Property Share Investment Trust- Propshare Titania Auditor Reports

on the Standalone Ind AS Financial Statements of PropShare Titania

(a Second Scheme of the Property Share Investment Trust)

To the Unitholders of PropShare Titania

Opinion

We have audited the accompanying Standalone Ind AS Financial Statements of PropShare Titania (the Scheme), which comprise the Standalone Balance Sheet as at March 31, 2026, the Standalone Statement of Profit and Loss, including the Statement of Other Comprehensive Income, the Standalone Statement of Cash Flows and the Standalone Statement of Changes in Unitholders Equity for the year ended March 31, 2026, the Standalone Statement of Net Assets at Fair Value as at March 31, 2026, the Standalone Statement of Total Returns at Fair Value and the Standalone Statement of Net Distributable Cash Flows (NDCFs) of the Scheme for the year ended March 31, 2026 and notes to the Standalone Ind AS Financial Statements, including a summary of material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS Financial Statements give the information required by the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 as amended from time to time including any guidelines and circulars issued thereunder read with SEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/ CIR/2025/99 dated July 11, 2025 (the REIT Regulations), as amended, in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards as defined in Rule 2(1)(a) of the Companies (Indian Accounting Standards) Rules, 2015 (as amended) and the accounting principles generally accepted in India, to the extent not inconsistent with the REIT Regulations, of the state of affairs of the Scheme as at March 31, 2026, its profit including other comprehensive income, its cash flows, its Changes in Unitholders Equity for the year ended March 31, 2026, its Net Assets at Fair Value as at March 31, 2026, its Total Returns at Fair Value and the NDCFs of the Scheme for the year ended March 31, 2026.

Basis for Opinion

We conducted our audit of the Standalone Ind AS Financial Statements in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (the ICAI). Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Ind AS Financial Statements section of our report. We are independent of the Scheme in accordance with the Code of Ethics issued by the ICAI 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 audit opinion on the Standalone Ind AS Financial Statements.

Emphasis of Matter

1. We draw attention to Note 9(i) of the Standalone Ind AS Financial Statements which describes the presentation of Unit Capital as Equity instead of compound financial instrument to comply with the REIT Regulations. Our opinion is not modified in respect of this matter.

2. We draw attention to Note 26 of the Standalone Ind AS Financial Statements which describes that although the PropShare Titania Scheme was intended to be non-leveraged upon listing of the Titania Units, borrowings availed by the SPV from HDFC Bank Limited (prior to listing of Titania Units) were repaid on August 6, 2025, subsequent to the listing date of August 4, 2025. As a result, the Scheme remained temporarily leveraged during the period from August 4, 2025

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to August 6, 2025. The Investment Manager has confirmed that the Scheme is now non-leveraged and will continue to comply with the applicable REIT Regulations. Our opinion is not modified in respect of this matter.

3. We draw attention to Note 27 of the Standalone Ind AS Financial Statements which describes that a Show Cause Notice dated May 30, 2025 has been issued by the Securities and Exchange Board of India (SEBI) to Axis Trustee Services Limited, the Trustee of Property Share Investment Trust, in relation to alleged lapses in oversight over the Manager of other REIT. The notice highlights non-compliance with SEBI (REIT) Regulations regarding the Trustees responsibilities, including failure to ensure timely disclosures and reporting as per regulatory requirements, and refers to the National Financial Reporting Authority (NFRA) Order dated August 19, 2024. While no final adjudication has been made as at the date of this report, the outcome may have implications for regulatory compliance and governance practices. Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Ind AS Financial Statements for the year ended March 31, 2026. These matters were addressed in the context of our audit of the Standalone Ind AS Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditors responsibilities for the audit of the Standalone Ind AS Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the Standalone Ind AS Financial Statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying Standalone Ind AS Financial Statements.

Key Audit Matters	How our audit addressed the key audit matter
Fair Valuation of Investments in Special Purpose Vehicles (SPVs):	Our audit procedures include, among others, the following:
As per the provisions of REIT Regulations read with circulars issued thereunder, the Scheme is required to disclose Statement of Net Assets at Fair Value and Statement of Total Returns at Fair Value which requires fair valuation of assets. As at March 31, 2026, the fair value of net assets is INR 4,986.27 million.	\u2022 Read the requirements of SEBI REIT regulations for disclosures relating to Statement of Net Assets at Fair Value and Statement of Total Returns at Fair Value;
The fair value of investments in SPVs is primarily determined basis the fair value of the underlying investment properties as at March 31, 2026. The fair valuation has been carried out by an independent valuer using discounted cashflow method.	\u2022 Read the Scheme\u2019s accounting policies with respect to impairment in accordance with Ind AS 36 \u201cImpairment of assets\u201d;
	\u2022 Tested controls implemented by management for assessment of impairment indicators and for fair valuation of assets.
	\u2022 Evaluated the independent valuer\u2019s competence and objectivity;
The determination of fair value involves significant estimates, assumptions and judgements of the long-term financial projections including market rental growth rate, tenant sales growth rate, terminal capitalization rate, discount rate etc.	\u2022 Obtained and read the independent valuer\u2019s valuation reports;
	\u2022 Evaluated the valuation methodology and reasonableness of assumptions used in determining the fair values;
The fair valuation of assets is a key audit matter considering the significance of the value involved and the estimation and judgment involved in its determination.	\u2022 Reviewed and tested the reasonableness of inputs shared by the management with the independent valuer;
	\u2022 Verified the arithmetical accuracy of the fair value computation;
	\u2022 Obtained and considered the sensitivity analysis of significant assumptions;
	\u2022 Assessed the disclosures in accordance with REIT Regulations and Indian accounting standards;

Other Information

The Management of PropShare Investment Manager Private Limited (the Investment Manager) in its capacity as manager of the Scheme is responsible for the other information. The other information comprises the information included in the Annual Report but does not include the Standalone Ind AS Financial Statements and our Auditors Report thereon. The Annual Report is expected to be made available to us after the date of this auditors report.

Our opinion on the Standalone Ind AS Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Ind AS Financial Statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether such other information is materially inconsistent with the Standalone Ind AS Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management for the Standalone Ind AS Financial Statements

The Management of the Investment Manager (the Management) is responsible for the preparation of these Standalone Ind AS Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows, Changes in Unitholders Equity for the year ended March 31, 2026, its Net Assets at Fair Value as at March 31, 2026, its Total Returns at Fair Value and Net Distributable Cash Flows of the Scheme for the year ended March 31, 2026, in accordance with the requirements of the REIT Regulations, Indian Accounting Standards as defined 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 the REIT Regulations. This responsibility also includes maintenance of adequate accounting records for safeguarding of the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments 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 Standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Ind AS Financial Statements, management is responsible for assessing the Schemes 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 Scheme or to cease operations, or has no realistic alternative but to do so.

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

Auditors Responsibilities for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS 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 Standalone Ind AS Financial Statements.

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 Standalone Ind AS 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 controls.

• 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 such 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 Schemes ability 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 Standalone Ind AS 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 Scheme to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Standalone Ind AS Financial Statements, including the disclosures, and whether the Standalone Ind AS Financial Statements 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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Ind AS Financial Statements for the year ended March 31, 2026 and are therefore the key audit matters. We describe these matters in our Auditors Report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

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 of the aforesaid Standalone Ind AS Financial Statements;

b. The Balance Sheet, the Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Statement of Cash Flows, the Statement of Changes in Unitholders Equity, the Statement of Net Assets at Fair Value, the Statement of Total Returns at Fair Value and the Statement of Net Distributable Cash Flows of the Scheme are in agreement with the books of account maintained for the purpose of preparation of the Standalone Ind AS Financial Statements;

c. In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Indian Accounting Standards as defined in Rule 2(1)(a) of Companies (Indian Accounting Standards) Rules, 2015 (as amended), to the extent not inconsistent with the REIT Regulation.

For ASA & Associates LLP

Chartered Accountants

Firm Registration No: 009571N/N500006

VINAY KAMAIA Digitally signed by VINAY VINAY KAMALA KAMALA SHIVAPRAKASH

SHIVAPRAKASH Do a 2 e 1 : 2 0 8 2 + 6 S 7

Vinay K S

Partner

Membership No: 223085

UDIN: 26223085IEZBDE4254

Place: Bengaluru Date: April 17, 2026