mansion Clump LLP transactions have Poorna BuildTech Private Limited taken place Rajlaxmi Griha Nirman Private Limited during the year Salarpuria Properties Private Limited Sattva Developers Private Limited S.P.P.LProperty Management Private Limited Entities in which Moonlike construction Private Limited Joint venture the Company has significant influence Key management Mr. Bijay KumarAgarwal Director personnel Mr. RavishAgarwal Director Mr. Mahesh Kumar Khaitan Director Mr. Sumit Bhartia Director Mrs. NiruAgarwal Director Mr. Srejan Goyal Director Mr. Sourabh Kishanpuria Director Ms. Neelu Prajapati Company Secretary (w.e.f May 10,

2024) Ms. Roopa Hegde Company Secretary (till December 8,

2023) Mr.Aditya Purohit Company Secretary (till June 27, 2023) 1007Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship 26 Worldwide Entities with Sattva Developers Private Limited Realcon Private significant Sattva Realty Private Limited Limited influence over BREPAsia SBS DRPLHolding (NQ) the Company Limited Moonlike Construction Private Limited BREPAsia SG DRPLHolding (NQ) Pte Limited BREPVIII SBS DRPLHolding (NQ) Limited Sattva Real Estate Private Limited Rajlaxmi Griha Nirman Private Limited Darshita Landed Property LLP Savitrimata Realtors Private Limited Suparna Realtors Private Limited Neelanchal Projects LLP LaxminarayanVyapaar Private Limited Salarpuria Properties Private Limited S.P.P.LProperty Management Private Limited Key managerial Mr. Bijay KumarAgarwal personnel Mr. Mahesh Kumar Khaitan Mr. Siddharth Jain Mr.Asheesh Mohta Mr. Pradeep Kumar Dhandhania Mr. MohitArora Mr. Sumit Bhartia 1008Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship 27 Salarpuria Griha Enterprises Salarpuria Properties Private Limited Nirman Private owned or S.P.P.LProperty Management Private Limited significantly Limited influenced by Monotype Griha Nirman Private Limited key management Real Griha Nirman Private Limited personnel or Salarpuria Hi-Rise Private Limited their relatives or Sattva Housing Private Limited major Darshita Buildcon Private Limited shareholders of Rajmata Realtors Private Limited the Company Salarpuria Housing Private Limited which have Salarpuria Real Estates Private Limited transactions Vishnuchakra Realtors Private Limited during the year Mindcomp Construction LLP Belfast Holding Private Limited Sattva Resi Private Limited Sattva Developers Private Limited Darshita Hotels & Motels Private Limited Darshita BuildTech Private Limited Neelanchal Con-Tech Private Limited Darshita Constructions Private Limited Christmas Realtors Private Limited Neelanchal Regency Park Private Limited Maestro Hotels & Resorts Private Limited Salarpuria Realtors Private Limited Savitrimata Realtors Private Limited Sattva Homes Private Limited Eden Buildcon Private Limited Jaganmayi Hi-Rise Private Limited NABS Finserv Private Limited Vishnuchakra Real Estates Private Limited Darshita Buildcon Private Limited Darshita Exim Private Limited Candid Builders Private Limited Mahishmardini Griha Nirman Private Limited Entities under Mr. Bijay KumarAgarwal the significant Vriddhii FamilyTrust control\ Mrs. NiruAgarwal influence of Sattva Developers Private Limited Directors\ Mr.Apurva Salarpuria Karta of Rakesh Shareholders Salarpuria HUF Mrs. Devina Salarpuria Mr.Apurva Salarpuria Mrs.Archana Salarpuria Key managerial Mr.Apurva Salarpuria personnel Mr. Siddharth Jain Mr.VithalVyas Mr. Sanjay KumarAgarwal 1009Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship 28 Sattva Infra Investors Mr. Bijay KumarAgarwal Management Mrs. NiruAgarwal Private Limited Vriddhii FamilyTrust Sattva Developers Private Limited Sattva Real Estate Private Limited Darshita Landed Property LLP Neelanchal Edifice LLP Neelanchal Mansion Clump LLP LaxminarayanVyapaar Private Limited Gaurav Commodeal Private Limited Sattva Lifestyle Homes LLP Neelanchal Properties LLP Enterprises Neelanchal High Rise LLP owned or LaxminarayanVyapaar Private Limited significantly S.P.P.LProperty Management Private influenced by Limited key management Salarpuria Properties Private Limited personnel or Gaurav Commodeal Private Limited their relatives or Trigger Supply Private Limited major Sattva City Private Limited (NABS shareholders of Techark Private Limited) the Company Eden Buildcon Private Limited which have NABS Finserv Private Limited transactions Sattva Developers Private Limited during the year Jaganmayi Hi Rise Private Limited Key managerial Mr. Shyam Sunder Purohit Director personnel Mr. RavishAgarwal Mr. Swapnil Chandrakant Patel Mr. Siddharth Jain Director 29 Mindcomp Holding BREPAsia II Indian Holding CoVIII Regency Park Company (NQ) Pte. Ltd.

Private Limited 1010Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship Enterprises Salarpuria Properties Private Limited where KMPor Sattva Developers Private Limited their relatives Neelanchal Properties LLP exercise NuezTechnologies Private Limited significant (formerly known as Sattva E-tech India influence (where Private Limited) transactions have LaxminarayanVyaapar Private Limited taken place) BREPAsia II SBS Indian Holding Co VIII (NQ) Ltd BREPIX SBS Indian Holding CoVIII

(NQ) Ltd Darshita Southern India Happy Homes Private Limited Poppy Realtors Private Limited Tanglin Developments Limited (Till August 16, 2021) Sattva Real Estate Private Limited VidarbhaAdvertising Greenage Griha Nirman Private Limited Rajmata Realtors Private Limited Salarpuria Real Estates Private Limited Vedant Griha Nirman Private Limited GVTResi Private Limited SPPLHotels Pvt Ltd S.P.P.LProperty Management Private Limited 1011Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship Key managerial Mr. Mahesh Kumar Khaitan personnel Mr.Asheesh Mohta (FromApril 01, 2023 tillAugust 14, 2023 and from September 18, 2023 till February 29,

2024) Mr. MohitArora (FromApril 01, 2023 tillAugust 14, 2023 and from September 18, 2023 till February 29,

2024) Mr. Sanjay KumarAgarwal (till August 14, 2023) Mr. Sourabh Kishanpuria (From April 01, 2023 till 14-Aug-2023 and from September 18, 2023 till February 29, 2024) Mr. Sumit Bhartia (FromApril 01, 2023 tillAugust 14, 2023 and from September 18, 2023 till February 29,

2024) Mr. ShivamAgarwal (w.e.f.August 14,

2023) Mr. Srejan Goyal (FromAugust 14, 2023 till September 18, 2023 and from February 29, 2024 till March 31, 2024) Mr. Harsh Om Prakash Maheshwari (FromAugust 14, 2023 till September 18, 2023 and from February 29, 2024 till March 31, 2024) Mr. Siddharth Nawal (FromAugust 14, 2023 till September 18, 2023 and from February 29, 2024 till March 31, 2024) Mr. Nikhil Pardeep (FromAugust 14, 2023 till September 18, 2023) Mr.Aaryaman PankajTibrewal (From February 29, 2024 till March 31, 2024) Mr.VeeraVenkata Naga Bramhendra Mahesh Gadhamsetty (CS) (till August 22, 2023) Ms. Pragya Kukreja Balwani (CS) (w.e.f January 29, 2024) Mr. Sourabh Kishanpuria (w.e.f.

September 30, 2021) Mr.Vikram Garg (till September 30,

2021) Mr. Pradeep Kumar Dhandhania Mr. GVVNB Mahesh (w.e.fApril 1,

2022) 30 SoftzoneTech Investors Sattva developers Private Limited Park Limited Neelanchal Properties LLP Sattva Real Estate Private Limited Vriddhii FamilyTrust Darshita Landed Property LLP Key managerial Mr. Bijay KumarAgarwal personnel Mr.Akshaya Kumar Panda Mr. Mahesh Kumar Khaitan Mr. Sarvesh Kumar Singh Mr.Apurva Salarpuria 1012Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship Enterprises Bhojeshwar Realtors Private Limited owned or Chinnamasta Properties Private Limited significantly Coremind software Services Private influenced by Limited key management Darshita Landed Property LLP personnel or Darshita Southern India Happy Homes their relatives or Private Limited major Sattva Realty Private limited shareholders of Sattva CKC Private Limited the Company Trinayani Realtors Private Limited which have VidarbhaAdvertising transactions Eden Buildcon Private Limited during the year Gaurav Commodeal Private Limited Greenage Griha Nirman Private Limited Haraparvati Realtors Private Limited Jaganmayi Builders & Developers Private Limited LaxminarayanVyapaar Private Limited Mindcomp Dwellings LLP Mindcomp Properties Private Limited Neelanchal Griha Nirman Private Limited Neelanchal Realtors LLP Poppy Realtors Private Limited Rajmata Realtors Private Limited Salarpuria Hi Rise Private Limited Salarpuria Housing Private Limited Salarpuria Properties Private Limited Salarpuria Real Estates Private Limited Salarpuria Realtors Private Limited Sattva Developers Private Limited Shirasa Hi-Rise Private Limited S.P.P.LProperty Management Private Limited Trigger Supply Private Limited Vaishnodevi Realtors Private Limited Vedant Griha Nirman Private Limited Visharada Realtors Private Limited Visharada Griha Nirman Private Limited Wellgrowth Griha Nirman Private Limited 31 Sattva Horizon Investors Sattva Developers Private Limited Private Limited Mr. Bijay KumarAgarwalTill 20th (formerly known January 2025 as Siddheshwari Mrs. NiruAgarwalTill 20th January Grihanirman 2025 Private Limited) Darshita Landed Property LLP Vriddhi FamilyTrust Neelanchal Properties LLP Sattva Real Estate Private Limited 1013Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) SlNo. Entity Relation RelatedParty Natureofrelationship Enterprises Mindcomp Hi Rise LLP owned or Darshita Southern India Happy Homes significantly Private Limited influenced by Darshita Projects Private Limited key management Mascot Properties Private Limited personnel or Mindcomp Properties Private Limited their relatives or Poppy Realtors Private Limited major Rajmata Realtors Private Limited shareholders of Salarpuria Housing Private Limited the Company Salarpuria Properties Private Limited Salarpuria Real Estate Private Limited Satern Griha Nirman Private Limited Sattva Real Estate Private Limited Salarpuria Developers Private Limited Salarpuria Builders Private Limited Salarpuria Griha Nirman Private Limited Greenage Grihanirman Private Limited Neelanchal Dwellings LLP S.P.P.LProperty Management Private Limited Wellgrowth Griha Nirman Private Limited Key managerial Mr. RajivAgarwal personnel Mr. Sunil Kumar Mishra Mr. RavishAgarwal Mr.VithalVyas 32 NABS Data Zone Entities under Mr. Bijay KumarAgarwal Private Limited significant Mrs. NiruAgarwal control/Influence Vriddhii FamilyTrust of Directors/ Mindcomp Constructions LLP Shareholders Key managerial Mr. Surendra Kumar Bajaj personnel Mr. Siddarath Jain Mr. RavishAgarwal Mr. Swapnil Chandrakant Patel Mrs. Manjula Somanath Enterprises LaxminarayanVyapaar Private Limited owned or S.P.P.LProperty Management Private significantly Limited influenced by Salarpuria Properties Private Limited key management personnel or their relatives or major shareholders of the Company which have transactions during the year 1014Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

(ii) Related party transactions Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Income Rental income from operating leases Sattva Developers Private Limited 9.29 – – Revenue from contracts with customers Neelanchal Griha Nirman Private Limited 19.35 – – Other operating revenue Mascot Properties Private Limited – 27.31 – Salarpuria Housing Private Limited – – 0.11 Trinayani Realtors Private Limited 0.65 – – Shirasa Construction Private Limited 0.07 – – Sattva Resi Private Limited 0.31 – – Sattva Developers Private Limited 0.14 – – Suprana Realtors Private Limited – 0.95 – Darshita Southern (I) Happy Homes Private Limited 0.54 – – Salarpuria Real estate Private Limited 0.95 – – Salarpuria Properties Private Limited – 6.78 5.45 Rajmata Realtors Private Limited – 0.09 – Haraparvati Realtors Private Limited – 1.45 5.73 Interest income on intercorporate deposits Sattva Developers Private Limited – – 0.09 Eden Buildcon Private Limited – 0.20 25.00 Sattva City Private Limited (NABS Techpark Private Limited) 0.61 10.50 – Moonlike Construction Private Limited 16.44 0.21 24.83 Sattva Resi Private Limited 15.57 – – NABS Finserv Private Limited 21.95 0.58 0.03 Sattva City Private Limited 0.82 10.51 – Gaurav Commodeal Private Limited 2.96 28.66 0.12 Mindcomp Properties Private Limited 0.07 – – Trigger Supply Private Limited 64.48 82.58 6.90 Salarpuria Properties Private Limited 43.64 29.63 9.90 Visharada Realtors Private Limited – 0.33 4.61 1015Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Visharada Griha Nirman Private Limited – 17.77 – Laxminarayan Vyapaar Private Limited 103.02 88.17 225.20 Salarpuria Real Estate Private Limited – 0.43 5.92 Prestige Beta Projects Private Limited 26.31 – – S.P.P.L Property Management Private Limited 3.40 0.01 1.11 Knowledge Realty Office Management Services Private Limited 0.01 – – INR Energy Ventures Private Limited 68.45 – – Interest income on debentures, redeemable preference shares & compulsorily convertible preference shares Salarpuria Housing Private Limited – 4.70 22.18 Eden buildcon Private Limited 6.01 10.78 101.22 Savitrimata Realtors Private Limited 54.03 103.08 95.77 Salarpuria Realtors Private Limited 1.33 14.91 10.92 Sattva Housing Private Limited 6.08 18.97 19.37 Maestro Hotels and Resorts Private Limited 3.24 7.01 6.70 Sattva Homes Private Limited 4.17 24.18 21.12 Darshita Buildcon Private Limited 12.56 16.87 22.12 Sattva Realtors Private Limited 22.08 58.07 50.00 Water Edge Builders Private Limited 16.16 29.90 27.49 Salarpuria Real Estate Private Limited 23.35 58.11 69.10 Mahishmardini Griha Nirman Private Limited 0.31 0.57 0.52 Darshita Constructions Private Limited 1.49 2.96 2.75 Vishnu Chakra Realtors Private Limited – 9.51 8.85 Candid Builders Private Limited 0.27 0.55 0.50 Darshita Hotels & Motels Private Limited 3.90 9.55 8.26 Jaganmayi Hi-rise Private Limited 0.39 21.07 23.04 Monotype Griha Nirman Private Limited 27.75 54.28 10.49 Real Griha Nirman Private Limited 4.04 6.56 2.93 Jaganmayi Builders & Developers Private Limited 0.19 0.00 – Shirasa Hi-Rise Private Limited 4.24 0.04 – Moonlike Construction Private Limited 203.33 169.61 134.36 1016Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Income from maintenance services Concepts International India Private Limited 48.96 35.64 – Salarpuria Properties Private Limited – 13.61 14.34 Rajmata Realtors Private Limited – 0.18 – Haraparvati Realtors Private Limited – 2.89 14.33 Miscellaneous income Rajmata Realtors Private Limited 1.32 2.31 – Sattva Housing Private Limited 10.06 – – Suprana Realtors Private Limited 0.43 0.15 – Neelanchal Dwellings LLP 0.46 – – Neelanchal Griha Nirman Private Limited 2.49 – – Mindcomp Tech park Private Limited 2.67 – – Sattva Developers Private Limited – – 0.66 Trinayani Realtors Private Limited – – 0.15 Neelanchal mansion Clump LLP – 0.04 – Mindcomp Properties Private Limited – – 0.04 Salarpuria Real Estate Private Limited – – 0.87 Salarpuria Housing Private Limited – – 0.33 Sattva Real Estate Private Limited – 0.65 0.15 Darshita Projects Private Limited 0.57 0.49 – Sattva Resi Private Limited 0.07 0.17 – Moonlike Construction Private Limited 0.88 1.13 – Haraparvati Realtors Private Limited 0.53 4.80 – Salarpuria Properties Private Limited – 6.97 – Expenses Power and fuel Mamadapur Solar Private Limited – – 11.20 Cessna Business Park 0.60 0.63 – Neelanchal Griha Nirman Private Limited 1.87 – 1.48 INR Energy Ventures Private Limited 275.59 403.45 274.70 Property service management fees Nucleus Office Parks Private Limited 355.92 439.95 435.39 1017Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Legal and professional fees S.P.P.L Property Management Private Limited – – 0.01 Mr. Arpit Jain – – 0.22 Ms. Ritu Yatender Verma – 0.14 – Mrs. Neha Pansari 0.24 0.23 – Ms. Poonam Negi 0.07 – – Ms. Divya Sabharwal 0.16 – – Advertisement Expenses Vidarbha Advertising 1.96 5.88 2.43 Repair and maintenance expense Cessna Business Park 8.16 6.90 – S.P.P.L Property Management Private Limited 9.60 9.00 4.80 Sattva Developers Private Limited – 510.00 – Neelanchal Griha Nirman Private Limited 20.54 – 3.96 Project management charges (capitalized in IPUD) Sattva Developers Private Limited – 120.00 120.00 Salaries, bonus and allowances Mr. Sanjay Kumar Agarwal – 8.67 – Mr. Prakash Gupta 1.32 7.24 6.03 Mr. Vishal Tharwani – – 4.27 Mr. Manish Jain – 2.13 – Mr. Anish Kedia 1.71 1.03 – Ms. Neha Wason 0.63 2.79 – Ms. Ritu Yatender Verma – – 0.27 Miscellaneous expenses (including IPUD capitalisation) S.P.P.L Property Management Private Limited 45.01 100.76 96.40 Darshita Retail Private Limited – 0.53 – Sattva Real Estate Private Limited 0.19 – 1.37 Nuez Technologies Private Limited (formerly known as Sattva Etech India Private Limited) – 1.79 2.00 Worldwide realtor Private Limited 0.26 – – Sattva Resi Private Limited 0.46 – – Sattva CKC Private Limited 0.28 – – 1018Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Darshita Landed Properties LLP 0.14 – – Darshita Housing Private Limited 1.95 – – Neelanchal Realtors LLP – – 2.13 Salarpuria Housing Private Limited – 0.65 1.49 Haraparvati Realtors Private Limited – 0.53 – Salarpuria Properties Private Limited 1.03 5.96 7.47 Rajmata Realtors Private Limited 5.61 – 0.27 Sattva Developers Private Limited 3.18 7.23 10.24 Salarpuria Real Estate Private Limited 14.01 7.81 1.73 Greenage Griha Nirman Private Limited 0.04 – 2.51 Mindcomp Properties Private Limited – – 1.01 Eden Buildcon Private Limited 0.61 0.12 – Poppy Realtors Private Limited 0.04 – 0.14 Trinayani Realtors Private Limited 0.41 – 0.17 Rajlaxmi Griha Nirman Private Limited – – 0.16 Suprana Realtors Private Limited 0.03 – 1.88 Poorna Build-Tech Private Limited – – 0.56 Moonlike Construction Private Limited – – 0.57 Interest expenses on debentures BREP Asia SBS L&T Holding (NQ) Ltd 0.06 1.05 0.72 BREP Asia SG L&T Holding (NQ) Pte. Ltd. 24.91 280.15 205.80 BREP VIII SBS L&T Holding (NQ) Ltd 0.02 0.21 0.15 Rajmata Realtors Private Limited – – 2.15 SSAR Properties Private Limited – – 3.02 S.P.P.L Property Management Private Limited – 2.25 2.28 Mindcomp Tech Park Private Limited 0.30 0.78 0.76 Haraparvati Realtors Private Limited 8.58 17.21 15.82 Motex Traders Private Limited – – 18.23 Darshita Projects Private Limited – 12.00 – Salarpuria Properties Private Limited 3.60 3.14 27.71 Mindcomp Properties Private Limited – – 124.41 Satern Griha Nirman Private Limited – – 4.67 Wellgrowth Griha Nirman Private Limited – – 6.69 1019Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Interest expenses on intercorporate borrowings Salarpuria Properties Private Limited 95.70 116.95 227.82 Laxminarayan Vyapaar Private Limited 1.95 1.16 1.89 Gaurav Commodeal Private Limited 9.13 26.13 0.44 Mindcomp Properties Private Limited 8.71 – – S.P.P.L Property Management Private Limited 1.30 36.41 24.94 NABS Finserv Private Limited 5.03 – – Mascot Properties Private Limited – 0.46 0.45 Sattva Developers Private Limited 0.30 0.02 0.06 Mrs. Niru Agarwal 0.97 – – Neelanchal Properties LLP 0.82 – – Eden Buildcon Private Limited 0.93 – – Mr. Bijay Kumar Agarwal 0.97 – – Chinnamasta Properties Private Limited – 0.01 0.01 Mindcomp Dwellings LLP 0.14 0.11 – Appropriation of profit to partners’ current accounts Mr. Bijay Kumar Agarwal 11.00 11.62 8.04 Mrs. Niru Agarwal 11.00 11.62 8.04 Neelanchal Projects LLP 6.72 5.81 4.02 Insurance expenses S.P.P.L Property Management Private Limited 0.20 0.11 0.05 Loss on measurement of financials instrument at FVTPL/amortised cost Sattva Housing Private Limited 39.45 30.25 – Salarpuria Real Estates Private Limited 93.91 – – Darshita Buildcon Private Limited 45.12 39.05 24.13 Mahishmardini Griha Nirman Private Limited 1.93 – – Mindcomp Tech Park Private Limited 2.84 – – Jaganmayi Hi-rise Private Limited 1.20 – – Haraparvati Realtors Private Limited 64.97 – – Sattva homes Private Limited 21.39 – – Maestro Hotels & Resorts Private Limited 38.79 3.76 – Maestro Hotels and Resorts Private Limited 0.62 – – Vishnu Chakra Realtors Private Limited – 25.06 – 1020Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Salarpuria Housing Private Limited – 57.57 64.47 Darshita Hotels & Motels Private Limited 32.57 14.94 – Monotype Griha Nirman Private Limited 79.00 – 19.78 Real Griha Nirman Private Limited 12.55 – 11.13 Salarpuria Real Estate Private Limited 100.16 – – Eden buildcon Private Limited 41.37 – 146.35 Salarpuria Realtors Private Limited 5.24 59.75 28.25 Jaganmayi Builders & Developers Private Limited 0.17 – – Vaishnodevi Realtors Private Limited – – 14.45 Candid Builders Private Limited 1.65 – – Darshita Constructions Private Limited 17.47 – – Corporate overheads Sattva Developers Private Limited 89.76 85.48 81.41 Expenses incurred on behalf of the Company by Eden Buildcon Private Limited – 0.31 0.34 Sattva City Private Limited 0.16 – – Poppy Realtors Private Limited 0.04 – – Salarpuria Properties Private Limited 18.53 86.09 297.32 S.P.P.L Property Management Private Limited 165.32 346.25 372.32 Sattva Developers Private Limited 0.81 1.96 2.62 Laxminarayan Vyapaar Private Limited 15.52 142.74 322.93 Mindcomp Properties Private Limited 0.47 – – Satern Griha Nirman Private Limited – – 0.20 Sattva Housing Private Limited – 0.56 0.18 Darshita Regency Park LLP – – 0.29 Sattva Resi Private Limited 0.01 – – Neelanchal Griha Nirman Private Limited 3.31 5.55 – Rajmata Realtors Private Limited 0.22 0.13 – Mindcomp Tech park Private Limited – 0.18 – Greenage Griha Nirman Private Limited – – 0.20 Moonlike Construction Private Limited – 0.27 0.45 1021Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Expense incurred by the Company on the behalf of Poorna Build Tech Private Limited – – 0.32 Concepts International India Private Limited 5.18 2.90 – Laxminarayan Vyapaar Private Limited 5.35 – – Salarpuria Real Estate Private Limited – 0.74 – S.P.P.L Property Management Private Limited – 0.00 0.13 Salarpuria Properties Private Limited 6.24 2.11 20.10 Rajlaxmi Griha Nirman Private Limited – – 0.05 Neelanchal Projects LLP – 0.60 0.43 Sattva Realty Private Limited – 0.83 – Savitrimata Realtors Private Limited – – 0.02 Investment in non convertible debentures Sattva Realtors Private Limited – – 190.00 Sattva Homes Private Limited – – 100.00 Salapuria Properties Private Limited 200.00 – – Mindcomp Properties Private Limited – – 3,970.00 Investment in optionally convertible debentures Monotype Griha Nirman Private Limited 670.00 – 650.00 Darshita Buildcon Private Limited 50.00 50.00 – Salarpuria Properties Private Limited – 107.50 15.00 Moonlike Construction Private Limited 250.00 – 337.50 Assets Investment in Compulsory Convertible Preference Shares Moonlike Construction Private Limited – – 100.00 Redemption of investment in preference Shares Prestige Exora Business Parks Limited – – 1,582.07 Redemption of investment in optionally convertible debentures Darshita Constructions Private Limited 5.00 – – Darshita Buildcon Private Limited 85.00 – – Mahishmardini Realtors Private Limited 5.00 – – Water Edge Builders Private Limited 250.00 – – Salarpuria Real Estate Private Limited 340.00 400.00 – 1022Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Redemption of investment in non convertible debentures Vishnu Chakra Realtors Private Limited – 85.00 – Sattva Realtors Private Limited 90.00 100.00 – Sattva Housing Private Limited – 50.00 – Sattva Homes Private Limited – 100.00 – Jaganmayi Builders & Developers Private Limited 5.00 – – Maestro Hotels and Resorts Private Limited 2.50 – – Salarpuriya Grihanirman Private Limited 200.00 – – Salarpuria Realtors Private Limited 15.00 83.20 – Salarpuria Properties Private Limited – – 50.00 Salarpuria Housing Private Limited – 90.00 100.00 Rajmata Realtors Private Limited – – 53.50 Mindcomp Properties Private Limited – – 3,970.00 Eden buildcon Private Limited 90.00 – 1,550.00 Darshita Buildcon Private Limited 20.00 67.50 50.00 Equity Issue of equity share capital Mr. Bijay Kumar Agarwal – – 0.05 Mrs. Niru Agarwal – – 0.05 Distribution to partner Mr. Bijay Kumar Agarwal – – 20.04 Mrs. Niru Agarwal – – 20.04 Neelanchal Projects LLP – – 0.02 Conversion of Compulsory convertible debentures/Compulsory convertible preference shares (CCD/CCPS) BREP Asia II Indian Holding Co VII (NQ) Pte.

Ltd. – – 6,199.71 BREP Asia II Indian Holding Co IV (NQ) Pte.

Ltd. – – 3,973.39 BREP Asia II SBS Indian Holding Co IV (NQ) Ltd. – – 19.95 BREP VIII SBS Indian Holding Co IV (NQ) Ltd. – – 6.66 1023Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Liabilities Non-convertible debentures issued to Salarpuria Properties Private Limited – 250.00 – Optionally convertible debentures issued to Salarpuria Properties Private Limited – – 440.00 S.P.P.L Property Management Private Limited – – 195.00 Redemption of optionally convertible debentures Salarpuria Properties Private Limited – 90.00 – S.P.P.L Property Management Private Limited – 195.00 – Non-convertible bonds issued to BREP Asia SBS L&T Holding (NQ) Ltd – – 9.32 BREP Asia SG L&T Holding (NQ) Pte. Ltd. 1,450.00 – 1,829.25 BREP VIII SBS L&T Holding (NQ) Ltd – – 1.90 Non-convertible bonds repaid to BREP Asia SBS L&T Holding (NQ) Ltd 9.32 – – BREP Asia SG L&T Holding (NQ) Pte. Ltd. 988.78 – – BREP VIII SBS L&T Holding (NQ) Ltd 1.90 – – Loans/intercorporate deposits given Mariana Infrastructure Limited 1,240.00 – – Cessna Business Park 0.99 – – Salarpuria Properties Private Limited 7,301.48 7,496.02 4,704.50 Sattva Developers Private Limited – – 2.00 Neelanchal Projects LLP – 0.04 0.02 Sattva Resi Private Limited 3,091.80 – – Eden Buildcon Private Limited 17.28 – 4,000.00 INR Energy Ventures Private Limited 1,500.00 – – Laxminarayan Vyapaar Private Limited 13,486.15 6,642.18 17,631.14 Sattva Infrastructure India Private Limited – 0.10 – S.P.P.L Property Management Private Limited 99.65 – – Trigger supply Private Limited 3,200.00 – 2,650.00 NABS Techpark Private Limited 1.15 504.60 – Moonlike Construction Private Limited 550.00 – 274.10 NABS Finserv Private Limited 1,215.00 8.55 8.00 Gaurav Commodeal Private Limited 4,890.76 451.00 250.00 1024Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Mindcomp Properties Private Limited 1,202.00 – – Visharada Realtors Private Limited – – 900.00 Knowledge Realty Office Management Services Private Limited 5.00 – – Prestige Beta Projects Private Limited 1,750.00 – – Novo Themes Properties Private Limited 250.00 – – Visharada Griha Nirman Private Limited – 1,116.80 – Repayments of loans/intercorporate deposits given Mariana Infrastructure Limited 1,020.00 – – Prestige Beta Projects Private Limited 1,750.00 – – S.P.P.L Property Management Private Limited 499.65 0.18 101.41 Salarpuria Properties Private Limited 6,898.87 7,575.07 4,686.78 Sattva Developers Private Limited – – 2.00 Neelanchal Projects LLP – 0.04 0.02 Eden Buildcon Private Limited – – 4,000.00 Salarpuria Real Estate Private Limited – 5.39 – NABS Finserv Private Limited 670.00 – – Laxminarayan Vyapaar Private Limited 13,422.55 6,287.14 22,469.43 Sattva Infrastructure India Private Limited – 0.10 – Sattva City Private Limited (NABS Techpark Private Limited) 513.00 – – Moonlike Construction Private Limited 50.00 – 337.50 Sattva City Private Limited 514.00 – – Mindcomp Properties Private Limited 1,200.00 – – Gaurav Commodeal Private Limited 5,370.00 177.00 – Visharada Realtors Private Limited – 4.15 900.00 Trigger Supply Private Limited 5,380.00 554.70 – Visharada Griha Nirman Private Limited – 1,116.80 – Knowledge Realty Office Management Services Private Limited 5.00 – – Inter corporate borrowings Salarpuria Properties Private Limited 28,462.65 45,115.28 30,350.12 Gaurav Commodeal Private Limited – 406.44 109.35 Laxminarayan Vyapaar Private Limited 66.03 28.01 78.41 Mindcomp Properties Private Limited 247.50 – 0.10 1025Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 S.P.P.L Property Management Private Limited 228.58 3,303.48 1,580.92 Sattva Developers Private Limited – 400.00 – NABS Finserv Private Limited 250.00 – – Mindcomp Dwellings LLP – 1.70 – Repayment of inter corporate borrowings Salarpuria Properties Private Limited 29,517.40 43,346.18 33,172.78 Laxminarayan Vyapaar Private Limited 73.84 19.83 86.31 Gaurav Commodeal Private Limited – 452.02 99.80 Mindcomp Properties Private Limited 245.00 – 0.10 S.P.P.L Property Management Private Limited 228.53 3,351.11 1,612.00 Salarpuria Real Estate Private Limited – 0.01 – Mascot Properties Private Limited – 5.75 – Sattva Developers Private Limited – 400.29 0.56 NABS Finserv Private Limited 250.00 – – Chinnamasta Properties Private Limited – 0.16 – Joint venture deposit repaid Coremind software Services Private Limited – – 95.00 Chinnamasta Properties Private Limited – – 20.00 Poppy Realtors Private Limited – – 200.00 Salarpuria Hi Rise Private Limited – – 410.00 Conversion of interest expense into loan Salarpuria Properties Private Limited 126.07 193.10 193.19 S.P.P.L Property Management Private Limited 0.13 25.85 29.97 Mindcomp Dwellings LLP 0.10 – – NABS Finserv Private Limited 4.53 – – Neelanchal Properties LLP 0.74 – – Salarpuria Real Estate Private Limited – 0.00 – Mascot Properties Private Limited – 0.41 0.36 Sattva Developers Private Limited – 0.02 0.58 Laxminarayan Vyapaar Private Limited – 11.79 13.59 NABS Techpark Private Limited – 9.46 – Chinnamasta Properties Private Limited – 0.01 0.15 Conversion of interest income into loan S.P.P.L Property Management Private Limited – 0.01 0.24 1026Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Salarpuria Properties Private Limited 15.89 24.80 6.83 Laxminarayan Vyapaar Private Limited 47.09 192.92 157.98 Mr. Bijay Kumar Agarwal 0.87 – – Mrs. Niru Agarwal 0.87 – – Sattva City Private Limited (NABS Techpark Private Limited) 0.55 9.45 – Gaurav Commodeal Private Limited 25.80 0.10 – Trigger Supply Private Limited 80.45 6.21 – Salarpuria Real Estate Private Limited – 5.33 – Visharada Realtors Private Limited – 4.15 – Conversion of loan into Debentures S.P.P.L Property Management Private Limited – 300.00 – Salarpuria Properties Private Limited – 500.00 200.00 Conversion of advances taken to other payables Salarpuria Properties Private Limited – 20.00 – Security deposits paid Sattva Developers Private Limited – – 24.04 Lease deposit received Sattva Developers Private Limited 2.32 – 2.11 Lease payments Sattva Developers Private Limited 37.87 48.68 8.01 Dividend paid BREP Asia II Indian Holding Co VII (NQ) Pte.

Ltd. 268.44 – 1,105.07 BREP Asia II Indian Holding Co III (NQ) Pte Ltd 0.01 – – Corporate guarantee given Darshita Aashiyana Private Limited 940.28 940.28 – Dawntech Electronics Private Limited – 144.66 – Corporate guarantee received Sattva Developers Private Limited – 6,630.00 – Corporate guarantee fees Darshita Aashiyana Private Limited 0.47 – – Dawntech Electronics Private Limited 0.07 – – 1027Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 Corporate guarantee withdrawn Sattva Developers Private Limited 6,130.00 9,000.00 – Personal guarantee received Mr. Bijay Kumar Agarwal – 6,130.00 – Personal guarantee withdrawn Mr. Bijay Kumar Agarwal 6,130.00 9,000.00 – Transfer for debentures Salarpuriya Grihanirman Private Limited 200.00 – – Darshita Hotels & Motels Private Limited 62.90 – – Darshita Constructions Private Limited 18.00 Real Griha Nirman Private Limited 25.00 – – Maestro Hotels & Resorts Private Limited 65.00 – – Jaganmayi Hi-Rise Private Limited 10.00 – – Salarpuria Real Estate Private Limited 100.00 – – Sattva Homes Private Limited 60.00 – – Candid Builders Private Limited 5.00 – – Savitrimata Realtors Private Limited 687.50 – – Advance received against sale of investments Salarpuria Properties Private Limited 70.00 – – Advance transferred/Received Trinayani Realtors Private Limited 60.00 – – Gain on measurement of financial instrument at FVTPL/amortized cost Salapuria Properties Private Limited 3.60 – – 1028Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

(iii) Outstanding balances as at the year end As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Assets Investments in non convertible debentures Candid Builders Private Limited – 6.38 5.88 Darshita Buildcon Private Limited – 112.78 216.03 Darshita Constructions Private Limited – 38.97 36.24 Darshita Hotels & Motels Private Limited – 9.17 14.39 Eden buildcon Private Limited – 126.04 116.16 Jaganmayi Hi-Rise Private Limited – – 349.62 Maestro Hotels & Resorts Private Limited – 100.66 98.27 Monotype Griha Nirman Private Limited – 22.54 20.22 Real Griha Nirman Private Limited – 33.52 27.21 Salarpuria Housing Private Limited – – 143.21 Salarpuria Real Estate Private Limited – 613.26 1,060.08 Salarpuria Realtors Private Limited – 18.90 150.52 Sattva Homes Private Limited – 78.05 184.23 Sattva Housing Private Limited – 83.37 145.51 Sattva Realtors Private Limited – 449.34 514.93 Savitrimata Realtors Private Limited – 1,392.90 1,297.08 Vishnu Chakra Realtors Private Limited – – 103.09 Mahishmardini Griha Nirman Private Limited – 6.62 6.10 Water Edge Builders Private Limited – 348.03 320.63 Investments in optionally convertible debentures Darshita Buildcon Private Limited – 74.78 22.57 Maestro Hotels & Motels Private Limited – 3.02 2.82 Sattva Homes Private Limited – 24.12 22.55 Shirasa Hi-Rise Private Limited – 102.38 – Darshita Hotels & Motels Private Limited – 82.40 84.24 Monotype Griha Nirman Private Limited – 700.82 655.57 Jaganmayi Hi-Rise Private Limited – 10.81 10.09 Jaganmayi Builders & Developers Private Limited – 4.98 – Investments in optionally convertible debentures – Current Moonlike Construction Private Limited 2,447.43 2,014.97 1,861.24 1029Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Investments in compulsorily convertible preference shares Moonlike Construction Private Limited 80.48 88.33 80.46 Loans/intercorporate deposits given Gaurav Commodeal Private Limited 74.35 549.90 250.10 Laxminarayan Vyaapar Private Limited 1,660.10 1,503.02 1,066.70 Moonlike Construction Private Limited 502.98 1.20 1.12 NABS Finserv Private Limited 649.76 – 8.03 NABS Techpark Private Limited 1.50 513.95 – S.P.P.L Property Management Private Limited 3.05 – 0.18 Salarpuria properties Private Limited 458.92 251.07 297.42 Salarpuria Real Estate Private Limited – – 5.39 Eden buildcon Private Limited 17.28 – – Mindcomp Properties Private Limited 2.06 – – Sattva Resi Private Limited 3,755.11 – – Trigger Supply Private Limited 53.87 2,175.83 2,656.14 Visharada Realtors Private Limited – – 4.15 Sattva City Private Limited 0.79 514.08 – INR Energy Ventures Private Limited 1,500.00 – – Interest accrued on loan/intercorporate deposits given Moonlike Construction Private Limited 14.70 1.70 1.59 INR Energy Ventures Private Limited 61.61 – – Interest accrued on investments in debentures Candid Builders Private Limited – 0.09 0.05 Darshita Buildcon Private Limited – 1.40 1.55 Darshita Constructions Private Limited – 0.21 0.21 Darshita Hotels & Motels Private Limited – 1.01 0.57 Eden buildcon Private Limited – 0.81 2.35 Jaganmayi Hi-Rise Private Limited – 0.09 3.00 Maestro Hotels & Motels Private Limited – 0.02 0.02 Maestro Hotels & Resorts Private Limited – 0.59 0.59 Mahishmardini Griha Nirman Private Limited – 0.05 0.05 Monotype Griha Nirman Private Limited – 6.03 2.01 Real Griha Nirman Private Limited – 0.23 0.23 Salarpuria Housing Private Limited – – 1.71 1030Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Salarpuria Real Estate Private Limited – 3.96 7.56 Salarpuria Realtors Private Limited – 0.75 0.75 Sattva Homes Private Limited – 0.54 0.72 Sattva Housing Private Limited – 0.77 0.90 Sattva Realtors Private Limited – 2.43 2.43 Moonlike Construction Private Limited – 1.70 1.59 Savitrimata Realtors Private Limited – 6.52 6.52 Vishnu Chakra Realtors Private Limited – 0.76 0.77 S.P.P.L Property Management Private Limited – – 0.58 Water Edge Builders Private Limited – 2.25 2.25 Security deposits Sattva Developers Private Limited 24.04 24.04 24.04 Cessna Business Park 0.99 – – Trade receivables Neelanchal High Rise LLP – – 20.17 Concepts International India Private Limited 28.39 – – Sattva Housing Private Limited 3.92 – – Sattva Developers Private Limited 28.05 – – Other Receivables Darshita Projects Private Limited 0.36 0.56 – Darshita Southern India Happy Homes Private Limited 2.49 0.20 – Darshita Aashiyana Private Limited 0.09 – – Eden buildcon Private Limited – – 1.32 Hanoch Integrated Private Limited 0.22 0.22 0.22 Jaganmayi Builders & Developers Private Limited – 0.02 – Laxminarayan Vyaapar Private Limited – – 0.05 Mindcomp Properties Private Limited – – 0.04 Moonlike Construction Private Limited 1.02 1.64 3.17 Neelanchal Grihanirman Private Limited 12.61 5.47 5.47 Neelanchal High Rise LLP – – 26.53 Neelanchal mansion Clump LLP 0.05 0.05 – Neelanchal Projects LLP 0.69 0.69 0.50 Poorna Build Tech Private Limited – – 0.38 Cessna Business Park 0.79 – – 1031Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Rajlaxmi Griha Nirman Private Limited – – 0.06 Rajmata Realtors Private Limited 1.13 2.73 – S.P.P.L Property Management Private Limited 7.51 5.57 0.30 Salarpuria Housing Private Limited 1.14 1.14 1.52 Salarpuria properties Private Limited 17.11 4.12 0.00 Sattva Realty Private Limited 0.20 – – Salarpuria Real Estate Private Limited 1.57 0.54 1.55 Salarpuria Realtors Private Limited – 0.14 0.14 Sattva Developers Private Limited 0.01 3.42 1.08 Nuez Technologies Private Limited (formerly known as Sattva E-tech India Private Limited) 0.58 0.58 – Sattva Homes Private Limited – – 0.90 Sattva Real Estate Private Limited – 0.78 0.17 Sattva Realtors Private Limited – 0.81 1.71 Sattva Resi Private Limited 0.55 0.20 – Savitrimata Realtors Private Limited 0.32 0.02 0.02 Shirasa Hi-Rise Private Limited – 0.15 – Suprana Realtors Private Limited 0.59 0.18 – Dawntech Electronics Private Limited 0.55 – – Mindcomp Hi Rise LLP 38.85 – – Neelanchal Dwellings 0.54 – – Trinayani Realtors Private Limited – – 0.17 Sattva Housing Private Limited 0.98 – – Sattva Reality Private Limited 0.97 0.97 – Advances other than capital advances Mahishmardini Griha Nirman Private Limited – 41.50 41.50 Personal guarantee received Mr. Bijay Kumar Agarwal – 6,130.00 9,000.00 Liabilities Compulsorily convertible debenture classified as equity Tanglin Developments Limited – – 3,849.98 1032Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Compulsorily convertible preference shares classified as equity BREP Asia II Indian Holding Co VII (NQ) Pte Ltd 1.35 1.35 1.35 Jawahar Gopal 0.01 0.01 0.01 Meera Jawahar 0.02 0.02 0.02 Lav Jawahar 0.02 0.02 0.02 Kush Jawahar 0.02 0.02 0.02 Manohar Gopal 0.01 0.01 0.01 Neha Manohar 0.05 0.05 0.05 Dhiren Gopal 0.01 0.01 0.01 Neeta Dhiren 0.05 0.05 0.05 Syed Ahmed 0.04 0.04 0.04 Fareena Syed Ahmed 0.04 0.04 0.04 BREP Asia II Indian Holding Co VIII (NQ) Pte Ltd – – 2,380.20 Non-convertible bonds BREP Asia SBS L&T Holding (NQ) Ltd – 22.00 22.00 BREP Asia SG L&T Holding (NQ) Pte Ltd – 2,423.00 2,423.00 BREP VIII SBS L&T Holding (NQ) Ltd – 5.00 5.00 Non-convertible debentures Haraparvati Realtors Private Limited – 200.39 184.62 Motex Traders Private Limited – – 239.75 Rajmata Realtors Private Limited – – 25.58 SSAR Properties Private Limited – – 40.89 Optionally convertible debentures Darshita Projects Private Limited – 225.41 – Mindcomp Properties Private Limited – – 32.10 Mindcomp Tech Park Private Limited – 22.54 21.97 Motex Traders Private Limited – – 527.00 S.P.P.L Property Management Private Limited – – 196.98 Salarpuria properties Private Limited – – 648.38 Satern Griha nirman Private Limited – – 78.31 Wellgrowth Griha Nirman Private Limited – – 91.27 Advance for purchase of equity shares Salarpuria properties Private Limited 6.90 6.90 6.90 1033Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Sattva Developers Private Limited 345.00 345.00 345.00 Interest accrued on debentures BREP Asia SBS L&T Holding (NQ) Ltd – 1.77 0.72 BREP Asia SG L&T Holding (NQ) Pte Ltd – 515.93 234.06 BREP VIII SBS L&T Holding (NQ) Ltd – 0.36 0.15 Interest accrued on debentures (Liability) Rajmata Realtors Private Limited – – 0.80 Darshita Projects Private Limited – 1.85 – Haraparvati Realtors Private Limited – 1.30 1.30 Mindcomp Tech Park Private Limited – 0.20 0.16 Motex Traders Private Limited – – 6.00 S.P.P.L Property Management Private Limited – 0.25 0.38 Salarpuria properties Private Limited – 0.02 0.58 SSAR Properties Private Limited – – 0.23 Wellgrowth Griha Nirman Private Limited – – 0.77 Inter corporate borrowings Chinnamasta Properties Private Limited – – 0.16 Gaurav Commodeal Private Limited – – 45.58 Neelanchal Projects LLP 27.97 – – Laxminarayan Vyaapar Private Limited 2.45 10.05 1.31 Mascot Properties Private Limited – – 5.74 Mindcomp Dwellings LLP 1.93 1.80 – NABS Finserv Private Limited 4.53 – – S.P.P.L Property Management Private Limited 1.22 – 339.38 Salarpuria Properties Private Limited 1,594.18 3,035.21 1,657.99 Salarpuria Real Estate Private Limited – – 0.01 Sattva Developers Private Limited 0.27 – 0.30 Mr Bijay Kumar Agarwal 32.90 – – Niru Agarwal 32.89 – – Mindcomp Properties Private Limited 10.34 – – Darshita Southern India Happy Homes Private Limited – – 0.04 Interest accrued on inter corporate borrowings Salarpuria Properties Private Limited 0.09 – – Laxminarayan Vyaapar Private Limited 0.03 0.38 – 1034Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Trade payables Concepts International India Private Limited 1.13 – – Vidarbha Advertising 1.69 – – INR Energy Ventures Private Limited 24.23 – – Others payables Compact Griha Nirman Private Limited – – 10.00 Darshita Landed Property LLP – – 5.41 Eden buildcon Private Limited 0.49 0.49 0.39 Greenage Griha Nirman Private Limited – – 2.91 Laxminarayan Vyaapar Private Limited – – 0.82 Mindcomp Properties Private Limited 0.18 – 1.11 Mindcomp Tech Park Private Limited 0.18 0.18 – Moonlike Construction Private Limited 0.45 0.38 1.01 Neelanchal Realtors LLP – – 0.29 Poorna Build Tech Private Limited – – 0.65 Poppy Realtors Private Limited – – 0.16 Rajlaxmi Griha Nirman Private Limited – – 0.18 Rajmata Realtors Private Limited – 0.16 0.32 S.P.P.L Property Management Private Limited 226.49 225.03 124.01 Salarpuria Housing Private Limited – 0.44 1.73 Salarpuria properties Private Limited 12.22 20.47 1.55 Salarpuria Real Estate Private Limited 1.46 8.31 1.58 Satern Griha nirman Private Limited – 0.03 0.20 Sattva Developers Private Limited 1.22 2.05 21.11 Sattva Homes Private Limited – – 0.72 Sattva Housing Private Limited 0.16 0.16 0.18 Trinayani Realtors Private Limited – – 0.20 Vidarbha Advertising 0.62 1.13 – Sattva CKC Private Limited 0.33 – – Neelanchal Grihanirman Private Limited 5.59 – – Haraparvati Realtors Private Limited 0.86 0.50 0.37 Corporate guarantees given Darshita Aashiyana Private Limited 4,000.00 4,940.28 4,000.00 Dawntech Electronics Private Limited 6,144.66 6,144.66 6,000.00 Neelanchal Dwelling LLP 1.00 1.00 1.00 1035Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Poorna Build Tech Private Limited 200.00 200.00 200.00 Poppy Realtors Private Limited 450.00 450.00 450.00 Salarpuria Housing Private Limited 1.00 1.00 1.00 Salarpuria Real Estate Private Limited 3.00 3.00 3.00 Sattva Developers Private Limited 9.00 9.00 9.00 Sattva Infrastructure India Private Limited 1.00 1.00 1.00 Sattva Real Estate Private Limited 0.50 0.50 0.50 Trinayani Realtors Private Limited 1.00 1.00 1.00 1036Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 60 Additional financial disclosures as required under para 4 of SEBI circular CIR/IMD/DF/141/ 2016 dated December 26, 2016 I. Capitalization statement Pre-issue as at March 31, As adjusted for Particulars 2025 Issue* Total Debt# 198,151.69 Shareholder funds 21,157.15 Capital 2,705.05 Compulsorily convertible debentures classified as equity 1.59 Other equity 18,450.51 Debt/Equity ratio [in times] 9.37 * Theaforementioneddisclosurepertainstopreissuefigures.Correspondingdetailsofpostissuearenotavailable,hencetherequireddisclosuresinrespectofthesame havenotbeenprovidedintheabovetable.

# Totaldebtcomprisesnon-currentandcurrentborrowingsincludinginterestaccruedthereon.

II. History of Interest and Principal payments (including pre-payments) A. Monthly payment (Principal + Interest) Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, Particulars 2025 2024 2023 April 44,048.24 16,233.15 7,745.68 May 19,391.67 33,666.09 6,144.77 June 18,306.48 22,071.28 21,298.73 July 28,259.06 16,790.67 12,000.46 August 22,069.79 25,712.61 15,491.22 September 45,754.97 29,433.10 22,934.29 October 41,176.04 21,967.13 14,979.30 November 35,868.73 62,018.95 7,057.83 December 29,169.60 15,797.82 8,948.58 January 25,789.27 16,058.33 9,100.33 February 24,928.76 12,572.05 17,927.89 March 35,125.50 24,401.15 42,377.78 369,888.11 296,722.33 186,006.86 1037Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) B. Debt Payment History Forthe Forthe Forthe yearended yearended yearended March 31, March 31, March 31, 2025 2024 2023 Carrying amount of debt at the beginning of the year 191,898.14 195,917.08 192,041.00 Additional borrowings 357,459.26 276,072.54 174,995.98 Finance cost 16,973.59 16,630.85 14,886.96 Repayments (369,888.11) (296,722.33) (186,006.86) Carrying amount of debt at the end of the year (i) 196,442.88 191,898.14 195,917.08 C. Reconciliation to balance sheet:

As at As at As at March 31, March 31, March 31, 2025 2024 2023 Related party borrowings not considered above (ii) 1,708.81 6,399.29 6,832.51 Carrying amount of debt (net) (i)+(ii) 198,151.69 198,297.43 202,749.59

As represented by:

Non-current borrowings (refer note 28) 185,303.44 184,366.64 176,378.16 Current borrowings (refer note 33) 2,435.87 5,721.93 3,612.36 Current maturities of long-term debt (refer note 33) 10,182.43 7,487.25 22,276.12 Interest accrued (refer note 30 and 36) 229.95 721.61 482.95 Total 198,151.69 198,297.43 202,749.59 61 Contingent liabilities and commitments As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 A Claims against the SPV/Investment entity not acknowledged as debts Contingent liabilities In respect of Income Tax matters (refer note (i) below) 1,218.39 1,142.94 1,050.98 In respect of custom duty matters (refer note (ii) below) 28.59 71.23 71.23 In respect of Value Added Tax (‘VAT’)/service tax/Goods and Service Tax (‘GST’) matters (refer note (iii) below) 3,797.65 3,332.30 2,103.51 1038Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 In respect of other matters (refer note (iv) below) 425.12 276.50 276.50 Total Contingent liabilities 5,469.75 4,822.97 3,502.22 In respect of guarantee and securities offered (refer note (v) below) 21,534.16 23,224.44 22,139.50 27,003.91 28,047.41 25,641.72 B Capital and other commitments (refer note (vi) below) Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for 6,141.54 3,746.28 4,460.43

(i) Inrespectofincometaxmatters Asat Asat Asat NameofSPV/Investmententity March31,2025 March31,2024 March31,2023 OneInternationalCenterPrivateLimited(refernote(a)and(b)below) 459.47 459.47 459.47 OneWorldCenterPrivateLimited(refernote(c)below) 133.40 133.40 – OneBKCRealtorsPrivateLimited(refernote(d)below) 351.72 347.93 347.93 ExoraBusinessParkPrivateLimited 60.66 – – QuadroInfoTechnologiesPrivateLimited(refernote(e)below) 56.63 45.58 83.47 KosmoOneBusinessParkPrivateLimited(refernote(f)and(g)below) 32.32 32.32 52.48 CessnaGardenDevelopersPrivateLimited(refernote(h)below) 117.91 117.91 77.83 SalarpuriaGrihaNirmanPrivateLimited – – 23.47 DebonairRealtorsPrivateLimited 2.86 2.86 2.86 SalarpuriaDevelopersPrivateLimited 3.35 3.35 3.35 WorldwideRealconPrivateLimited – 0.05 0.05 DevbhumiRealtorsPrivateLimited 0.07 0.07 0.07 Total 1,218.39 1,142.94 1,050.98

(a) Inearlieryears,theSPVhasreceivedanorderundersection143(3)oftheIncome-taxAct,1961(the“Act”)pertainingtoassessmentyear2013-14,whereintheAssessing OfficerhasmadecertainadditionsamountingtoRs.1,600.90millionwhiledeterminingincometobeofferedtotaxbasedonpercentageofcompletionmethodinrelation toresidentialpropertiessoldbytheSPV,resultingintaxliabilityofRs.362.80million.TheSPVhasfiledanappealbeforeCommissionerofIncome-tax(Appeals) (‘CIT(A)’)againstthesaidorder,whichispendingdisposition.Basedonthefactsofthecase,themanagementbelievesthattheSPVhasmeritsinthesaidcaseand accordinglynoprovisionisrequiredtoberecognisedinthefinancialstatementsatthisstage.

(b) Inearlieryears,theSPVhasreceivedanorderundersection143(3)oftheActpertainingtoassessmentyear2020-21,whereintheAssessingOfficerhasmadecertain additionspertainingtodisallowanceofinterestonloansgivenanddisallowanceu/s14AoftheActresultingintaxliabilityofRs.96.67million.TheSPVhasfiledan appealbeforeCommissionerofIncome-tax(Appeals)(‘CIT(A)’)againstthesaidorder,whichispendingdisposition.Basedonthefactsofthecase,themanagement believesthattheSPVhasmeritsinthesaidcaseandaccordinglynoprovisionisrequiredtoberecognisedinthefinancialstatementsatthisstage.

(c) ForAssessmentYear2022-23and2023-24,theAssessingOfficerhasgrantedshortTDSamountingtoRs.133.40millionpursuanttodemergeroftheSPVfromerstwhile companyresultinginataxliability/shortrefundofequivalentamount.However,basedonthefactsofthecase,themanagementbelievesthattheSPVshallbeableto substantiatetheirclaimandaccordinglynoprovisionisrequiredtoberecognisedinthefinancialstatementsatthisstage.

(d) TheSPVhasreceivedanorderdated29September2022undersection143(3)oftheIncome-taxAct,1961(the“Act”),whereintheAssessingOfficerhasmadecertain additionsreducingthereturnedlossbythesameextentresultingintaxliabilityofRs.347.93million.TheSPVhasfiledanappealbeforeCommissionerofIncome-tax

(Appeals)(‘CIT(A)’)againstthesaidorder.Basedonthefactsofthecase,themanagementbelievesthattheSPVhasmeritsinthesaidcaseandaccordinglynoprovision isrequiredtoberecognisedinthefinancialstatementsatthisstage.

(e) TheIncometaxauthorityhadinitiatedscrutinyproceedingsinrespectofAY2014-15undersection143(3)oftheIncomeTaxAct,1961.TheSPViscontestingagainst incometaxpertainingtodisputeamountisRs.49.29million.TheSPVisconfidentoffavourableoutcomeanddoesnotforeseeanyliabilityinrespectofthesame.

1039Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Further,theIncometaxauthorityhadinitiatedscrutinyproceedingsinrespectofAY2016-17undersection156oftheIncomeTaxAct,1961.TheSPViscontestingagainst incometaxdemandpertainingtohigherbookprofitconsideredundersection115JBbytheIncometaxauthority.AppealisfiledwithCIT(A)anddisputedamountis Rs.7.34million.TheSPVisconfidentoffavourableoutcomeanddoesnotforeseeanyliabilityinrespectofthesame.

(f) TheAssessingOfficer(‘AO’)hasissuedassessmentorderdatedMarch,272022underSection143(3)oftheActmakingerroneousadditionsofRs.116.17millionto thereturnofincomefiledresultinginareducedlossofRs.117.29millionasagainstthelossofRs.233.46millionreportedbytheSPVinthereturnofincomeforthe AY2020-21.TheAOhasmadedisallowancesofinterestexpenseofRs.113.60millionundersection36(1)(iii)oftheActonaccountofloangiventorelatedpartyand investmentinmutualfundandRs.2.57millionundersection14AoftheAct.Consequently,theSPVhasfiledanappealbeforetheCIT(A)onApril26,2022againstthe disallowancesmadeintheorder.TheSPVhasfiledtherectificationapplicationonApril27,2022formistakesapparentonthefaceofrecordandforgrantofbalance TDScreditofRs.9.11million.Further,theSPVhasreceivednoticedatedAugust23,2022forinitiatingpenaltyproceedingsonaccountofunderreportingofincome aspersection274readwith270AoftheActagainstwhichtheSPVhasfileditssubmissiononAugust30,2022requestingtokeepthepenaltyproceedingsinabeyance untilthedisposaloftheappealfiledbeforetheCIT(A).Basedonthefactsofthecaseandadviceofin-houselegalteam,themanagementbelievesthattheSPVhasmerits inthesaidcaseandaccordinglynoprovisionisrequiredtoberecognisedinthefinancialstatementsatthisstage.

(g) TheAOhasissuedtheassessmentorderdatedApril11,2021underSection143(3)oftheActonmakingerroneousadditionsofRs.72.51milliontothereturnofincome filedresultinginareducedlossofRs.51.50millionasagainstthelossofRs.124.01millionreportedbytheSPVinthereturnofincomefortheAY2018-19.Consequently, theSPVhasfiledanappealbeforetheCIT(A)onApril29,2021againstthedisallowancesmadeintheorder.TheSPVreceivedafavourableCIT(A)orderdated December27,2022undersection250oftheActgrantingreliefonthe14Amatter.PursuanttothereceiptoftheCIT(A)order,theAOhasfiledanappealbeforethe IncomeTaxAppellateTribunal(‘ITAT’)againsttheorderpassedbytheCIT(A)forthesubjectAYandthematterhasbeenlistedforhearing.DuringtheyearendedMarch 31,2024,theSPVhasreceivedfavourableorderofITATinrespectofthesaidlitigation.

(h) TheSPVhasmultiplelitigationswithincometaxauthoritiesresultinginataxliabilityofRs.117.91millionasatMarch31,2025,whicharecurrentlyongoingatvarious forums.Basedonthefactsofthecaseandadviceofin-houselegalteam,themanagementbelievesthattheSPVhasmeritsinthesaidcaseandaccordinglynoprovision isrequiredtoberecognisedinthefinancialstatementsatthisstage.

(ii) Inrespectofcustomdutymatters Asat Asat Asat NameofSPV March31,2025 March31,2024 March31,2023 KosmoOneBusinessParkPrivateLimited(refernotebelow) 28.59 71.23 71.23 Total 28.59 71.23 71.23

(a) TheCompanyhadpaidduringMarch31,2019:Rs.12.51millionascustomdutytowardsde-bondingfromCustomsandtoobtainNOCtowardsde-registrationfrom STPI,theCompanyreceivedaShow-Cause-Notice(SCN)datedJune20,2018passedbytheLd.DeputyCommissionerofCustoms,ChennaidemandingRs.71.23million inrespectofdutyonthecapitalgoodsimporteddutyfreeforcontraventionofNotificationNo.153/93-CustomsdatedAugust13,1993asamendedandNotification 52/2003datedMarch31,2003.Againsttheaforesaidnotice,theCompanyhadfiledasubmissiononNovember9,2018.HoweverCommissionerofCustomspassedan

Order-In-Original(OIO)datedMarch3,2020amountingtoRs.28.59million(excludingpenaltyandinterestasapplicable)AnappealbeforetheHonourableCESTAT isfiled.Basedonthefactsofthecaseandadviceofin-houselegalteam,themanagementbelievesthattheCompanyhasmeritsinthesaidcaseandaccordinglyno provisionisrequiredtoberecognisedinthefinancialstatementsfortheyearendedMarch31,2024.

1040Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

(iii) InrespectofVAT/servicetax/GSTmatters Asat Asat Asat NameofSPV March31,2025 March31,2024 March31,2023 WorldwideRealconPrivateLimited(referNoteabelow) 1,956.02 1,806.28 1,690.53 DevbhumiRealtorsPrivateLimited(referNoteabelow) 1,762.53 1,465.90 400.82 OneBKCRealtorsPrivateLimited 34.18 34.18 – KosmoOneBusinessParkPrivateLimited 13.78 13.78 – DarshitaInfrastructurePrivateLimited 14.42 – – CessnaGardenDevelopersPrivateLimited 9.71 – – DarshitaHi-RisePrivateLimited 7.01 – – DevbhumiRealtorsPrivateLimited – 12.16 12.16 Total 3,797.65 3,332.30 2,103.51 Notea BoththesaidSPVshaveclaimedinputtaxcreditongoodsandservicesusedincommercialdevelopmentofofficebuildingsmeantforlease.Inearlieryears,thegovernment authoritieshaveissuedaShowCauseNoticestatingthattheSPVshaveirregularlyavailedthesaidinputtaxcreditincontraventionofSection17(5)(d)ofCGSTAct,against whichtheSPVshavefiledawritpetitionbeforeHonourableSupremeCourt.ReferNote61(C)(ii)fordetails.

(iv) Inrespectofothermatters Asat Asat Asat NameofSPV March31,2025 March31,2024 March31,2023 OneBKCRealtorsPrivateLimited(refernote(a)below) 178.96 178.96 178.96 SoftzoneTechParkLimited(refernote(b)below) 22.21 22.21 22.21 SattvaHorizonPrivateLimited(refernote(b)(c)and(d)below) 223.95 75.33 75.33 CessnaGardenDevelopersPrivateLimited(refernote(e)below) Amountnot Amountnot Amountnot determinable determinable determinable Total 425.12 276.50 276.50

(a) TheSPVhasanongoinglitigationinvolvingacustomerforbreachesundertheLeaveandLicenceAgreement(‘LLA’)topayasumofRs.178.96million,againstwhich theSPVhasfiledacounterclaimofRs.250.00millionforwrongfulterminationoftheLLA.ThemanagementbelievesthatnomaterialliabilitywilldevolveontheSPV inrespectofthesaidlitigationandaccordinglynoprovisionisrequiredtoberecognisedinthefinancialstatementsatthisstage.

(b) TheStateofKarnatakahadraisedademandwidenoticedatedDecember14,2020andApril20,2021forapaymentofRs.30.35millionandRs.22.21millionincase ofSHPLandSTPLrespectivelytowardsBettermentfees,levyandcesssurchargeof5%,levyofcessandsurchargetowardswatersupply,ringroad,slumimprovement andMRTSandgroundrent.SHPLandSTPLhavefiledawritpetitiondatedFebruary4,2021andMay24,2021respectivelychallengingthesameintheHighCourt ofKarnataka.TheHighCourthasgrantedstayonthedemandtoSHPLandSTPLvideinterimorderdatedFebruary4,2021andMay31,2021respectively.Management ofboththeSPVisoftheviewthat,intheeventofadverseordersagainsttheSPVsorrejectionofthepetitionfiledbytheSPVs,thefinancialimpactmayextendonly tothedemandamountchallengedinthewritpetitionandaccordinglythesamehasbeendisclosedascontingentliabilityintheSpecialPurposeCombinedFinancial Statements.

(c) DuringtheyearendedMarch31,2025,thecommercialbuildingoftheSPVwasinspectedbyBruhatBengaluruMahanagaraPalike(‘BBMP’)fortheissuanceof OccupancyCertificate(‘OC’)andobservedthatthereisdeviationinconstructionwithmodifiedsanctionplanwhichiswithinRegularisedlimitasperBuildingByeLaws

2003.TheCommissionerofBBMPissuedademandnotedatedJuly8,2024directingtheSPVtodepositgroundrentofRs.146.01million,scrutinyfeeofRs.5.20million anddeviationfeeofRs.18.70millionasapreconditiontoissueOC,whichhasbeenappealedbytheSPVbeforebyKarnatakaHighCourt(‘HC’).Consequenttothe appeal,theHC,throughaninterimorderdatedAugust7,2024,hasgrantedstayon50%ofthescrutinyfeeand100%ofthegroundrentdemandedbyBBMP.Accordingly, thebalanceamountdemandedhasbeendisclosedascontingentliabilityintheSpecialpurposecombinedfinancialstatements.

(d) TheSPVhadreceivedanorderinNovember,2022,passedbytheDistrictRegistrar,GanganagarSub-RegistrarOffice(“DROrder”)directingtheSPVtopayasum ofRs.44.98milliontowardsdeficitinstampdutyandregistrationfeeswithregardstoaregistrationofjointdevelopmentagreementpertainingtotheundeveloped residentialconvertedpropertybearingBBMPKhataNo.1303/6/1&7/1,measuringabout6Acres37guntas,situatedatVenkatalaVillage,YelahankaHobli,Bengaluru NorthTaluk.Subsequently,theSPVhadfiledanappealbeforetheKarnatakaAppellateTribunal(“KAT”)againsttheDROrderandprayed,interalia,tosetasidethe DROrder.TheSPVbasedonitsgroundsofappealhasanarguablecaseinthematteronmeritsandexpectsnomaterialliabilitytowardssame.Accordingly,thesaid amountdemandedhasbeendisclosedascontingentliabilityintheSpecialPurposeCombinedFinancialStatements.

(e) TheSPVissubjecttolegalproceedingsandclaims,whichhavearisenintheordinarycourseofbusiness,includingcertainlitigationforlandsacquiredbyitfor constructionpurposes,eitherthroughjointdevelopmentagreementsorthroughoutrightpurchases.Thesecasesarependingwithvariouscourtsandarescheduledfor hearings.ThemanagementoftheSPVbelievesthatthesecaseswillnotadverselyeffectitsfinancialstatements.TheSPVdoesnotexpectanyreimbursementinrespect oftheabovecontingentliabilityanditisnotpracticabletoestimatetheamountandtimingsofthecashoutflows,ifany,inrespectofthesaidmatters,pendingresolution ofthearbitration/appellateproceedings.

1041Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

(v) Inrespectofguaranteeandsecuritiesoffered Asat Asat Asat NameofSPV/Investmententity March31,2025 March31,2024 March31,2023 DarshitaHi-RisePrivateLimited(refernote(a)below) 10,000.00 10,000.00 10,000.00 DevbhumiRealtorsPrivateLimited(refernote(a)below) 9,973.00 9,973.00 9,973.00 SalarpuriaGrihaNirmanPrivateLimited(refernote(b)below) 750.00 1,500.00 1,500.00 HarkeshwarRealtorsPrivateLimited(refernote(a)and(b)below) 650.00 650.00 650.00 DarshitaEdificeLLP(refernote(a)below) 144.66 1,084.94 – QuadroInfoTechnologiesPrivateLimited 16.50 16.50 16.50 Total 21,534.16 23,224.44 22,139.50

(a) CorporateguaranteeissuedbytherespectiveSPV/InvestmententityonbehalfofDarshitaAashiyanaPrivateLimited,DawntechElectronicsPrivateLimited,Moonlike constructionPrivateLimited,PoppyRealtorsPrivateLimitedandPoornaBuildTechPrivateLimitedtobanks/financialinstitutionagainsttheloanavailedbytheparties.

(b) SecuritiesextendedbytheInvestmentEntityonbehalfofCoremindSoftwarePrivateLimited,PoppyRealtorsPrivateLimited,SSDevelopersPrivateLimited,Sattva HousingPrivateLimitedandPoornaBuildTechPrivateLimitedagainstloanstakenfrombanks/financialinstitutions.

(vi) Inrespectofcapitalandothercommitments Asat Asat Asat NameofSPV March31,2025 March31,2024 March31,2023 Estimatedamountofcontractsremainingtobeexecutedoncapitalaccount(netof advances)andnotprovidedfor SattvaKnowledgeCentrePrivateLimited 3,486.00 – – NABSDataZonePrivateLimited 1,149.30 – – WorldwideRealconPrivateLimited 530.58 1,005.92 2,591.01 MindcompRegencyParkPrivateLimited 338.74 495.28 172.14 PrimaBayPrivateLimited 240.34 – – OneBKCRealtorsPrivateLimited 224.40 – – SattvaHorizonPrivateLimited – 276.44 211.47 DevbhumiRealtorsPrivateLimited – – 1,006.01 DarshitaHousingPrivateLimited 90.01 459.54 144.38 SoftzoneTechParkLimited 70.16 104.69 96.04 CessnaGardenDevelopersPrivateLimited 12.01 12.01 26.57 ShirasaRegencyParkPrivateLimited – 1,313.75 – OneWorldCenterPrivateLimited – 14.80 12.25 OneInternationalCenterPrivateLimited – 45.89 2.63 JaganmayiRealEstatesPrivateLimited – 17.96 102.35 KosmoOneBusinessParkPrivateLimited – – 82.42 OneQubeRealtorsPrivateLimited – – 13.18 TotalCapitalandothercommitments 6,141.54 3,746.28 4,460.45 1042Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) C Other matters

(i) OQRPL:

During the year ended March 31, 2024, the Gurugram District Court has affixed the SPV’s land and building (the ‘Property’) in an unrelated litigation of a third party and has accordingly directed the Civil Nazir i.e. CourtAuctioneer, to carry out sale of the said property vide order dated January 24, 2024. The SPV has filed an appeal before the Division Bench of the Hon’ble Delhi High Court on January 29, 2024 and has successfully obtained a stay order against the sale of the Property and permitting the SPVto lease the Property for a period of 30 years vide order dated January 30, 2024. Further, the said matter has been redirected to the Single Judge Bench of the Delhi High Court, where the proceedings are ongoing. Based on the facts of the case i.e. Property attachment in an unrelated litigation and advice of in-house legal team, the management of the SPV believes that the SPV has merits in the said case and no adjustment to the special purpose combined financial statements is required in this matter.

(ii) Balances with statutory/government authorities includes goods and service tax input tax credit, in respect to below mentioned SPVs, on goods and services used in commercial development of office buildings meant for lease.

As at As at As at March 31, March 31, March 31, Particulars 2025 2024 2023 Softzone Tech Park Limited 214.10 293.63 167.24 Sattva Horizon Private Limited 90.21 279.75 155.62 Jaganmayi Real Estates Private Limited 103.31 126.62 135.09 Worldwide Realcon Private Limited 1,956.02 1,806.28 1,690.53 Darshita Infrastructure Private Limited 539.56 400.02 400.02 Darshita Housing Private Limited 255.89 263.41 127.40 Devbhumi Realtors Private Limited 1,762.53 1,465.90 400.82 Darshita Hi-Rise Private Limited 264.14 264.14 288.09 Total 5,185.76 4,899.75 3,364.81 Further,thesaidSPVshaveclaimedsuchGSTinputcreditintheGSTreturnsfiled,subjecttonotutilising the same till further adjudication/clarification from the revenue authorities.

As per Section 17(5)(c) and Section 17(5)(d) of the Central Goods and Services TaxAct, 2017, input tax credit shall not be available in respect of works contract services/goods and services when used for construction of an immovable property (other than plant and machinery) including when such goods or services or both are used in the course or furtherance of business except when GST credit in relation to works contract services is used for further supply of works contract services. The Honourable Supreme Court (‘SC’) has in October 2024, passed an order on related subject matter in case of Safari Retreats PrivateLimited(‘SRPL’),acompanyengagedinshoppingmalloperations.IncaseofSRPL,theCompany had filed a writ petition before Odisha High Court for allowing input tax credit on expenses incurred for construction of shopping mall under the GST laws, which was upheld by the Honourable High Court, which was subsequently challenged by the revenue authorities before the SC. In its order dated October 4, 2024, the SC, in case of SRPL, has passed an order wherein they have commented that construction intended to be given on lease or licence will be eligible for input tax credit in terms of section 17(5)(d) and further remanded the matter to Odisha High Court to decide whether the shopping mall is a ‘plant’ in terms of clause (d) of section 17(5).

1043Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) The management of respective SPVs, based on expert advice, internal assessment and above judicial pronouncement,isoftheviewthattheSPViseligibletoclaiminputtaxcreditinrespectofworkscontract services/goods and services on the commercial development meant for lease and accordingly has availed and recognised related input credit tax credit as Balances with statutory/government authorities in their respective financial statements.

During the year ended March 31, 2025, to align the legislative intention with the Explanation to section 17 of the CGSTAct, 2017, the government, in the FinanceAct, 2025, has amended section 17(5)(d) of the CGSTAct retrospectively to replace “plant or machinery” with “plant and machinery”, thereby partially reversing SC judgement. In the event, the input tax credit availed by the SPVs becomes ineligible to be claimed, the said input tax credit recognised by the SPVs would be capitalised to existing buildings under investment property, including under development.Accordingly, since the matter has not reached finality, no adjustment with respect to the said matter has been made in the special purpose combined financial statements.

62 Other notes A SPV wise notes

(i) DEPL Darshita Edifice LLP was a Limited Liability Partnership firm till November 14, 2024. For the purpose of these Special Purpose Combined Financial Statements, the balance of Partner’s contribution in the LLP has been disclosed separately under ‘Capital’.

(ii) CGDPL Subsequent to year ended March 31, 2025, CGDPL has entered into two Share Warrant Subscription Agreements (the “agreements”) dated May 20, 2025 with some investors, pursuant to which it has issued andallotted3,185,822sharewarrantsofRs.4,363.08eachforanaggregateconsiderationofRs.13,900.00 million. In accordance with the terms of the Agreements, 25% of the aggregate consideration has been discharged as on the date of agreement and the balance is required to be discharged at the time of exercise of the warrants. Each warrant is exercisable into 1 equity share of CGDPL.Accordingly, an aggregate of up to 3,185,822 equity shares of CGDPLare proposed to be issued upon conversion of all the outstanding warrants. Pursuant to the terms of the Agreements, the warrants have a tenure of 12 months from the closing date (i.e. May 23, 2025) and are required to be exercised prior to filing of the Updated Draft Offer Document by the Trust with SEBI. Subsequently, on July 16, 2025, pursuant to exercise of conversion rightsbythewarrantholders,CGDPLhasreceivedthebalanceamountandissued3,185,822equityshares to its holders.

B Others:

The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. Certain sections of the code came into effect on May 03, 2023. However, the final rules/interpretation have not yet been issued. Based on a preliminary assessment, Knowledge RealtyTrust believes the impact of the change will not be significant.

1044Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) 63 Demerger/Restructuring schemes I Capital Reduction

(a) PABPPLhas filed petition under Section 66 read with Section 52 and other applicable provisions of the CompaniesAct 2013 (“Act”) and National Company Law Tribunal (Procedure for Reduction of Share Capital of the Company) Rules, 2016 (‘NCLT RSC Procedure Rules’) and other applicable National Company Law Tribunal (‘NCLT’) Rules, 2016 (‘NCLT Rules’) to obtain sanction of the NCLT for the reduction of share capital. Pursuant to the said Scheme, the accumulated losses i.e.

debit balance in the profit and loss account to the extent of Rs. 393.56 million presented under “Retained Earnings” forming part of “Other Equity” shall be set off against Securities Premium Account.ThesaidSchemehasbeenfiledwithNCLTonDecember13,2024andispendingapproval of NCLT as at the date of approval of these special purpose combined financial statements.

(b) WRPLhasfiledpetitionunderSection66readandotherapplicableprovisionsoftheCompaniesAct, 2013 (‘Act’) read with the National Company Law Tribunal (Procedure for Reduction of Share Capital of the Company) Rules, 2016 (‘NCLT RSC Procedure Rules’) and other applicable National Company Law Tribunal Rules, 2016 (‘NCLT Rules’) to obtain sanction of the Hon’ble Tribunal for reduction of share capital. Pursuant to the said Scheme,WRPLshall adjust the net deficit in retained earnings amounting to Rs. 1,972.50 million as on September 30, 2024 with the balance in securities premium account. The said Scheme has been filed with NCLT on December 6, 2024 and is pending approval of NCLTas at the date of approval of these special purpose combined financial statements.

II Approved Merger Schemes

(a) In accordance with section 233 of the CompaniesAct, 2013 and rules made thereunder, a scheme of amalgamation(the“Scheme”)involvingfasttrackmergerisfiledforamalgamationofwhollyowned subsidiary company with their respective Holding Company before Registrar of Companies

(RoC)/Regional Director, details of which is as under: (cid:129) Merger of Opcore Services Private Limited (formerly known as Opcore Services Limited), subsidiary company with One World Center Private Limited, the Holding Company—The appointed date as per the Scheme is April 1, 2023, which was approved by the Regional Director on March 19, 2024.

(cid:129) Merger of Pluto Fin Tech Private Limited, subsidiary company with Exora Business Park PrivateLimited(formerlyknownasPlutoCessnaBusinessParksPrivateLimited),theHolding Company—The said Scheme has been filed with an appointed date of April 1, 2023. The Scheme was approved by Regional Director on May 29, 2023.

The management has considered the consolidated financial statements of the Holding Company in preparationoftheSpecialPurposeCombinedFinancialStatementsandaccordinglytheimpactofthe merger scheme has been considered in the said special purpose combined financial statements.

1045Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

(b) In accordance with section 230 to 232 read with section 234 and other applicable provision of the Companies Act, 2013 and rules thereunder, OWCPL had filed Scheme of Amalgamation (the ‘Scheme’) with National Company Law Tribunal (‘NCLT’) to obtain approval for amalgamation of FIM Holdco I Ltd. (‘Amalgamating Company 1’) and Ariston Investments Sub A Limited (‘Amalgamating Company 2’) with the SPV. The appointed date as per the Scheme is 1April 2023.

Subsequent to March 31, 2025, the Scheme was approved by the appropriate authorities, and the effect of the merger has been recognized in the statutory financial statements of OWCPL. However, since the businesses and operations ofAmalgamating Company 1 andAmalgamating Company 2 are not expected to continue after the merger becomes effective, only the carve-out financial statements of OWCPL, without giving effect to the merger, have been combined in these special purpose combined financial statements.

(c) DuringtheyearendedMarch31,2025,MRPPLhasfiledaSchemeofAmalgamation(the‘Scheme’) with the Regional Director, Ministry of Corporate Affairs (‘Authority’) to obtain approval for amalgamation of MRPPL with GVTPL, its wholly owned subsidiary company, in accordance with

section 233 and other applicable provision of the Companies Act, 2013 and rules thereunder. The appointed date as per the said Scheme is April 1, 2025. The Scheme is approved by the Authority as at March 31, 2025. Subsequent to March 31, 2025, MRPPL has filed the merger order with the Registrar of Companies (‘RoC’) on April 17, 2025. Consequently, subsequent to March 31, 2025, MRPPL has ceased to exist.

Further, as the appointed date is subsequent to March 31, 2025; no impact of the said Scheme has been considered in the Special Purpose Combined Financial Statements and historical financial statementsofMRPPLandGVTPLhasbeencombinedforalltheperiodspresented.Themanagement of the SPV does not expect any significant impact of the said Scheme on these Special Purpose Combined Financial Statements.

(d) On November 5, 2024, Softzone Tech Park Limited (‘STPL’ or ‘Resulting Entity’), Salarpuria Builders Private Limited (‘SBPL’ or ‘Transferor Entity’), Sattva Developers Private Limited (‘SLDPL’or ‘Demerged Undertaking 1’), Rajmata Realtors Private Limited (‘RRPL’or ‘Demerged Undertaking 2’) and Salarpuria Properties Private Limited (‘SPPL’ or ‘Demerged Undertaking 3’) (Demerged Undertaking 1, Demerged Undertaking 2 and Demerged Undertaking 3 together referred to as ‘Demerged Undertakings’) have entered into a Scheme of Arrangement (the “Scheme”), to:

– merge Transferor Entity with Resulting Entity – demerge Supreme property (‘Demerged Undertaking 1’) to the Resulting Entity – demerge Magnificia property (‘Demerged Undertaking 2’) to the Resulting Entity – demerge Touchstone property (‘Demerged Undertaking 3’) to the Resulting Entity Subsequent to year ended March 31, 2025, the Scheme is approved by the National Company Law Tribunal with the appointed date of April 1, 2024.

However, as required by the SEBI Circular, in the preparation of this Special Purpose Combined Financial Statements, the Demerged Undertakings are considered as part of Trust for all the periods presented in accordance with the guidance prescribed in the SEBI Regulations. The net assets acquired of the Demerged Undertakings are considered at book value in the preparation of the SpecialPurposeCombinedFinancialStatementsasatApril1,2022(refer‘BasisofCombinationand Carve Out’ as laid out in note 2 of these Special Purpose Combined Financial Statements).

1046Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) III Proposed Schemes

(a) During the year ended March 31, 2025, Board of directors of DRPL (SPV owning Sattva Knowledge City) approved, demerger of (i) Sattva Knowledge City—3 (Block D),; (ii) Sattva Knowledge City—2 (Block B) and Sattva Knowledge City—2 (Block C),; (iii) Sattva Knowledge City—1 (BlockA),; (iv) Sattva Knowledge City—5 (Block E-1) (together referred as‘DemergedAssets’),intoseparateentities,whichwereproposedtobeacquiredbytheREIT;

and (v) DRPL shall retain Sattva Knowledge City—4 (Block E-2) of Sattva Knowledge City (the “DRPLScheme ofArrangement”). Subsequent to year ended March 31, 2025, the Board of directors of DRPL have withdrawn their earlier approval for filing the DRPL Scheme of Arrangement.

Further, subsequently, the Board of Directors of DRPL have approved the demerger of DemergedAssets for which Scheme ofArrangement shall be filed post listing of Units ofTrust with the relevant authority.

(b) SubsequenttoMarch31,2025,theBoardofDirectorsofOBRPL,OWCPL,CGDPL,DIPLand OQRPL have approved filing of capital reduction scheme, entailing adjusting debit balance in retainedearningsasatMarch31,2025oratalaterdatetobesetoffagainstavailablesecurities premium balance, post listing of units of the Trust with the relevant authority.

64 Statement of Net Assets at Fair value (NAV) As at March 31, 2025 Particulars Book value Fairvalue

(A) Total Assets 247,680.83 650,774.91

(B) Total Liabilities 226,523.68 225,708.86

(D) No. of Units NAV (C)/(D) Refer Note 1

Notes:

1. ThenumberofunitsthatKnowledgeRealtyTrustwillissuetoinvestorsisnotpresentlyascertainable.HencethedisclosuresinrespectofNetAssetValue(NAV)per Unithavenotbeendisclosed.

2. Thefairvalueofliabilitiesapproximatesitscarryingvalue,giventhenatureandshorttermmaturityprofileofsuchliabilities.Thefairvalueoftheliabilitiesisadjusted fortheliabilitiesalreadyconsideredbythevaluerwhilecomputingthefairvalueofassets.

Measurementoffairvalues:

ThefairvalueofInvestmentProperty,Property,PlantandEquipment,InvestmentPropertyunderdevelopment,Capitalwork-in-progressandGoodwillhavebeendetermined byindependentexternalpropertyvaluers,havingappropriatelyrecognizedprofessionalqualificationsandrecentexperienceinthelocationandcategoryofthepropertybeing valued.

Valuationtechnique:

ThefairvaluemeasurementforalloftheinvestmentpropertyhasbeencategorizedasaLevel3fairvaluebasedontheinputstothevaluationtechniqueused.Thevaluershave followedaDiscountedCashFlowmethod.Thevaluationmodelconsidersthepresentvalueofnetcashflowstobegeneratedfromtherespectiveproperties,takingintoaccount existingleasearrangements,expectedrentalgrowthrate,vacancyperiod,occupancyrateandleaseincentivecosts.Theexpectednetcashflowsarediscountedusingtherisk adjusteddiscountrates.Amongotherfactors,thediscountrateestimationconsidersthequalityofabuildinganditslocation(primevssecondary),tenantcreditqualityandlease terms.

1047Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

3. ProjectwisebreakupofFairvalueofAssetsasatMarch31,2025 Fairvalueof NameoftheSPV/Investmententity PropertyName Specifiedassets$ Otherassets* Totalassets OneInternationalCenterPrivateLimited OneInternationalCenter&OneUnity 76,971.53 1,398.38 78,369.91 Center OneWorldCenterPrivateLimited OneWorldCenter 53,238.48 1,162.95 54,401.43 PlutoSolistaBusinessParksPvtLtd CAMBengaluru–II 3,847.50 250.39 4,097.89 BSPOfficeManagementServices CAMMumbai 4,832.00 320.25 5,152.25 PrivateLimited OneBKCRealtorsPrivateLimited OneBKC 44,312.56 804.80 45,117.36 PrimaBayPrivateLimited PrimaBay 18,127.81 726.15 18,853.96 CessnaGardenDevelopers CessnaBusinessPark 45,601.62 2,175.11 47,776.73 PrivateLimited ExoraBusinessParkPrivateLimited ExoraBusinessPark 33,334.89 1,270.42 34,605.31 PlutoBusinessParksPrivateLimited OneTradeTower 4,730.91 214.06 4,944.97 OneQubeRealtorsPrivateLimited OneQube 9,315.31 241.95 9,557.26 KosmoOneBusinessPark KosmoOne 13,772.02 480.72 14,252.74 PrivateLimited PlutoAtrizaBusinessParks FintechOne 3,886.26 1,690.99 5,577.25 PrivateLimited OneBKCSolarEnergyPrivateLimited OneBKCSolar 86.00 – 86.00 PrimaBaySolarEnergyPrivateLimited PrimaBaySolar 24.00 – 24.00 DebonairRealtorsPrivateLimited SattvaEminence 2,147.62 3.06 2,150.68 HarkeshwarRealtorsPrivateLimited SattvaCosmoLavelle 2,543.45 958.51 3,501.96 SalarpuriaDevelopersPrivateLimited SattvaPremia 1,083.85 100.25 1,184.10 DarshitaEdificePrivateLimited SattvaMagnificia–I 1,172.48 13.15 1,185.63 ShirasaRegencyParkPrivateLimited KarnatakaSolar–I 2,295.00 39.35 2,334.35 SattvaKnowledgeCentre SattvaKnowledgeCapital 2,441.85 0.15 2,442.00 PrivateLimited** JaganmayiRealEstatesPrivateLimited SattvaSouthAvenue 3,162.80 37.85 3,200.65 QuadroInfoTechnologiesPrivateLimited SattvaInfozone 3,683.37 2,013.23 5,696.60 DarshitaHi-RisePrivateLimited SattvaKnowledgeCourt 10,215.49 112.80 10,328.29 DarshitaHousingPrivateLimited SattvaEndeavour 5,380.71 61.41 5,442.12 SattvaPropertiesManagement CAMBengaluru–I 6,711.00 908.36 7,619.36 PrivateLimited DarshitaInfrastructurePrivateLimited SattvaKnowledgeCapital 19,111.80 594.99 19,706.79 DevbhumiRealtorsPrivateLimited SattvaKnowledgeCity 103,827.94 7,328.94 111,156.88 (refernote11(i)) WorldwideRealconPrivateLimited SattvaKnowledgePark 46,636.90 914.29 47,551.19 SalarpuriaGrihaNirmanPrivateLimited SattvaTechpoint 6,806.71 2,877.28 9,683.99 SattvaInfraManagementPrivateLimited CAMHyderabad 12,985.20 752.58 13,737.78 GVTechParksPrivateLimited^ SattvaGlobalCity 42,371.64 5,264.17 47,635.81 SoftzoneTechParkLimited(refernote63 SattvaSoftzone 16,646.03 1,127.25 17,773.28 IId) SoftzoneTechParkLimited(refernote63 SattvaMagnificia–II 1,715.25 – 1,715.25 IId) SoftzoneTechParkLimited(refernote63 SattvaTouchstone 3,457.79 – 3,457.79 IId) 1048Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated) Fairvalueof NameoftheSPV/Investmententity PropertyName Specifiedassets$ Otherassets* Totalassets SoftzoneTechParkLimited(refernote63 SattvaSupreme 712.26 – 712.26 IId) SoftzoneTechParkLimited(refernote63 SattvaSpectrum 3,987.60 – 3,987.60 IId) SattvaHorizonPrivateLimited SattvaHorizon 4,760.34 240.30 5,000.64 NABSDatazonePrivateLimited KarnatakaSolar–II 566.00 0.02 566.02 KnowledgeRealtyTrust KnowledgeRealtyTrust – 186.83 186.83 Total 616,503.97 34,270.94 650,774.91 $ ‘Specifiedassets’comprisesofinvestmentproperty,investmentpropertyunderdevelopment,property,plantandequipment,capitalworkinprogress,goodwill,capital advances,financeleasereceivables,leaseequalisationreserveandGSTinputcreditonconstructioncostavailedbytheSPVs(refernote61C(ii)).Thefairvalueofthe SpecifiedassetsaresolelybasedonthefairvaluationreportoftheindependentvaluerappointedundertheREITRegulations.

* Otherassetsprimarilyincludesinvestments,loans,taxassets,tradereceivables,inventoriesandcashandbankbalances.Thefairvalueofsuchassetsapproximatestheir carryingvalue,giventhenatureandshorttermmaturityprofileofsuchassets.

** DuringtheyearendedMarch31,2025,SKCPLhasenteredintoabindingagreementwithaSellertoacquirepartof‘KnowledgeCapital’propertytotalling0.6million sq.ft.ofleasableareaforatotalconsiderationofRs.4,003.20million,againstwhichanadvanceofRs.517.91millionhasbeengiventillMarch31,2025.Forthepurpose ofcalculationofGAVandNAV,thefairvalueofthesaidareaproposedtobeacquiredhasbeenconsideredasthedifferencebetweenitsfairvalue,asdeterminedby theindependentvaluer,lessthebalanceconsiderationpayableasatMarch31,2025.

^ WhollyownedsubsidiaryoftheMRPPL.ReferNote63IICfordetails.

65 Statement of Total Returns at Fair Values Forthe year ended March 31, Particulars 2025 Total comprehensive income/(loss) – (A) 2,224.28

Add : Changes in fair value not recognised (refer Note below) – (B) 88,008.79 Total Returns (A+B) 90,233.07

Note: Intheabovestatement,changesinfairvaluefortheyearendedMarch31,2025havebeencomputedbasedonthedifferenceinfairvaluesofInvestmentProperty, Investmentpropertyunderdevelopment,Property,Plant&Equipment,CapitalWork-in-progressandGoodwillfromMarch31,2024toMarch31,2025.Thefairvalues oftheaforementionedassetsasatMarch31,2025andasatMarch31,2024aresolelybasedonthevaluationreportoftheindependentvaluer.

66 Other Statutory Information

(i) The components does not have any Benami property, where any proceeding has been initiated or pending against the Components for holding any Benami property.

(ii) The components does not have any transactions with companies struck off under section 248 of Companies Act, 2013.

(iii) The components does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(iv) The components have not traded or invested in Crypto currency or Virtual Currency during the financial year.

1049Knowledge Realty Trust Notes to the Special Purpose Combined Financial Statements (All amounts are in Indian Rupees millions, unless otherwise stated)

(v) The components have not advanced or loaned or invested funds to any other persons or entities, including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

Directlyorindirectlylendorinvestinotherpersonsorentitiesidentifiedinanymannerwhatsoever by or on behalf of the components (Ultimate Beneficiaries) or Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vi) Thecomponentshavenotreceivedanyfundfromanypersonsorentities,includingforeignentities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the

components shall:

Directlyorindirectlylendorinvestinotherpersonsorentitiesidentifiedinanymannerwhatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(vii) The components does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the IncomeTaxAct,1961,suchas,searchorsurveyoranyotherrelevantprovisionsoftheIncomeTax Act, 1961.

(viii) The components have not been declared as willful defaulter by the bank or financial institution (as defined under Companies Act, 2013) or consortium thereof, in accordance with the guideline on willful defaulter issued by the Reserve Bank of India.

(ix) The components does not have layers as prescribed under clause (87 of section 2 of the Companies Act 2013 or consortium thereof in accordance with the guideline on willfull defaulter issued by the Reserve Bank of India.

For S R B C & CO LLP For and on behalf of the Board of Directors of Chartered Accountants Knowledge Realty Office Management ICAI Firm’s registration number: 324982E/E300003 Services Private Limited (as a Manager to Knowledge Realty Trust) per Abhishek Agarwal Bijay Kumar Agarwal Tuhin Parikh Partner Director Director Membership No.: 112773 DIN: 00088987 DIN: 00544890

Place: Mumbai Place: Hyderabad Place: Mumbai

Date: July 18, 2025 Date: July 18, 2025 Date: July 18, 2025 Shirish Godbole Neeraj Toshniwal Chief Executive Officer Chief Financial Officer

Place: Mumbai Place: Mumbai

Date: July 18, 2025 Date: July 18, 2025 1050FINANCIAL INFORMATION OF THE BLACKSTONE SPONSOR Statement of Financial Position (Prepared in accordance with IFRS accounting standards) (in USD million) As at As at As at December31, December31, December31, Particulars 2024 2023 2022 ASSETS Non-current asset Investments at fair value through profit or loss 691.33 848.06 811.89 Current assets Cash at bank 0.27 1.56 0.54 Other receivables 190.86 10.09 10.82 Total current assets 191.13 11.65 11.36 TOTALASSETS 882.46 859.71 823.25 EQUITY AND LIABILITIES Equity Share capital 812.80 809.30 805.22 Accumulated losses (14.83) (32.22) (60.26) Total equity 797.97 777.08 744.96 Non-current liabilities Loans payable to immediate holding company 81.92 79.28 76.10 Current liabilities Other payables and accruals 2.57 3.35 2.19 TOTAL EQUITY AND LIABILITIES 882.46 859.71 823.25 1051Statement of Comprehensive Income (Prepared in accordance with IFRS accounting standards) (in USD million) Yearended Yearended Yearended December31, December31, December31, Particulars 2024 2023 2022 INCOME Net changes in fair value movement on investments at FVTPL (51.28) 35.92 (44.49) Dividend income 76.59 0.00 0.00 Interest income 0.03 0.00* 0.00*

25.34 35.92 (44.49) EXPENSES Management fee (2.95) (4.49) (2.90) Audit fees (0.03) (0.03) (0.02) Professional fee (1.46) (1.26) (0.78) Imputed interest expense (2.64) (2.48) (2.38) Other expenses (0.09) (0.08) (0.11) Foreign exchange gain, net 0.19 0.00* 0.00* (6.98) (8.34) (6.19) Profit/(Loss) before tax 18.36 27.58 (50.68) Income tax (0.97) 0.00 0.00 Profit/(Loss) for the year, representing total comprehensive income/(loss) for the year 17.39 27.58 (50.68) * AmountislessthanUSD0.005million 1052FINANCIAL INFORMATION OF THE SATTVA SPONSOR Consolidated Balance Sheet (Prepared in accordance with Ind AS) (Amount in ₹ millions) As at As at As at March 31st, March 31st, March 31st, Particulars 2024 2023 2022 ASSETS Non-current assets Property, plant and equipment 161.15 167.27 219.17 Investment Property 1,586.39 1,557.35 1,430.35 Investment Property under development 4,402.70 4,138.34 6,295.07 Goodwill 480.90 507.14 480.90 Intangible assets 235.15 235.21 235.14 Right of Use Asset 27.10 37.19 47.29 Financial Assets Investments 13,413.25 9,598.65 6,502.35 Other Non Current Financial Assets 868.33 2,150.73 1,424.52 Deferred tax assets 38.14 22.67 2.22 Other non-current assets 1,133.55 1,100.71 1,080.70 Total non-current assets 22,346.66 19,515.26 17,717.71 Current Assets Inventories 5,928.50 6,730.63 3,310.83 Financial Assets Investments 73.84 – – Trade receivables 840.68 511.52 838.32 Cash and cash equivalents 211.55 312.60 72.53 Bank balances other than cash & cash equivalents 35.55 164.38 48.58 Loans 993.06 593.35 1,455.18 Other financial assets 6,875.97 5,196.53 4,569.45 Current Tax Assets (Net) 74.42 26.61 28.80 Other current assets 1,305.54 244.46 328.50 Total current assets 16,339.11 13,780.08 10,652.19 Total Assets 38,685.77 33,295.34 28,369.90 1053As at As at As at March 31st, March 31st, March 31st, Particulars 2024 2023 2022 EQUITY AND LIABILITIES Equity Equity share capital 7.55 7.55 7.55 Other equity 20,237.44 16,775.69 12,802.60 Non controlling interest (347.22) (210.34) (238.65) Total equity 19,897.77 16,572.90 12,571.50 LIABILITIES Non current liabilities Financial liabilities Borrowings 7,153.86 6,257.76 10,821.93 Lease liabilities 46.54 61.77 77.30 Other financial liabilities 438.94 501.62 490.04 Other non current liabilities 56.86 11.38 22.77 Deferred tax liabilities – 0.04 0.21 Total non current liabilities 7,696.20 6,832.59 11,412.25 Current liabilities Financial liabilities Borrowings 2,329.27 3,028.18 1,618.07 Lease liabilities 18.03 18.55 15.40 Trade payables Total outstanding dues of micro enterprises and small enterprises 13.37 6.24 40.57 Total outstanding dues of creditors other than micro enterprises and small enterprises 370.29 202.39 752.40 Other financial liabilities 3,932.56 4,518.65 614.48 Other current liabilities 4,417.79 2,113.79 1,330.95 Provisions 4.87 1.98 3.24 Current Tax Liabilities (net) 5.62 0.06 11.04 Total current liabilities 11,091.80 9,889.85 4,386.15 Total Equity And Liabilities 38,685.77 33,295.34 28,369.90 1054Statement of Consolidated Profit and Loss (Prepared in accordance with Ind AS) (Amount in ₹ million unless otherwise stated) Forthe year Forthe year Forthe year ended ended ended Particulars March 31, 2024 March 31, 2023 March 31, 2022 Revenue Revenue from Operations (Gross) 5,089.88 2,451.75 3,313.76 Other income 1,412.91 584.92 320.34 Total Income 6,502.79 3,036.67 3,634.10 Expenses Project Development Expenses 1,588.58 3,729.87 2,379.84 Purchase of stock in trade 1.13 64.30 – Cost of Stores material sold 15.60 197.71 11.59 Changes in inventories of finished goods, work-in-progress and stock-in-trade 796.20 (2,820.28) (66.84) Employee Benefits Expenses 301.67 259.59 199.16 Finance costs 713.88 388.00 209.05 Depreciation and Amortization Expenses 64.10 71.88 86.77 Other Expenses 695.25 300.22 420.75 Total Expenses 4,176.40 2,191.29 3,240.32 Profit before tax 2,326.39 845.38 393.78

Tax expense:

Current Tax 622.53 125.66 184.62 Tax For earlier Years 0.05 (2.10) 0.06 Excess/Short provision of earlier years (32.36) 1.95 1.09 Deferred Tax (16.78) (19.92) 8.60 Profit/(Loss) before share of loss and profit in associates and joint ventures 1,752.95 739.79 199.41 Share of Profit/(loss) in associates and joint ventures (net) 1,739.02 3,200.15 652.63 Profit/(Loss) for the year 3,491.97 3,939.94 852.04 Other comprehensive income Items that will not be reclassified to profit or loss Re-measurement gains/(losses) on defined benefit plan (4.44) 7.81 1.39 Income tax related to Re-measurement gains/losses on defined benefit plan (1.04) – – Total other comprehensive income, net of tax (5.48) 7.81 1.39 Total comprehensive income for the period 3,486.49 3,947.75 853.43 1055Forthe year Forthe year Forthe year ended ended ended Particulars March 31, 2024 March 31, 2023 March 31, 2022 Profit/(Loss)/Total Comprehensive Income for the

year attributable to:

Owners of the Parent 3,568.70 3,974.12 880.84 Non-controlling interests (82.21) (26.37) (27.41) 3,486.49 3,947.75 853.43 Earnings per equity share (Amount in Rupees) Basic & Diluted 4,616.31 5,227.03 1,129.99 Further, please see the ‘Limited Review Summary Financials of the Sattva Sponsor’ for the financial year ending March 31, 2025 on page 1156.

[Remainder of the page intentionally left blank] 1056FINANCIAL INFORMATION OF THE MANAGER SUMMARY FINANCIALS OF KNOWLEDGE REALTY OFFICE MANAGEMENT SERVICES PRIVATE LIMITED (All amounts in Indian Rupees rounded off to nearest millions unless otherwise stated) Summary Balance Sheet (Amount in ₹ millions) As at March 31, As at March 31, 2025 2024 ASSETS Non-current assets Property, plant and equipment 0.89 – Right-of-use assets 64.21 – Financial assets Other financial assets 6.05 – Deferred tax assets (net) 14.81 – Total non-current assets 85.96 – Current assets Financial assets Investments 107.35 – Cash and cash equivalents 5.76 0.10 Other financial assets 26.54 – Other current assets 14.41 – Total current assets 154.06 0.10 Total Assets 240.02 0.10 EQUITY AND LIABILITIES Equity Equity share capital 200.00 0.10 Other equity (45.36) (0.01) Total equity 154.64 0.09 Liabilities Non-current liabilities Financial liabilities Lease liabilities 56.05 – Provisions 1.91 – Total non-current liabilities 57.96 – Current liabilities Financial liabilities Lease liabilities 12.51 – 1057(Amount in ₹ millions) As at March 31, As at March 31, 2025 2024 Trade payables Total outstanding dues of micro enterprises and small enterprises 1.30 – Total outstanding dues of trade payable other than micro enterprises and small enterprises 13.27 0.01 Other financial liabilities 0.12 – Other current liabilities 0.01 – Provisions 0.21 – Total current liabilities 27.43 0.01 Total Liabilities 85.38 0.01 Total Equity & Liabilities 240.02 0.10 1058Summary statement of profit and loss (Amount in ₹ millions, unless stated otherwise) Forthe period Forthe yearended from May 19, 2023 March 31, 2025 to March 31, 2024 Income Revenue from operations – – Other income 8.22 – Total Income 8.22 – Expense Cost of revenue – – Employee benefits expense 35.74 – Finance costs 4.73 – Depreciation and amortisation expense 11.37 – Other expense 16.55 0.01 Total expenses 68.39 0.01

(Loss) before tax (60.17) (0.01) Current tax – – Deferred tax (14.82) – Total tax expense (14.82) –

(Loss) for the year/period (45.35) (0.01) Other comprehensive income – Items that will not be reclassified to profit or loss Re-measurement gains/(losses) on defined benefit plans – – Income tax effect – – Total other comprehensive income – – Total comprehensive income for the year/period, net of tax (45.35) (0.01) Earning per equity share (face value of share Rs 10 each) Basic and diluted earning per share (amount in INR) (3.11) (1.35) The Manager was incorporated on May 19, 2023. Accordingly, the statement of profit and loss for the financialyearendedMarch3,2024,isfromMay19,2023toMarch31,2024andnotfortheentiretwelve months. Thus, comparative information for previous financial year has been provided for the period between May 19, 2023 and March 31, 2024.

1059SUMMARY VALUATION REPORT

Issued to:

KNOWLEDGE REALTY OFFICE MANAGEMENT SERVICES PRIVATE LIMITED IN ITS CAPACITY AS MANAGER OF THE KNOWLEDGE REALTY TRUST 1 Sattva Knowledge City 19 Sattva Magnificia (I & II) 2 Sattva Knowledge Park 20 Sattva South Avenue 3 Sattva Knowledge Capital 21 Sattva Eminence 4 One BKC 22 Sattva Cosmo Lavelle 5 One World Center 23 Sattva Premia 6 One International Center 24 Sattva Supreme 7 One Unity Center 25 Sattva Endeavour 8 Prima Bay 26 Sattva Spectrum 9 Cessna Business Park 27 Kosmo One 10 Exora Business Park 28 One Qube 11 Sattva Global City 29 Fintech One 12 Sattva Softzone 30 One BKC Solar 13 Sattva Knowledge Court 31 Prima Bay Solar 14 Sattva Techpoint 32 Karnataka Solar—I 15 One Trade Tower 33 Karnataka Solar—II 16 Sattva Horizon 17 Sattva Touchstone 18 Sattva Infozone

DATE OF VALUATION: MARCH 31, 2025

DATE OF REPORT: JULY 12, 2025 1060CONTENTS

1. INSTRUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1062

1.1 INTENDED PURPOSE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1063

1.2 RELIANT PARTY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1063

1.3 LIMITATION OF LIABILITY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1063

1.4 VALUER CAPABILITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1065

1.5 DISCLOSURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1065

1.6 ASSUMPTIONS, DISCLAIMERS, LIMITATIONS & QUALIFICATIONS TO VALUATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1067

2. VALUATION APPROACH & METHODOLOGY . . . . . . . . . . . . . . . . . . . . . . 1072

2.1 SCOPE OF VALUATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1072

2.2 BASIS OF VALUATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1072

2.3 APPROACH AND METHODOLOGY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1072

2.4 APPROACH AND METHODOLOGY ADOPTED . . . . . . . . . . . . . . . . . . . 1072

2.5 INFORMATION SOURCES FOR VALUATION. . . . . . . . . . . . . . . . . . . . . 1074

3. KNOWLEDGE REALTY TRUST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1075

3.1 PORTFOLIO AT A GLANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1075

3.2 NATURE OF INTEREST OF KNOWLEDGE REALTY TRUST. . . . . . . . 1076

4. VALUE SUMMARY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1079

5. ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1082

5.1 SATTVA KNOWLEDGE CITY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1082

5.2 SATTVA KNOWLEDGE PARK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1084

5.3 SATTVA KNOWLEDGE CAPITAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1086

5.4 ONE BKC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1088

5.5 ONE WORLD CENTER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1090

5.6 ONE INTERNATIONAL CENTER. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1092

5.7 ONE UNITY CENTER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1094

5.8 PRIMA BAY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1096

5.9 CESSNA BUSINESS PARK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1098

5.10 EXORA BUSINESS PARK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1100

5.11 SATTVA GLOBAL CITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1102

5.12 SATTVA SOFTZONE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1104

5.13 SATTVA KNOWLEDGE COURT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1106

5.14 SATTVA TECHPOINT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1108

5.15 ONE TRADE TOWER. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1110

5.16 SATTVA HORIZON. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1112

5.17 SATTVA TOUCHSTONE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1114

5.18 SATTVA INFOZONE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1116

5.19 SATTVA MAGNIFICIA (I & II) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1118

5.20 SATTVA SOUTH AVENUE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1120

5.21 SATTVA EMINENCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1122

5.22 SATTVA COSMO LAVELLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1124

5.23 SATTVA PREMIA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1126

5.24 SATTVA SUPREME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1128

5.25 SATTVA ENDEAVOUR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1130

5.26 SATTVA SPECTRUM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1132

5.27 KOSMO ONE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1134

5.28 ONE QUBE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1136

5.29 FINTECH ONE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1138

5.30 ONE BKC SOLAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1140

5.31 PRIMA BAY SOLAR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1141

5.32 KARNATAKA SOLAR—I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1142

5.33 KARNATAKA SOLAR—II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1143

10611. Instruction iVAS Partners (Valuer Registration Number: IBBI/RV-E/02/2020/112; hereinafter referred as ‘Valuer’) represented by its partner Mr. Shubhendu Saha, a registered valuer under the Companies Act 2013 with IBBI (Valuer Registration Number: IBBI/RV/05/2019/11552) has been instructed by Knowledge Realty Office Management Services Private Limited (hereinafter referred as the ‘Management’, the ‘Instructing Party’) in its capacity as the Manager of the Knowledge Realty Trust (‘KRT REIT’ or ‘REIT’) to estimate the Market Value (MV) of the SubjectAssetsasofMarch31,2025comprisingcommercialofficerealestateassetslocatedacross North India (Gurugram), West India (Mumbai & Gift City, Ahmedabad) and South India (Hyderabad,Bengaluru&Chennai)andfoursolarplantslocatedacrossKarnatakaandMaharashtra (herein referred as the ‘Subject Asset(s)’ or ‘Asset(s)’ across the Summary Report). Further, the valuation has been carried for the respective assets in accordance with the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 (‘SEBI REIT Regulations 2014’).

Additionally, the Manager has appointed CBRE to be the ‘Industry Assessment Service Provider’ for providing market intelligence. The Valuer has referred the market intelligence provided by CBRE for market analytics covering overall structure and condition of the relevant markets including an analysis of the supply-demand situation, the market trend and investment activities.

The details of the assets under the purview of this valuation exercise are tabulated below:

S. No Asset Name AssetType Location 1 Sattva Knowledge City Business Park Hyderabad 2 Sattva Knowledge Park Business Park Hyderabad 3 Sattva Knowledge Capital Business Park Hyderabad 4 One BKC City-Center Office Building Mumbai 5 One World Center City-Center Office Building Mumbai 6 One International Center City-Center Office Building Mumbai 7 One Unity Center City-Center Office Building Mumbai 8 Prima Bay Business Park Mumbai 9 Cessna Business Park Business Park Bengaluru 10 Exora Business Park Business Park Bengaluru 11 Sattva Global City Business Park Bengaluru 12 Sattva Softzone Business Park Bengaluru 13 Sattva Knowledge Court Business Park Bengaluru 14 Sattva Techpoint Business Center Bengaluru 15 One Trade Tower City-Center Office Building Bengaluru 16 Sattva Horizon Business Center Bengaluru 17 Sattva Touchstone Business Center Bengaluru 18 Sattva Infozone Business Center Bengaluru 19 Sattva Magnificia (I & II) Business Center Bengaluru 20 Sattva South Avenue Business Center Bengaluru 21 Sattva Eminence Business Center Bengaluru 22 Sattva Cosmo Lavelle City-Center Office Building Bengaluru 1062S. No Asset Name AssetType Location 23 Sattva Premia Business Center Bengaluru 24 Sattva Supreme Business Center Bengaluru 25 Sattva Endeavour Business Center Bengaluru 26 Sattva Spectrum Business Center Bengaluru 27 Kosmo One Business Park Chennai 28 One Qube Business Park Gurugram GIFT City, 29 Fintech One Business Center Ahmedabad 30 One BKC Solar Solar Plant Dhule 31 Prima Bay Solar Solar Plant Dhule 32 Karnataka Solar—I Solar Plant Chitradurga 33 Karnataka Solar—II Solar Plant Chitradurga

Source:InformationprovidedbytheManagement

1.1 Intended Purpose Asperourinstructions,thevaluationisrequiredbytheManagementforanInitialPublicOffering (‘IPO’) of the KRT REIT under the SEBI REIT Regulations 2014, as amended, together with clarifications, guidelines and notifications issued thereunder, on the Indian stock exchanges.

This Summary Valuation Report (‘Summary Report’) has been prepared as a summarized version of the Detailed Valuation Report (‘Valuation Report’) for inclusion within the Offer Document (‘Final Offer Document’, ‘OD’).

1.2 Reliant Party The Reliant Parties to the Summary Report will be the Knowledge Realty Office Management Services Private Limited as the Manager of Knowledge RealtyTrust, including its holdcos, special purpose vehicles (Asset SPVs), investment entities andAxis Trustee Services Limited (the Trustee for KRT REIT) for the purpose of the valuation as highlighted in this report. We also acknowledge that the Summary Report will be submitted to Stock Exchanges, The Securities and Exchange Board of India, and unit holders of the REITfor the purpose outlined.We also provide our consent to share this Summary Report on non-reliance basis with the auditors, lawyers, and book running lead managers.

The valuation has been prepared strictly and only for the use of the parties as stated above (Reliant Parties) and for the Intended Purpose specifically stated.

1.3 Limitation of Liability ▪ Valuer is not operating under any financial services license when providing this Summary Report and this document does not constitute financial product advice. Investors should consider obtaining independent advice from their financial advisor before making any decision to invest in KRT REIT.

1063▪ This Summary Report is strictly limited to the matters contained within this report, and are not to be read as extending, by implication or otherwise, to any other matter in OD. Further, the Valuer does not approve or endorse any part of the OD.

▪ Valuer disclaims any liability to any person in the event of any omission from, or false and misleading statements included in the OD, other than in respect of the information provided within the Summary Report. Valuer shall not make any warranty or representation as to the accuracy of the information in any part of the OD, other than in respect to the information

provided within this Summary Report. ▪ The liability of theValuer is limited to the Instructing Party, and any Reliant Party nominated withintheSummaryReportonly.Noaccountability,obligationorliabilitytoanythirdparties is accepted by the Valuer. Valuer disclaims all liability to any investor.

▪ No liability is accepted for any loss, harm, cost or damage (including special, consequential or economic harm or loss) suffered as a consequence of fluctuations in the real estate market subsequent to the date of valuation. Valuer shall not be liable for any indirect, special, punitive or consequential loss or damage howsoever caused, whether in contract, tort or otherwise, arising from or in connection with the Summary Report.

▪ Valuer accepts no responsibility or liability whatsoever

(i) unless full disclosure of all information and matters that may have an impact upon the value and marketability of the asset has been made by the Instructing Party or

(ii) for any matter arising out of or in relation to possible environmental site contamination or any failure to comply with environmental legislation which may affect the value of the asset. ▪ Noneofouremployees,partnersorValuersholdanyindividualcontractwiththeManagement or owes them a duty of care.

▪ ValuerhaspreparedthisSummaryReportrelyingonandreferringtoinformationprovidedby the Management and/or third parties including financial and market information (‘Information’). Valuer has assumed that the information is accurate, reliable and complete and has not independently verified such information.

▪ The Summary Report draws attention to the key issues and considerations impacting value and provides a detailed assessment and analysis as well as key critical assumptions, general assumptions, disclaimers, limitations, qualifications and recommendations. As commercial investments of this nature are inherently complex and the market conditions have changed and/or have been uncertain in recent times, any references to value within the OD and this Summary Report must be read and considered together with the Valuation Report.

▪ This Summary Report may not be reproduced in whole or in part without the prior written approval of the Valuer. This Summary Report does not purport to contain all the information that a potential investor or any other interested party may require. It does not consider the individual circumstances, financial situation, investment objectives or requirements. It is intendedtobeusedasguideandforinformationpurposesonlyanddoesnotconstituteadvice including without any limitation, investment, tax, legal or any other type of advice. The valuations stated are only best estimates and are not to be construed as a guarantee. Potential investors should not rely on any material contained in the Summary Report as a statement or representation of fact but should satisfy themselves as to its correctness by independent investigation and review of the Valuation Report to understand the assumptions and methodologies stated in the report.

10641.4 Valuer Capability iVAS Partners, (Valuer Registration Number: IBBI/RV-E/02/2020/112), a registered valuer entity, represented by its partner Mr. Shubhendu Saha (Valuer Registration Number:

IBBI/RV/05/2019/11552) delivers independent valuation (across categories viz. land & building, plant & machinery, and securities or financial assets), advisory and technical due diligence services, that combine professional expertise with comprehensive databases, analytics and market intelligence across various asset classes and locations in India.

Mr. Shubhendu Saha is registered as a valuer with the Insolvency and Bankruptcy Board of India

(IBBI) for the asset class Land and Building under the provisions of The Companies (Registered Valuers and Valuation) Rules, 2017 since May 15, 2019. He completed his bachelor’s in planning from the School of Planning and Architecture, New Delhi in 1997 and master’s in management studies from Motilal Nehru National Institute ofTechnology,Allahabad in 1999. He has previously valued the assets in the portfolio of Mindspace Business Parks REIT and Brookfield India Real EstateTrustforthepurposeofIPOandsubsequentinvestorreportingundertheprovisionsofSEBI

(REIT) Regulations, 2014.

1.5 Disclosures

This Valuer hereby certify that: ▪ iVAS Partners (Valuer Registration Number: IBBI/RV-E/02/2020/112), represented by its partner Mr. Shubhendu Saha (Valuer Registration Number: IBBI/RV/05/2019/11552), is registeredasaregisteredvaluerentityunderSection247oftheCompaniesAct,2013andThe Companies (Registered Valuers and Valuation) Rules, 2017, as amended, and is eligible to be appointed as Valuer under the provisions of the SEBI REIT Regulations, 2014, as amended and that the Summary Report has been prepared in accordance with these regulations.

▪ iVAS Partners (represented by Mr. Shubhendu Saha—Partner, iVAS Partners) is not an associate of the KRT REIT, its Sponsors, their respective Sponsor Group, the Manager or Trustee. ▪ The Valuer, has the required minimum five years of experience in the valuation of real estate assets, as required under the SEBI REIT Regulations, 2014.

▪ The Valuer has not been involved with the acquisition or disposal within the last twelve months of any of the Assets valued under this Summary Report. ▪ The Valuer has adequate and robust internal controls to ensure the integrity of the Summary Report.

▪ TheValuerhassufficientkeypersonnelwithadequateexperienceandqualificationtoperform services related to asset valuation at all times. ▪ The Valuer has sufficient financial resources to enable them to conduct their business effectively and meet their liabilities.

▪ The Valuer has acquainted itself with all laws or regulations relevant to such valuation. ▪ iVAS Partners is not prohibited from acting as a valuer under applicable law. ▪ Thevaluationofassetsundertakenisimpartial,trueandfairandinaccordancewiththeSEBI REIT Regulations, 2014.

1065▪ TheValuerandanyofitsemployeesinvolvedinvaluationoftheREITAssetsarenotinvested in and shall not invest in units of the REITor in theAssets being valued during the time such entity/person is designated as valuer of such REIT and not less than 6 months after ceasing to be valuer of the REIT.

▪ TheValuerhasconductedthevaluationoftheREITAssetswithtransparencyandfairnessand has rendered and shall render, at all times, high standards of service, exercise due diligence, ensure proper care and exercise professional judgment.

▪ The Valuer has acted with independence, objectivity and impartiality in performing the valuation. ▪ TheValuerhasdischargeditsdutiestowardsKRTREITinanefficientandcompetentmanner, utilizing its knowledge, skills and experience in best possible way to complete the said assignment.

▪ TheValuerhasnotandshallnotacceptremuneration,inanyform,forperformingavaluation of the REIT Assets from any person or entity other than Management or its authorized representatives. ▪ TheValuerhasnopresentorplannedfutureinterestintheManagement,Trustee,theSponsors to the KRT REIT and its sponsor groups or theAsset SPVs, holdcos, investment entities and the fee for this Summary Report and the valuation exercise is not contingent upon the values reported herein. Our valuation analysis should not be construed as investment advice;

specifically,wedonotexpressanyopiniononthesuitabilityorotherwiseofenteringintoany financial or other transaction with the Management or the Asset SPVs/holdcos/investment entities. ▪ The Valuer shall before accepting any assignment from any related party to the KRT REIT, disclose to Management, any direct or indirect consideration which the Valuer may have in respect of such assignment.

▪ TheValuershalldisclosetotheKRTREIT,anypendingbusinesstransactions,contractsunder negotiation and other arrangements with the Management or any other party whom the KRT REIT is contracting with and any other factors which may interfere with the Valuer’s ability to give an independent and professional valuation of the asset; as on the date of valuation, there are no impediments for Valuer to give an independent professional value opinion of the asset.

▪ The Valuer has not made false, misleading or exaggerated claims in order to secure assignments. ▪ The Valuer has not and shall not provide misleading valuation, either by providing incorrect information or by withholding relevant information.

▪ TheValuer has not accepted and shall not accept an assignment that includes reporting of the outcome based on predetermined opinions and conclusions required by the Management. ▪ The Valuer has not accepted the said assignment which interferes with its ability to do fair valuation.

▪ ThevaluationundertakenbytheValuerabidesbyInternationalValuationStandards(effective from January 31, 2025, as applicable on the date of valuation), for valuation in compliance with The Companies (Registration of Valuers and Valuation) Rules, 2017.

1066▪ TheValuerunderstandsthatmostoftheseAssetsarewholly/partlyowned/tenantedbyrelated parties, hence, any transactions related to these Assets from the related parties being valued would be related party transactions.

▪ The Valuer notes that there are encumbrances, however, no options or pre-emptions rights in relationtotheAssetsbasedonthetitlereportpreparedbyCyrilAmarchandMangaldas,Indus Law, Parinam and Trilegal (hereinafter referred to as ‘Legal Counsels’). The Valuer does not have the expertise or the preview to verify the veracity or quantify these encumbrances, disputes or claims. For the purpose of this valuation, the Valuer has assumed that the respective Assets have title that is clear and marketable.

1.6 Assumptions, Disclaimers, Limitations & Qualifications to Valuation Valuation Subject The subject valuation exercise is based on prevailing market dynamics as on the

to Change: date of valuation and does not take into account any unforeseeable developments which could impact the same in the future Our TheValuerisnotengagedtocarryoutallpossibleinvestigationsinrelationtothe

Investigations: SubjectAssets.WhereverintheSummaryReporttheValuerhasidentifiedcertain limitations to our investigations, this is to enable the reliant party to instruct further investigations as considered appropriate or the Valuer has recommended to undertake necessary investigation prior to reliance.TheValuer is not liable for any loss occasioned by a decision to not conduct further investigations.

Assumptions: Assumptions are a necessary part of undertaking valuations. The Valuer adopts assumptions for the purpose of providing valuation advice because some matters are not capable of accurate calculation or fall outside the scope of our expertise, or our instructions.Assumptions adopted by iVAS Partners will be formulated on the basis that they could reasonably be expected from a professional and experiencedValuer.TheReliantPartiesacceptsthatthevaluationcontainscertain specific assumptions, and acknowledges and accepts the risk that if any of the assumptions adopted in the valuation are incorrect, then this may have an effect on the valuation Information The valuations are based on the information provided by the Management. The Supplied by same has been assumed to be correct and has been used for valuation exercise.

Others: Where it is stated in the Summary Report that another party has supplied information to the ‘Valuer’, this information is believed to be reliable, but the ‘Valuer’ can accept no responsibility if this should prove not to be so Wehaveassumedthatwhereanyinformationrelevanttoourvaluationissupplied by the Instructing Party, or by any third party at Instructing Party’s direction, it iscorrectandcomprehensiveandcanbesafelyrelieduponbyusinpreparingour valuation.

We would recommend that before any financial transaction is entered into based on the valuations, you obtain verification of any third-party information

provided. We also recommend that you check the validity of the assumptions we have adopted in the Summary Report (where we have been unable to verify the facts through our own observations or experience) Matters which If the Reliant Party becomes aware of any matters which affect or may affect the affect or may valuation, then Valuer must be advised of those matters. The Reliant Party’s affect the failure to do so will disentitle the Reliant Party to place reliance on the valuation

valuation: and reliance must not be placed on the valuation/s under any circumstance 1067Future Matters: To the extent that the valuation includes any statement as to a future matter, that statement is provided as an estimate and/or opinion based on the information known to the ‘Valuer’at the date of this document.The ‘Valuer’does not warrant that such statements are accurate or correct

Map and Plans: Anysketch,planormapinthisSummaryReportisincludedtoassistreaderwhile visualizing the Assets and the Valuers assume no responsibility in connection with such matters.

Further. all maps and plans quoted in the Summary Report are solely for illustrativepurposesonly.Whiletheyareextractedfrompublicsources,theymay be not to scale. Valuer does not warrant that such dimensions shown are accurate

Site Details: The Valuer notes that there are encumbrances, however, no options or pre-emptions rights in relation to theAssets based on the title report prepared by Legal Counsels has been adopted. The Valuer does not have the expertise or the previewtoverifytheveracityorquantifytheseencumbrances,disputesorclaims.

For the purpose of this valuation, the Valuer has assumed that the respective Assets have title that are clear and marketable

Asset Title: For the purpose of this valuation exercise, the Valuer has relied on the Title Reports prepared by the Legal Counsels for each of the Assets and has made no further enquiries with the relevant local authorities in this regard. The Valuer understandsthattheSubjectAssetsmayhaveencumbrances,disputesandclaims.

The Valuer does not have the expertise or the purview to verify the veracity or quantify these encumbrances, disputes or claims. For the purpose of this valuation, the Valuer has assumed that the respective assets have title that are clear and marketable. We recommend that a suitable Asset Lawyer or similar reviews these assumptions and confirm they are reasonable before relying on this report Environmental In preparing our valuation we assume that no contaminative or potentially

Conditions: contaminative use is, or has been, carried out at the asset. We do not undertake any investigation into the past or present uses of either the asset or any adjoining or nearby land, to establish whether there is any potential for contamination from these uses and assume that none exists. Should it, however, be subsequently established that such contamination exists at the asset or on any adjoining land or that any premises have been or are being put to contaminative use, this may have a detrimental effect on the value reported

Town Planning: The current zoning of the SubjectAssets has been adopted on the basis of review of various documents (title deeds & approval documents) provided by the Management and the current land use maps for the subject region. The same has been considered for the purpose of this valuation exercise. Further, it has been assumed that the development on the SubjectAssets adheres/would adhere to the development regulations as prescribed by the relevant authorities.TheValuer has not made any enquiries with the relevant development authorities to validate the legality of the same.

Our valuations are prepared on the assumption that the premises comply with all relevant statutory enactments and Building Codes and Regulations, that a valid and up-to-date Fire Certificate has been issued. We assume that all necessary consents, licenses and authorizations for the use of the asset and the process carried out therein have been obtained and will continue to subsist and are not subject to any onerous conditions 1068Area: The total leasable area considered for the purpose of this valuation exercise is based on the rent rolls provided by the Management as of March 31, 2025.

Further the valuer has also relied on the architect certificates shared by the Management. However, theValuer has not undertaken additional verification and physical measurement for the purpose of this valuation exercise Condition & In the absence of any information to the contrary, the Valuer has assumed that

Repair: there are no abnormal ground conditions, nor archaeological remains present which might adversely affect the current or future occupation, development or valueoftheasset;theassetisfreefromrot,infestation,structuralorlatentdefect;

no currently known deleterious or hazardous materials or suspect techniques will be used in the construction of or subsequent alterations or additions to the asset and comments made in the asset details do not purport to express an opinion about, or advice upon, the condition of uninspected parts and should not be taken as making an implied representation or statement about such parts Not a Structural The Valuer states that this is a Summary Report and not a structural survey

Survey:

Legal: Unless specifically disclosed in this Summary Report, the Valuer has not made any allowances with respect to any existing or proposed local legislation relating to taxation on realization of the sale value of the Subject Asset.

We do not read legal documentation. Where legal documentation is provided to us, we have given regard to the matters therein but recommend that reliance should not be placed on our interpretation thereof without prior verification by your legal advisors. Unless disclosed to us, we assume that there are no outstanding statutory breaches or impending litigation in respect of the asset.We further assume that all documentation is satisfactorily drawn and that unless disclosedtous,therearenounusualoronerousrestrictions,easements,covenants or other outgoings which would adversely affect the value of the relevant interest(s). In respect of leaseholdAssets, we will assume that your landlord will give any necessary consents to an assignment. Unless notified to the contrary we assume that each asset has a good and marketable title and is free from any pending litigation

Others: ConsideringtheunorganizednatureofrealestatemarketsinIndia,allcomparable evidence (if any) provided in the Summary Report has been limited to the basic details such as the area of asset, rate at which transacted, broad location, etc.

other specific details would be provided only if the information is available in public domain 1069Other Please note that all the factual information such as tenants’ leasable area, lease Assumptions/ details such as lease rent, lease commencement and lease end date, lock-in

Observations: period, escalation terms, etc. pertaining to the SubjectAssets is based on the rent roll provided by the Management as of 31st March 2025, and the same has been adopted for the purpose of this valuation exercise. The rent rolls have been cross-checkedwithcopiesoftheleasedeedsonasamplebasisassharedwiththe Valuer to verify the authenticity.Any change in the above information will have an impact on the assessed value and in that case the Valuer will have to relook at the assessed value.

All measurements, areas and ages quoted in the Summary Report are approximate.

We are not advisors with respect to legal, tax and regulatory matters for the transaction. No investigation of the respective Asset SPVs holding the assets’ claimtotitleofassetshasbeenmadeforthepurposeofthisSummaryReportand the Asset SPVs’ claim to such rights have been assumed to be valid. No consideration has been given to liens or encumbrances against the assets.

Therefore, no responsibility is assumed for matters of a legal nature

Flooding risk: Wehaveassumedthateitherthereisnofloodingriskor,ifthereis,thatsufficient flood defenses are in place and that appropriate building insurance could be obtained at a cost that would not materially affect the capital value

Site Conditions: We do not commission site investigations to determine the suitability of ground conditions and services, nor do we undertake environmental or geotechnical surveys.Wehaveassumedthattheseaspectsaresatisfactoryandalsothatthesite is clear of underground mineral or other workings, methane gas or other noxious substances.

In the case of asset which may have redevelopment potential, we proceed on the basis that the site has load bearing capacity suitable for the anticipated form of redevelopment without the need for additional and expensive foundations or drainage systems (unless stated otherwise) Hazardous & Unless otherwise noted, we have assumed that the improvements are free of deleterious AsbestosandHazardousMaterials,orshouldthesematerialsbepresentthenthey

materials: do not pose significant risk to human health, nor require immediate removal. We assume the site is free of subsoil asbestos and have made no allowance in our valuation for site remediation works.

Our visual inspection is an inconclusive indicator of the actual condition/ presence of asbestos/hazardous materials within the asset. We make no representation as to the actual status of theAsset. If a test is undertaken at some time in the future to assess the degree, if any, of the presence of any asbestos/hazardous materials on site and this is found to be positive, this valuation must not be relied upon before first consulting iVAS Partners to reassess any effect on the valuation. Unless specifically instructed, we do not carryoutinvestigationstoascertainwhetheranybuildinghasbeenconstructedor altered using deleterious materials or methods. Unless specifically notified, our valuation assumes that no such materials or methods have been used.

1070Heightened There are numerous geopolitical tensions across the world at present, the Market outcomesofwhichareuncertain.Thereisthepotentialforrapidescalationwhich

Volatility: could produce a significant impact on global trade, economies and property values. Further, international trade tariffs have recently been implemented between major global economies, and there is uncertainty on how future tariffs may eventuate. These factors have created significant risk to global economic conditions.

Experience has shown that consumer and investor behaviour can quickly change during fluctuating market conditions. It is important to note that the conclusions set out in this report are valid as at the valuation date only. Where appropriate, we recommend that the valuation is closely monitored, as we continue to track how markets respond to the current environment.

Development The value of real estate developments is traditionally volatile and can be subject

Valuation: to rapid changes of value in short timeframes. Development projects appeal to specific types of purchasers and can be significantly impacted by many factors suchasbroadereconomicconditions,fluctuatinglevelsofsupplyanddemandfor the product, changes in building costs and the availability and cost of developmentfinance.Allthese(andmore)factorscouldhaveasignificantimpact on the value and demand for the Subject Assets.

Going forward there will be several key factors impacting the viability of some development projects and their underlying land values. Key concerns are fluctuations in construction costs, substantial new supply levels and easing investor demand for final product. In addition, we also note that ongoing monitoring and governance of banking systems may significantly restrict development capital and increase the cost of development finance.

As experienced in previous market cycles, the value of real estate developments can undergo rapid and significant price corrections, as supply, demand and cost factors change. Any Reliant Party is strongly advised to consider this inherent risk in their investment and lending decisions. Lending and investment caution is advised in this regard.

Theapplicant’sabilitytoservicedebtshouldalsobecarefullyconsidered,should development opportunities and settlements be extended, construction/funding costs increase, or sales rescinded Construction Although general increases in material costs have stabilized since 2022, some

Cost Volatility: specialised supply chains and construction-related labor costs remain volatile with the potential for further increases. This has created uncertainty in cost estimates, which is likely to continue.

Inaddition,therearesignificantrisksthatdelaysmaybeencounteredinsourcing specialised materials and labor, and as such, the potential for ongoing cost escalations and delays is high. This may place additional pressure on developer and contractor profit margins and development viability.

These inherent risks should therefore be given careful consideration in lending and investment decisions. Caution is advised in this regard

10712. Valuation Approach & Methodology

2.1 Scope of Valuation The valuation exercise is to assess the Market Value of the SubjectAsset(s) for the purpose of the IPO of KRT REIT under the SEBI REIT Regulations, 2014, as amended. The valuations have been conducted in accordance with the International Valuation Standards by the International Valuation Standards Council (‘IVSC’), (effective January 31, 2025, as applicable on the date of valuation), and in accordance with the requirements of the SEBI REIT Regulations, 2014, as amended from time to time.

The Valuer has assessed the Market Value of each Individual SubjectAsset(s), not the value of the portfolio, if all Assets were sold in one transaction. Where a summation of the individual Assets is provided, this is purely for reference only and should not be construed as the value of the portfolio.

2.2 Basis of Valuation The valuations have been conducted in accordance with the International Valuation Standards by IVSC(effectivefromJanuary31,2025,asapplicableonthedateofvaluation)andisincompliance with the International Valuation Standards (IVS) and is in accordance with the SEBI REIT Regulations, 2014. The valuation exercise has been undertaken by appropriately qualified Valuer and is aimed at assessing the Market Value of the Subject Assets.

According to IVS 102, the Market Value is defined as: ‘The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion’.

2.3 Approach and Methodology ThepurposeofthisvaluationexerciseistoestimatetheMarketValueoftheSubjectAssets.Market Value for the purpose of valuation outlined has been carried basis Income Approach. The same is detailed below— Income Approach The income approach is based on the premise that value of an income—producing asset is a function of future benefits and income derived from that asset. There are two commonly used methods of the income approach in real estate valuation namely, direct capitalization and discounted cash flow (DCF).

2.4 Approach and Methodology Adopted A large number of leases at the Subject Assets were executed at rentals prevalent at the time of signing of such leases or at a discount to prevailing market rental (for a few anchor tenants). Since the real estate industry is dynamic and is influenced by various factors (such as existing supply, tenants looking at spaces, quality of spaces available in the market, overall health of the economy, existing rentals, future growth plans, etc.) at a particular point in time, negotiated rentals may tend tomoveawayfromtheprevalentmarketrentsoveraperiodoftime.Ithasalsobeenwitnessedthat themarketrentsforsomeassetsorsub-marketsincreaseordecreaseataratesignificantlydifferent fromthoseagreedtoininitialleases.Thesefactorsreinforcetheneedtorevieweachoftheseleases in isolation to assess the intrinsic value of the asset under review.

1072Considering the objective of this exercise and the nature of asset involved, the value of the office component in the Subject Assets has been assessed through the Discounted Cash Flow Method using Rental Reversion and the value of the solar plants have been derived using Discounted Cash Flow Method. Further, the following steps have been adopted as part of IVAS’s valuation for the respective Subject Asset which have been further elaborated as part of our Valuation Report.

Asset-specific Review: (cid:129) As the first step to the valuation of the asset, the rent rolls as of 31st March 2025 (and the corresponding lease deeds on a sample basis) were reviewed to identify tenancy characteristics for the asset.

(cid:129) Title documents and architect certificates were reviewed for validation of area details, ownership of the asset. (cid:129) Physical site inspections were undertaken to assess the development status of the asset.

Sub-market Review:

For the purpose of the valuation exercise, reliance has been placed on the market report prepared by CBRE, who has been appointed by the Management as an independent consultant to carry out industry and market research.Accordingly, the review was carried out in the following manner:— A detailed assessment of the site and surroundings has been undertaken with respect to the prevalent activities, change in dynamics impacting the values and the optimal use of the respective assets vis-à-vis their surrounding sub-market, etc. Further, a primary and secondary research exercise has been carried out in the catchment areas for the respective assets to ascertain the transaction activity of commercial developments. This has been achieved through interactions with various market players such as developers, real estate brokers, key office tenants, etc. Peers to the assets were identified in terms of potential competition (both for completed and under-construction/future developments), comparable recent lease transactions witnessed in the sub-market were analyzed along with the leasing and re-leasing history within the asset over the last 3-4 years. This was undertaken to assess the applicable market rent (Valuer’s view on rental for the asset—used for leasing vacant spaces as well as upon releasing).

Cash Flow Projections:

A. Commercial Office The cash flows for the operational and under-construction/future development area (if applicable) were projected separately to arrive at their respective value conclusion.

TheValuerhasutilizedtheEBITDAtoarriveatthevalueoftheSubjectAssets.Thefollowingsteps were undertaken to arrive at the value for operational and under-construction/future development area respectively. (cid:129) The Valuer has projected future cash flows from the asset based on existing lease terms for the operational area till lock-in expiry of the leases or re-negotiation (using the variance analysis), whichever is earlier. Post which, the lease terms have been aligned with market rentals. For vacant area and under-construction/future development area, the Valuer has projected the market rent led cash flows factoring appropriate lease-up time frame. Further, these cash flows have been projected for 10-year duration from the date of valuation and for 11th year (for assessment of terminal value). These future financial benefits are then discounted to a present-day value (valuation date) at an appropriate discount rate.

1073(cid:129) For each lease, the following steps have been undertaken to assess the rental and CAM revenue over a 10-year time horizon:

Step 1: Project the rentals and CAM revenue for identified tenancies up to the period of lease expiry, lock-in expiry, first escalation, second escalation, etc. whichever is applicable. In the event of unleased spaces, market-led rentals to be adopted with suitable lease-up time.

Step 2: Generating a market rental and CAM revenue stream for identified tenancies for the time period similar to the cash flows drawn in the aforementioned step.

Step 3: In the event the escalated contracted rental is above the market rent (viz. by 20%) post the lock in period, then contracted terms are discarded, and the terms are reverted to market. In the eventtheescalatedcontractedrentisbelowthemarketrent,thecontractedtermsareadoptedgoing forward until the next term expiry. Intent of this step is to project the rental for respective leases until lease expiry as well as post expiry.

Step 4: Computing the monthly income based on rentals projected as part of Step 3 and translating the same to a quarterly income (for the next 10 years and 11th year—considered for calculation of terminal value) Adjustments for other revenues and recurring operational expenses, CAM expenses, fit-out income (if any—the same has been considered below the Net Operating Income (‘NOI’) and does not get capitalized) and vacancy provision as percentage of total income, which includes lease rentals, parking rentals, CAM revenue and other income from signages and telecom towers (hereinafter referred as ‘Total Income’) have been adopted in-line with prevalent market dynamics. In addition, appropriate rent-free periods have been adopted during lease roll-overs to factor potential rent-free terms as well as outflows towards brokerage. For all assets, we have looked at the operational revenuesandexpensestounderstandtherecurring,non-recurring,recoverableandnon-recoverable expenses and accordingly modeled the revenue and expenses for the asset.

Thenetincomeonquarterlybasishavebeenprojectedoverthenext10yearsandthe1yearforward NOI (for 11th year) as of end of year 10 has been capitalized to assess the terminal value of the development.The quarterly net income over the next 10 years along with the terminal value during theendofyear10havebeendiscountedatasuitablediscountratetoarriveattheNetPresentValue (‘NPV’) of the asset through this approach.

B. Solar Plants For the solar component, future cash flows from the assets have been projected based on the expected energy generation during the operational period, as outlined in the Power Purchase Agreement (‘PPA’) between the solar provider and the office entity, either executed or to be executed.Monthlyincomewascalculatedusingtheagreed-upontariff(asperthePPAAgreement).

Adjustments for operating expenses, maintenance/replacement costs, panel degradation, insurance, and other factors were made to determine the net income over the PPAterm. This net income was subsequently discounted at an appropriate discount rate to calculate the asset’s NPV.

2.5 Information Sources for Valuation Asset related information referred to for the valuation exercise have been provided to the Valuer by the Management unless otherwise mentioned. Valuer has assumed the documents to be a true copy of the original.The rent rolls have been cross-checked with the lease deeds on a sample basis toverifytheauthenticity.Additionally,whereverpossible,Valuerhasindependentlyrevalidatedthe information by reviewing the originals as provided by the Management. Further, details related to area and ownership has been adopted based on architect’s certificate and title report (prepared by independent architects and legal counsels) as shared by the Management.

10743. Knowledge Realty Trust

3.1 Portfolio at a Glance 29 commercial office developments across six cities and four solar plants Gurugram, NCR One Qube GIFT City, Ahmedabad Fintech One Mumbai, Maharashtra One BKC Prima Bay Hyderabad, Telangana One Unity Center One International Center Sattva Knowledge Capital One World Center Sattva Knowledge Park One BKC Solar Sattva Knowledge City Prima Bay Solar Bengaluru, Karnataka Chennai, Tamil Nadu Sattva Premia Sattva Touchstone Kosmo One Sattva Cosmo Lavelle Sattva Softzone Sattva Supreme Sattva Horizon Sattva Eminence Sattva Endeavour Sattva Infozone Sattva Spectrum Sattva Knowledge Court Sattva South Avenue Sattva Techpoint Sattva Global City Sattva Magnificia (I & II) Exora Business Park Cessna Business Park One Trade Tower Karnataka Solar—I Karnataka Solar—II RepresentativeMap,NottoScale

10753.2 Nature of Interest of Knowledge Realty Trust

The table below highlights the nature of interest of the KRT REIT: % Stake Remainderof Proposed to be Term (in years) held inAsset in case of Land SPV/Entity by on Leasehold Asset Name Asset SPV/Entity Name1 InterestValued KRTREIT Basis2 Sattva Knowledge Devbhumi Realtors Freehold 100% – City Pvt. Ltd.3 Sattva Knowledge Worldwide Realcon Freehold 100% – Park Pvt. Ltd.

Sattva Knowledge a. Darshita Infrastructure Freehold 100% – Capital Pvt. Ltd. b. Sattva Knowledge Centre Pvt. Ltd.

One BKC One BKC Realtors Pvt. Ltd. Leasehold 100% 634 One World Center One World Center Pvt. Ltd. Freehold 100% – One International One International Center Freehold 100% – Center Pvt. Ltd.

One Unity Center One International Center Freehold 100% – Pvt. Ltd.

Prima Bay Prima Bay Pvt. Ltd. Freehold 100% – Cessna Business Cessna Garden Developers Freehold 100% – Park Pvt. Ltd.

Exora Business Exora Business Park Freehold 100% – Park Pvt. Ltd.

1 Hereinafter referred to asAsset SPVin this Summary Report 2 ForSubjectAssetswithunderlyinglandonleaseholdbasis,theremainderleasetermrepresentstheremainingyearsfromthe date of valuation to the land lease expiry date.

3 As of the date of this Summary Report/Valuation Report, Sattva Knowledge City is owned by DRPL, an Asset SPV of the Knowledge Realty Trust. Pursuant to the resolution dated July 3, 2025, adopted by the board of directors of DRPL, it is proposedthat(i)SattvaKnowledgeCity—3(BlockD);(ii)SattvaKnowledgeCity—2(BlockB)andSattvaKnowledgeCity—2 (Block C); (iii) Sattva Knowledge City—1 (Block A); (iv) Sattva Knowledge City—5 (Block E-1), shall be demerged with an ‘AppointedDate’ofApril1,2025atanappropriatetimeafterthecompletionofthelistingoftheKnowledgeRealtyTrust,into entitiesheld/acquiredbytheREIT(the“DRPLSchemeofArrangement”),incompliancewithallapplicablelaws(including theSEBIREITRegulations)andtheManagershalltakeallstepsandactionstoensurecompliancewithsuchrequirementsand conditions.

4 ForfiniteleasetenuresexcludingSolarPlant,wehaveassumedperpetuityirrespectiveofthefixedtenureastheassetvalue would not be materially different from the finite term value.

1076% Stake Remainderof Proposed to be Term (in years) held inAsset in case of Land SPV/Entity by on Leasehold Asset Name Asset SPV/Entity Name1 InterestValued KRTREIT Basis2 Sattva Global City GV Techparks Pvt. Ltd. Freehold 100% – Sattva Softzone Softzone Tech Park Freehold 100% – Limited5 Sattva Knowledge Darshita Hi-Rise Pvt. Ltd. Freehold 100% – Court Sattva Techpoint Salarpuria Griha Nirman Freehold 100% – Pvt. Ltd.

One Trade Tower Pluto Business Parks Freehold 100% – Pvt. Ltd.

Sattva Horizon Sattva Horizon Pvt. Ltd. Freehold 100% – Sattva Touchstone Softzone Tech Park Freehold 100% – Limited5 Sattva Infozone Quadro Info Technologies Freehold 100% – Pvt. Ltd.

Sattva Magnificia a. Darshita Edifice Pvt. Ltd. Freehold 100% – (I & II) b. Softzone Tech Park Limited5 Sattva South Jaganmayi Real Estates Pvt. Freehold 100% – Avenue Ltd.

Sattva Eminence Debonair Realtors Pvt. Ltd. Freehold 100% – Sattva Cosmo Harkeshwar Realtors Freehold 100% – Lavelle Pvt. Ltd.

Sattva Premia Salarpuria Developers Freehold 100% – Pvt. Ltd.

Sattva Supreme Softzone Tech Park Freehold 100% – Limited5 Sattva Endeavour Darshita Housing Pvt. Ltd. Freehold 100% – Sattva Spectrum Softzone Tech Park Freehold 100% – Limited5 Kosmo One Kosmo One Business Park Freehold 100% – Pvt. Ltd.

5 An application for a composite scheme of arrangement dated November 5, 2024, was filed before the NCLT, Kolkata, by WellgrowthGrihaNirmanPrivateLimited,SalarpuriaPropertiesPrivateLimited,RajmataRealtorsPrivateLimited,theSattva Sponsor,SalarpuriaBuildersPrivateLimitedandSTPLwhichwasapprovedbytheNCLT,KolkataonJune18,2025(“Softzone SchemeofArrangement”).PursuanttoSoftzoneSchemeofArrangement,STPLholds(i)SattvaSoftzone;(ii)SattvaTouchstone;

(iii) Sattva Magnificia II; (iv) Sattva Supreme; and (v) Sattva Spectrum. For the purpose of this Summary Report/Valuation Report, we have assumed that the Softzone Scheme ofArrangement is effective as ofApril 1, 2025.

1077% Stake Remainderof Proposed to be Term (in years) held inAsset in case of Land SPV/Entity by on Leasehold Asset Name Asset SPV/Entity Name1 InterestValued KRTREIT Basis2 One Qube One Qube Realtors Freehold 100% – Pvt. Ltd.6 Fintech One Pluto Atriza Business Parks Leasehold 100% 914 Pvt. Ltd.

One BKC Solar One BKC Solar Energy Freehold 100% – Pvt. Ltd.

Prima Bay Solar Prima Bay Solar Energy Freehold 100% – Pvt. Ltd.

Karnataka Shirasa Regency Park Leasehold 100% 27 Solar—I Pvt. Ltd.

Karnataka NABS Data Zone Pvt. Ltd. Leasehold 100% 30 Solar—II 6 OneQubeissubjecttoordersinrelationtotheInterventionApplicationfiledbeforetheHighCourtofJudicatureatDelhiin

2024. Pursuant to Regulation 11(4) of the SEBI REIT Regulations, the Sponsors undertake to take all necessary steps and actionsasmayberequiredvis-à-vistheInterventionApplicationtoensurethevalidityoftheOQRPLSAAtobeconsummated aspartoftheInitialPortfolioAcquisitionTransactions.Forfurtherdetails,see“LegalandOtherInformation”sectionofthe Offer Document.

10784. Value Summary The following table highlights the summary of the Market Value of each Subject Asset which is proposed to form a part of the KRT REIT as on March 31, 2025:

Allocation between Property Leasable & CommonArea Area Market Maintenance (CAM)7

(msf)/Solar Value Property CAM Asset Name AssetType (MWAC) (INR Mn)# (INR Mn) (INR Mn)8 Operational Assets Sattva Knowledge City9 Business Park 7.3 110,333 103,828 6,505 Sattva Knowledge Park Business Park 3.3 50,969 46,637 4,332 Sattva Knowledge Capital Business Park 2.3 27,187 25,039 2,148 One BKC City-Center 0.7 44,677 44,313 364 Office Building One World Center City-Center 1.7 54,168 53,238 930 Office Building One International Center City-Center 1.8 47,958 46,821 1,137 Office Building One Unity Center City-Center 1.0 30,805 30,150 655 Office Building 7 TheAllocationofvaluetoCAMisbasedonCAMRevenueMargin(i.e.CAMRevenuelessCAMExpense)distributedand/or collected by four separate entities, namely Sattva Infra Management Pvt. Ltd, Sattva Properties Management Limited, BSP Office Management Services Pvt. Ltd. and Pluto Solista Business Parks Pvt. Ltd. via CAM Service Management Agreements with the tenants and/orAsset SPVs/Entities, as applicable for eachAsset.

(a) ThevaluationisbasedonthecriticalassumptionthattheCAMbusinessisinextricablylinkedtotherentalincomeand the terminal value of the Asset. Our valuation is computed assuming that any directly associated CAM service and the Asset shall be sold together as a single transaction.

(b) TheAllocationbetweenthePropertyandCAMhasbeendoneforthepurposeoftheREITdisclosurerequirementsanddoes notrepresenttheindividualMarketValueofeachcomponent,ifvaluedortransactedindependently.Itisforillustrative purposes only.

8 InclusiveofCAMRevenueattributabletowardsareasoldonastratabasisandorareaunderownershipoflandownerforAssets namelyOneBKC,OneTradeTower,OneWorldCenter,SattvaSpectrum,SattvaTouchstone,SattvaKnowledgeCourt,Sattva Eminence,SattvaHorizon,SattvaSouthAvenueandSattvaMagnificia(I&II)(viz.leasableareanotunderownershipofSPV owning the SubjectAsset).

9 In December 2024, a fire incident occurred at certain floors of Elixir block in Sattva Knowledge City which has resulted in damage to property, plant and equipment. As of the date of issuance of this Summary Report/Valuation Report, based on discussionsundertakenwithManagementviz.DRPL(theAssetSPVofSattvaKnowledgeCity),followingconsiderationshave

been made into valuation:

1. All structural remediation and refurbishment of the existing building/structure/claim to any occupier has been covered fully under insurance, and Management expects no capital outflow on this account

2. Refurbishment work will be undertaken in stages and expected to be completed by September 2025. For the purpose of thisvaluation,basedondiscussionswithManagement,followingrentstartdateshavebeenconsideredforseveraltenants

occupying the said building:

Tenant Name Rent Start Date Tenant 1 1st October, 2025 Tenant 2 1st July 2025 Tenant 3 1st July 2025 Tenant 4 1st July 2025 Additionally, based on understanding provided by Management, it has been assumed that any rent loss is not expected to be covered as part of insurance.

1079Allocation between Property Leasable & CommonArea Area Market Maintenance (CAM)7

(msf)/Solar Value Property CAM Asset Name AssetType (MWAC) (INR Mn)# (INR Mn) (INR Mn)8 Prima Bay Business Park 0.8 18,404 18,128 276 Cessna Business Park Business Park 4.2 47,836 45,602 2,235 Exora Business Park Business Park 2.2 33,955 33,335 620 Sattva Global City Business Park 4.1 33,172 30,830 2,342 Sattva Softzone Business Park 1.0 17,646 16,646 1,000 Sattva Knowledge Court Business Park 0.9 11,661 10,215 1,446 Sattva Techpoint Business Center 0.3 7,114 6,807 307 One Trade Tower City-Center 0.2 5,580 4,731 849 Office Building Sattva Horizon Business Center 0.6 5,765 4,760 1,005 Sattva Touchstone Business Center 0.3 3,808 3,458 351 Sattva Infozone Business Center 0.4 4,074 3,683 390 Sattva Magnificia I Business Center 0.1 1,281 1,172 109 Sattva Magnificia II Business Center 0.1 1,844 1,715 128 Sattva South Avenue Business Center 0.3 3,571 3,163 408 Sattva Eminence Business Center 0.2 2,401 2,148 253 Sattva Cosmo Lavelle City-Center 0.1 2,684 2,543 141 Office Building Sattva Premia Business Center 0.1 1,174 1,084 90 Sattva Supreme Business Center 0.1 712 712 NA Kosmo One Business Park 1.9 14,737 13,772 965 One Qube Business Park 0.6 9,821 9,315 506 Fintech One Business Center 0.5 4,030 3,886 143 Karnataka Solar—I Solar Plant 30.8 MW 2,295 2,295 NA Subtotal (A) 37.1 msf/ 599,662 570,028 29,634

30.8 MW Under-Construction Assets Sattva Endeavour Business Center 0.7 5,895 5,381 515 Sattva Spectrum Business Center 0.5 4,556 3,988 568 One BKC Solar Solar Plant 3.9 MW 86 86 NA Prima Bay Solar Solar Plant 4.1 MW 24 24 NA Subtotal (B) 1.2 msf/ 10,562 9,479 1,083

8.0 MW 1080Allocation between Property Leasable & CommonArea Area Market Maintenance (CAM)7

(msf)/Solar Value Property CAM Asset Name AssetType (MWAC) (INR Mn)# (INR Mn) (INR Mn)8 Future Development Sattva Global City Business Park 8.0 9,200 7,409 1,791 Karnataka Solar—II Solar Plant 24.2 MW 566 566 NA Subtotal (C) 8.0 msf/ 9,766 7,974 1,791

24.2 MW Total (A+B+C)10 46.3 msf/ 619,989 587,480 32,509

63.0 MW # all valuation figures mentioned as part of this report has been rounded off to the nearest whole number Assumptions, ThisSummaryReportisprovidedsubjecttoassumptions,disclaimers,limitations Disclaimers, and qualifications detailed throughout this report which are made in conjunction Limitations & with those included within the Assumptions, Disclaimers, Limitations &

Qualifications: Qualifications section located within this Summary Report.

Reliance on this Summary Report and extension of our liability is conditional upon the reader’s acknowledgment and understanding of these statements. This valuation is for the use of the party to whom it is addressed and for no other purpose. No responsibility is accepted to any third party who may use or rely on the whole or any part of the content of this Summary Report. The Valuer has no pecuniary interest that would conflict with the proper valuation of the asset.

Please note that the above mentioned table represent the value summary and it is advisable that the complete Valuation Report should be referred in complete.

Prepared by: iVAS Partners (Valuer Registration Number: IBBI/RV-E/02/2020/112) Official

Signatory:

Name: Mr. Shubhendu Saha

Designation: Partner, iVAS Partners

Valuer Registration Number: IBBI/RV/05/2019/11552 10 PleasenotethatthevaluationhasbeenundertakenforeachindividualassetsanddoesnotrepresenttheMarketValueofthe property portfolio. No consideration has been afforded to whether there would be a premium/discount attributable to the collective or portfolio of asset if sold in one transaction.

10815. Assets

5.1 Sattva Knowledge City

Asset Name: Sattva Knowledge City

Asset Address: Plot No. 2, Survey No. 83/1, Raidurg PanmakthaVillage, Serilingampally Mandal, Ranga Reddy District, Telangana.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 30.0 acres.

Brief Description: The Subject Asset is an operational business park situated in Raidurg, a well-established commercial and residential hub located towards west of Hyderabad witnessing significant real estate development activity across various asset classes including commercial offices, residential, retail and hospitality. Further, the asset comprises seven distinct blocks—Block A, B, C, D, E1 (Magma), E1 (Elixir) & Block E2 Octave which has been developed in a phased manner and has a total leasable area of 7.3 msf.

Knowledge City offers a wide range of modern amenities including a dedicated amenity hub viz. ‘Elixir Block’, featuring a multi-purpose hall, a 500-seater open amphitheater, an auditorium, a business center and health and wellness areas. The park also includes a people’s hub with a 600-seater food court, F&B outlets and cafes, banks, a crèche, a medical clinic, as well as retail and grocery shops catering to the needs of its tenants and other patrons.

Further,theSubjectAssetissituatedatadistanceof1-2KmfromRaidurg Metro Station (HITEC City), 11-12 Km from Punjagutta Crossroads, 17-18 Km from Secunderabad Railway Station and 34-35 Km from Rajiv Gandhi International Airport.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 7,283,056 99.4% Under Construction/Future Development – – Total 7,283,056 99.4%

Source:Architectcertificate,rentrollprovidedbytheManagement 11 Area for which (a) an agreement to lease/letter of intent has been signed, (b) lease commencement date is after the relevant fiscal/period and the building has received occupancy certificate prior to the relevant fiscal/period and (c) area for which a HardOptionisavailablewithagreedfutureleasingconditionsandthebuildinghasreceivedoccupancycertificatepriortothe relevant fiscal/period (hereafter referred to as ‘Committed Area’). Further, committed occupancy is defined as (Occupied Area + CommittedArea) / CompletedArea (hereinafter referred to as ‘Committed Occupancy %’.

1082Location Map:

6 2 4 # InfL raif se trst uy cl te ure # InfraS so tc ri ua cl ture # DK eve ey loO pmffi ec ne ts 1 Inorbit Mall 1 AIG Hospital S Ca itt ytva Knowledge 3 55555555555 2 Sarath City Mall 2 Medicover Hospitals S Pa at rt kva Knowledge 8 8 3 SLN Terminus 3 KIMs Hospital 1 RMZ Nexity 4 7 MADHAPUR 4 Radisson Hyderabad 4 Yashoda Hospital 2 Raheja Commerzone 5 2 5 PVR Atrium 5 Meridian School 3 RMZ Skyview GACHIBOWLI 1 76 6 4 7 6 7 I TK hE e A W estin Hyderabad 6 7 C S Nch ah sir o re o Sc l cI hn ote or lnational 4 5 M I Pn ati ren krd n Hs ap yta i doc ene ra al b T adech 3 9 5 111 91 KnowS la et dtv ga eCity 8 9 T H ITr yi Cd d e e Kn ra ot b hH a edo nt ue rl 6 7 M P aVhe a ae s nn e ca eIk , s BIh I u i & sD in e I eIl I so si t Hte ub Sattva 2 KnowledgePark 8 Cyber Towers 9 IMAGE Tower (UC) KHAJAGUDA 28KMto 3 RAIDURG Airport RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets

Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn 473 Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 99.4% In-place Rent INR per sf per month 74.0 Market Rent – Office INR per sf per month 100.0 Market Rent – Retail INR per sf per month 135.0 Parking Charges INR per sf per month 4.0 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter 2026 – Q1 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 7.50% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 110,333 Mn9

Allocation between Property: INR 103,828 Mn Property and

CAM: INR 6,505 Mn CAM7:

12 BasistheInputsprovidedbytheManagement,theManagerofKRTREITshallbeentitledtoamonthlyfeeof3%ofthetotal lease rental (hereinafter referred to as the ‘Facility Rentals’) collected by relevantAsset SPV.

10835.2 Sattva Knowledge Park

Asset Name: Sattva Knowledge Park

Asset Address: Plot No. 16, Survey No. 83/1, Raidurg Panmaktha Village, Serilingampally Mandal, Ranga Reddy District, Telangana.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 10.0 acres.

Brief Description: The Subject Asset is an operational business park located at Raidurg, a well-established commercial and residential hub located towards west of Hyderabad, witnessing significant real estate development activity across various asset classes including commercial offices, residential, retail and hospitality. Further, the asset is spread across 2 blocks viz.Tower I and II and has a total leasable area of 3.3 msf.

The SubjectAsset has been developed phase wise and is operational since theyear2022,withthelatestblock(TowerII)beingcompletedintheyear

2023.Additionally,theSubjectAssethasa0.2msfofdedicatedamenities zone with a range of amenities such as a 500-seat food court, F&B outlets and cafes, multi-purpose court, tennis court and an indoor badminton court.Thepropertyalsoincludesacreche,banksandATM,medicalclinic and general stores.

Further,theSubjectAssetissituatedatadistanceof2-3KmfromRaidurg Metro Station (HITEC City), 11-12 Km from Punjagutta Crossroads, 17-18 Km from Secunderabad Railway Station and 34-35 Km from Rajiv Gandhi International Airport.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 3,300,960 95.8% Under Construction/Future Development – – Total 3,300,960 95.8%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map:

6 2 4 # InfL raif se ts rt uy cle ture # InfraS so tc ri ua cl ture # DK eve ey loO pf mfi ece nts 1 Inorbit Mall 1 AIG Hospital S Pa at rt kva Knowledge 3 555 2 Sarath City Mall 2 Medicover Hospitals S Ca itt ytva Knowledge 8 8 3 SLN Terminus 3 KIMs Hospital 1 RMZ Nexity 4 7 MADHAPUR 4 Radisson Hyderabad 4 Yashoda Hospital 2 Raheja Commerzone 5 2 5 PVR Atrium 5 Meridian School 3 RMZ Skyview 1 6 4 6 IKEA 6 C Sch hir oe oc l International 4 Mindspace GACHIBOWLI 7 6 3 9 7 5 111 91 KnowS la et dtv ga eCity 7 8 9 T T H ITh r yi Ce d d e eW Kn ra ote b hs H at ei do nn t u eH rlyderabad 7 Nasr School 5 6 7 I P M P an Va ht er ae ak e sr nn n eH ca a eIkyt , i s Bdo Ih Ien u ir &a sa D il b n e IT a eIlde I so sc i h t Hte ub Sattva 8 Cyber Towers 2 KnowledgePark 9 IMAGE Tower (UC) KHAJAGUDA 28KMto 3 RAIDURG Airport Representa(cid:2)veMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets 1084Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn 898 Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 95.8% In-place Rent INR per sf per month 77.6 Market Rent – Office INR per sf per month 100.0 Market Rent – Retail INR per sf per month 130.0 Parking Charges INR per sf per month 4.0 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter 2026 – Q1 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 7.50% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 50,969 Mn

Allocation between Property: INR 46,637 Mn Property and

CAM: INR 4,332 Mn CAM7:

10855.3 Sattva Knowledge Capital

Asset Name: Sattva Knowledge Capital

Asset Address: Plot No. 8 (Part), Survey No. 115, Nanakramguda Village, Serilingampally Mandal, Ranga Reddy District, Telangana.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 8.5 acres.

Brief Description: The Subject Asset is an operational business park located at Nanakramguda, an established commercial and residential hub located towards West of Hyderabad city witnessing significant real estate development activity across various asset classes including commercial offices, residential, retail and hospitality. Further, the asset is spread across 3 towers viz. Block 1, 2 and 3 and has a leasable area of 2.3 msf.

Furthermore, the Subject Asset has been developed phase wise and is operational since the year 2018, with the latest block (Block 3) being completed in the year 2021.

Further,theSubjectAssetissituatedatadistanceof6-7KmfromRaidurg Metro Station (HITEC City), 13-14 Km from Punjagutta Crossroads, 20-21 Km from Secunderabad Railway Station and 30-31 Km from Rajiv Gandhi International Airport.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed – DIPL 1,737,462 100.0% Completed – SKCPL 558,432 100.0% Under Construction/Future Development – – Total 2,295,894 100.0%

Source:Architectcertificate,rentrollprovidedbytheManagement Further, as per instructions from the Management, the Market Value for area under ownership of DIPL and SKCPL (hereinafter collectively referred as ‘Sattva Knowledge Capital’), has been presented separately.

1086Location Map:

MADHAPUR # InfL raif se trst uy cl te ure # InfraS so tc ri ua cl ture # DK eve ey loO pmffi ec ne ts 1Sheraton Hyderabad 1Continental Hospital S Ca at ptv ita a lKnowledge 2Hyatt Hyderabad 2Care Hospital 1 WaveRock GACHIBOWLI 3Lemon Tree 3I Bn ud si ia nn e sS school of 2 Infosys Campus International Institute 4B Co luu blder Hills Golf 4o Tf e cIn hf no or lm oga ytion 3 Wipro Campus Hyderabad 5Fairfield by Marriott 5K Sce hy os oto lne International 4 ICICI Towers 5 Accenture Campus KHAJAGUDA 6 Phoenix Aquila 7 Amazon Campus 8 Microsoft Campus MANIKONDA 27KMto PUPPALGUDA Airport RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAsset

Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn 135 Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 100% In-place Rent INR per sf per month 66.7 Market Rent – Office INR per sf per month 64.0 Parking Charges INR per sf per month 4.0 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter – Valuation Assumptions Property Management % of the Facility 3.00% Fee12 Rentals Capitalization Rate % 7.75% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: Sattva Knowledge Capital (DIPL)—INR 20,737 Mn Sattva Knowledge Capital (SKCPL)—INR 6,450 Mn Allocation between Sattva Knowledge Capital (DIPL)— Property and

Property: INR 19,112 Mn CAM7:

CAM: INR 1,625 Mn Sattva Knowledge Capital (SKCPL)—

Property: INR 5,927 Mn

CAM: INR 523 Mn

10875.4 One BKC

Asset Name: One BKC

Asset Address: Plot No. C-66, C.T.S. No. 4207 (part), Village Kole-Kalyan, Mumbai Suburban District, G Block Bandra-Kurla Complex, Bandra East, Mumbai.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 2.5 acres.

Brief Description: The Subject Asset is an operational city-center office building located in Bandra Kurla Complex which is a prominent commercial hub in the central suburbs of Mumbai. The project consists of 3 towers with total leasable area admeasuring 1.5 msf out of which 0.7 msf is under the ownership of One BKC Realtors Pvt. Ltd. One BKC also provides wide rangeofamenitiesincludingasuiteofF&Boptionsfromfoodtruck,cafes tofinediningoptions,agym,anupcomingpickleballcourt,arooftopturf with a multi-purpose court, an indoor sports zone and a crèche.

The Subject Asset is located at a distance of less than 1 Km from Jio Garden, 3-4 Km from Kurla Station, 4-5 Km from Bandra Railway Station, 7-8 Km from Chhatrapati Shivaji Maharaj International Airport (Terminal 1) and 10-11 Km from Chhatrapati Shivaji Maharaj International Airport (Terminal 2).

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 742,829^ 98.8% Under Construction/Future Development – – Total 742,829 98.8%

Source:Architectcertificate,rentrollprovidedbytheManagement;^RepresentsareaunderownershipofAssetSPVand excludesstrataarea

Location Map: # InfL raif se trst uy cl te ure # InfraS so tc ri ua cl ture # DK eve ey loO pmffi ec ne ts 1Sofitel Hotel 1A Bom mer bi ac yan School of One BKC 2Trident Hotel 2D Inh teir ru nb ath ia oi n A alm Sb ca hn oi ol 1 TCG Financial Centre 3Phoenix Market City 3Asian Heart Hospital 2 The Capital 4M Asu sm ocb ia ai t iC onricket 4Guru Nanak Hospital 3 Maker Maxity 5N A Cei mt na b t rM a en u (i Nk Ce Mus lh Atu Cra Cl ) 5A Scs hc oen od l International 4 FIFC 6Jio World Drive 6Wockhardt 5 Raheja Tower 7Jio World Plaza 6 Godrej BKC 8Jio World Garden 7 Adani Inspire 8 IL&FS 9 Platina RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAsset 1088Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 98.8% In-place Rent INR per sf per month 317.3 Market Rent – Office INR per sf per month 420.0 (Tower A) Market Rent – Office INR per sf per month 375.0 (Tower B & C) Market Rent – Retail INR per sf per month 221.6 Parking Charges INR per sf per month 5.0 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter 2025 – Q3 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 7.50% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 44,677 Mn

Allocation between Property: INR 44,313 Mn Property and

CAM: INR 364 Mn8 CAM7:

10895.5 One World Center

Asset Name: One World Center

Asset Address: Survey No. 841, Senapati Bapat Marg, Elphinstone Road, Lower Parel, Mumbai.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 5.9 acres.

Brief Description: The Subject Asset is an operational city-center office building located at Lower Parel, an established commercial and residential hub in Central Mumbai and is in proximity to key residential neighbourhoods such as Worli, Prabhadevi, Mahalaxmi and social and lifestyle infrastructure, including high-end retail and luxury hotels. The Subject Asset is spread across4blockstermedasTowerA,TowerB,NorthAnnex(B1)andSouth Annex (B2) with a total leasable area of 1.7 msf. Further, the Subject Asset’s amenities include food courts with a capacity of more than 640 people, an amphitheater, gym, crèche and ample parking facilities, including public parking. The asset also houses a landscaped breakout zone known as “One Hive”, to facilitate wellness, social interactions and community building.

Further, the SubjectAsset is situated at a distance of less than 1 Km from Prabhadevi/Parel Railway Station, 1-2 Km from Lower Parel Railway Station, 10-11 Km from Bandra Kurla Complex, 15-16 Km from Nariman Point (CBD) and 12-17 Km from Chhatrapati Shivaji Maharaj International Airport (Terminal 1 and Terminal 2).

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 1,732,459 85.7% Under Construction/Future Development – – Total 1,732,459 85.7%

Source:Architectcertificate,rentrollprovidedbytheManagement 1090Location Map: 1 # InfL raif se trst uy cl te ure # InfraS so tc ri ua cl ture # DK eve ey loO pmffi ec ne ts 2 11KMto Airport 1Palladium Mall 1T Ha ot sa p M itae lmorial One World Center 2Four Seasons Hotel 2KEM Hospital O Cen ne t eIn rternational DADAR 3St. Regis Hotel 3P So chd oar o lInternational One Unity Center SenapatiBapat 4Atria Mall 1Kohinoor Square Marg 5M Raa ch ea cl oa ux rm sei 2The Ruby 6 3Birla Aurora 3 6Ritz Carlton One Unity One 4P Pe an rkinsula Business Center International WADALA 5Raheja Altimus WORLI 5 7 Center 6P Pe an rkinsula Corporate 1 7Birla Centurion 8 9 On Ce e W nteo rrld PAREL 2 18 9 0O L Mon ade rh aL ta ho S od u nh p a Fr e uP m tl ua u rc ese x 3 6 4 LLOWERPAREL 2 3111111111 10 East Her ign hE wx ap yress 4 DrElijah Moses Road 5 RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets

Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 85.7% In-place Rent INR per sf per month 192.8 Market Rent – Office INR per sf per month 230.0 Market Rent – Retail INR per sf per month 282.7 Parking Charges INR per sf per month – Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter 2026 – Q4 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.00% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 54,168 Mn

Allocation between Property: INR 53,238 Mn Property and

CAM: INR 930 Mn8 CAM7:

10915.6 One International Center

Asset Name: One International Center

Asset Address: Part of Plot 612 & 613, Senapati Bapat Marg, Prabhadevi, Dadar (W), Mumbai.

Land Area: Based on review of the architect certificate, we understand that the land areaoftheSubjectAssetincludingOneUnityCenter,undertheownership of One International Center Pvt. Ltd. is 7.8 acres.

Further, the Subject Asset’s amenities include 2 food courts with a capacity of over 475 people, a breakout zone, gym, a creche and parking facilities which include public parking. Further, the asset also houses an indoor sports zone and a convention center known as “The Pavilion” for hosting tenant engagement sessions, town halls and corporate events.

Moreover a pickleball court has been recently constructed in the asset.

Further, the SubjectAsset is situated at a distance of less than 1 Km from Prabhadevi/Parel Railway Station, 1-2 Km from Lower Parel Railway Station, 9-10 Km from Bandra Kurla Complex, 15-16 Km from Nariman Point (CBD) and 12-17 Km from Chhatrapati Shivaji Maharaj International Airport (Terminal 1 and Terminal 2).

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 1,771,082 82.4% Under Construction/Future Development – – Total 1,771,082 82.4%

Source:Architectcertificate,rentrollprovidedbytheManagement 1092Location Map:

1 # InfL raif se trst uy cl te ure # InfraS so tc ri ua cl ture # DK eve ey loO pmffi ec ne ts 2 11KMto Airport 1Palladium Mall 1T Ha ot sa p M itae lmorial O Cen ne t eIn rternational 2Four Seasons Hotel 2KEM Hospital One Unity Center 3St. Regis Hotel 3P So chd oar o lInternational One World Center DADAR 4Atria Mall 1Kohinoor Square Senap Ma ati rgBapat 5M Raa ch ea cl oa ux rm sei 2The Ruby 6 6Ritz Carlton 3Birla Aurora 3 OneUnity One 4P Pae rn kinsula Business Center International WADALA 5Raheja Altimus WORLI 5 7 Cente 1r 6 7P P Bae irrn lki an Csu el na t C uro iorp norate One World 8One Lodha Place Center PAREL 9Lodha Supremus 8 9 2 10Marathon Futurex 3 6 4 LLOWERPAREL 2 311 10 East Her ign hE wx ap yress 4 DrElijah Moses Road 5 RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets

Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 82.4% In-place Rent INR per sf per month 170.2 Market Rent – Office INR per sf per month 200.0 Market Rent – Retail INR per sf per month 207.3 Parking Charges INR per sf per month – Vacancy Allowance % in Total Income 2.50% Lease-up Completion Year – Quarter 2026 – Q4 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.00% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 47,958 Mn

Allocation between Property: INR 46,821 Mn Property and

CAM: INR 1,137 Mn CAM7:

10935.7 One Unity Center

Asset Name: One Unity Center

Asset Address: Part of Plot 612 & 613, Senapati Bapat Marg, Prabhadevi, Dadar (W), Mumbai.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset including One International Center, under the ownership of One International Center Pvt. Ltd. is 7.8 acres.

Brief Description: The Subject Asset is an operational city-center office building located at Lower Parel, an established commercial and residential hub in Central Mumbai and is in proximity to key residential neighbourhoods such as Worli, Prabhadevi, Mahalaxmi and social and lifestyle infrastructure, including high-end retail and luxury hotels. The SubjectAsset has a total leasableareaof1.0msfandtogetherwithOneInternationalCenter,forms part of a larger development. Further, the SubjectAsset offers panoramic sea view, visible from the upper floors and a comprehensive set of amenities which includes a dedicated amenity floor offering a food court and break-out zone, as well as spacious parking facilities which includes public parking.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 1,002,111 62.2% Under Construction/Future Development – – Total 1,002,111 62.2%

Source:Architectcertificate,rentrollprovidedbytheManagement 1094Location Map: 1 # InfL raif se trst uy cl te ure # InfraS so tc ri ua cl ture # DeK ve ey lo O pmffi ec ne ts 2 11KMto Airport 1Palladium Mall 1T Ha ot sa p M itae lmorial One Unity Center 2Four Seasons Hotel 2KEM Hospital O Cen ne t eIn rternational DADAR 3St. Regis Hotel 3P So chd oar o lInternational One World Center SenapatiBapat 4Atria Mall 1Kohinoor Square 6 Marg 5M Raa ch ea cl oa ux rm sei 2The Ruby 3 6Ritz Carlton 3Birla Aurora O Cne e nU tn erity Inte CrO en nan tte eio rnal WADALA 4 5P P Re a an r hki en js au Ala l tB imus ui sness WORLI 5 7 6P Pe an rkinsula Corporate One World 1 7Birla Centurion Center PAREL 8One Lodha Place 8 9 2 9Lodha Supremus 10Marathon Futurex 3 6 4 LLOWERPAREL 2 311111111 10 East Her ign hE wx ap yress 4 DrElijah Moses Road 5 RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets

Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 62.2% In-place Rent INR per sf per month 178.3 Market Rent – Office INR per sf per month 240.0 Market Rent – Retail INR per sf per month 207.3 Parking Charges INR per sf per month – Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter 2026 – Q4 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.00% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 30,805 Mn

Allocation between Property: INR 30,150 Mn Property and

CAM: INR 655 Mn CAM7:

10955.8 Prima Bay

Asset Name: Prima Bay

Asset Address: C.T.S. No. 117A/1D (Part), of Village Tungwa, Powai, Mumbai.

Land Area: Based on review of the architect certificate, we understand that the land areaoftheSubjectAssetis4.4acres.Further,theSubjectAssetformspart of the larger plot being developed by L&T Business Park and the Asset SPVowns20.47%undividedshareinproportiontotheexistingFSIofthe Property.

Brief Description: The SubjectAsset is an operational business park located at Powai, which is an established commercial business district housing prominent commercial developments such as Alpha, Crisil House, Delphi, Kensington, Winchester, etc. The sub-market is well positioned and enjoys good connectivity via different modes of transport to the Western Suburbs, South Mumbai, and Eastern Suburbs. Further, the SubjectAsset comprisesoftwotowersviz.TowerAandTowerBandhasatotalleasable areaof0.8msf.Moreover,theassethasbeendevelopedinphasedmanner and is operational since 2010, with the latest tower completed in the year

2013. Additionally, the Subject Asset has amenities such as a food court with a seating capacity of more than 800 persons, a gym, a creche and EV charging points.

Further, the Subject Asset is situated at a distance of 5-6 Km from Chhatrapati Shivaji Maharaj International Airport (Terminal 2), 5-6 Km from Kanjurmarg Railway Station, 6-7 Km from Eastern Express Highway, 8-9 Km from Bandra Kurla Complex and 10-11 Km from Chhatrapati Shivaji Maharaj International Airport (Terminal 1).

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 799,968 95.4% Under Construction/Future Development – – Total 799,968 95.4%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map: # InfL raif se trst uy cl te ure # InfraS so tc ri ua cl ture # DK eve ey loO pmffi ec ne ts 1The Galleria 1G Ho od spre itj a M lemorial Prima Bay 2The Fern 2H Ini tr ea rn na an tid oa nn ai l School 1Godrej IT Park 3Powai Plaza 3I Tn ed ci ha nn o I ln os gt yit u –t e B o of mbay 2Cignus Powai 4T Lh ake eWestin, Powai 4Hiranandani Hospital 3iThink Techno Park 5T Inh te e rO nar tc ih oi nd al School 4O K Wn e ine n s cS i hno egu stt toh on rA ,, Fv ae in ru me o – nt 6B Sco hm ob oa ly Scottish 5Supreme Business Park 7Oberoi International 6Embassy 247 School 7L&T AM Naik Tower 8RMZ Nexus Representa(cid:2)veMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAsset 1096Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 95.4% In-place Rent INR per sf per month 163.6 Market Rent – Office INR per sf per month 160.0 Market Rent – Retail INR per sf per month 84.3 Parking Charges INR per sf per month – Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter 2026 – Q1 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.00% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 18,404 Mn

Allocation between Property: INR 18,128 Mn Property and

CAM: INR 276 Mn CAM7:

10975.9 Cessna Business Park

Asset Name: Cessna Business Park

Asset Address: Kadubeesanahalli Village, Varthur Hobli, Bengaluru South Taluk, Bengaluru.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 40.8 acres.

Further, the SubjectAsset offers an array of amenities, including a tennis court, a basketball court, a butterfly garden, F&B outlets and a breakout zone.

The subject development is located at a distance of 2-3 Km from Marathahalli junction, 3-4 Km from Sarjapur Road-ORR interchange, 8-9 Km from Koramangala, 10-11 Km from K R Puram Junction, 14-15 Km from MG Road (CBD) and 46-47 Km from Kempegowda International Airport.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 4,222,203 97.4% Under Construction/Future Development – – Total 4,222,203 97.4%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map: # InfL raif se trst uy cl te ure # InfraS so tc ri ua cl ture # DeK ve ey lo O pmffi ec ne ts 1G Mo ap llalan Signature 1VIBGYOR School Cessna Business Park 2VR Bengaluru 2N Exa cti eo ln lea nl cC ee Sn ctr he o f oo lr Exora Business Park 3Phoenix Marketcity 3 L ScR h oIn ot lernational Sattva Softzone 4Brookfield Mall 4 Brookfield Hospital Sattva Touchstone 5Novotel 5 S Sr pi e L cia ak lts yh m Hi o S spu ip tae lr Sattva Premia 6Radisson Blu Sattva Eminence 7C Mo au rrr it oy ta trd by Sattva Supreme 1 Embassy Tech Village 2 RMZ Ecospace 3 RMZ Ecoworld 4 B Ca og nm stea ln le ation 5 B Paa rg kmane World Tech 6 Prestige Tech Park 7 Helios Business Park 8 Prestige Tech Pacific 9 P Dr re is vt eige Lakeshore RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets

Key Assumptions: Particulars Unit Details 1098Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 97.4% In-place Rent INR per sf per month 69.5 Market Rent – Office INR per sf per month 95.0 Market Rent – Retail INR per sf per month 83.3 Parking Charges INR per sf per month 5.0 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter 2025 – Q3 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 7.66% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 47,836 Mn

Allocation between Property: INR 45,602 Mn Property and

CAM: INR 2,235 Mn CAM7:

10995.10 Exora Business Park

Asset Name: Exora Business Park

Asset Address: Amani Bellandur Khane Village, Bengaluru East Taluk, Bengaluru.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 21.3 acres.

Brief Description: The Subject Asset is an operational business park located in the ORR sub-market of Bengaluru. The Subject Asset is located in proximity to other prominent IT parks, office buildings, established residential catchments, and various social and lifestyle amenities such as notable hotels, schools, hospitals and malls. Further, the SubjectAsset comprises of3towersandhasatotalleasableareaof2.2msf.Moreover,theSubject Asset provides an array of amenities including ‘One Hive’, developed from an erstwhile underutilized space which entails an approximately 55,000 sf break-out area including a food court with more than 450 seats.

It is also equipped with extensive sports amenities such as a basketball court, cricket pitch, jogging tracks and amphitheater.

Further, the Subject Asset is located at a distance of 2-3 Km from Marathahalli Bridge, 12-13 Km from MG Road (CBD), 17-18 Km from Bengaluru City Railway Station, 19-20 Km from Hebbal and 46-47 Km from Kempegowda International Airport.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 2,194,916 91.8% Under Construction/Future Development – – Total 2,194,916 91.8%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map: # InfrL ai sf te rs uty cl te ure # InfraS so tc ri ua cl ture # DeK ve ey loO pmffi ec ne ts 1G Mo ap llalan Signature 1VIBGYOR School Exora Business Park 2VR Bengaluru 2N Exa cti eo ln lea nl cC ee Sn ctr he o f oo lr Cessna Business Park 3Phoenix Marketcity 3 L ScR h oIn ot lernational Sattva Softzone 4Brookfield Mall 4 Brookfield Hospital Sattva Touchstone 5Novotel 5 S Sr pi e L cia ak lts yh m Hi o S spu ip tae lr Sattva Premia 6Radisson Blu Sattva Eminence 7C Mo au rrr it oy ta trd by Sattva Supreme 1 Embassy Tech Village 2 RMZ Ecospace 3 RMZ Ecoworld 4 B Ca og nm stea ln lae tion 5 B Paa rg kmane World Tech 6 Prestige Tech Park 7 Helios Business Park 8 Prestige Tech Pacific 9 P Dr re is vt eige Lakeshore RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets 1100Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 91.8% In-place Rent INR per sf per month 85.8 Market Rent – Office INR per sf per month 100.0 Market Rent – Retail INR per sf per month 103.4 Parking Charges INR per sf per month 5.0 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter 2026 – Q1 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.00% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 33,955 Mn

Allocation between Property: INR 33,335 Mn Property and

CAM: INR 620 Mn CAM7:

11015.11 Sattva Global City

Asset Name: Sattva Global City

Asset Address: Pattanagere and Mylasandra Villages, Kengeri hobli, Bengaluru

Land Area: Based on review of the architect certificate, we understand that the total land area under the ownership ofAsset SPVis 78.3 acres out of which the Asset SPV is presently entitled to develop 72.1 acres.

Brief Description: The Subject Asset is an operational business park with leasable area of

4.1 msf which has been completed in phase wise manner, with the latest blockcompletedintheyear2019.Further,theSubjectAssethasSEZarea of 2.7 msf and Non-SEZ area of 1.4 msf (including a recently de-notified space of 0.9 msf) spread across multiple blocks. Further, as per details from the Management, the Subject Asset has a future development potential of 8.0 msf of leasable area with construction expected to commence in phased wise manner starting Q2 CY 2026 and expected to be completed by Q4 CY 2034.

The Subject Asset was acquired in the year 2020 through third-party acquisitions post which theAsset SPVhas undertaken capital expenditure and development initiatives to improve the asset quality which includes constructing an internal pedestrian road around the asset and expanding external accessibility of the Subject Asset through a bridge which connects to Pattanagere Metro Station and Mysore Road.

Additionally, the SubjectAsset provides wide range of amenities such as indoorandoutdoorsportsfacilitieswithbasketballcourt,6-a-sidefootball ground, volleyball court, a fully equipped cricket ground with practice pitches, an amphitheater, F&B outlets and a food court.

The Subject Asset is located at a distance of 1-2 Km from Pattanagere Metro Station, 4-5 Km from Kengeri Metro Station, 15-16 Km from MG Road, 15-16 Km from Bengaluru Cantonment and 48-49 Km from Kempegowda International Airport.

Statement of Assets: Based on review of the architect certificate and rent roll dated March 31, 2025 provided by the Management, the table below highlights the area

statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 4,126,063 81.2% Under Construction/Future Development 8,000,000 – Total 12,126,063 [●]

Source:Architectcertificate,rentrollprovidedbytheManagement 1102Location Map: # InfL raif se ts rt uy cle ture # InfraS so tc ri ua cl ture # DeK ve ey loO pmffi ec ne ts 1F Bo er nu gm aluS ro uu Mth all 1B Ka en ng ga el ro i reHospital, Sattva Global City 2RoyalMeenakshiMall 2SARVAMSchool SattvaInfozone 3 EleganceMantriMall 3I Ec xo cn elS lec nh co eo lof Sattva South Avenue 4G Mo ap llalanInnovation 4SpringleafHospital S (Uat Ctv )a Endeavour 5J Ca oy man pa lg exarShopping 5A CoM llC egE engineering Sattva Spectrum (UC) 6L Ee lem cto rn onT icre Ce iH tyotel, 6Kauvery Hospital 1 RGATechPark 7RadiantResort 7St.Theresa’sSchool 2 EquinoxTechPark 8I RB oI aS dBengaluruHosur 8G Lelo adb ia nl gA cademyfor 3 Sattva SouthGate 4 E-CitySoftware Park 5 GoldHillExcelsior 6 I Cn af mos py us sLimited RepresentativeMap,NottoScale LLifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets

Key Assumptions: Details – Operational Details – Future Particulars Unit Block Development Development Assumptions Pending Capital INR Mn 1,010 23,442 Expenditure

(NPV) Expected Year – Quarter – 2034 – Q4 Completion Income Assumptions Committed % of total 81.2% – Occupancy leasable area In-place Rent INR per sf per 52.7 – month Market Rent – INR per sf per 60.0 62.0 Office month Market Rent – INR per sf per 30.0 – Retail month Parking INR per sf per 2.0 2.0 Charges month Vacancy % of Total 5.0% 5.0% Allowance Income Lease-up Year – Quarter 2028 – Q2 2037 – Q1 Completion Valuation Assumptions Property % of the 3.0% 3.0% Management Facility Rentals Fee12 Capitalization % 8.50% 8.50% Rate Discount Rate % 11.70% 13.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: Operational Blocks—INR 33,172 Mn Future Development—INR 9,200 Mn Allocation between Operational Blocks

Property and Property: INR 30,830 Mn CAM7:

CAM: INR 2,342 Mn Future Development

Property: INR 7,409 Mn

CAM: INR 1,791 Mn

11035.12 Sattva Softzone

Asset Name: Sattva Softzone

Asset Address: Khata No.799/80/1/81/1/81/2, Ward No.150-Bellandur, Bengaluru

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 7.2 acres.

Brief Description: The Subject Asset is an operational business park located in the ORR sub-market of Bengaluru. It is situated on the Bellandur stretch of the ORR, which has witnessed a marked increase in both residential and commercial real estate activity.

Further, the Subject Asset is spread across 2 blocks and has a total leasable area of 1.0 msf.

Additionally, the Asset offers an array of amenities, including a food court, F&B outlets, a café and a crèche.

TheSubjectAssetislocatedatadistanceoflessthan1KmfromSarjapur Junction, 14-15 Km from MG Road (CBD), 18-19 Km from Bengaluru City Railway Station and 48-49 Km from Kempegowda International Airport. Further, the asset is located at less than 1 Km from the under-construction Bellandur and Ibbaluru Stations of the Blue Metro Line, which is expected to improve city-wide connectivity.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 1,003,241 91.0% Under Construction/Future Development – – Total 1,003,241 91.0%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map: # InfrL ai sf te rs uty cl te ure # InfraS so tc ri ua cl ture # DeK ve ey loO pmffi ec ne ts 1G Mo ap llalan Signature 1VIBGYOR School Sattva Softzone 2VR Bengaluru 2N Exa cti eo ln lea nl cC ee Sn ctr he o f oo lr Sattva Touchstone 3Phoenix Marketcity 3 L ScR h oIn ot lernational Sattva Premia 4Brookfield Mall 4 Brookfield Hospital Sattva Eminence 5Novotel 5 S Sr pi e L cia ak lts yh m Hi o S spu ip tae lr Sattva Supreme 6Radisson Blu Exora Business Park 7C Mo au rrr it oy ta trd by Cessna Business Park 1 Embassy Tech Village 2 RMZ Ecospace 3 RMZ Ecoworld 4 B Ca og nm stea ln lae tion 5 B Paa rg kmane World Tech 6 Prestige Tech Park 7 Helios Business Park 8 Prestige Tech Pacific 9 Prestige Lakeshore Drive RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets 1104Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 91.0% In-place Rent INR per sf per month 99.1 Market Rent – Office INR per sf per month 105.0 Market Rent – Retail INR per sf per month 60.0 Parking Charges INR per sf per month 5.7 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter 2026 – Q2 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.00% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 17,646 Mn

Allocation between Property: INR 16,646 Mn Property and

CAM: INR 1,000 Mn CAM7:

11055.13 Sattva Knowledge Court

Asset Name: Sattva Knowledge Court

Asset Address: Survey No. 77, bearing Khatha No-299, Doddanekkundi Village, K.R Puram Hobli, Bengaluru East Taluk, Bengaluru.

Land Area: Based on review of the architect certificate, we understand that the total land area of the Subject Asset is 7.9 acres and the Asset SPV owns 72% undivided share of the land area.

Brief Description: TheSubjectAssetisanoperationalbusinessparkwithatotalleasablearea of 1.2 msf of which 0.9 msf is the undivided share of Asset SPV and the balance area is owned by third-party. The Subject Asset is located in Whitefield sub-market of Bengaluru which is a renowned and established office district with retail and entertainment facilities as well as upscale residential buildings.

Further, the SubjectAsset offers a landscaped plaza surrounded by double heighted reception lobbies and amenities such as a food court with 500 seats, half basketball court, a gym, multipurpose court, a food court and a crèche, all connected via a shaded walkway for accessibility.

In addition, the Subject Asset is located at a distance of less than 1 Km from Kundalahalli Metro Station, 7-8 Km from KR Puram Railway Station, 9-10 Km from Baiyyappanahalli Metro Station, 14-15 Km from MG Road (CBD) and 43-44 Km from Kempegowda InternationalAirport.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 871,589 98.2% Under Construction/Future Development – – Total 871,589 98.2%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map:

34KMto # InfL raif se trst uy cl te ure # InfraS so tc ri ua cl ture # DeK ve ey loO pmffi ec ne ts Airport KRISHNARAJAPURA 1A Ms ac le lndas Park Square 1EuroSchool Whitefield S Ca ot utv rta Knowledge 2N Me ax llus Shantiniketan 2Glentree Academy 1DivyaSree Technopark 3Phoenix Marketcity 3R Scy ha on o I lnternational 2Brigade Metropolis 4Nexus Whitefield 4St. Teresa Int’l School 3B Ca itg ymane Solarium KADUGODI 5Brookfield Mall 5K HR os pP iu tara lm Govt. 4Brigade Tech Gardens 6M Wa hr ir ti eo fit e H ldotel 6Deepa Hospital 5N Cea nla tp erad Brigade 7V Wi hv ia tn et fia e H ldotel 7S Sr pi e L cia ak lts yh m Hi o S spu ip tae lr 6I Pn at re kr n Ba ati no gn aa ll o T reech WHITEFIELD 8Sheraton Grand 8Altor Hospitals 7Sattva Tech Park 8RMZ NXT MARATHAHALLI RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAsset 1106Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 98.2% In-place Rent INR per sf per month 69.5 Market Rent – Office INR per sf per month 73.0 Market Rent – Retail INR per sf per month 30.0 Parking Charges INR per sf per month 2.7 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter 2025 – Q4 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.00% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 11,661 Mn

Allocation between Property: INR 10,215 Mn Property and

CAM: INR 1,446 Mn8 CAM7:

11075.14 Sattva Techpoint

Asset Name: Sattva Techpoint

Asset Address: Municipal No 30, 100 Feet Road, Srinivagilu, Ward No. 68, Bengaluru.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 2.5 acres.

Brief Description: The Subject Asset is an operational business center, located in Koramangala, which is an upmarket residential and commercial neighbourhood in Bengaluru and is one of the city’s preferred localities, with social and residential offerings. It is situated along the Intermediate Ring Road and forms a part of Bengaluru EBD (Extended Business District) submarket and has excellent connectivity to the city center locationsandotherestablishedlocations.Further,theSubjectAssethasan elevation of 1B+GF+7 upper floors with a total leasable area of 0.3 msf.

In addition, the SubjectAsset is located at a distance of 3-4 Km from Silk board Junction, 3-4 Km from Sarjapur ORR, 5-6 Km from MG Road

(CBD) and 40-41 Km from Kempegowda International Airport.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 334,593 100.0% Under Construction/Future Development – – Total 334,593 100.0%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map: # InfL raif se trst uy cl te ure # InfraS so tc ri ua cl ture # DK eve ey loO pmffi ec ne ts 1 S0 tr0 e ef te e Rt eR tao ia ld – High 1St. Johns Hospital Sattva Techpoint 1 G Mo ap llalan Signature 2Bethany High School S (Ia &ttv Ia I )Magnificia 2 Forum Mall 3National Public School 1 Embassy Golf Links 3 S Bt ee nrl gi an lg u rM uac Hotel 4ESI Hospital 2 Divyasree Greens 4 Leela Palace 5New Horizon College 3 Maruthi Infotech 5 The Paul 6C Hh oi sn pm itaa lya Mission 4 Bagmane Tech Park 6 Ramada Encore 7Medihope Hospital 5 RMZ Infinity 7 H Emilt bo an s sB ya Gng oa ll fo Lre inks 8Manipal Hospital 6 RMZ Millenia 8 Royal Orchid 9I Mns et dit iu cit ne eof Aerospace 7 Godrej Centre 8 Bren Optimus RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets 1108Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 100.0% In-place Rent INR per sf per month 124.3 Market Rent – Office INR per sf per month 135.0 Market Rent – Retail INR per sf per month 150.0 Parking Charges INR per sf per month 6.6 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter – Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.00% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 7,114 Mn

Allocation between Property: INR 6,807 Mn Property and

CAM: INR 307 Mn CAM7:

11095.15 One Trade Tower

Asset Name: One Trade Tower

Asset Address: Municipal No. 46, Situated At Palace Road, Municipal Ward No. 77, Sampangiramnagar, Bengaluru.

Land Area: Based on review of the architect certificate, we understand that the gross landareaoftheSubjectAssetis2.5acresoutofwhichtheundividedshare of the Asset SPV is 0.8 acres.

Brief Description: The Subject Asset is a city-center office building located at Palace Road in Bengaluru’s Central Business District (CBD). The Subject Asset has a totalleasableareaof0.5msf,ofwhich0.2msfisownedbytheAssetSPV and the balance area is held by third parties. It is conveniently located at the heart of the CBD, which encompasses major government offices, privatecorporateofficecomplexes,surroundedbyprominentcorporations with access to business hubs. It is also conveniently located in proximity to the Cubbon Park Metro and is easily accessible to Bengaluru’s lifestyle and social infrastructure. Further, the Subject Asset is equipped with modern amenities, including high-speed destination-controlled elevators, and F&B options.

Moreover, the Subject Asset is located at a distance of 3-4 Km from RichmondCircle,2-3KmfromMGRoad(CBD),3-4KmfromBengaluru City Railway Station and 31-32 Km from Kempegowda International Airport.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 175,332^ 100.0% Under Construction/Future Development – – Total 175,332 100.0%

Source:Architectcertificate,rentrollprovidedbytheManagement;^representsareaunderownershipofAssetSPVand excludesstrataarea

Location Map: # InfL raif se trst uy cl te ure # InfraS so tc ri ua cl ture # DK eve ey loO pmffi ec ne ts 1 1 MG – Lido Mall 1I Mns at nit au gt ee m o ef nH totel One Trade Tower 2 The Oberoi, Bengaluru 2St. Joseph’s University Sattva Cosmo Lavelle 3 M Sta. dC ih ui mnnaswamy 3C Sca hm ob or lidge High 1 B Toa wgm erane Pallavi 4 S Sr tai dK iua mnteerava 4St. Josephs’s School 2 Prestige Minsk Square 5 Bangalore Golf Course 5HCG Cancer Hospital 3 61 Marksquare 6 UB City Mall 6H SpO eS ciM alA tyT H S ou sp pe itr al 4 Raheja Towers 7 ITC Gardenia 7St. Martha’s Hospital 5 37 Cunningham 8 The Ritz Carlton 8S Ht o. sP ph iti alo lmenas 6 Embassy Heights 9 Radisson Blu Atria 7 Embassy Icon 10JW Marriot Hotel 8 Prestige Obelisk RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets 1110Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 100.0% In-place Rent INR per sf per month 181.0 Market Rent – Office INR per sf per month 200.0 Market Rent – Retail INR per sf per month 115.0 Parking Charges INR per sf per month 5.0 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter – Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 7.75% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 5,580 Mn

Allocation between Property: INR 4,731 Mn Property and

CAM: INR 849 Mn8 CAM7:

11115.16 Sattva Horizon

Asset Name: Sattva Horizon

Asset Address: Khata No.1303/6/1 & 7/1, Venkatala, Ward No.01-Kempegowda Ward, Yelahanka, Bengaluru.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 5.5 acres and the Asset SPV owns 57% undivided share of the land area.

Brief Description: The Subject Asset is an operational business center with a total leasable area of 1.1 msf of which 0.6 msf is the undivided share ofAsset SPV and the balance area is owned by a third-party. Further, the property is located in the NBD sub-market, in proximity to residential catchments.

The Subject Asset recently received its occupancy certificate in the third quarter of CY 2024. Further, the SubjectAsset provides facilities such as a multi-purpose court, half basketball court, landscaped jogging tracks and a function lawn.

In addition, the Subject Asset is located at a distance of 3-4 Km from Yelahanka Junction, 12-13 Km from Hebbal, 19-20 Km from MG Road

(CBD), 18-20 Km from Bengaluru City Railway Station and 15-16 Km from Kempegowda International Airport.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 615,561 100.0% Under Construction/Future Development – – Total 615,561 100.0%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map:

6 # InfL raif se trst uy cl te ure # Social Infrastructure # DeK ve ey lo O pmffi ec ne ts 1 Phoenix Mall of Asia 1 Manipal Hospital Sattva Horizon Kempegowda 2 B Bh enar gt aiy lua r uMall of 2 Aster CMI 1 M PaF rkAR Manyata Tech Int Aer in rpa ot rio tnal 3 Vivanta by Taj 3 N I Tn ei st ctt hie t n uM ote le o oe gn f yakshi 2 E Bm usb inas es sy s PM aa rknyata 5 8 4 Country Inn & Suites 4 C Sca hn oa od lian International 3 B (Wri Tga Cd )e Gateway 5 Taj Bangalore 5 Delhi Public School 4 RMZ Galleria 6 HS oa rt it zv oa n 6 Prestige Golfshire 6 S Ini sr tM itu V tei osv fesvaraya 5 Karle Town Centre 3333 44444444444488 77 5 7 T Ve ibch gn yo ol ro Hgy igh School 6 K Pair rl koskar Business 8 S Scto hn oe oh lill International 7 E Hm ubbassy Business 11111 9 2 8 North Gate 2 11666 55555555555 22 1 9 Sattva Galleria 3 4 7 10S Pa ot it nv ta Knowledge 10 33 RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAsset 1112Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn 337 Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 100.0% In-place Rent INR per sf per month 62.0 Market Rent – Office INR per sf per month 65.0 Parking Charges INR per sf per month 4.0 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter – Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.00% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 5,765 Mn

Allocation between Property: INR 4,760 Mn Property and

CAM: INR 1,005 Mn8 CAM7:

11135.17 Sattva Touchstone

Asset Name: Sattva Touchstone

Asset Address: Sy. No. 15/1A & 14-P7, Kadubeesanahalli Village, Varthur Hobli, Mahadevapura Zone, Ward No. 150-Bellandur, Bengaluru.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 3.4 acres and the Asset SPV owns proportionate undivided share of the land area.

Brief Description: The Subject Asset is an operational business center located in the ORR sub-marketofBengaluruandislocatedinproximitytootherprominentIT parks, office buildings, established residential catchments, and various social and lifestyle amenities such as notable hotels, schools, F&B offerings, hospitals and malls. Further, theAsset has a total leasable area of 0.4 msf, out of which 0.3 msf is the undivided share ofAsset SPV and the remaining area is owned by third parties.

The Management has recently refurbished the Asset, which included transforming the lobby area to elevate the overall arrival experience for tenants and visitors. Additionally, the asset offers basic amenities, including outdoor lounge area and ATM.

In addition, the Subject Asset is located at a distance of 12-13 Km from MG Road (CBD), 19-20 Km from Hebbal and 47-48 Km from Kempegowda International Airport. Further, the Subject Asset is well connected through various modes of transportation, which is expected to furtherimprovewiththeupcomingdevelopmentofametrostationnearby.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 321,440 43.3% Under Construction/Future Development – – Total 321,440 43.3%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map: # InfL raif se trst uy cl te ure # InfraS so tc ri ua cl ture # DeK ve ey loO pmffi ec ne ts 1 G Mo ap llalan Signature 1 VIBGYOR School Sattva Touchstone 2 VR Bengaluru 2 N Exa cti eo ln lea nl cC ee Sn ctr he o f oo lr Sattva Softzone 3 Phoenix Marketcity 3 L ScR h oIn ot lernational Sattva Premia 4 Brookfield Mall 4 Brookfield Hospital Sattva Eminence 5 Novotel 5 S Sr pi e L cia ak lts yh m Hi o S spu ip tae lr Sattva Supreme 6 Radisson Blu Exora Business Park 7 Courtyard by Marriott Cessna Business Park 1 Embassy Tech Village 2 RMZ Ecospace 3 RMZ Ecoworld 4 B Ca og nm stea ln le ation 5 B Paa rg kmane World Tech 6 Prestige Tech Park 7 Helios Business Park 8 Prestige Tech Pacific 9 Prestige Lakeshore Drive RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets 1114Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 43.3% In-place Rent INR per sf per month 75.9 Market Rent – Office INR per sf per month 78.0 Market Rent – Retail INR per sf per month 60.0 Parking Charges INR per sf per month 4.8 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter 2026 – Q3 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.25% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 3,808 Mn

Allocation between Property: INR 3,458 Mn Property and

CAM: INR 351 Mn8 CAM7:

11155.18 Sattva Infozone

Asset Name: Sattva Infozone

Asset Address: Sy Nos. 39(P), 41(P) & 42(P), Electronic City, Doddathogur Village, Begur, Hobli, Bengaluru South Taluk, Bengaluru.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 5.0 acres.

Brief Description: The Subject Asset is an operational business center located at Electronic City, Bengaluru, a prominent commercial hub of the city. The Subject Asset is surrounded by technology parks, hotels, and malls and is well-connected to various parts of the city. Further, the SubjectAsset has a total leasable area of 0.4 msf. Moreover, the Subject Asset is almost entirely occupied by two prominent tenants and offers amenities such as well-designed landscaping and walkways and a creche.

By virtue of its strategic location off-Hosur Road, the Subject Asset is easily accessible from various sub-markets of the South Bengaluru through NICE Road or ORR. In Addition, the Subject Asset is located at a distance of 2-3 Km from NICE Road interchange on Hosur Road, 10-11 Km south of Silk Board Junction and 52-53 Km from Kempegowda International Airport. Connectivity is expected to be further enhanced with the upcoming yellow metro line that is expected to be operational by the second half of CY2025.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 444,591 100.0% Under Construction/Future Development – – Total 444,591 100.0%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map: # InfL raif se trst uy cl te ure # InfraS so tc ri ua cl ture # DeK ve ey loO pmffi ec ne ts 1F Bo er nu gm al uS ro uu Mth all 1B Ka en ng ga el ro ire Hospital, Sattva Infozone 2Royal Meenakshi Mall 2SARVAM School Sattva Global City 3Elegance Mantri Mall 3I Ec xo cn e lS lec nh co eol of Sattva South Avenue 4G Mo ap llalan Innovation 4Springleaf Hospital S (Uat Ctv )a Endeavour 5J Ca oy man pa lg exar Shopping 5A CoM llC eg E engineering Sattva Spectrum (UC) 6L Ee lem cto rn o nT icre Ce iH tyotel, 6Kauvery Hospital 1RGA Tech Park 7Radiant Resort 7St. Theresa’s School 2Equinox Tech Park 8I RB oI aS d Bengaluru Hosur 8G Lelo adb ia nl gAcademy for 3Sattva South Gate 4E-City Software Park 5Gold Hill Excelsior 6I Cn af mos py us s Limited RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets 1116Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 100.0% In-place Rent INR per sf per month 52.3 Market Rent – Office INR per sf per month 60.0 Market Rent – Retail INR per sf per month 50.0 Parking Charges INR per sf per month 2.3 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.25% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 4,074 Mn

Allocation between Property: INR 3,683 Mn Property and

CAM: INR 390 Mn CAM7:

11175.19 Sattva Magnificia (I & II)

Asset Name: Sattva Magnificia (I & II)

Asset Address: Khata No: 23/23/57/18/78/23 Beniganahalli and Vijinapura Village, K.R Puram Hobli, HAL Sub-division, Mahadevapura Zone, Bengaluru.

Land Area: Based on review of the architect certificate, we understand that the gross land area of the Subject Asset is 6.5 acres and the Asset SPV owns 20% undivided share of the land area.

Brief Description: The SubjectAsset is an operational business center located at K.R Puram, Bengaluru. The Subject Asset has a total leasable area of 0.3 msf, out of which 0.2 msf is the undivided share ofAsset SPVs and the remaining is owned by third parties.TheAsset is a notable development located on the Old Madras Road and forms part of a larger development featuring a mixed commercial and residential block.

Additionally, the SubjectAsset is located in proximity to other social and lifestyle infrastructure including the residential area of Indiranagar, major technology parks, schools, malls and hospitals. In addition, the Subject Assetislocatedatadistanceoflessthan1KmfromBenniganahalliMetro Station, 4-5 Km from Indiranagar, 6-7 Km from Domlur Flyover, 6-7 Km from Marathahalli, 11-12 Km from Whitefield, 7-8 Km from MG Road

(CBD) and 38-39 Km from Kempegowda International Airport.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed – Magnificia I 86,289 100.0% Completed – Magnificia II 101,878 100.0% Under Construction/Future Development – – Total 188,167 100%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map: # InfL raif se trst uy cl te ure # InfraS so tc ri ua cl ture # DeK ve ey loO pmffi ec ne ts 1 S0 tr0 e ef te e Rt eR tao ia ld – High 1 St. Johns Hospital S (Ia &ttv Ia I )Magnificia 1 G Mo ap llalan Signature 2 Bethany High School Sattva Techpoint 2 Forum Mall 3 National Public School 1 Embassy Golf Links 3 S Bt ee nrl gi an lg u rM uac Hotel 4 ESI Hospital 2 Divyasree Greens 4 Leela Palace 5 New Horizon College 3 Maruthi Infotech 5 The Paul 6 C Hh oi sn pm itaa lya Mission 4 Bagmane Tech Park 6 Ramada Encore 7 MedihopeHospital 5 RMZ Infinity 7 H Emilt bo an s sB ya Gng oa lflo Lre in ks 8 Manipal Hospital 6 RMZ Millenia 8 Royal Orchid 9 I Mns et dit iu cit ne eof Aerospace 7 Godrej Centre 8 Bren Optimus RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets 1118Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 100% In-place Rent INR per sf per month 94.1 (Magnificia I & II) Market Rent – Office INR per sf per month 105.0 Market Rent – Retail INR per sf per month 60.0 Parking Charges INR per sf per month 3.0 Vacancy Allowance % of Total Income 2.5% Lease-up Completion Year – Quarter – Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.00% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: Magnificia I—INR 1,281 Mn Magnificia II—INR 1,844 Mn Allocation between Magnificia I—

Property and Property: INR 1,172 Mn CAM7:

CAM: INR 109 Mn8 Magnificia II—

Property: INR 1,715 Mn

CAM: INR 128 Mn8

11195.20 Sattva South Avenue

Asset Name: Sattva South Avenue

Asset Address: PlotNo.33,33A&33B,Sy.No.20,22&23,VeerasandraIndustrialArea, Veerasandra Village, Attibele Hobli, Anekal Taluk, Bengaluru.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 3.3 acres and the Asset SPV owns 70% undivided share of the land area.

Brief Description: The Subject Asset is an operational business center with a total leasable area of 0.5 msf, out of which 0.3 msf is the undivided share ofAsset SPV and the remaining 0.2 msf is owned by a third party. The Subject Asset recently received its occupancy certificate in the second quarter of CY

2024.

Further,theassethasadouble-heightentrancelobbywithareceptionarea and seating area and offers an array of amenities including a well- equipped terrace area with a multipurpose court, box cricket area, a meditation pavilion and a café counter.

The SubjectAsset is located off-Hosur Road, in South Bengaluru and has directaccesstoNationalHighway44.Itislocatedatadistanceof2-3Km from NICE Road interchange on Hosur Road, 10-11 Km from south of Silk Board Junction and 52-53 Km from Kempegowda International Airport. By virtue of its strategic location along Hosur Road, the Subject Asset is easily accessible from various sub-markets of South Bengaluru through NICE Road and ORR. Connectivity is expected to be further enhanced with the upcoming yellow metro line that is expected to be operational by the second half of CY2025.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 341,552 12.4% Under Construction/Future Development – – Total 341,552 12.4%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map: # InfL raif se trst uy cl te ure # InfraS so tc ri ua cl ture # DeK ve ey loO pmffi ec ne ts 1F Bo er nu gm al uS ro uu Mth all 1B Ka en ng ga el ro ire Hospital, Sattva South Avenue 2Royal Meenakshi Mall 2SARVAM School Sattva Infozone 3Elegance Mantri Mall 3I Ec xo cn e lS lec nh co eol of Sattva Global City 4G Mo ap llalan Innovation 4Springleaf Hospital S (Uat Ctv )a Endeavour 5J Ca oy man pa lg exar Shopping 5A CoM llC eg E engineering Sattva Spectrum (UC) 6L Ee lem cto rn o nT icre Ce iH tyotel, 6Kauvery Hospital 1RGA Tech Park 7Radiant Resort 7St. Theresa’s School 2Equinox Tech Park 8I RB oI aS d Bengaluru Hosur 8G Lelo adb ia nl gAcademy for 3Sattva South Gate 4E-City Software Park 5Gold Hill Excelsior 6I Cn af mos py us s Limited RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets 1120Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn 39 Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 12.4% In-place Rent INR per sf per month 65.8 Market Rent – Office INR per sf per month 65.0 Market Rent – Retail INR per sf per month 45.0 Parking Charges INR per sf per month 5.0 Vacancy Allowance % of Total Income 5.0% Lease-up Completion Year – Quarter 2026 – Q3 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.25% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 3,571 Mn

Allocation between Property: INR 3,163 Mn Property and

CAM: INR 408 Mn8 CAM7:

11215.21 Sattva Eminence

Asset Name: Sattva Eminence

Asset Address: SyNo.174/175/176,KhataNo:239/240,AmaniBellandurKhaneVillage, Varthur Hobli, Bengaluru East Taluk, Bengaluru.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 1.5 acres and the Asset SPV owns 60% undivided share of the land area.

Brief Description: The Subject Asset is an operational business center with a total leasable area of 0.3 msf, out of which 0.2 msf is the undivided share ofAsset SPV and the remaining is owned by third parties and spread across 2B+GF+9 upper floors.

The asset is located along the ORR of Bengaluru, which is the largest office market in Bengaluru. The asset has access from the main road and the asset is close to Marathahalli Junction. The property is surrounded by residential,social,andlifestyleinfrastructure,includingmalls,hotels,and hospitals. Further, the property has a café counter to cater to the refreshment needs of tenants.

Further, the Subject Asset is located at a distance of 1-2 Km from Marathahalli Bridge, 12-13 Km from MG Road (CBD), 17-18 Km from Bengaluru City Railway Station and 44-45 Km from Kempegowda International Airport.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 163,998 46.6% Under Construction/Future Development – – Total 163,998 46.6%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map: # InfrL ai sf te rs uty cl te ure # InfraS so tc ri ua cl ture # DeK ve ey loO pmffi ec ne ts 1G Mo ap llalan Signature 1VIBGYOR School Sattva Eminence 2VR Bengaluru 2N Exa cti eo ln lea nl cC ee Sn cte hr o f oo lr Sattva Softzone 3Phoenix Marketcity 3 L ScR h oIn ot lernational Sattva Touchstone 4Brookfield Mall 4 Brookfield Hospital Sattva Premia 5Novotel 5 S Sr pi e L cia ak lts yh m Hi o S spu ip tae lr Sattva Supreme 6Radisson Blu Exora Business Park 7C Mo au rrr it oy ta trd by Cessna Business Park 1 Embassy Tech Village 2 RMZ Ecospace 3 RMZ Ecoworld 4 B Ca og nm stea ln lae tion 5 B Paa rg kmane World Tech 6 Prestige Tech Park 7 Helios Business Park 8 Prestige Tech Pacific RepresentativeMap,NottoScale 9 P Dr re is vt eige Lakeshore Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets 1122Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 46.6% In-place Rent INR per sf per month 86.3 Market Rent – Office INR per sf per month 85.0 Market Rent – Retail INR per sf per month 60.0 Parking Charges INR per sf per month 4.8 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter 2025 – Q4 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.00% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 2,401 Mn

Allocation between Property: INR 2,148 Mn Property and

CAM: INR 253 Mn8 CAM7:

11235.22 Sattva Cosmo Lavelle

Asset Name: Sattva Cosmo Lavelle

Asset Address: Municipal No. 9 (Old Nos. 9, 9/3, & 9/4), Residency Road, Richmond Circle, Bengaluru.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 1.2 acres and the Asset SPV owns 50% undivided share of the land area.

Brief Description: The Subject Asset is an operational city-center office building having a total leasable area of 0.2 msf out of which 0.1 msf is the undivided share of Asset SPV and the remaining is owned by a third party. The Subject Assetisfullyoccupiedbyasingletenant,whichhasbeenananchortenant for more than 15 years.

The Subject Asset is located along Lavelle Road and forms a part of Bengaluru CBD (Central Business District), which encompasses major government offices, luxury hotels and prime retail high street, with few prominent commercial developments. Further, the property is well supportedbyvariouslifestyleandsocialinfrastructureandisproximityto established and prominent locations in Bengaluru.

In addition, the Subject Asset is well-connected to other parts of the city because of the availability of multiple modes of transport. Further, the Subject Asset is located at a distance of less than 1 Km from Richmond Circle, 1-2 Km from MG Road (CBD), 3-4 Km from Bengaluru City Railway Station and 34-35 Km from Kempegowda International Airport.

Statement of Assets: Based on review of the architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 77,022 100.0% Under Construction/Future Development – – Total 77,022 100.0%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map: # InfL raif se trst uy cl te ure # InfraS so tc ri ua cl ture # DeK ve ey loO pmffi ec ne ts 1 1 MG – Lido Mall 1 I Mns at nit au gt ee m o ef nH totel SattvaCosmo Lavelle 2 The Oberoi, Bengaluru 2 St. Joseph’s University One Trade Tower 3 M Sta. dC ih ui mnnaswamy 3 C Sca hm ob or lidge High 1 B Toag wm erane Pallavi 4 Sri Kanteerava Stadium 4 St. Joseph’s School 2 Prestige Minsk Square 5 Bangalore Golf Course 5 HCG Cancer Hospital 3 61 Marksquare 6 UB City Mall 6 H SpO eS ciM alA tyT H S ou sp pe itr al 4 Raheja Towers 7 ITC Gardenia 7 St.Martha’s Hospital 5 37 Cunningham 8 The Ritz Carlton 8 St. Philomenas Hospital 6 Embassy Heights 9 Radisson Blu Atria 7 Embassy Icon 10JW Marriot Hotel 8 Prestige Obelisk RepresentativeMap,NottoScale Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets 1124Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 100.0% In-place Rent INR per sf per month 146.9 Market Rent – Office INR per sf per month 225.0 Parking Charges INR per sf per month 5.0 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter – Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 7.75% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 2,684 Mn

Allocation between Property: INR 2,543 Mn Property and

CAM: INR 141 Mn CAM7:

11255.23 Sattva Premia

Asset Name: Sattva Premia

Asset Address: Sy No. 16, Khata No. 316/1 to 316/5, Outer Ring Road Kadubeesanahalli Village, Mahadevapura Zone, Bengaluru East Taluk, Bengaluru.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 0.9 acres.

Brief Description: The Subject Asset is an operational business center located at KadubeesanahalliVillage,alongtheORR,Bengaluruwithatotalleasable area of 0.1 msf. The Subject Asset is a standalone development with an elevation of 2B+G+3 upper floors.

Further, the SubjectAsset is located at a distance of 12-13 Km from MG Road (CBD), 17-18 Km from Bengaluru City Railway Station and 47-48 Km from Kempegowda International Airport.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 97,325 71.7% Under Construction/Future Development – – Total 97,325 71.7%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map: # InfrL ai sf te rs uty cl te ure # InfraS so tc ri ua cl ture # DeK ve ey loO pmffi ec ne ts 1G Mo ap llalan Signature 1VIBGYOR School Sattva Premia 2VR Bengaluru 2N Exa cti eo ln lea nl cC ee Sn cte hr o f oo lr Sattva Softzone 3Phoenix Marketcity 3 L ScR h oIn ot lernational Sattva Touchstone 4Brookfield Mall 4 Brookfield Hospital Sattva Eminence 5Novotel 5 S Sr pi e L cia ak lts yh m Hi o S spu ip tae lr Sattva Supreme 6Radisson Blu Exora Business Park 7C Mo au rrr it oy ta trd by Cessna Business Park 1 Embassy Tech Village 2 RMZ Ecospace 3 RMZ Ecoworld 4 B Ca og nm stea ln lae tion 5 B Paa rg kmane World Tech 6 Prestige Tech Park 7 Helios Business Park 8 Prestige Tech Pacific RepresentativeMap,NottoScale 9 P Dr re is vt eige Lakeshore Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets 1126Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 71.7% In-place Rent INR per sf per month 76.2 Market Rent – Office INR per sf per month 78.0 Market Rent – Retail INR per sf per month 50.0 Parking Charges INR per sf per month 4.8 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter 2026 – Q1 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.25% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 1,174 Mn

Allocation between Property: INR 1,084 Mn Property and

CAM: INR 90 Mn CAM7:

11275.24 Sattva Supreme

Asset Name: Sattva Supreme

Asset Address: Sy. No. 92/5 of Munnekolala Village, Varthur Hobli, Bengaluru East Taluk, Bengaluru.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 1.5 acres and the Asset SPV owns 27% undivided share of the land area.

Brief Description: The Subject Asset is an operational business center located along ORR withatotalleasableareaof0.2msf,outofwhich0.1msfistheundivided share of Asset SPV and the remaining area is owned by third parties.

Further, the Subject Asset is a standalone development and comprises of 1B+GF+3 upper floors.

The SubjectAsset is located close to well-developed social infrastructure such as restaurants, cinema, malls, schools and hotels. In addition, the Subject Asset is located at a distance of 1-2 Km from Marathalli Bridge, 11-12 Km from MG Road (CBD), 15-16 Km from Bengaluru City Railway Station and 45-46 Km from Kempegowda International Airport.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 63,929 32.2% Under Construction/Future Development – – Total 63,929 32.2%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map: # InfrL ai sf te rs uty cl te ure # InfraS so tc ri ua cl ture # DeK ve ey loO pmffi ec ne ts 1G Mo ap llalan Signature 1VIBGYOR School Sattva Supreme 2VR Bengaluru 2N Exa cti eo ln lea nl cC ee Sn cte hr o f oo lr Sattva Softzone 3Phoenix Marketcity 3 L ScR h oIn ot lernational Sattva Touchstone 4Brookfield Mall 4 Brookfield Hospital Sattva Premia 5Novotel 5 S Sr pi e L cia ak lts yh m Hi o S spu ip tae lr Sattva Eminence 6Radisson Blu Exora Business Park 7C Mo au rrr it oy ta trd by Cessna Business Park 1 Embassy Tech Village 2 RMZ Ecospace 3 RMZ Ecoworld 4 B Ca og nm stea ln lae tion 5 B Paa rg kmane World Tech 6 Prestige Tech Park 7 Helios Business Park 8 Prestige Tech Pacific RepresentativeMap,NottoScale 9 P Dr re is vt eige Lakeshore Lifestyle Infrastructure Social Infrastructure Key Office Developments KRT PortfolioAssets 1128Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 32.2% In-place Rent INR per sf per month 86.7 Market Rent – Office INR per sf per month 80.0 Market Rent – Retail INR per sf per month 50.0 Parking Charges INR per sf per month 4.8 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter 2026 – Q1 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.50% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 712 Mn

Allocation between Property: INR 712 Mn

Property and CAM:

CAM: NA

11295.25 Sattva Endeavour

Asset Name: Sattva Endeavour

Asset Address: Sy No 44(P), 44/1A1, 46(P) and 47(P), Electronic City 2nd Phase, Begur (Konnappana Agrahara Village), Bengaluru South Taluk, Bengaluru.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 5.7 acres.

Brief Description: The Subject Asset is an under-construction business center located at Electronic City. It has a leasable area of 0.7 msf and an elevation of 1B+GF+13 upper floors. Further, the Subject Asset is expected to be completed by Q1 CY 2026.

The Subject Asset is expected to provide landscaped area which would includevariousoutdoorsportsandrecreationalamenitiesalongwithother amenities such as an amphitheater, basketball court, outdoor meeting pods, open plaza with video wall and a cricket pitch. Further, the assets willalsoprovide2multi-levelcarparkswithmechanicalparkingsystems.

Moreover, the asset is within close proximity to roadways and metro stations. It is situated at a distance of 2-3 Km from NICE Road interchange on Hosur Road, 9-10 Km south of Silk Board Junction and 52-53 Km from Kempegowda International Airport. By virtue of its strategiclocationalongHosurRoad,theSubjectAssetiseasilyaccessible from various sub-market of the South Bengaluru through NICE Road or ORR.

Statement of Assets: Based on the review of architect certificate, the table below highlights the

area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed – – Under Construction/Future Development 739,671 – Total 739,671 –

Source:Architectcertificate

Location Map: # LifestyleInfrastructure # SocialInfrastructure # DeK ve ey loO pmffi ec ne ts 1F Bo er nu gm aluS ro uu Mth all 1B Ka en ng ga el ro i reHospital, S (Uat Ctv )aEndeavour 2RoyalMeenakshiMall 2SARVAMSchool SattvaInfozone 3 EleganceMantriMall 3I Ec xo cn elS lec nh co eo lof SattvaGlobal City 4G Mo ap llalanInnovation 4SpringleafHospital Sattva SouthAvenue 5J Ca oy man pa lg exarShopping 5A CoM llC egE engineering Sattva Spectrum (UC) 6L Ee lem cto rn onT icre Ce iH tyotel, 6Kauvery Hospital 1 RGATechPark 7RadiantResort 7St.Theresa’sSchool 2 EquinoxTechPark 8I RB oI aS dBengaluruHosur 8G Lelo adb ia nl gA cademyfor 3 Sattva SouthGate 4 E-CitySoftware Park 5 GoldHillExcelsior 6 I Cn af mos py us sLimited Representative Map, Not to Scale Lifestyle Infrastructure SSSocial Infrastructure Key Office Developments KRT PortfolioAssets 1130Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn 251 Expenditure (NPV) Expected Completion Year – Quarter 2026 – Q1 Income Assumptions Committed Occupancy % of total leasable area – In-place Rent INR per sf per month – Market Rent – Office INR per sf per month 65.0 Market Rent – Retail INR per sf per month 65.0 Parking Charges INR per sf per month 5.0 Vacancy Allowance % of Total Income 5.00% Lease-up Completion Year – Quarter 2027 – Q3 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.25% Discount Rate % 12.70%

Source:iVASAssessment

Market Value: INR 5,895 Mn

Allocation between Property: INR 5,381 Mn Property and

CAM: INR 515 Mn CAM7:

11315.26 Sattva Spectrum

Asset Name: Sattva Spectrum

Asset Address: Municipal No. 2355 / 78/6, 5, 3, 8B, 9(P), Marathahalli Division, Doddakanelli, Marathahalli, Bengaluru.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 4.4 acres and the Asset SPV owns 64% undivided share of the land area.

Brief Description: The Subject Asset is an under-construction business center with a total leasable area of 0.8 msf, out of which 0.5 msf is the undivided share of Asset SPV and the remaining area is owned by third parties. Further, the Subject Asset is located along Sarjapur Road in Bengaluru and has an elevation of 3B+GF+11 upper floors and is expected to be completed by Q1 CY 2026.

Additionally, as per details from the Management, the Subject Asset is expected to have amenities such as a crèche, badminton court, basketball court, cricket pitch with net, informal outdoor workspaces, lawn with seating areas and other landscaped areas.

The Subject Asset is located at a distance of 2-3 Km from Sarjapur Junction, 7-8 Km from Silk Board Junction and 51-52 Km from Kempegowda International Airport.

Statement of Assets: Based on the review of architect certificate, the table below highlights the

area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed – – Under Construction/Future Development 480,962 – Total 480,962 –

Source:Architectcertificate

Location Map: # LifestyleInfrastructure # SocialInfrastructure # DeK ve ey loO pmffi ec ne ts 1F Bo er nu gm aluS ro uu Mth all 1B Ka en ng ga el ro i reHospital, SattvaSpectrum(UC) 2RoyalMeenakshiMall 2SARVAMSchool SattvaInfozone 3 EleganceMantriMall 3I Ec xo cn elS lec nh co eo lof SattvaGlobal City 4G Mo ap llalanInnovation 4SpringleafHospital Sattva SouthAvenue 5J Ca oy man pa lg exarShopping 5A CoM llC egE engineering S (Uat Ctv ) a Endeavour 6L Ee lem cto rn onT icre Ce iH tyotel, 6Kauvery Hospital 1 RGATechPark 7RadiantResort 7St.Theresa’sSchool 2 EquinoxTechPark 8I RB oI aS dBengaluruHosur 8G Lelo adb ia nl gA cademyfor 3 Sattva SouthGate 4 E-CitySoftware Park 5 GoldHillExcelsior 6 I Cn af mos py us sLimited Representative Map, Not to Scale Lifestyle Infrastructure SSSSocial Infrastructure Key Office Developments KRT PortfolioAssets 1132Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn 194 Expenditure (NPV) Expected Completion Year – Quarter 2026 – Q1 Income Assumptions Committed Occupancy % of total leasable area – In-place Rent INR per sf per month – Market Rent – Office INR per sf per month 75.0 Parking Charges INR per sf per month 4.0 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter 2027 – Q3 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.25% Discount Rate % 12.70%

Source:iVASAssessment

Market Value: INR 4,556 Mn

Allocation between Property: INR 3,988 Mn Property and

CAM: INR 568 Mn8 CAM7:

11335.27 Kosmo One

Asset Name: Kosmo One

Asset Address: SurveyNos.195Part,196Part,197Part,198Part,199PartAnd200Part, Mannurpet Village, And Survey Nos. 6 Part, 7 Part, 8 Part And 10 Part, Athipet Village, No. 14, 3Rd Main Road, Ambattur Industrial Estate, Ambattur, Chennai.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 8.8 acres.

Brief Description: The Subject Asset is an operational business park located at Ambattur Industrial Estate, Chennai.

The immediate surrounding of the Subject Asset is characterized by the presence of Industrial and Commercial establishments.

Further, the Subject Asset has a total leasable area of 1.9 msf and is accessible via the 100 ft wide National Highway 48. The SubjectAsset is spread across 3 towers and has an elevation of 3B+GF+12 upper floors.

Moreover, the asset offers an array of amenities, including a food court, a general store, indoor and outdoor sports courts, and a crèche.

The Subject Asset is located at a distance of 6-7 Km from Maduravoyal Flyover, 8-9 Km from Koyambedu Bus Terminus, 12-13 Km from Nungambakkam (CBD of Chennai), 14-15 Km from Chennai Central and 19-20 Km from Chennai International Airport.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 1,906,939 94.7% Under Construction/Future Development – – Total 1,906,939 94.7%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map: # InfrL ai sf te rs uty cl te ure # SocialInfrastructure # DeK ve ey loO pmffi ec ne ts 110SquareMall 1M Hoa sd pr ia ts alMedicalMission KosmoOne 2HotelRoyalPlaza 2FrontierLifelineHospital 1Prince Infopark 3SaravanaStores 3ApolloHospitals 2AmbitTechPark 4VRMallChennai 4MarGregoriosCollege 3Kochar ITPark 5F Ha ob teE lxpress Nestlay5Aachi Global School 4KarunaConquest 5ArahantInsight RepresentativeMap,NottoScale Lifestyle Infrastructure SSocial Infrastructure Key Office Developments KRT PortfolioAsset 1134Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 94.7% In-place Rent INR per sf per month 42.7 Market Rent – Office INR per sf per month 55.0 Market Rent – Retail INR per sf per month 36.9 Parking Charges INR per sf per month 2.0 Vacancy Allowance % of Total Income 5.00% Lease-up Completion Year – Quarter 2026 – Q2 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.25% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 14,737 Mn

Allocation between Property: INR 13,772 Mn Property and

CAM: INR 965 Mn CAM7:

11355.28 One Qube

Asset Name: One Qube

Asset Address: Plot No. 20, Sector-18, HSVP Urban Estate,, Gurugram, Haryana.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 3.3 acres.

Brief Description: The SubjectAsset is an operational business park located in UdyogVihar, Gurugram, an established technology / commercial hub in the National Capital Region (NCR). The Subject Asset is strategically located near residential catchments and hospitality developments like Trident, Leela, Oberoi, F&B hubs like Cyber Hub and malls such as Ambience Mall.

Further, the total leasable area of the asset is 0.6 msf and has received its occupancy certificate in the second quarter of CY 2023.

Moreover, the asset offers a wide suite of amenities including a triple- height lobby, destination-controlled elevators, a 180-seater food court, gym, crèche and a dedicated covered drop-off.

Further, the SubjectAsset is situated at a distance of less than 1 Km from NH48, 2-3 Km from DLF Cybercity 5-6 Km from M.G. Road (CBD of Gurugram) and 15-16 Km from Indira Gandhi International Airport.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 555,092 82.6% Under Construction/Future Development – – Total 555,092 82.6%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map: # InfrL ai sf te rs uty cl te ure # SocialInfrastructure # DeK ve ey loO pmffi ec ne ts Management 1 AmbienceMall 1 DevelopmentInstitute, One Qube Gurgaon 2 StarMall 2 IIPM,Gurgaon 1 DLF CyberPark 3 CyberHub 3 ShivamHospital 2 DLF Square 4 32ndAvenue 4 SalwanPublicSchool 3 W DLo Frl d IT T Sec Eh ZPark/ 5 Trident Hotel 5 A Pum be lir cic Sa cn hM ooo lntessori 4 EnkayTower 6 OberoiHotel 6 AntaraCareHome 5 RMZInfinityPark 7 LiquorWarehouse 6 BlueOne Square 8 AthenaMall 1 9 TheLeela RepresentativeMap,NottoScale Lifestyle Infrastructure SSSSocial Infrastructure Key Office Developments KRT PortfolioAsset 1136Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 82.6% In-place Rent INR per sf per month 96.9 Market Rent – Office INR per sf per month 120.0 Market Rent – Retail INR per sf per month 85.0 Parking Charges INR per sf per month 2.0 Vacancy Allowance % of Total Income 2.50% Lease-up Completion Year – Quarter 2025 – Q4 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.00% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 9,821 Mn

Allocation between Property: INR 9,315 Mn Property and

CAM: INR 506 Mn CAM7:

11375.29 Fintech One

Asset Name: Fintech One

Asset Address: Survey No. 500, Village Ratanpur, Taluka And District Gandhinagar, Gujarat.

Land Area: Based on review of the architect certificate, we understand that the land area of the Subject Asset is 0.8 acres.

Brief Description: The SubjectAsset is an operational business center located at GIFT City, Ahmedabad and has a total leasable area of 0.5 msf. The SubjectAsset is a standalone development having an elevation of 2B+GF+20 upper floors and has been operational since November 2020. The Subject Asset has amenities such as a more than 300-seater food court, a gym and an indoor sports area.

The sub-market viz. GIFT City is India’s first operational smart city (IGBC Platinum Rated) and International Financial Services Centre offering tax incentives, single-window clearances, and regulatory exemption offering high-quality office spaces, data centers, and residential facilities, designed to meet the needs of global businesses.

Further, the SubjectAsset is situated at a distance of 2-3 Km from Golden Quadrilateral Highway & GIFT City Metro Station, 6-7 Km from Medra Railway Station, 10-11 Km from Gandhinagar and 16-17 Km from Sardar Vallabhbhai Patel International Airport. Its connectivity is further set to enhancewithvariousinfrastructuredevelopments,includingtheLine3of Ahmedabad Metro which connects GIFT city with key locations across Ahmedabad, bullet train project between Mumbai and Ahmedabad (expected by 2027), and the Sardar Vallabhbhai Patel International Airport.

Statement of Assets: Based on the review of architect certificate and rent roll dated March 31, 2025, the table below highlights the area statement of the Subject Asset:

Total Leasable Committed Particulars Area (sf) Occupancy11 (%) Completed 452,529 98.0% Under Construction/Future Development – – Total 452,529 98.0%

Source:Architectcertificate,rentrollprovidedbytheManagement

Location Map: # InfrL ai sf te rs uty cl te ure # Social Infrastructure # DeK ve ey loO pmffi ec ne ts 1GiftCityClub 1J Sa cm hon oa lbai Narsee FintechOne 2G Ahra mn ed dM abe ar dc ure 2G Uu nj ia vr ea rt s iB tyiotechnology1World TradeCentre 3B Al pi ass rtS me er nv ti sc /e Hd otel 3P Ea nn ed rgit yD Ue ne in vd ea ry sia tl y 2GIFTOneTower 4Central Park 4I AA dR va– n cIn edsti Rtu et se eao rf ch 3GIFTTwoTower 5LilavatiHospital 4H Buir ia ldn ia nn gd aniSignature 6G M Ceu a nj ra ti rr t eia mt (I Gen IAt Me rr bn Aia t Crti a )o tin oa nl 5B Fir nig aa nd ce iaI ln Cte er nn ta reti onal 7S Lc eh ado eo rl so hf ipUltimate 6SavvyPragya Representative Map, Not to Scale Lifestyle Infrastructure SSSSocial Infrastructure Key Office Developments KRT PortfolioAsset 1138Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn – Expenditure (NPV) Income Assumptions Committed Occupancy % of total leasable area 98.0% In-place Rent INR per sf per month 46.7 Market Rent – Office INR per sf per month 62.0 Market Rent – Retail INR per sf per month 50.0 Parking Charges INR per sf per month 1.5 Vacancy Allowance % of Total Income 5.00% Lease-up Completion Year – Quarter 2025 – Q3 Valuation Assumptions Property Management % of the Facility 3.0% Fee12 Rentals Capitalization Rate % 8.50% Discount Rate % 11.70%

Source:iVASAssessment;RentrollasofMarch31,2025

Market Value: INR 4,030 Mn

Allocation between Property: INR 3,886 Mn Property and

CAM: INR 143 Mn CAM7:

11395.30 One BKC Solar

Asset Name: One BKC Solar

Asset Address: Bhadgaon, Dhule, Maharashtra

Land Area: Based on review of the Agreement to Sell provided, the Valuer understands that the land area of the Subject Solar Plant under the ownership of One BKC Solar Energy Pvt. Ltd. is 13.1 acres.

Brief Description: The SubjectAsset is an under construction Solar Plant with a capacity of

3.9 MW AC, located at Bhadgaon, Dhule, Maharashtra and is owned by One BKC Solar Energy Pvt. Ltd. The Solar Plant is expected to get operational by Q3 CY 2025. Further, as per the Management inputs, One BKC Solar Energy Pvt. Ltd. is expected to enter into a 25 years of Power Purchase Agreements ‘PPA’ with portfolio asset ‘One BKC’ (including strata sold area of One BKC) located in Mumbai for the secured offtake of its generation.

Further, as per review of the documents provided by the Management, it is understoodthattheownerhasappointedFourthPartnerEnergyPvt.Ltd.as the contractor for purpose of construction and development of the Solar Plant. Furthermore, the owner has entered into an agreement with Huoban Private Limited towards the usage of common facilities and O&M.

Statement of Assets: Table below highlights the area details of the Subject Asset:

Installed Capacity Asset Name LandArea (acre) (MW) One BKC Solar 13.1 3.9 MW AC

Source:Agreementtosublease,CommissioningCertificate,Titlereport

Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn 215 Expenditure (NPV) Commencement of Date July 2025 Operations Income Assumptions Adopted Tariff INR per kWh 6.113 Valuation Assumptions PPA Tenure Years 25.0 (from the date of commencement of operations) Discount Rate % 12.25%

Source:iVASAssessment/InformationprovidedbyManagement

Market Value: INR 8614 Mn 13 AsperinputsreceivedfromtheManagement,weunderstandthatcommercialtariffwouldbeapplicablefortheSubjectAsset.

Further,theadoptedtariffisexclusiveofopenaccesschargesofINR3perkWhwhichwouldbedirectlypaidbytheAssetSPV to the concerned authority.

14 Recent amendments to power tariffs by the State Electricity Boards and/or Private Distribution Companies (DISCOMs) resulting in a decline in tariff rates have significantly impacted the value of solar parks and other power generation assets negatively. For further details, please refer to the full valuation report.

11405.31 Prima Bay Solar

Asset Name: Prima Bay Solar

Asset Address: Bhadgaon, Dhule, Maharashtra

Land Area: Based on review of the Agreement to Sell provided, the Valuer understands that the total land area of the Subject Solar Plant under the ownership of Prima Bay Solar Energy Pvt. Ltd. is 11.8 acres.

Brief Description: The SubjectAsset is an under construction Solar Plant with a capacity of

4.1 MW AC located at Bhadgaon, Dhule, Maharashtra and is owned by Prima Bay Solar Energy Pvt. Ltd. The Solar Plant is expected to get operational by Q3 CY 2025. Further, as per Management inputs, Prima Bay Solar Energy Pvt. Ltd. is expected to enter into a 25 years of Power Purchase Agreements ‘PPA’ with portfolio asset ‘Prima Bay’ located in Mumbai for the secured offtake of its generation.

Further, as per review of the documents provided by the Management, it is understood that the owner has appointed Fourth Partner Energy Pvt.

Ltd. as the contractor for purpose of construction and development of the Solar Plant. Furthermore, the owner has entered into an agreement with Huoban Private Limited towards the usage of common facilities and O&M.

Statement of Assets: Table below highlights the area details of the Subject Asset:

Installed Capacity Asset Name LandArea (acre) (MW) Prima Bay Solar 11.8 4.1 MW AC

Source:Agreementtosublease,CommissioningCertificate,Titlereport

Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn 239 Expenditure (NPV) Commencement of Date July 2025 Operations Income Assumptions Adopted Tariff INR per kWh 4.915 Valuation Assumptions PPA Tenure Years 25.0 (from the date of commencement of operations) Discount Rate % 12.25%

Source:iVASAssessment/InformationprovidedbyManagement

Market Value: INR 2414 Mn 15 AsperinputsreceivedfromtheManagement,weunderstandthatindustrialtariffwouldbeapplicablefortheSubjectAssetas thepropertyisanIT/ITeSdevelopment.Further,theadoptedtariffisexclusiveofopenaccesschargesofINR3perkWhwhich would be directly paid by theAsset SPVto the concerned authority.

11415.32 Karnataka Solar—I

Asset Name: Karnataka Solar—I

Asset Address: Taluk Nanivala Challakare, District: Chitradurga, Karnataka

Land Area: Based on review of the title document provided, the Valuer understands that the total land area of the Subject Asset is 108.116 acres.

Brief Description: The SubjectAsset is a Solar Plant which is operational sinceAugust 2024 with a capacity of 30.8 MW AC held by SRPPL located in Challakere, Karnataka. As per details from the Management, the plant is expected to generate 68.616 mn gross units in the first year of operations. Further, SRPPL has entered into agreements (PPAs) for supply of electricity for a residualtermof26yearsasofMarch31,2025,withsomeofthePortfolio Assets located in Bengaluru, including Sattva Global City, Sattva Softzone, Sattva Knowledge Court, Sattva Techpoint, Sattva Touchstone, Sattva Infozone, Sattva Magnificia (I & II), Sattva Eminence and Sattva Premia.

Additionally, as per review of the Engineering, Procurement and Construction Contract (‘EPC Contract’) provided by the Management, it is understood that Insolare Energy Pvt. Ltd. was appointed as the contractor for purpose of construction, development and O&M of the Solar Plant.

Statement of Assets: Table below highlights the area details of the Subject Asset:

Installed Capacity Asset Name LandArea (acre) (MW) Karnataka Solar—I 108.116 30.8 MW AC

Source:CommissioningCertificate,Titlereport

Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn 32 Expenditure (NPV) Commencement of Date August 2024 Operations Income Assumptions Adopted Tariff INR per kWh 6.0 Valuation Assumptions PPA Tenure Years 27.5 (from the date of commencement of operations) Discount Rate % 11.70%

Source:iVASAssessment/InformationprovidedbyManagement

Market Value: INR 2,29514 Mn 16 InSolareEnergyPrivateLimited(“IEPL”)hasarighttoacquireleaseholdrightsoveradditionallandmeasuring14acres30 guntasallsituatedatPhaseI.IEPLhasenteredintoanagreementtosub-leasetheaforesaidlandinfavorofShirasaRegency ParkPrivateLimited(“SRPPL”),expectedtobecompletedbyonorbeforeSeptember30,2025.Further,Valuerhasassumed entirelandextentof122acresand30guntasforthepurposeofthisvaluationexercise,consideringtheaboveprocesswillbe completed.

11425.33 Karnataka Solar—II

Asset Name: Karnataka Solar—II

Asset Address: Taluk Nanivala Challakare, District: Chitradurga, Karnataka

Land Area: Based on review of the lease document provided, the Valuer understands that the total land area of the Subject Asset is 83.0 acres.

Brief Description: TheSubjectAssetisaproposedSolarPlantheldbyNDPLwithacapacity of 24.2 MWAC.The Solar Plant is expected to become operational in Q2 CY 2026 and is expected to generate 54.7 mn gross units in its first year of operations. Karnataka Solar—II is expected to supply power to certain assets in Bengaluru, such as Sattva SouthAvenue, Sattva Horizon, Sattva EndeavourandSattvaSpectrum,aswellasadditionalpowerrequirements of Sattva Global City. Further, development of Karnataka Solar—II is expected to commence post receipt of approvals.

Additionally, as per review of the Engineering, Procurement and Construction Contract (‘EPC Contract’) provided by the Management, it is understood that the Insolare Energy Pvt. Ltd. has been appointed as the contractorforpurposeofconstructionanddevelopmentoftheSolarPlant.

Statement of Assets: Table below highlights the area details of the Subject Asset:

Installed Capacity Asset Name LandArea (acre) (MW) Karnataka Solar—II 83.0 24.2 MW AC

Source:Agreementtosublease,CommissioningCertificate,Titlereport

Key Assumptions: Particulars Unit Details Development Assumptions Pending Capital INR Mn 1,097 Expenditure (NPV) Commencement of Date April 2026 Operations Income Assumptions Adopted Tariff INR per kWh 6.0 Valuation Assumptions PPA Tenure Years 29 (from the date of commencement of operations) Discount Rate % 12.25%

Source:iVASAssessment/InformationprovidedbyManagement

Market Value: INR 556 Mn14 1143CALCULATIONS OF UNITHOLDING PERCENTAGE IN RELATION TO THE INITIAL PORTFOLIO ACQUISITION TRANSACTIONS Pursuant to the Initial Portfolio Acquisition Transactions, the Knowledge Realty Trust will acquire the Portfolio in exchange for Units to beAllotted to the existing shareholders of the relevantAsset SPV. For details in relation to the list of Initial Portfolio Acquisition Transactions and the Initial Portfolio Acquisition Transactions Agreements, please see “Initial Portfolio Acquisition Transactions—Initial Portfolio Acquisition Transactions Agreements” on page 459. The percentage of Units to be Allotted in case of each Asset SPV shall be calculated in the manner set out below.

InitialPortfolio Acquisition Sr. Transaction No. Agreement InitialPortfolioAcquisitionTransaction Portfolio AgreedUnitholdingPercentage Agreements with Blackstone Sponsor Group

1. BSPOMSPLSAA TransferofshareholdingofBREPAsia – TheKnowledgeRealtyTrust SG L&T Holding III (NQ) Pte. Ltd., shall issue pre money issued BREP Asia II SBS Chennai Holding Units based on an agreed

(NQ)Ltd.andBREPVIIISBSChennai Unitholding percentage of Holding (NQ) Ltd. in BSPOMSPL to 2.03% derived based on the Knowledge Realty Trust mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

2. CGDPL SAA – I TransferofshareholdingofBREPAsia Cessna TheKnowledgeRealtyTrust IIIndianHoldingCoVII(NQ)PteLtd. Business Park shall issue pre money issued in CGDPL to the Knowledge Realty Units based on an agreed Trust Unitholding percentage of

4.13% as agreed under the relevant Initial Portfolio Transaction Agreement

3. DIPL SAA – I TransferofshareholdingofBREPAsia Sattva TheKnowledgeRealtyTrust SG DRPL Holding (NQ) Pte. Ltd., Knowledge shall issue pre money issued BREP Asia SBS DRPL Holding (NQ) Capital Units based on an agreed Ltd., and BREP VIII SBS DRPL Unitholding percentage of Holding (NQ) Ltd. in DIPL to the 0.65% derived based on Knowledge Realty Trust mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement 1144InitialPortfolio Acquisition Sr. Transaction No. Agreement InitialPortfolioAcquisitionTransaction Portfolio AgreedUnitholdingPercentage

4. DRPL SAA – I TransferofshareholdingofBREPAsia Sattva TheKnowledgeRealtyTrust SG DRPL Holding (NQ) Pte Ltd, Knowledge shall issue pre money issued BREP Asia SBS DRPL Holding (NQ) City Units based on an agreed LtdandBREPVIIISBSDRPLHolding Unitholding percentage of

(NQ) Ltd in DRPL to the Knowledge 10.50% derived based on Realty Trust mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

5. EBPPL SAA TransferofshareholdingofBREPAsia Exora TheKnowledgeRealtyTrust II Indian Holding CoVII (NQ) Pte Ltd Business Park shall issue pre money issued and nominee shareholders, if any, in Units based on an agreed EBPPL to the Knowledge Realty Trust Unitholding percentage of

2.91% derived based on mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

6. GVTPL SAA – I TransferofshareholdingofBREPAsia Sattva Global TheKnowledgeRealtyTrust II Indian Holding CO VIII (NQ) City shall issue pre money issued Pte. Ltd, BREP Asia II SBS Indian Units based on an agreed Holding CO VIII (NQ) Ltd and BREP Unitholding percentage of IX SBS Indian Holding CO VIII (NQ) 7.29% derived based on Ltd in GVTPL to the Knowledge mutually agreed market Realty Trust value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

7. KOBPPL SAA TransferofshareholdingofBREPAsia Kosmo One TheKnowledgeRealtyTrust SG L&T Holding III (NQ) Pte. Ltd., shall issue pre money issued BREP Asia II SBS Chennai Holding Units based on an agreed

(NQ)Ltd.andBREPVIIISBSChennai Unitholding percentage of Holding (NQ) Ltd. in KOBPPL to the 0.46% derived based on Knowledge Realty Trust mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement 1145InitialPortfolio Acquisition Sr. Transaction No. Agreement InitialPortfolioAcquisitionTransaction Portfolio AgreedUnitholdingPercentage

8. OBRPL SAA TransferofshareholdingofBREPAsia One BKC and TheKnowledgeRealtyTrust IIIndianHoldingCo.IV(NQ)PteLtd., One BKC shall issue pre money issued BREPAsia II SBS Indian Holding Co. Solar Units based on an agreed IV (NQ) Ltd., and BREP VIII SBS Unitholding percentage of Indian Holding Co. IV (NQ) Ltd. in 2.87% derived based on OBRPLtotheKnowledgeRealtyTrust mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

9. OICPL SAA Transfer of shareholding of the One TheKnowledgeRealtyTrust Blackstone Sponsor, BREP Asia SBS International shall issue pre money issued L&T Holding (NQ) Ltd. and BREP Center and Units based on an agreed VIII SBS L&T Holding (NQ) Ltd. in One Unity Unitholding percentage of OICPL to the Knowledge Realty Trust Center 8.95% derived based on mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

10. OQRPL SAA Transfer of shareholding of the BREP One Qube TheKnowledgeRealtyTrust AsiaSGL&THolding(NQ)PTELTD, shall issue pre money issued BREP VIII SBS L&T Holding (NQ) Units based on an agreed Ltd.andBREPAsiaSBSL&THolding Unitholding percentage of

(NQ)Ltd.inOQRPLtotheKnowledge 0.85% derived based on Realty Trust mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

11. OWCPL SAA Transfer of shareholding of the BREP One World TheKnowledgeRealtyTrust Asia SG L&T Holding (NQ) Pte Ltd, Center shall issue pre money issued BREP Asia SBS L&T Holding (NQ) Units based on an agreed Ltd., BREP VIII SBS L&T Holding Unitholding percentage of

(NQ) Ltd. in OWCPL to the 4.66% derived based on Knowledge Realty Trust mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement 1146InitialPortfolio Acquisition Sr. Transaction No. Agreement InitialPortfolioAcquisitionTransaction Portfolio AgreedUnitholdingPercentage

12. PABPPL SAA TransferofshareholdingofBREPAsia Fintech One TheKnowledgeRealtyTrust II Indian Holding Co. VII (NQ) shall issue pre money issued Pte. Ltd. and its nominee shareholders, Units based on an agreed if any, in PABPPL to the Knowledge Unitholding percentage of Realty Trust 0.43% derived based on mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

13. PBPL SAA TransferofshareholdingofBREPAsia PrimaBayand TheKnowledgeRealtyTrust SG L&T Holding II (NQ) Pte. Ltd., Prima Bay shall issue pre money issued BREPVIIISBSIndianL&THoldingII Solar Units based on an agreed

(NQ) Ltd., BREP Asia SBS Indian Unitholding percentage of L&T Holding II (NQ) Ltd. in PBPL to 1.64% derived based on the Knowledge Realty Trust mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

14. PBPPL SAA TransferofshareholdingofBREPAsia One Trade TheKnowledgeRealtyTrust IIIndianHoldingCoVII(NQ)PteLtd. Tower shall issue pre money issued anditsnomineeshareholders,ifany,in Units based on an agreed PBPPL to the Knowledge Realty Trust Unitholding percentage of

0.48% derived based on mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

15. PSBPPL SAA TransferofshareholdingofBREPAsia – TheKnowledgeRealtyTrust II Indian Holding Co VII (NQ) shall issue pre money issued Pte. Ltd. and its nominee shareholders, Units based on an agreed if any, in PSBPPL to the Knowledge Unitholding percentage of Realty Trust 1.15% derived based on mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement 1147InitialPortfolio Acquisition Sr. Transaction No. Agreement InitialPortfolioAcquisitionTransaction Portfolio AgreedUnitholdingPercentage

16. WRPL SAA – I TransferofshareholdingofBREPAsia Sattva TheKnowledgeRealtyTrust SG DRPL Holding (NQ) Pte. Ltd., Knowledge shall issue pre money issued BREP Asia SBS DRPL Holding (NQ) Park Units based on an agreed Ltd. and BREP VIII Asia SBS DRPL Unitholding percentage of Holding (NQ) Ltd. in WRPL to the 3.16% derived based on Knowledge Realty Trust mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement Agreements with Sattva Sponsor Group and other shareholders

17. DBRPL SAA Transfer of shareholding of the Sattva Sattva TheKnowledgeRealtyTrust Sponsor, Apurva Salarpuria, Archana Eminence shall issue pre money issued SalarpuriainDBRPLtotheKnowledge Units based on an agreed Realty Trust Unitholding percentage of

0.55% derived based on mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

18. DEPL SAA Transfer of shareholding of Vriddhii Sattva TheKnowledgeRealtyTrust Family Trust (represented by its Magnificia I shall issue pre money issued trustees Bijay Kumar Agarwal and Units based on an agreed Niru Agarwal) and Neelanchal Unitholding percentage of Properties LLP in DEPL to the 0.08% derived based on Knowledge Realty Trust mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

19. DHPL SAA Transfer of shareholding of Vriddhii Sattva TheKnowledgeRealtyTrust Family Trust (represented by its Endeavour shall issue pre money issued trustees Bijay Kumar Agarwal and Units based on an agreed Niru Agarwal), Sattva Sponsor, Sattva Unitholding percentage of Real Estate Private Limited, Darshita 1.18% derived based on Landed Property LLP and Neelanchal mutually agreed market Properties LLP in DHPL to the value of assets/project(s), Knowledge Realty Trust balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement 1148InitialPortfolio Acquisition Sr. Transaction No. Agreement InitialPortfolioAcquisitionTransaction Portfolio AgreedUnitholdingPercentage

20. DHRPL SAA Transfer of shareholding of Vriddhii Sattva TheKnowledgeRealtyTrust Family Trust (represented by its Knowledge shall issue pre money issued trustees Bijay Kumar Agarwal and Court and Units based on an agreed Niru Agarwal), Sattva Real Estate Sattva Unitholding percentage of Private Limited, Neelanchal Properties Magnificia I 1.98% derived based on LLP and Sattva Sponsor in DHRPL to mutually agreed market the Knowledge Realty Trust value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

21. DIPL SAA – II Transfer of shareholding of Sattva Sattva TheKnowledgeRealtyTrust Sponsor, Darshita Landed Property Knowledge shall issue pre money issued LLPand Neelanchal Properties LLPin Capital Units based on an agreed DIPL to the Knowledge Realty Trust Unitholding percentage of

0.65% derived based on mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

22. DRPL SAA – II Transfer of shareholding of Sattva Sattva TheKnowledgeRealtyTrust Sponsor, Sattva Real Estate Private Knowledge shall issue pre money issued Limited, Darshita Landed Property City Units based on an agreed LLPand Neelanchal Properties LLPin Unitholding percentage of DRPL to the Knowledge Realty Trust 10.50% derived based on mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

23. GVTPL SAA– II Transfer of shareholding of Sattva Sattva Global TheKnowledgeRealtyTrust Sponsor and Neelanchal Properties City shall issue pre money issued LLP in GVTPL to the Knowledge Units based on an agreed Realty Trust Unitholding percentage of

2.56% derived based on mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement 1149InitialPortfolio Acquisition Sr. Transaction No. Agreement InitialPortfolioAcquisitionTransaction Portfolio AgreedUnitholdingPercentage

24. HRPL SAA Transfer of shareholding of Sattva Sattva Cosmo TheKnowledgeRealtyTrust Sponsor, Archana Salarpuria, Apurva Lavelle shall issue pre money issued Salarpuria, Neetneel India Private Units based on an agreed Limited, Mukta Commercials Private Unitholding percentage of Limited, Rakesh Salarpuria HUF, 0.63% derived based on Jaigania Commercials Private Limited, mutually agreed market Devina Salarpuria, Belfast Holdings value of assets/project(s), Private Limited and Vriddhii Family balance sheet adjustments, Trust (represented by its trustees Bijay pending costs and the Kumar Agarwal and Niru Agarwal), in aggregatePortfoliovalue,as HRPL to the Knowledge Realty Trust agreed under the relevant Initial Portfolio Transaction Agreement

25. JRPL SAA Transfer of shareholding of Vriddhii Sattva South TheKnowledgeRealtyTrust Family Trust (represented by its Avenue shall issue pre money issued trustees Bijay Kumar Agarwal and Units based on an agreed Niru Agarwal), Sattva Sponsor, Sattva Unitholding percentage of Real Estate Private Limited, Darshita 0.64% derived based on Landed Property LLP, Neelanchal mutually agreed market Properties LLP, Piyush Agarwal, value of assets/project(s), SanjayKumarAgarwal,SiddharthJain, balance sheet adjustments, Karthik B V, Mukesh Khaitan, pending costs and the Jagannath Subbarao, Shrikant Khaitan, aggregatePortfoliovalue,as Rajiv Agarwal, Swapnil Chandrakant agreed under the relevant Patel, Karishmah Siingh, Vivek Initial Portfolio Transaction Hangal,SunilKumarMishra,Surendra Agreement Kumar Bajaj, Kavindra Kumar Mishra, AmitBajoriaandLalitKumarBohania inJRPLtotheKnowledgeRealtyTrust

26. NDPL SAA Transfer of shareholding of Vriddhii Karnataka TheKnowledgeRealtyTrust Family Trust (represented by its Solar – II shall issue pre money issued trustees Bijay Kumar Agarwal and Units based on an agreed Niru Agarwal) and Mindcomp Unitholding percentage of Constructions LLP in NDPL to the 0.40% derived based on Knowledge Realty Trust mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

27. QITPL SAA Transfer of shareholding of Vriddhii Sattva TheKnowledgeRealtyTrust Family Trust (represented by its Infozone shall issue pre money issued trustees Bijay Kumar Agarwal and Units based on an agreed NiruAgarwal),SattvaSponsor,Devina Unitholding percentage of Salarpuria,ApurvaSalarpuria,Archana 1.42% derived based on Salarpuria, Rakesh Salarpuria HUF, mutually agreed market Vidhika Avyaan Salarpuria Trust in value of assets/project(s), QITPL to the Knowledge Realty Trust balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement 1150InitialPortfolio Acquisition Sr. Transaction No. Agreement InitialPortfolioAcquisitionTransaction Portfolio AgreedUnitholdingPercentage

28. SDPL SAA Transfer of shareholding of Archana Sattva Premia TheKnowledgeRealtyTrust Salarpuria, Rakesh Salarpuria HUF shall issue pre money issued jointly with Vinita Salarpuria (Partner Units based on an agreed of Vaishali Finance Corporation), Unitholding percentage of Vinita Salarpuria, Apurva Salarpuria, 0.29% derived based on Right Aid Associates Private Limited, mutually agreed market Merlin Industrial Development value of assets/project(s), Limited, Ramir Commercial Private balance sheet adjustments, Limited, Shivgauri Jewellers Private pending costs and the Limited, the Sattva Sponsor, Vriddhii aggregatePortfoliovalue,as Family Trust (represented by its agreed under the relevant trustees Bijay Kumar Agarwal and Initial Portfolio Transaction Niru Agarwal) and Devina Salarpuria Agreement inSDPLtotheKnowledgeRealtyTrust

29. SGNPL SAA Transfer of shareholding of Archana Sattva TheKnowledgeRealtyTrust Salarpuria, Apurva Salarpuria, Sattva Techpoint shall issue pre money issued Sponsor, Vriddhii Family Trust Units based on an agreed (represented by its trustees Bijay Unitholding percentage of Kumar Agarwal and Niru Agarwal), 2.13% derived based on Devina Salarpuria, Rakesh Salarpuria mutually agreed market HUF in SGNPL to the Knowledge value of assets/project(s), Realty Trust balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

30. SHPL SAA Transfer of shareholding of Sattva Sattva TheKnowledgeRealtyTrust Sponsor, Sattva Real Estate Private Horizon shall issue pre money issued Limited, Darshita Landed Property Units based on an agreed LLP, Neelanchal Properties LLP, Unitholding percentage of Vriddhii Family Trust (represented by 0.90% derived based on its trustees Bijay Kumar Agarwal and mutually agreed market Niru Agarwal) in SHPL to the value of assets/project(s), Knowledge Realty Trust balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement

31. SIMPL SAA Transfer of shareholding of Vriddhii – TheKnowledgeRealtyTrust Family Trust (represented by its shall issue pre money issued trustees Bijay Kumar Agarwal and Units based on an agreed Niru Agarwal), Sattva Sponsor, Sattva Unitholding percentage of Real Estate Private Limited, Darshita 5.32% derived based on Landed Property LLP, NABS Vriddhii mutually agreed market LLP, Neelanchal Properties LLP, value of assets/project(s), Neelanchal Mansion Clump LLP, balance sheet adjustments, Neelanchal Investments, Gaurav pending costs and the Commodeal Private Limited, Sattva aggregatePortfoliovalue,as Lifestyle Homes LLP, in SIMPLto the agreed under the relevant Knowledge Realty Trust Initial Portfolio Transaction Agreement 1151InitialPortfolio Acquisition Sr. Transaction No. Agreement InitialPortfolioAcquisitionTransaction Portfolio AgreedUnitholdingPercentage

32. SKCPL SAA Transfer of shareholding of Vriddhii Sattva TheKnowledgeRealtyTrust Family Trust (represented by its Knowledge shall issue pre money issued trustees Bijay Kumar Agarwal and Capital Units based on an agreed Niru Agarwal), Pradyumna Kumar Unitholding percentage of Mishra, Ravish Agarwal, Ashwin 0.78% derived based on Sancheti, Vithal Vyas, Amit Agarwal, mutually agreed market Pavan Kumar Agrawal, Amit Bagla, value of assets/project(s), Sumanta Kumar Basu, Bhat balance sheet adjustments, Mahabaleshwar G, Rita Agarwal and pending costs and the Mindcomp Constructions LLP, in aggregatePortfoliovalue,as SKCPLto the Knowledge Realty Trust agreed under the relevant Initial Portfolio Transaction Agreement

33. SPMPL SAA Transfer of shareholding of Vriddhii – TheKnowledgeRealtyTrust Family Trust (represented by its shall issue pre money issued trustees Bijay Kumar Agarwal and Units based on an agreed Niru Agarwal), Sattva Sponsor, Sattva Unitholding percentage of Real Estate Private Limited, Darshita 3.74% derived based on Landed Property LLP, NABS Vriddhii mutually agreed market LLP, Neelanchal Properties LLP, value of assets/project(s), Neelanchal Mansion Clump LLP, balance sheet adjustments, Neelanchal Investments, Gaurav pending costs and the Commodeal Private Limited, Sattva aggregatePortfoliovalue,as Lifestyle Homes LLPin SPMPLto the agreed under the relevant Knowledge Realty Trust Initial Portfolio Transaction Agreement

34. SRPPL SAA Transfer of shareholding of Vriddhii Karnataka TheKnowledgeRealtyTrust Family Trust (represented by its Solar – I shall issue pre money issued trustees Bijay Kumar Agarwal Units based on an agreed and Niru Agarwal), Mindcomp Unitholding percentage of Constructions LLP and the Sattva 0.79% derived based on Sponsor in SRPPL to the Knowledge mutually agreed market Realty Trust value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement 1152InitialPortfolio Acquisition Sr. Transaction No. Agreement InitialPortfolioAcquisitionTransaction Portfolio AgreedUnitholdingPercentage

35. STPL SAA Transfer of shareholding of Rudranath Sattva TheKnowledgeRealtyTrust Realtors Private Limited, Tunganath Softzone, shall issue pre money issued Realtors Private Limited, Kalpeshwar Sattva Units based on an agreed Realtors Private Limited, Archana Touchstone, Unitholding percentage of Salarpuria, Apurva Salarpuria, Mukta Sattva 5.67% derived based on Commercials Private Limited, Magnificia II, mutually agreed market NeetneelIndiaPrivateLimited,Devina Sattva value of assets/project(s), Salarpuria, Apurva Salarpuria HUF, Supreme, balance sheet adjustments, Rakesh Salarpuria HUF, Jaigania Sattva pending costs and the Commercials Private Limited, Spectrum aggregatePortfoliovalue,as J.J.StockTrustPrivateLimited,Ramir agreed under the relevant Commercial Private Limited, Bluest Initial Portfolio Transaction Goods & Services Private Limited, Agreement Mandya Finance Company Limited, Merlin Industrial Development Limited, Vidhika Avyaan Salarpuria Trust(representedbyitstrusteeApurva Salarpuria), Baid Finex Services Private Limited, Baid Trade Fina Private Limited, Right Aid Associates Private Limited, Shivgauri Jewellers Private Limited, Rakesh Salarpuria HUF jointly with Vinita Salarpuria (Partner of Vaishali Finance Corporation), Canton Properties Private Limited, Belfast Holdings Private Limited, Ganpatrao Dokania HUF, Sattva Sponsor, Bijay Kumar Agarwal, Niru Agarwal, Sattva Real Estate Private Limited, Darshita Landed Property LLP, Neelanchal Properties LLP and Bijay Kumar Agarwal HUF in STPL to the Knowledge Realty Trust

36. WRPL SAA – II Transfer of shareholding of Sattva Sattva TheKnowledgeRealtyTrust Sponsor, Sattva Real Estate Private Knowledge shall issue pre money issued Limited, Neelanchal Properties LLP Park Units based on an agreed and Darshita Landed Property LLP in Unitholding percentage of WRPL to the Knowledge Realty Trust 3.16% derived based on mutually agreed market value of assets/project(s), balance sheet adjustments, pending costs and the aggregatePortfoliovalue,as agreed under the relevant Initial Portfolio Transaction Agreement 1153InitialPortfolio Acquisition Sr. Transaction No. Agreement InitialPortfolioAcquisitionTransaction Portfolio AgreedUnitholdingPercentage Agreements with other parties

37. CGDPLSAA– II Transfer of shareholding of Jawahar Cessna TheKnowledgeRealtyTrust Gopal, Meera Jawahar, Lav Jawahar, Business Park shall issue pre money issued Kush Jawahar, Manohar Gopal, Nehaa Units based on an agreed Manohar, Dhiren Gopal and Neeta Unitholding percentage of Dhiren in CGDPL to the Knowledge 0.49%, as agreed under the Realty Trust relevant Initial Portfolio Transaction Agreement

38. CGDPL SAA – Transfer of shareholding of Syed Cessna TheKnowledgeRealtyTrust III Ahmed and Fareena Parveen in Business Park shall issue pre money issued CGDPLtotheKnowledgeRealtyTrust Units based on an agreed Unitholding percentage of

0.24% as agreed under the relevant Initial Portfolio Transaction Agreement

39. CGDPL SAA – Transfer of shareholding of 360 One Cessna TheKnowledgeRealtyTrust IV Income Opportunities Fund Series 4, Business Park shall issue pre money issued 360 One Real Assets Advantage Fund, Units based on an agreed Madhu Silica Private Limited, Subham Unitholding percentage of Buildwell Private Limited, Monica 1.84% as agreed under the Surana, Gangeet Investments and relevant Initial Portfolio Reality Private Limited, M/s Vara Transaction Agreement Future LLP, Virgin Securities and Credits Private Limited, Duro Shox Private Limited, Munjal Mavjibhai Lakhani, Nigam Family Private Trust, Ashit Mahesh Shah, Apurva Mahesh Shah, Mukesh Singh, Nawal Kishore Singh, Shreevar Kheruka, Lyon Investment and Industries Private Limited, Kairos Ventures LLP, Remi Elektrotechnik Limited, SKYS Family Private Trust, Anurang Jain, Rahul Chari,M/sTTJFamilyPrivateTrust,B S Ajaikumar, Bakul Hiralal Shah, Ashish Lodha, Manish Khatri, M/s Bhavani Holdings, Thiruvallur Thattai Raghunathan&BhanuRaghunathan,K I Varaprasad Reddy & Vasantha Koduru, Karan Bhagat & Shilpa Bhagat, R H Dalmia Family Private Trust (all Sellers except 360 One Income Opportunities Fund Series 4 and 360 One Real Assets Advantage Fund are being represented by their investmentmanager360ONEalternate Assets Management Ltd.) in CGDPLto the Knowledge Realty Trust 1154InitialPortfolio Acquisition Sr. Transaction No. Agreement InitialPortfolioAcquisitionTransaction Portfolio AgreedUnitholdingPercentage

40. CGDPLSAA– V Transfer of shareholding of Cessna TheKnowledgeRealtyTrust Radhakishan Damani, Ramakant Business Park shall issue pre money issued Baheti,JMFinancialProductsLimited, Units based on an agreed JM Financial and Investment Unitholding percentage of Consultancy Services Private Limited, 1.88% as agreed under the JM Assets Management Private relevant Initial Portfolio Limited, SNK Investments Private Transaction Agreement Limited,OldFirAdvisorsIndiaPrivate Limited, BAMR Properties LLP, Rovo Marketing Private Limited, Kothari Products Limited, BKC Properties Private Limited, Asha Dedhia, Hitesh Shah,Ankit Thakker, Bengani Leasing and Finance Private Limited, B ArunkumarCapitalandCreditServices Private Limited, Mrudulaben H Patel, RB Diversified Private Limited, DalmiaPrincipalStrategiesLLP,Shital Apurva Shah, Virgin Securities and Credits Private Limited, Rajendra Kumar Bachhawat, Balki Advisory Services LLP, Nilkamal Crates and Containers,MihirParekhinCGDPLto the Knowledge Realty Trust

Note: UnlessotherwiseagreedbetweenpartiestotherelevantInitialPortfolioAcquisitionAgreement,(i)nofractionalpremoney issued Units shall be allotted and (ii) if the application of the agreed unitholding percentage results in a fractional entitlement, the number of pre money issued Units to be allotted shall be rounded to the nearest whole Unit with factions of0.5andaboveroundedupandfractionsoflessthan0.5roundeddown.Itisfurtherclarifiedthatanyfractionalentitlement arisingoutoftheAllocationmadepursuanttotheInitialPortfolioAcquisitionAgreementsshallbedealtwithinamanner deemed fit by the Manager, in consultation with the Registrar to the Issue, in compliance with applicable laws.

1155LIMITED REVIEW FINANCIAL INFORMATION OF THE SATTVA SPONSOR Summary financial statements Condensed Consolidated Balance sheet as at March 31, 2025 (Amount in ₹ millions) As at As at March 31st, 2025 March 31st, 2024 Particulars (unaudited) (audited) ASSETS Non-current assets Property, plant and equipment 165.54 158.49 Investment property 4,116.48 1,589.04 Investment property under development 743.17 4,402.70 Goodwill 480.90 480.90 Intangible assets 235.02 235.15 Right of use asset 52.56 27.10 Financial assets Investments 17,868.03 13,413.25 Other non current financial assets 646.58 868.33 Deferred tax assets 54.58 38.46 Other non-current assets 1,410.31 1,133.55 Total non-current assets 25,773.17 22,346.97 Current assets Inventories 10,007.52 5,928.50 Financial assets Investments 73.84 73.84 Trade receivables 1,230.81 840.68 Cash and cash equivalents 107.86 211.55 Bank balances other than cash & cash equivalents 73.59 35.55 Loans 1,382.39 993.06 Other financial assets 8,571.29 6,875.97 Current tax assets (net) 147.38 74.42 Other current assets 1,412.89 1,305.54 Total current assets 23,007.57 16,339.11 Total assets 48,780.74 38,686.08 EQUITY AND LIABILITIES Equity Equity share capital 7.55 7.55 Other equity 24,697.02 20,237.44 Non controlling interest (190.37) (347.22) Total equity 24,514.20 19,897.77 1156As at As at March 31st, 2025 March 31st, 2024 Particulars (unaudited) (audited) Liabilities Non current liabilities Financial liabilities Borrowings 5,708.90 7,153.86 Lease liabilities 69.59 46.54 Other financial liabilities 445.59 438.93 Other non current liabilities 45.20 56.86 Deferred tax liabilities 0.37 0.32 Total non current liabilities 6,269.65 7,696.51 Current liabilities Financial liabilities Borrowings 5,270.09 2,329.27 Lease liabilities 14.34 18.03 Trade payables Total outstanding dues of micro enterprises and small enterprises 12.45 13.37 Total outstanding dues of creditors other than micro enterprises and small enterprises 467.92 370.29 Other financial liabilities 8,174.56 3,932.56 Other current liabilities 4,028.58 4,417.79 Provisions 2.93 4.87 Current tax liabilities (net) 26.03 5.62 Total current liabilities 17,996.89 11,091.80 Total equity and liabilities 48,780.74 38,686.08 1157Summary financial statements Statement of Condensed Consolidated Profit and Loss for the year ended March 31, 2025 (Amount in ₹ millions) Forthe yearended Forthe yearended March 31, 2025 March 31, 2024 Particulars (unaudited) (audited) Revenue from Operations (Gross) 7,321.98 5,089.88 Other income 2,156.18 1,412.91 Total income 9,478.16 6,502.79 Expenses Project development expenses 2,235.69 1,588.58 Purchase of stock in trade 241.74 1.13 Cost of stores material sold 3,952.69 15.48 Changes in inventories of finished goods, work-in-progress and stock-in-trade (2,726.41) 796.32 Employee benefits expenses 342.98 301.67 Finance costs 746.09 713.88 Depreciation and amortization expenses 99.70 64.10 Other expenses 561.88 695.25 Total expenses 5,454.36 4,176.41 Profit before tax 4,023.80 2,326.38

Tax expense:

Current Tax 772.30 622.53 Tax For earlier Years 0.17 0.05 Excess/Short provision of earlier years 5.43 (32.36) Deferred Tax (14.81) (16.78) Profit/(Loss) before share of loss and profit in associates and joint ventures 3,260.71 1,752.94 Share of loss in associates and joint ventures (net) 1,947.96 1,739.02 Profit/(Loss) for the year 5,208.67 3,491.96 Other comprehensive income Re-measurement gains/(losses) on defined benefit plan 3.92 (4.44) Income tax related to Re-measurement gains/losses on defined benefit plan 1.25 (1.04) Items that will be reclassified to profit or loss Income tax related to items that will be reclassified to profit or loss Others Total other comprehensive income, net of tax 5.17 (5.48) Total comprehensive income for the year 5,213.84 3,486.46 Profit/(Loss)/Total Comprehensive Income for the year

attributable to:

Owners of the Parent 4,979.12 3,568.67 Non-controlling interests 234.72 (82.21) 5,213.84 3,486.46 Earnings per equity share (Amount in Rupees) Basic & Diluted 6,903.42 4,616.31 1158

Official Gazette Notification Text

Explore the policy trail

Stay updated on this topic

Get daily policy updates in your inbox

Knowledge Realty Trust

Official Gazette Notification Text

Explore the policy trail

You might also want to explore

Amendments to the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016) relating to serial number 42 and the entries relating thereto

Nomination of Member, NALSA under the Legal Services Authorities Act, 1987

In exercise of the powers conferred by sub section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs, being satisfied that it is necessary and expedient to do so

Amendment of RR of Additional Budget Officer

Stay updated on this topic

Get daily policy updates in your inbox