Brookfield India Real Estate Trust Management Discussions

3 Rationalizing area to 70% efficiency as per market norms.

Indias real gross domestic product (“GDP”) is expected to be the fastest growing economy amongst the seven largest economies globally and is projected to grow at the rate of 6.5% in CY2026E, significantly outpacing other major economies such as China, the U.S., and others. As of CY 2025, Indias GDP stands at $4.1T (as per IMF).

Attractive macro-economic indicators one of the largest and fastest growing economies with demographic dividend India is the fourth-largest economy in the world Indias GDP is expected to grow by 6.5% in CY2026 significantly outpacing other major economies such as China, the U.S., and others. The Reserve Bank of India (RBI) has further revised Indias GDP growth forecast for FY2025-26 upwards to 7.6%. Indias economic performance continues to remain in focus on the global landscape, supported by resilient macroeconomic fundamentals and sustained domestic demand. International institutions have expressed similar optimism. IMF projects India to grow at 6.5% in CY2027, higher than any other major economy including China (4.4%), United States of America (2.3%) and Japan (0.7%), as well as World (3.1%) for 2026. These projections highlight broad confidence in Indias ability to sustain high growth amidst global challenges. Strong policy support, structural reforms, and a vibrant services sector are further reinforcing the positive growth outlook.

The real estate sector is one of the important sectors of the Indian economy because of its multiplier effect. An impact on this sector has a direct bearing on economic growth of the country. The bulk of demand for Grade-A office stock in India is from multinational corporates based out of the United States and the European Union. The net absorption of office spaces in Bengaluru, Mumbai and National Capital Region (which includes Gurugram and Noida and hereinafter referred to as “NCR”) has been inline with major global office markets led by low per capita supply, demand from technology services, growth of GCCs, increasing traction from international tenants and attractive rentals. Indias sustained economic expansion, underpinned by the rapid rise of its services sectors, which has directly fueled the growth and evolution of the countrys office real estate market, making it a dynamic segments of the Indian economy.

Strong GDP performance, rising global competitiveness, and the increasing integration of India into global value chains have encouraged multinational corporations and domestic enterprises alike to expand their office footprints across major cities.

This economic momentum has translated into robust leasing activity, with fresh demand driving record-high occupier absorption, elevated participation from Global Capability Centers (GCCs), and consistent growth in private equity investment.

Mumbai, Bengaluru, Delhi International Airport Limited, Gurugram, Noida and Kolkata (the “Brookfield REIT Markets”) have exhibited strong market dynamics with robust absorption, supply rationalization resulting in lower vacancy levels and higher rental growth.

Indias office real estate landscape has significantly evolved over the last decade. From majority of office stock being unorganized into single standalone buildings with no amenities, the landscape has now consolidated with Grade-A developers owning large modern corporate office parks with a rich amenity mix. The focus of developers on Grade-A developments, backed by institutional capital and increasing demand from multinational tenants, has led to the onset of integrated developments. Multinational tenants have a strong preference for such developments due to a well-curated amenity mix and better employee experience. As a consequence, these campuses operate at lower vacancies and above average rental levels as compared to the micro-market in which they are located.

Grade-A office stock in Chennai, Mumbai, Pune, Hyderabad, Bengaluru, NCR and Kolkata (collectively referred to as “Top Seven Indian Markets”) has shown a CAGR of approximately 9.65% from 2008 to CY2025. Bengaluru, Mumbai, Hyderabad and NCR are the top four markets in India by office stock as of December 31, 2025. Further, the individual CAGR of the Top 7 Indian Markets between 2008 and CY2025 have been in the range of 7.32% to 14.31%. Approximately, 414M sf of new supply is delivered in these top 7 markets in the time period CY2015 to Q1 CY2026.

The net absorption is closely tracking the pace of supply, demonstrating strong and sustained demand momentum and reached a total of approximately 368.47M sf for the period CY2015 - Q1 CY2026. Although Indias office markets are well established, Indias per capita office stock of 0.5 sf is minimal as compared to the developed markets of the world such as the Hong Kong (9.8 sf), Singapore (5.5 sf) and the United Kingdom (5.2 sf). Low per capita supply along with growth of services sector in India and increasing traction from international tenants has led to a higher absorption in major Indian cities compared to some of the other global office markets.

The Top Seven Indian Markets offer affordable office spaces in comparison to the global cities thereby gaining more traction not only from domestic companies but international companies as well. Capital values in Indian cities are significantly below other global peers.

Source: Cushman and Wakefield Research

Note: For Indian cities, as per Federal Reserve website, Exchange rate as at March 2026 was INR 92.47 per $.

Notes: 1. The rentals presented above are weighted average values (computed on completed stock).

2. The rentals presented above denote likely achievable values. Actual achievable rent may vary +/- 10% from the considered rentals depending upon negotiations, final structuring of the lease agreement and other parameters.

3. The rental mention above is as of CY2025.

With strong growth in the Indian services sector and increasing penetration of GCCs providing high value-added services, Indias Grade-A office market has attracted tenants from various sectors including technology, financial services, telecommunication and media, healthcare and pharmaceuticals and other services. Technology sector is the dominant sector having approximately 32% of the total share of gross absorption since CY2015 till Q1 CY2026.

Source: Cushman & Wakefield Research Note:

1. Only Grade-A office spaces have been considered for the analysis presented in the above chart.

2. The sectoral absorption analysis is based on gross absorption activity of top seven cities, including any relocations or consolidations.

3. For NCR and Kolkata, the relevant stock has been considered for this analysis which means excluding the buildings less than 1 lakh sf feet and applying certain other criteria. Additionally, for Noida (within NCR) and Kolkata, Non-IT buildings have been excluded from stock.

4. Others include automobiles, education, flexible workspaces, hospitality, logistics, shipping, oil, and gas, research, and analysis, food, and beverage, real estate, and related services.

5. All pre-commitments and sale/purchase transactions are excluded from this analysis.

The structural shift of the Indian economy from agriculture to manufacturing and services is largely credited to the emergence of the Indian technology industry. The services sector continues to be the key driver of the Indian economy and represented approximately 62% of the Indias GVA for the Financial Year 2026 as compared to 21% for industry and 18% for agriculture. The growth of services sector has outperformed the Indian GDP growth rate in the past years. The GVA of service sector increased from ?29,276B ($317B) in the year 2009-10 to 103,013B ($1,114B) in FY2025-26 at a CAGR of 8.2%. As a result of the growth of the Indian services sector, the demand for office space in India has increased.

Indias technology services sector has successfully transitioned from being a low-cost support and business process outsourcing location to a hub for high-end value- added services and digital business offerings such as internet of things, cloud, analytics, block chain and digital solutions. The users have also spent heavily on digital platforms including gaming, digital content, social media, and e-commerce.

GCCs in the country continue to catalyze business transformation, ably supported by innovation, digitization, and efficient workforce. India has the lowest demand-supply gap in the world in terms of technological talent. Proliferation of digital and a maturing technology ecosystem are actively adding to the growth of GCCs in India. Due to availability of skilled talent pool at competitive prices and affordable infrastructure, India continues to gain higher traction from multi-national companies for establishing GCCs / GICs. India hosted approximately more than 1,900 GCCs which generated revenue of almost $70B and employed more than 2.5M people in the Financial Year 2025. The quality of Indias workforce and office infrastructure have resulted in several multinational companies setting up GCCs in India.

With the growth in GICs/GCCs, the demand for real estate from these companies have also seen an increase. These companies generally have high stickiness and typically prefer office spaces which offer large floor plates, amenities in the park and have proximity to the talent pool catchment areas.

Approximately 414M sf of new supply is delivered in these top 7 markets in the time period CY2015 to Q1 CY2026. The net absorption is closely tracking the pace of supply, demonstrating strong and sustained demand momentum and reached a total of approximately 368M sf for the period CY2015 - Q1 CY2026. The average annual net absorption for the period CY2022 - Q1 CY2026 is approximately 42M sf. The following graph sets forth the supply, absorption and vacancy trends for the Top Seven Indian Markets:

Notes:

1. Only Grade-A office spaces have been considered for the analysis presented in the above chart.

2. For NCR & Kolkata, the relevant supply has been considered for this analysis excluding the buildings less than 1 lakh sf feet and applying certain other criteria. Additionally, for Noida (within NCR) & Kolkata, Non-IT buildings have been excluded from thesupply.

3. Future supply estimates are based on analysis of proposed and under construction buildings, however future absorption estimates are derived basis past trends, current vacancy, and estimated supply.

4. The net absorption value refers to the net additional leasing activity which has occurred in the year. This does not include any pre-commitments, renewals etc. The pre-commitments are recorded as absorption in the year in which the tenant moves in.

The scope of work of technology occupiers and GCCs has seen an improvement in quality over the past years. The tenants have moved from low end support work to high value work such as analytics, artificial intelligence, etc.

Such tenants tend to focus on building quality, amenities and facility management and are comparatively less sensitive to costs.

Youth driven business, changing lifestyles, and the need for flexible work drives the tenants to look for superior quality Grade-A office spaces with amenities such as food court, gymnasium, retail facilities etc. Additionally, large- scale organized market-level infrastructure will be the key differentiator when leading tenants select markets going forward.

Companies in India especially GCCs have started consolidating and expanding their offices to high-quality and professionally-managed campuses due to multiple driving factors. Some of these factors include, improving operational efficiency, synergies due to consolidation in one integrated park, lower costs through economies of scale etc. These tenants also prefer consolidation in park which are established by organized developers due to the large scale of assets and future development potential in the existing park.

Indias office real estate landscape has evolved significantly over the years. In recent times, occupiers are increasingly gravitating toward institutionally backed developments, led by single-owner developers who focus on delivering high-quality office spaces with top-tier amenities. This shift is driven by the growing demand for premium office environments and the preference for developers with strong financial backing and the ability to offer consistent quality and service. With multinational tenants now prioritizing well-managed, high-quality developments, the emphasis has moved toward developments that provide not only superior office spaces but also a comprehensive range of amenities to support a modern, dynamic work environment. As a result, the market is witnessing a stronger preference for these large-scale, institutional-grade developments, which provide long-term stability and meet the evolving demands of todays occupiers. With the changing landscape of the commercial real estate, the sector is witnessing emergence of large, organized office developers. The REIT market in India has also picked up the momentum.

Bank lending to Indias commercial real estate sector has shown strong and steady growth, rising from $12.2B in March 2012 to $69B in April 2026, reflecting a healthy

~13% CAGR. While growth was gradual until 2019, lending accelerated sharply post-2020, supported by improving market fundamentals, stronger institutional participation, and rising demand for high-quality commercial assets.

The consistent upward trajectory underscores resilient credit appetite and growing confidence in the long-term performance of Indias commercial real estate sector.

Sustainable practices have become a priority so that developers can redefine their strategies based on ESG, workspace amenities and the evolving employee-company connection. Consequently, developers are now investing additional capital expenditure and ESG-specific clauses to ensure green-certified buildings.

On December 6, 2023, in an office memorandum, the government notified changes to the regulations governing Special Economic Zones and allowed denotification of an SEZ area on a floor-wise basis. Developers generally see denotification as a positive move. It allows them to repurpose underutilized spaces within SEZs, especially in the wake of changing business models. This flexibility helps reduce vacancy levels and makes it easier to attract new tenants.

Tenant relationships in India have improved as organized real estate developers offer integrated high-quality parks/ campuses with developed ecosystem offering amenities such as retail facilities, creches, food and beverage facilities, and gymnasium which are in line with the current and potential demand of these tenants.

The gross absorption for office space from Indian origin technology companies has increased from 3.4M sf in Calendar Year 2015 to 10.4M sf in Calendar Year 2025, which is equivalent to 14.2% of annual gross absorption in Calendar Year 2025.

Brookfield India REIT Assets comprise properties that are distinguished not only by their size and scale but also their future-ready infrastructure, modern amenities and/ or strategic locations, and are spread geographically across a number of Indias key gateway markets - Bengaluru, Mumbai, Gurugram, Noida and Kolkata.

Brookfield India REIT properties include both large campus-format office parks as well as premium commercial spaces, making it fit for large occupier base. These office parks are amongst the largest in their respective micro-markets. The portfolio encompasses IT parks, and commercial developments, as well as mixed- use asset types, including premium retail environments, food and beverage outlets, community and social spaces, and experiential offerings. The developments are designed with modern infrastructure using environmentally friendly techniques. Many of Brookfield India REITs office developments command premium rents and typically operate at higher occupancies than the markets.

The properties are strategically located in established micro-markets with easy access to mass transportation, high barriers to entry for new supply, limited vacancy, and robust historical rental growth rates. These cities have exhibited strong underlying growth fundamentals such as economic and employment growth, a diverse pool of tenants, an educated workforce, robust transportation infrastructure, favorable demand and supply trends, limited vacancy, and robust historical rental growth rates. With its balanced mix of SEZ and non-SEZ assets across various micro-markets, Brookfield India REIT caters to a wide array of tenants from different sectors such as technology, BFSI, consulting, telecom, retail and F&B, healthcare, and others.

The Brookfield India REIT Markets have exhibited strong market dynamics with robust absorption and limited high-quality supply resulting in lower vacancy levels and robust rental growth from 2015 to Q1 CY2026.

Fiscal 2026 has been a remarkable year of all-round performance for us, delivering strong leasing, double-digit same-store growth, higher distributions, and a marquee acquisition. Our ~f 65B fundraise from a diverse group of leading domestic and global institutional investors was achieved through a combination of: (i) a preferential issue (aggregating to ? 10B); (ii) an institutional placement of units (aggregating to ? 35B); and (iii) the largest-ever sustainability-linked bond issued by an Indian REIT (aggregating to ? 20B). The bond issuance was anchored by the International Finance Corporation, highlighting our strong commitment to sustainability and reflecting investor confidence in our long-term strategic vision. With 0.9M sf of ongoing conversions in our SEZ properties and a robust leasing pipeline, we are well-positioned for sustained growth over the next year.

Our key business highlights for the financial year 2026 are set forth below:

¦ Achieved gross leasing of ~4.0M sf during the year, the highest since listing, including 3.0M sf of new leasing and 1.1M sf of renewals

¦ Delivered healthy re-leasing spreads of 18%, reflecting a strong leasing environment

¦ Committed occupancy increased by 5% YoY backed by robust leasing efforts

¦ Leasing demand remained broad-based, with ~50% contribution from Global Capability Centers

¦ Income from Operating Lease Rentals grew by 22.9% YoY to ? 21,466M (from ? 17,463M in FY2024-25)

¦ Net Operating Income - grew by 23.6% YoY to ? 22,913M (from ? 18,540M in FY2024-25)

¦ Announced distributions totaling ? 15,165M (? 21.40 per unit), 11% higher than FY2024-25

In Q3 FY2026, completed the acquisition of a 100% stake in a 7.7M sf high-quality Grade-A office campus in Bengaluru.

Raised over ? 45B of equity during FY2025-26 through a combination of Qualified Institutional Placements and preferential issues, attracting participation from marquee domestic and global investors

Raised ~? 20B through a sustainability-linked bond, anchored by IFC.

Recognized with the Golden Peacock Award for Business Excellence, reflecting strong governance and operational performance.

Achieved EDGE Advanced Certifications from the International Finance Corporation (IFC) for Worldmark Delhi, Worldmark Gurugram and Airtel Center, highlighting improvements in energy and water efficiency.

Renewed key certifications at Downtown Powai, including ISO 9001, ISO 14001 and ISO 45001.

We expect leasing momentum to remain strong in the financial year 2027 as well. With a dual offering of SEZ and non-SEZ spaces across our campuses, we are well positioned to attract a diverse tenant base and accelerate our journey towards higher occupancy.

FY2025-26 marked a strong year for Brookfield India REIT, with gross leasing of ~4.0M sf comprising 3.0M sf of new leases and 1.1M sf of renewals. This resulted in 5% YoY increase in committed occupancy, which stood at 93% as of March 31, 2026. The average re-leasing spread was 18%, reflecting sustained demand for our well located, high- quality Grade-A assets. We also delivered strong organic growth, achieving average contractual escalations of 8.7% across 11.0M sf of leased area during the year.

Global Capability Centers (GCCs) continued to drive robust leasing traction, contributing approximately 2.0M sf

of new leasing. Key transactions during the year include marquee tenants such as Accenture, Mediatek, Cadence and Alight among others.

To further unlock leasing potential, we continued the strategic conversion of SEZ spaces into Non-Processing Areas (NPAs). As of March 31, 2026, we have converted 2.5M sf of SEZ space into NPAs, including 0.4M sf in Candor TechSpace N2, 0.6M sf in Candor Gurgaon One, 0.2M sf in Candor TechSpace G2, 0.7M sf in Candor TechSpace K1, and 0.7M sf in Ecoworld. Additionally,

0.9M sf is currently under conversion, which will take the total NPA-converted area to 3.5M sf across the portfolio.

Our office parks primarily serve marquee tenants who find them ideal for conducting business efficiently and ensuring higher satisfaction among employees. In FY2025-26, our office parks attracted marquee office tenants like TCS, Accenture, Capgemini and Morgan Stanley. As of March 31, 2026, Brookfield India REITs portfolio comprises 313 multi-sectoral office tenants.

Of the gross contracted rentals, 28% is attributable to technology companies (including Technology Services and Technology Products), 22% to financial services companies, 13% to consulting companies, and 37% to others. Fortune 500 companies account for 32% of the Gross Contracted Rentals. In addition, MNCs account for 76% of the Gross Contracted Rentals. The top 10 tenants contribute 30% of the Gross Contracted Rentals.