Advent Hotels International Ltd Auditor Reports

To The Board of Directors

Advent Hotels International Limited

1. We have audited the accompanying Condensed Consolidated Financial Statements of Advent Hotels International Limited ("the Company or Parent Company or Holding company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its joint venture which comprise the Condensed Consolidated Balance Sheet as at March 31, 2025, the Condensed Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Condensed Consolidated Statement of Changes in Equity and the Condensed Consolidated Statement of Cash Flows and selected explanatory notes for the year ended March 31, 2025 (herein after referred to as the "Condensed consolidated financial statements") prepared by the Management of the Holding Company for the purpose of inclusion in the Draft Information Memorandum and Information Memorandum to be submitted by the Company in connection with the proposed listing of shares of the Company subsequent to approval of Scheme of Arrangement (the "Scheme") by the National Company Law Tribunal (NCLT) vide its order dated June 12, 2025 in accordance with the requirements of:

Paragraph 5 of Section A of Part II of the Master Circular SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated June 20, 2023 issued by the Securities and Exchange Board of India ("Master Circular"); the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the "SEBI ICDR Regulations") issued by the Securities and Exchange Board of India (the "SEBI"); and the Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI") (the "Guidance Note").

2. The said Condensed consolidated financial statements have been approved by the Board of Directors of the Company at their meeting held on August 22, 2025 for the purpose of inclusion in Draft Information Memorandum and Information Memorandum and initialed by us for identification purposes only.

3. Managements Responsibilities for the Condensed Consolidated Financial Statements

The preparation of the Condensed consolidated financial statements in accordance with Indian Accounting Standard 103, "Business Combination" and Indian Accounting Standard 110 "Consolidated Financial Statements" as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India, is the responsibility of the Management of the Holding Company, including the creation and maintenance of all accounting and other records supporting its contents. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Condensed consolidated financial statements and applying an appropriate basis of preparation and making estimates that are reasonable in the circumstances.

4. Auditors Responsibilities

Our work has been carried out at the Companys Request, considering the concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Condensed consolidated financial statements in accordance with the Guidance Note and other applicable authoritative pronouncements issued by the ICAI, and considering the requirements of the Master Circular and the SEBI ICDR Regulations.

Our work was performed solely to assist the Holding Company in meeting its responsibilities in relation to the compliance with the Master Circular, the SEBI Regulations and the Guidance Note in connection with Proposed Listing.

The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants of India.

We conducted our examination of the Condensed consolidated financial statements in accordance with the Standard on Auditing (SA) 600 Using the work of another auditor - issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the examination to obtain moderate assurance as to whether the Statement is free of material misstatement.

5. For the purpose of our examination, we have relied on:

Audit reports issued by the statutory auditors of Goan Hotel & Realty Private Limited (Subsidiary Company) and Bamboo Hotel and Global (Delhi) Private Limited (Joint Venture), on the Standalone Audited Financial statements as of March 31, 2025 and March 31, 2024.

6. Opinion

Based on our examination and according to the information and explanations given to us, we report that the Financial Information: have been prepared in accordance with the Master Circular, the SEBI ICDR Regulations and the Guidance Note; does not contain any qualifications in the auditors reports which require any adjustments.

The Financial Information does not reflect the effects of events that occurred subsequent to the respective dates of the reports on the Condensed consolidated Financial Statements. This report should not in any way be construed as a re-issuance or re-dating of any of the previous audit reports issued, nor should this be construed as new opinion on any of the financial statement referred to herein. We have no responsibility to update our report for events and circumstances occurring after the date of the report.

Restriction on use

This Report has been issued at the request of the Board of Directors of the Company to whom it is addressed solely for inclusion in the Draft Information Memorandum and Information Memorandum to be filed by the Company with the BSE Limited and National Stock Exchange of India Limited in connection with the proposed listing of equity shares of the Company and should not be used by any other person or used, circulated, quoted, or otherwise referred to for any other purpose, nor is it to be filed with or referred to in whole or in part orally or in any document. Mehta Chokshi & Shah LLP does not accept or assume any liability or any duty of care for any other purpose or to any person other than the Company.

5For Mehta Chokshi & Shah LLP

Chartered Accountants

Firms Registration No.106201W/W100598

Sd/-

Chetan M. Shah

(Partner)

Membership Number: 047178

UDIN: 25047178BMLZWQ7213

Place: Mumbai

Date: August 22, 2025