Mindspace Business Parks REIT Auditor Reports

INDEPENDENT AUDITORS REPORT ON AUDIT OF ANNUAL CONDENSED STANDALONE FINANCIAL STATEMENTS AND REVIEW OF QUARTERLY AND HALF YEARLY CONDENSED STANDALONE FINANCIAL STATEMENTS

To

The Board of Directors,

K. Raheja Corp Investment Managers Private Limited (formerly known as K. Raheja Corp Investment Managers LLP(the "Investment Manager")

(Acting in capacity as the Investment Manager of Mindspace Business Parks REIT)

Opinion and Conclusion

We have :

(a) audited the Condensed Standalone Financial statements for the year ended March 31, 2024 which comprises of the following:

• the Condensed Standalone Balance Sheet as at 31 March 2024;

• the Condensed Standalone Statement of Profit and Loss (including Other Comprehensive Income) for the year ended 31 March 2024;

• the Condensed Standalone Statement of Cash Flows for the year ended 31 March 2024;

• the Condensed Standalone Statement of Changes in Unitholders Equity for the year ended 31 March 2024;

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

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

• the Statement of Net Distributable Cash Flow for the year ended 31 March 2024; and

• summary of the material accounting policies and select explanatory notes

(b) reviewed the Condensed Standalone Financial Statements, which were subject to limited review by us, which comprise of the following for the quarter and half year ended 31 March 2024 (refer Other Matters section below):

• the Condensed Standalone Statement of Profit and Loss (including Other Comprehensive Income) for the quarter and half year ended 31 March 2024;

• the Condensed Standalone Statement of Cash Flows for the quarter and half year ended 31 March 2024;

• the Statement of Total Return at fair value for the half year ended 31 March 2024;

• the Statement of Net Distributable Cash Flow for the quarter and half year ended 31 March 2024; and

• summary of the material accounting policies and select explanatory notes.

both included in the accompanying "Condensed Standalone Financial Statements" of Mindspace Business Parks REIT ("the REIT"/ "the Trust"), ("the Condensed Standalone Financial Statements"), being submitted by the REIT pursuant to the requirements of 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 Circular SEBI/HO/DDHS-PoD-2/P/CIR/2023/116 dated July 6, 2023(the "REIT regulations") and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

(a) Opinion on Condensed Standalone Financial Statements

In our opinion and to the best of our information and according to the explanations given to us, the Condensed Standalone Financial Statements for the year ended March 31, 2024:

i. is presented in accordance with the requirements the REIT regulations and Regulation 52 and Regulation 54 ^s^^^qfthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing /^^ms^^uiations"); and

ii. gives a true and fair view in conformity with the Indian Accounting Standards 34 "Interim Financial Reporting" ("Ind AS 34") and other accounting principles generally accepted in India to the extent not inconsistent with the REIT Regulations, of the state of affairs of the REIT as at 31 March 2024 its profit including other comprehensive income, its cash flows, its changes in Unitholders equity, its net assets at fair value, total returns at fair value and net distributable cash flows and other financial information of the REIT for the year then ended.

(b) Conclusion on Unaudited Condensed Standalone Financial Statements for the quarter and half year ended March 31, 2024

With respect to the Condensed Standalone Financial Statements for the quarter and half year ended March 31, 2024, based on our review conducted and procedures performed as stated in paragraph (b) of Auditors Responsibilities section below, nothing has come to our attention that causes us to believe that the Condensed Standalone Financial Statements for the quarter and half year ended March 31, 2024, prepared in accordance with the REIT Regulations, the Ind AS 34 and other accounting principles generally accepted in India, to the extent not inconsistent with the REIT Regulations, and has not disclosed the information required to be disclosed in terms of the REIT Regulations and Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Condensed Standalone Financial Statements for the year ended March 31, 2024

We conducted our audit in accordance with the Standards on Auditing ("SAs") issued by Institute of Chartered Accountants of India (the "ICAI"). Our responsibilities under those Standards are further described in paragraph (a) of Auditors Responsibilities section below. We are independent of the REIT in accordance with the Code of Ethics issued by the ICAI together with the ethical requirements that are relevant to our audit of the Condensed Standalone Financial Statements for the year ended March 31, 2024, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matter

We draw attention to Note 2 which describes the Basis of preparation of condensed standalone financial statements and Note 13(a)(i) 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.

Managements Responsibilities for the Condensed Standalone Financial Statements

The Condensed Standalone Financial Statements is the responsibility of the Investment Manager (the "Management") and has been approved by them for the issuance. This responsibility includes the preparation and presentation of the Condensed Standalone Financial Statements for the quarter and year ended March 31, 2024 that give a true and fair view of the state of affairs as at 31 March 2024, its profit including other comprehensive income and cash flows for the quarter, half year and year ended 31 March 2024, its changes in Unitholders equity for the year ended 31 March 2024, its net assets at fair value as at 31 March 2024, its total return at fair value for the half year and year ended 31 March 2024, its net distributable cash flows for the quarter, half year and year ended 31 March 2024 and other financial information of the REIT in conformity with the REIT Regulations, Ind AS 34 and other accounting principles generally accepted in India, to the extent not inconsistent with REIT Regulations and in compliance with the REIT Regulations and Listing Regulations. This responsibility also includes maintenance of adequate accounting records for safeguarding the assets of the REIT 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 Condensed Standalone Financial Statements that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Condensed Standalone Financial Statements, the Investment Managers is responsible for assessing the REITs ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management either intends to liquidate the REIT or to cease operations, or has no realistic alternative but to do so.

Auditors Responsibilities

(a) Audit of the Condensed Standalone Financial Statements for the year ended March 31, 2024

Our objectives are to obtain reasonable assurance about whether the Condensed Standalone Financial Statements for the year ended March 31, 2024 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 this Condensed Standalone 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 Annual Condensed Standalone 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 the effectiveness of the Companys internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Investment Manager.

• Evaluate the appropriateness and reasonableness of disclosures made by the Investment Manager in terms of the requirements specified under the REIT Regulations and Listing Regulations.

• Conclude on the appropriateness of the Investment Manager 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 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 REIT to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Annual Condensed Standalone Financial Statements, including the disclosures, and whether the Annual Condensed Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the Annual Condensed Standalone Financial Statements of the REIT to express an opinion on the Annual Condensed Standalone Financial Statements.

Materiality is the magnitude of misstatements in the Annual Condensed Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Condensed Standalone Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Condensed Standalone Financial Statements.

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.

(b) Review of the Condensed Standalone Financial Statements for the quarter and half year ended March 31, 2024

We conducted our review of the Condensed Standalone Financial Statements for the quarter and half year ended March 31, 2024 in accordance with the Standard on Review Engagements ("SRE") 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Investment Managers personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Other Matter

• As stated in Note 34(a) of the Condensed Standalone Financial Statements, the financial information for the quarter and half year ended 31 March 2024 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures up to the third quarter and second quarter of the current financial year which were subject to limited review by us. Our report on the Condensed Standalone Financial Statements is not modified in respect of this matter.

• As stated in Note 34(b) of the Condensed Standalone Financial Statements, the financial information for the Quarter and Half Year ended March 31, 2023 are the balancing figures between the annual audited figures in respect of the full financial year and the published year to date figures up to the third quarter and first half of the previous financial year which were subject to limited review by us. Our report on the Statement is not modified in respect of this matter.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firms Registration No. 117366W/W-100018)

	Nilesh Shah
	Partner
Place: Mumbai	(Membership No. 49660)
Date: April 30, 2024	UDIN: 24049660BKFRQW2408