Kwality Walls India Ltd Auditor Reports

Independent Auditor s Report on the Special Purpose Interim Financial Statements of Kwality

Wall s (India) Limited as at and for the six months period ended 30 September 2025. To the Board of Directors of Kwality Wall s (India) Limited Opinion

1. We have audited the accompanying Special Purpose Interim Financial Statements of Kwality Wall s (India) Limited (the Company), which comprise the Special Purpose Interim Balance Sheet as at

30 September 2025 , the Special Purpose Interim Statement of Profit and Loss (including Other Comprehensive Income), the Special Purpose Interim Statement of Cash Flows and the Special Purpose Interim Statement of Changes in Equity for the period 1 April 2025 to 30 September 2025, and notes to the special purpose interim financial statements, including material accounting policy information and other explanatory information (together hereinafter referred to as the Special Purpose Interim Financial Statements).

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Special Purpose Interim Financial Statements, are prepared, in all material respects, in accordance with the basis of preparation as described in Note 2.1 to these Special Purpose Interim Financial Statements.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 ( the Act). Our responsibilities under those standards are further described in the Auditor s Responsibilities for the Audit of the Special Purpose Interim Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ( the ICAI ) together with the ethical requirements that are relevant to our audit of the Special Purpose Interim Financial Statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter - Basis of Preparation and Restriction on Distribution and Use

4. We draw attention to Note 2.1 to the accompanying Special Purpose Interim Financial Statements, which describes the basis of its preparation. These Special Purpose Interim Financial Statements have been prepared by the Company s management in accordance with special purpose framework, solely to assist the management of Company for the inclusion of the Special Purpose Interim Financial Statements in the Information Memorandum to be submitted with Securities Exchange Board of India pursuant to the Scheme of Arrangement amongst the Company, Hindustan Unilever Limited (the

Demerged Company ), and their respective shareholders (the Scheme ) for transfer of the Ice Cream

Business of Demerged Company ( Demerged Undertaking ) into the Company and therefore, these Special Purpose Interim Financial Statements may not be suitable for any other purpose. This report is issued solely for the aforementioned purpose and accordingly, should not be used, referred to or distributed for any other purpose or to any other party without our prior written consent. Further, we do not accept or assume any liability or any duty of care for any other purpose for which or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing. Our opinion is not modified in respect of this matter.

Responsibilities of Management for the Special Purpose Interim Financial Statements

5. The accompanying Special Purpose Interim Financial Statements have been approved by the Companys Board of Directors. The Companys Board of Directors are responsible for the preparation of these Special Purpose Interim Financial Statements in accordance with the basis of preparation as described in Note 2.1 to Special Purpose Interim Financial Statements including determining that such basis of preparation is acceptable in the circumstances. This responsibility also includes design, implementation and maintenance of adequate internal financial controls relevant to the preparation and presentation of the Special Purpose Interim Financial Statements in all material respects, in accordance with the basis of preparation as specified in aforementioned Note 2.1 of the accompanying Special Purpose Interim Financial Statements and are free from material misstatement, whether due to fraud or error.

6. In preparing the Special Purpose Interim Financial Statements, the Board of Directors are responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Auditor s Responsibilities for the Audit of the Special Purpose Interim Financial Statements

7. Our objectives are to obtain reasonable assurance about whether the Special Purpose Interim Financial Statements as a whole are 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 guarantee that an audit conducted in accordance with Standards on Auditing 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 Interim Financial Statements.

8. As part of an audit in accordance with Standards on Auditing specified under Section 143(10) of the Act, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Special Purpose Interim 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;

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 whether the Company has in place adequate internal financial controls with reference to financial statements and the operating effectiveness of such controls;

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

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 conditions that may cast significant doubt on the ability of the Company to continue as a going concern. 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 Interim 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 Company to cease to continue as a going concern.

9. 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.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm s Registration No.: 001076N/N500013

Rohan Jain

Partner

Membership No.: 139536

UDIN: 25139536BMONSM5080

Place: New Delhi

Date: 27 November 2025

Kwality Walls (India) Limited