Embassy Office Parks REIT Auditor Reports

Embassy Office Parks Management Services Private Limited ("the Manager")

(Acting in its capacity as the Manager of Embassy Office Parks REIT)

1^st Floor, Embassy Point 150, Infantry Road Bengaluru -560001

Opinion

We have audited the accompanying condensed standalone Ind AS Financial Information of Embassy Office Parks REIT (toe "REIT") pursuant to the requirements of Regulation 23 of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, as amended including any guidelines and circulars issued thereunder (the "REIT regulations"), which comprise the following:

• the condensed standalone Balance Sheet as at March 31, 2024;

• the condensed standalone Statement of Profit and Loss, including Other Comprehensive Income and condensed standalone Statement of Cash Flows for the quarter, half year and year ended March 31, 2024;

• the condensed standalone Statement of Changes in Unitholders equity for the year ended March 31, 2024;

• the Statement of Net Assets at fair value as at March 31, 2024;

• the Statement of Total Returns at fair value for the year ended March 31, 2024;

• the Statement of Net Distributable Cash Flows (‘NDCF) of the REIT for the half year and year ended March 31, 2024, and

• Summary of material accounting policies and select explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid condensed standalone Ind AS Financial Information give the information required by the REIT regulations in the manner so required and give a true and fair view in conformity with Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34") and other accounting principles generally accepted in India, to the extent not inconsistent with REIT regulations of:

• in case of the condensed standalone Balance Sheet, of the standalone state of affairs as at March 31, 2024;

• in case of the condensed standalone Statement of profit and loss including Other Comprehensive Income, of the net profit for the quarter, half year and year ended on March 31, 2024;

• in case of the condensed standalone Statement of cash flows, of the standalone cash flows for the quarter, half year and year ended on March 31, 2024;

• in case of the condensed standalone Statement of changes in Unitholders equity, of the movement of the Unitholders equity for the year ended March 31, 2024;

• in case of the standalone Statement of Net Assets at fair value, of the standalone net assets as at March 31, 2024;

• in case ofthe standalone Statement of Total Returns at fair value, ofthe standalone total returns for the year ended March 31, 2024: and

• in case of the Statement of Net Distributable Cash Flows of the REIT, of the NDCF for the half year and year ended March 31, 2024.

Basis for Opinion

We conducted our audit of the condensed standalone Ind AS Financial Information in accordance with the Standards on Auditing (SAs), issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the ‘Auditors Responsibilities for the Audit of the condensed standalone Ind AS Financial Information section of our report. We are independent of the REIT in accordance with the ‘Code of Ethics issued by the Institute of Chartered Accountants of India 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 condensed standalone Ind AS financial Information.

Managements Responsibilities for the Condensed Standalone Ind AS Financial Information

The condensed standalone Ind AS Financial Information has been prepared on the basis of the annual standalone Ind AS financial statements. The Management of the Manager (‘the Management) is responsible for the preparation and presentation of these condensed standalone Ind AS Financial Information that give a true and fair view of the financial position as at March 31, 2024, financial performance including other comprehensive income and cash flows for the quarter, half year and year ended March 31, 2024, the statement of changes in Umftolders equity for the year ended March 31, 2024, its net assets at fair value as at March 31, 2024, its total returns at fair value for the year ended March 31, 2024 and the net distributable cash flows of the REIT for the half year and year ended March 31, 2024, in accordance with the requirements of the REIT regulations; Ind AS 34 as prescribed in Rule 2(1)(a) of the Companies (Indian Accounting Standards) Rules, 2015 (as amended), and other accounting principles generally accepted in India, to the extent not inconsistent with REIT regulations. This responsibility also includes the design, implementation and maintenance of adequate controls for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the condensed standalone Ind AS Financial Information that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing these condensed standalone Ind AS Financial Information, the Management is responsible for assessing the ability of the REIT 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 REIT or to cease operations, or has no realistic alternative but to do so.

The Management is also responsible for overseeing the financial reporting process of the REIT.

Auditors Responsibilities for the Audit of the Condensed Standalone Ind AS Financial Information

Our objectives are to obtain reasonable assurance about whether the condensed standalone Ind AS Financial Information 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 condensed standalone Ind AS Financial Information.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the condensed standalone Ind AS Financial Information, 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.

• 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 entitys internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• 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 ability of the REIT to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the condensed standalone Ind AS Financial Information 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 REIT to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the condensed standalone Ind AS Financial Information, including the disclosures, and whether the condensed standalone Ind AS Financial Information represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

(i) The figures for the quarter ended March 31, 2024 presented in the condensed standalone Ind AS Financial Information are the derived figures between the audited figures in respect of the year ended March 31, 2024 and the published year-to-date figures up to December 31, 2023, which were subject to limited review. Further, the figures for the half year ended March 31, 2024 presented in the condensed standalone Ind AS Financial Information are the derived figures between the audited figures in respect of the year ended March 31, 2024 and the published year-to-date figures up to September 30, 2023, which were subject to limited review.

Report on Other Legal and Regulatory Requirements

Based on our audit and as required by the REIT Regulations, we report that:

(a) We 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;

(b) The Condensed Balance Sheet and the Condensed Statement of Profit and Loss including the Statement of Other Comprehensive Income dealt with by this Report are in agreement with the books of account of the REIT; and

(c) In our opinion, the aforesaid condensed standalone Ind AS financial information comply with the Indian Accounting Standards 34, as prescribed in Rule 2(1)(a) of the Companies (Indian Accounting Standards) Rules, 2015 (as amended), to the extent not inconsistent with REIT regulations.