Anantam Highways Trust Auditor Reports

on Special Purpose Combined Financial Statements

To,

The Board of Directors,

Alpha Alternatives Fund-Infra Advisors Private Limited ("Investment Manager") (As an Investment Manager of Anantam Highways Trust)

33^rd Floor, Sunshine Tower, Senapati Bapat Marg, Dadar, Delisle Road, Mumbai Maharashtra - 400013

We have audited the accompanying special purpose combined financial statements of Bangalore Malur Highways Limited, Viluppuram Highways Limited, Narenpur Purnea Highways Limited, Repallewada Highways Limited, Dodaballpur Hoskote Highways Limited, Dhrol Bhadra Highways Limited and Malur Bangarpet Highways Limited (individually referred to as "SPV" and together referred to as "SPV Group") which comprise the special purpose combined balance sheets as at June 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, the special purpose combined statements of profit and loss (including other comprehensive income), the special purpose combined statement of changes in equity and the special purpose combined statement of cash flow for the three months period ended June 30, 2025 and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023, the combined statement of net assets at fair value as at June 30, 2025, the combined statement of total returns at fair value for the period ended June 30, 2025 and the year ended March 31, 2025 and notes to the special purpose combined financial statements including a summary of material accounting policies and other explanatory information (collectively, the "Special Purpose Combined Financial Statements"). The Special Purpose Combined Financial Statements are prepared in connection with the proposed initial public offering of units to be issued by the Anantam Highways Trust ("Trust") as per Securities Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, as amended from time to time including the circulars notifications, clarifications and guidelines issued thereunder (the "InvIT Regulations").

The Special Purpose Combined Financial Statements have been prepared in accordance with the basis of preparation as set out in note 1.2 to 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 on the consideration of reports of other auditors on separate financials statements of the SPVs, the aforesaid Special Purpose Combined Financial Statements give a true and fair view in accordance with the basis of preparation as specified in note 1.2 to the Special Purpose Combined Financial Statements in case of:

i. the combined balance sheet, of the state of affairs of the SPV Group as at June 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023; ii. the combined statement of profit and loss (including other comprehensive income) of the SPV

Group, of the profit/(loss) for the three-month period ended June 30, 2025 and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023; iii. the combined statement of changes in equity, of the movement of the equity holders for the three-month period ended June 30, 2025 and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023; iv. the combined Statement of cash flow of the cash movements of the Group for the three-month period ended June 30, 2025 and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023; v. the combined statement of net asset at fair value, of the net assets as at June 30, 2025; and; vi. the combined statement of total returns at fair values, of the total returns for the three-month period ended June 30, 2025 and for the year ended March 31, 2025.

Basis of Opinion

We conducted our audit of the Special Purpose Combined Financial Statements in accordance with the Standards on Auditing (SAs) and other pronouncements issued by the Institute of Chartered Accountants of India (ICAI). Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Special Purpose Combined Financial Statements section of our report. We are independent of the SPV 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 obtained by us is sufficient and appropriate to provide a reasonable basis for our audit opinion on the Special Purpose Combined Financial Statements.

Managements Responsibility for the Special Purpose Combined Financial Statements

The Board of Directors of the Investment Manager are responsible for the preparation and presentation of these Special Purpose Combined Financial Statements that give a true and fair view of the combined financial position, combined financial performance including other comprehensive income, combined statement of changes in equity, combined statement of cash flows, combined position of net assets at fair value and combined total return at fair value of the SPV Group in accordance with the basis of preparation specified in note 1.2 to the Special Purpose Combined Financial Statements.

The Board of Directors of the respective SPVs and the Board of Directors of the Investment Manager are responsible for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the SPVs and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the 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 these Special Purpose Combined Financial Statements by the Investment Manager, as aforesaid.

In preparing the Special Purpose Combined Financial Statements, the Board of Directors of the respective SPVs and Board of Directors of the Investment Manager are responsible for assessing the SPV Groups ability 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 SPV Group or to cease operations or has no realistic alternative but to do so.

The Board of Directors of the SPVs and Board of Directors of the Investment Manager are also responsible for overseeing the SPV Groups financial reporting process.

Auditors Responsibility 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 are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when 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 and other pronouncements issued by ICAI, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

1. 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. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

2. Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for expressing an opinion on the effectiveness of the SPV Groups internal control.

3. Evaluate the appropriateness of material accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Investment Manager.

4. Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the SPVs ability to continue as going concern. If based on the consideration of reports of other auditors on separate financials statements of the SPVs, we conclude that a material uncertainty exists, we are required to draw attention in our auditors 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 auditors report. However, future events or conditions may cause the SPVs to cease to continue as going concern.

5. 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.

6. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the SPV Group 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 entities 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 responsible for our audit opinion.

We communicate with those charged with governance of the Investment Manager who are responsible for preparation of the Special Purpose Combined Financial Statements among other matters, the planned scope and timing of audit and significant audit findings that we identify during our audit of these Special Purpose Combined Financial Statements.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably thought to bear on our independence, and where applicable, related safeguards.

Other Matter a) We did not audit the financial statements and other financial information as of and for the three months period ended June 30, 2025 of two SPVs whose financial statements reflected total assets of 14,360.43 million as at June 30, 2025 and total revenues of 715.90 million and net cash outflow of 817.97 million for the three months period ended June 30, 2025.

b) We did not audit the financial statements and other financial information as of and for the year ended March 31, 2025 of two SPVs whose financial statements reflected total assets of 14,046.57 million as at March 31, 2025 and total revenue of 3,882.41 million and net cash inflow of 1,047.47 million.

c) We did not audit the financial statements and other financial information as of and for the years ended March 31, 2024 and March 31, 2023 of seven SPVs whose financial statements reflected total assets of 35,195.88 million and 24,404.05 million as at March 31, 2024 and March 31, 2023 respectively and total revenues of 25,256.92 million and 25,902.24 million and net cash inflow of 267.05 million and 23.99 million for the years ended March 31, 2024 and March 31, 2023 respectively, included in the Special Purpose Combined Financial Statements. These General-purpose financial statements and other financial information considered for the purpose of preparation of Special purpose combined financial statements have been audited by the statutory auditor of those SPVs for the respective periods, which financial statements, other information and auditors report have been furnished to us by Investment manager. Our opinion on the Special Purpose Combined Financial Statements, in so far as it relates to the amounts and disclosures included in respect of the above entities, is based solely on the reports of such other auditors.

d) We draw attention to note 1.2 to the Special Purpose Combined Financial Statements, which describes basis of preparation and presentation including the approach to and the purpose for preparing them. The Special Purpose Combined Financial Statements have been prepared by the Investment Manager to meet the requirement of the InvIT Regulations. Consequently, Special Purpose Combined Financial Statements may not necessarily be indicative of financial performance, financial position and cash flows of the SPV Group that would have occurred if it had operated as a separate standalone group of entities during the periods presented. This Report is addressed to Trust, the Trustee and the Investment Manager solely for inclusion in the Offer Document and Final Offer Document in connection with the proposed initial public issue of units of Trust. As a result, the Special Purpose Combined Financial Statements may not be suitable for any other purpose. Our report should not be used, referred to or distributed for any other purpose or to any party. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report to shown or into whose hands it may come.

e) The audit report of those SPVs financial statements as at and for the three months period ended June 30, 2025 included other matter restriction of use paragraph which is reproduced below: "Our report is solely for use of Board of Directors in connection with the proposed public placement of units of Anantam Highways Trust ("InvIT"). Accordingly, our report should not be distributed or otherwise made available to any other person or used for any other purpose. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in written".

Report on Other Legal and Regulatory Requirements

As required by section 3.5.1(d) of the SEBI Circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/63 dated May 07, 2025 ("SEBI Circular"), we report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit of the aforesaid Special Purpose Combined Financial Statements;

b) the Special Purpose Combined Balance Sheet, Special Purpose Combined Statement of Profit and Loss (including Other Comprehensive Income), Special Purpose Combined Statement of Changes in Equity and Special Purpose Combined Statement of Cash Flows dealt with by this Report are in agreement with the books of accounts maintained for the purpose of preparation of the Special Purpose Combined Financial Statements; c) the ‘Statement of Net Assets at Fair Value is prepared in accordance with the requirements of SEBI (Infrastructure Investment Trusts) Regulations, 2014 and the circulars issued thereunder;

d) the ‘Statement of Total Returns at Fair Value is prepared in accordance with the requirements of SEBI (Infrastructure Investment Trusts) Regulations, 2014 and the circulars issued thereunder; and

e) In our opinion, the Special Purpose Combined Financial Statements comply with the basis of preparation as stated in note 1.2 to the Special Purpose Combined Financial Statements.