#1Brookfield India Real Estate Trust FINANCIAL YEAR 2021 MAY 20, 2021 - INVESTOR UPDATE BM Brookfield India Real Estate Trust CANDOR TECHSPACE K1, KOLKATA#2Disclaimer Brookfield India Real Estate Trust By reading this presentation (the "Presentation"), you agree to be bound by the following limitations: This Presentation is for information purposes only without regards to specific objectives, financial situations or needs of any particular person, and should not be disclosed, reproduced, retransmitted, summarized, distributed or furnished, in whole or in part, to any other person or persons. The material that follows is a Presentation on the information pertaining to key updates of Brookfield India Real Estate Trust ("Brookfield REIT"). We don't assume responsibility to publicly amend, modify or revise any statements in the Presentation on the basis of any subsequent development, information or events, or otherwise. This Presentation comprises information given in summary form and does not purport to be complete and it cannot be guaranteed that such information is true and accurate. For ease and simplicity of representation, certain figures may have been rounded. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that any objectives specified herein will be achieved. Neither we, nor any of our affiliates, as such, make any representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to, any loss, howsoever, arising from any use or reliance on this Presentation or its content or otherwise arising in connection therewith. Unless otherwise stated in this Presentation, the information contained herein is based on management information as they exist as of date/date indicated in this Presentation and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. Certain information contained herein constitutes forward-looking statements. Due to various risks and uncertainties, actual events or results or the actual performance of Brookfield REIT may differ materially from those reflected or contemplated in such forward-looking statements. Although Brookfield REIT believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations in light of the information presently available, you should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Brookfield REIT to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those set forward in the forward-looking statements or information include but are not limited to: general economic conditions, changes in interest and exchange rates, availability of equity and debt financing and risks particular to underlying portfolio company investments. There is no guarantee that Brookfield REIT will be able to successfully execute on all or any future deals, projects or exit strategies, achieve leasing plans, secure debt or receive development approvals as set forth herein including but not limited to in slides 6, 10, 11, 13, 20, 24, 25, 26, 32, 35, 36, 39 of this Presentation. Projected results reflected herein have been prepared based on various estimations and assumptions made by management, including estimations and assumptions about events that have not yet occurred. Projected results are based on underwriting. Due to various risks, uncertainties and changes beyond the control of Brookfield, the actual performance of the Brookfield REIT could differ materially from the projected results set forth herein including but not limited to in slides 12, 13 and 25. There is no assurance, representation or warranty being made by any person that any of the projected results set forth herein including but not limited to in slides 12, 13 and 25 will be achieved and undue reliance should not be put on them. Industry experts may disagree with the assumptions used in presenting the projected results. Any changes to assumptions could have a material impact on projections and actual returns. Actual returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the valuations used in the prior performance data contained herein are based. Accordingly, the actual realized returns on unrealized investments may differ materially from the returns indicated herein. In considering investment performance information contained herein, you should bear in mind that past performance is not necessarily indicative of future results and there can be no assurance that comparable results will be achieved, that an investment will be similar to the historic investments presented herein (because of economic conditions, the availability of investment opportunities or otherwise), that targeted returns, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved. Any information regarding prior investment activities and returns contained herein has not been calculated using generally accepted accounting principles and has not been audited or verified by an auditor or any independent party. Nothing contained herein should be deemed to be a prediction or projection of future performance. Certain of the information contained herein is based on or derived from information provided by independent third party sources. While Brookfield REIT believes that such information is accurate as of the date it was produced and that the sources from which such information has been obtained are reliable, Brookfield REIT does not guarantee the accuracy or completeness of such information, and has not independently verified such information or the assumptions on which such information is based. This document is subject to the assumptions (if any) and notes contained herein. The information in this Presentation does not take into account your investment objectives, financial situation or particular needs and nothing contained herein should be construed as legal, business or tax advice. Each prospective investor should consult its own attorney, business adviser and tax advisor as to legal, business, tax and related matters concerning the information contained herein. This document is just a Presentation and is not intended to be a "prospectus" or "draft offer document" or "offer document" or "final offer document" or "offer letter" or "offering memorandum" (as defined or referred to, as the case may be, under the Companies Act, 2013 and the rules notified thereunder, and the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008, as amended, or any other applicable law). This Presentation has not been and will not be reviewed or approved by a regulatory authority in India or elsewhere or by any stock exchange in India or elsewhere. None of the information contained herein (or in any future communication (written or oral) regarding an investment) is intended to be investment advice with respect to a proposed investment. If we should at any time commence an offering of units, debentures, bonds or any other securities/ instruments of Brookfield REIT, any decision to invest in any such offer to subscribe for or acquire units, debentures, bonds or any other securities/ instruments of Brookfield REIT, must be based wholly on the information contained in an offer document or offering circular (including the risk factors mentioned therein) issued or to be issued in connection with any such offer and not on the contents hereof. Any prospective investor investing in such invitation, offer or sale of securities by Brookfield REIT should consult its own advisors before taking any decision in relation thereto. The securities of Brookfield REIT have not been and will not be registered under the U.S. Securities Act, 1933, as amended ("U.S. Securities Act"), or the securities laws of any applicable jurisdiction and these materials do not constitute or form a part of any offer to sell or solicitation of an offer to purchase or subscribe for any securities in the United States of America or elsewhere in which such offer, solicitation or sale would be unlawful prior to registration under the U.S. Securities Act or the securities laws of any such jurisdiction. 2#3Table of Contents Overview and Highlights Market Trends Business Updates Financial Updates Inorganic Growth Pipeline Appendix 4 14 19 29 33 37 Brookfield India Real Estate Trust 3#4Overview and Highlights Brookfield India Real Estate Laust CANDOR TECHSPACE G2, GURUGRAM#5Brookfield India Real Estate Trust India's first and only 100% institutionally managed REIT 14.0 MSF TOTAL AREA 10.3 MSF COMPLETED AREA Gurugram (4.0 MSF) 3.9 0.1 4 OFFICE PARKS IN GATEWAY MARKETS 91% SAME-STORE OCCUPANCY (1) 6.5 Yrs. Rs 115B WALE GROSS ASSET VALUE 18% 38% 22% Mumbai (1.5 MSF) 1.5 Noida (2.8 MSF) 1.9 0.9 Brookfield India Real Estate Trust 22% Kolkata (5.7 MSF) 3.1 2.7 Total REIT Portfolio (14.0 MSF) 10.3 Operational 3.7 Future Dev. %GAV (1) Same-store Occupancy excludes areas developed during the year (481 KSF delivered in N1 Sep '20). Overall Committed Occupancy is 87% including such areas. 5#6Brookfield India Real Estate Trust (Cont'd.) Brookfield India Real Estate Trust Strong inorganic growth pipeline through Identified Assets and ROFO Properties within the Brookfield Group IDENTIFIED ASSETS ROFO (1) PROPERTIES 8.3 MSF LEASABLE AREA 6.7 MSF LEASABLE AREA Rs 86B GROSS ASSET VALUE(2) Rs 104B GROSS ASSET VALUE(3) 15.0 MSF TOTAL LEASABLE AREA Rs 190B TOTAL GROSS ASSET VALUE Gurugram (3.7 MSF) 3.7 0.1 2.9 Noida (4.5 MSF) 1.6 Mumbai (6.7 MSF) 4.2 2.5 Total Pipeline (15.0 MSF) 10.8 Operational 4.2 Future Dev. (1) Right of First Offer. (2) As on March 31, 2021, based on the floor price per the Agreements to Purchase signed with the Brookfield Group. As on March 31, 2021, based on Manager's estimates. (3) 6#7IPO Highlights Brookfield India Real Estate Trust Brookfield India Real Estate Trust BSE: 543261 | NSE: BIRET STRONG SPONSOR COMMITMENT 54.4% Post-IPO Stake 15.0 MSF / Rs 190B Acquisition Pipeline LISTING DATE Feb 16, 2021 FRESH ISSUE SIZE Rs 38.0 Billion USE OF PROCEEDS (1) Repayment of Debt MILLIONS Rs 35,750 Issue Expenses and General Corporate Purposes Rs 2,250 MAIN BOOK SUBSCRIPTION 8.0x ISSUE PRICE / UNIT Rs 275 INITIATION OF COVERAGE SINCE IPO Bank of America UNITS OUTSTANDING 302.8 Million HSBC ICICI Securities MARKET CAPITALIZATION AT IPO PRICE Rs 83.3 Billion IIFL JM Financial JP Morgan Morgan Stanley We executed a successful IPO with strong participation from a diverse mix of marquee investors (1) Based on Final Offer Document dated February 9, 2021. 7#8High Quality Properties in Gateway Cities Brookfield India Real Estate Trust Our portfolio is at the centre of the technology growth story in India, with our occupiers running business-critical operations 自豪 Largest Office SEZ in CBD Gurugram 1.5 MSF | 9 ACRES CANDOR TECHSPACE, SECTOR 21, GURUGRAM (G2) 4.0 MSF | 29 ACRES Mumbai's only Private SEZ located in Powai (a walk-to-work modern township) KENSINGTON, POWAI, MUMBAI Largest IT Park in an established technology hub of Noida CANDOR TECHSPACE, SECTOR 62, NOIDA (N1) 2.8 MSF | 19 ACRES Largest Office SEZ in Eastern India with a modern campus CANDOR TECHSPACE, NEWTOWN, KOLKATA (K1) 5.7 MSF | 48 ACRES 8#9Operating Resilience through COVID-19 Brookfield India Real Estate Trust While new leasing decisions have been delayed, existing occupiers continue to see value in retaining their spaces 99%+ COLLECTIONS (1) Low density developments with favorable infrastructure 9% 78% 31% AVG ESCALATION ACHIEVED ON 3.7 MSF AREA (2) OCCUPIER RETENTION (3) MARK TO MARKET HEADROOM Properties kept operational during lockdown Implemented multiple health & safety measures and initiatives (1) <1% collections delayed or waived to support footfall driven occupiers, primarily in amenity blocks. (2) Average escalation is weighted by rent; Average escalation on Candor Assets is -13% (3 year escalations) and on Kensington is ~5% (annual escalations). (3) Including renewals of break options during the lease period. 9#10FY2021 Business Highlights Brookfield India Real Estate Trust Portfolio remained resilient in FY2021, maintaining a 91% Same-store Occupancy (1) and 99%+ rental collections Collections Leasing 99%+ Operating Lease Rentals Collected -9% • Collections of operating lease rentals remained robust at 99%+ • Avg Escalation on 3.7 MSF area ~9% average escalation on 3.7 MSF leased area • Minimal rental pressure due to 31% spread to market rents 673,000 SF Leased and Renewed 17% Avg Re-leasing Spread . Leased 673,000 SF in FY21 122,000 SF new leasing 551,000 SF renewals with 17% average re-leasing spreads Retained 1.7 MSF of tenancy (which had typical break options) • 87% Committed Occupancy and 91% Same-store Occupancy (1) Development 481,000 SF ~Rs 400M and Capex New Area Delivered Upgrade Capex Spent • • Despite labour disruptions, 481,000 SF in N1 was delivered in September 2020 On track to deliver 80,000 SF Amenity Block in N1 in Q2 FY22 Revamped the occupier amenities in K1 Commencing planned upgrades in Kensington with best-in-class amenities (1) Same-store Occupancy excludes areas developed during the year (481 KSF delivered in N1 Sep '20). Overall Committed Occupancy is 87% including such areas. 10#11FY2021 Business Highlights (Cont'd.) Brookfield India Real Estate Trust Identified Assets achieved significant development progress. Our properties remained open to ensure business continuity for our occupiers, with elevated health and safety standards Identified Assets 908,000 SF • Leased 102,000 SF in FY21; ~400,000 SF under advanced stages New Area Delivered • Delivered 908,000 SF in G1; Additional 673,000 SF delivered in N2 in Q1 FY22 COVID-19 Response 6(1) Campuses BV Safeguard Certified . COMMITTED TO HEALTH AND SAFETY • Properties kept operational during lockdown with tenants running critical business continuity operations Implemented elevated health & safety standards and protocols to provide a safe working environment for our tenants and their employees Working with authorities to implement vaccination drives on our premises SAFE GUARD HYGIENE EXCELLENCE AU VE VERIT 1828 BUREAU VERITAS RESTART YOUR BUSINESS CANDO WITH BV CANDOR TechSpace SET 1ST Received the prestigious 'SAFEGUARD' certification from Bureau Veritas (1) Including REIT Portfolio (4 campuses) and the Identified Assets (2 campuses). Properties kept operational during lockdown with elevated health & safety standards and protocols 11#12FY2021 Financial Highlights Brookfield India Real Estate Trust Financial metrics stayed resilient, backed by contractual arrangements with creditworthy counterparties OPERATING LEASE RENTALS Rs 6.1 Billion 2.5% increase vs FY20 NET OPERATING INCOME Rs 6.5 Billion constant vs FY20 due to post- COVID reduction in CAM profits NDCF GUIDANCE(1) Rs 12.75 per unit total over next 2 quarterly distributions (1) GROSS ASSET VALUE(2) Rs 115 Billion 0.6% increase since Sep 30, 2020 NET ASSET VALUE(2) Rs 317 per unit 2% increase since Sep 30, 2020 GROSS DEBT (2) 18% LTV with 50bps+ reduction headroom in borrowing costs KEY PROPERTY INCOME METRICS MILLIONS FY21 FY20 VAR. % KEY DRIVERS Income from Operating Rs 6,100 Rs 5,954 2.5% Lease Rentals (OLR) Driven by contractual escalations, partially offset by new vacancies Comparable NOI (3) 6,548 6,557 (0.1%) % Margin on OLR 107% 110% Increase in OLR, offset by reduction in CAM profits due to COVID-19 outbreak Driven by reduction in CAM profits (1) For the period from IPO to Sep 30, 2021. (2) As on March 31, 2021. (3) Net Operating Income attributable to the REIT Portfolio. Refer to Appendix for details. 12#13Doubling Tax-free Distributions Brookfield India Real Estate Trust In line with our thinking, we have taken steps to enhance the tax efficiency of our distributions and make it more appealing for a wider variety of investors G2+K1 OWNERSHIP AT IPO 100% Brookfield India Real Estate Trust FY22 NDCF % TAX FREE, AT IPO FY22 NDCF % TAX FREE, POST CONVERSION 15% CCDs 12% Compulsorily Convertible Debentures; Rs 10,100M face value (converted to shares effective April 1, 2021) Doubling the tax-free component Key highlights of the conversion Shares Candor Kolkata (G2+K1 SPV) 30%+ . Effective April 1, 2021 • Neutral to corporate tax outflow for the medium term (~4 yrs) • Interest of Rs 1,212M p.a. (taxed at marginal rate), will be reclassified to repayment of capital going forward (tax-free) We estimate > 30% of NDCF being tax free in the hands of investors starting April 1, 2021. Further, future growth in distributions will further enhance the tax-free percentage 13#14Market Trends Brookfield India Real Estate Fauce 11 BARCLAYS Y CANDOR TECHSPACE N1, NOIDA#15Solid Services and Technology Sector Fundamentals in India Brookfield India Real Estate Trust Significant cost and manpower advantages, coupled with accelerated digital transformation, will further propel the growth of technology sector in India INDIA'S IT-BPM REVENUE (USD BILLIONS) DIGITAL REVENUES (% OF TOTAL) # EMPLOYEES (MILLIONS) FY2010 $78B FY2017 $154B FY2021 $194B FY2025 (E) $350B Key Drivers 0% 2.3 14% 3.9 29% +80% +30% 38% Global Capability with Cost Advantage • • 45% share in global off-shoring ~4x employee cost arbitrage vs US Tier-Il markets Attractively priced grade A real estate ($0.6 $1.8 PSF / mth) Accelerated Digital Transformation Companies across the globe building future readiness Tech adoption driven by new trends such as Cloud, AI/ML, cybersecurity Source: CW Research, Brookfield Research. 4.5 Unparalleled Human Capital Abundant young human capital, with wide global acceptance . • 2+ million STEM graduates p.a. 2nd largest English speaking population 15#16Technology Hiring Resuming for Top Multinationals Brookfield India Real Estate Trust Driven by strong demand and anticipation of order books, technology hiring has picked up in the last few months. With India being a direct beneficiary, we expect occupiers to return to office to house this growth as up-skilling and retention gain more importance 55K TECHNOLOGY MNCS - YOY HEADCOUNT ADDITION / % YOY GROWTH 40K Brookfield REIT Top 10 Occupiers (1) Brookfield REIT Other Occupiers (1) Others 28K 19K 17K 15K 14K Company 1 Company 2 Company 3 Company 4 Company 5 Company 6 Company 7 (2) % YOY Growth +25% +9% +6% +12% +7% +8% +5% Source: Public fillings (per latest CY2021 reporting). (1) By area. (2) Beginning number and growth for Company 7 adjusted for the lay-offs in Q1FY21. 16#17Supply Dynamics Remain Highly Favorable in our Micromarkets Brookfield India Real Estate Trust Our micro-markets represent 11% of India's office stock, but only 6% of next 3 year supply forecast (totaling to 5 MSF) Non-REIT Markets, 64% INDIA OFFICE - STOCK (MARCH 31, 2021) TOTAL = 528 MSF REIT Markets, 36% Direct Micromarket, 11% Other Micromarkets, 26% Non-REIT Markets, 65% INDIA OFFICE - NEXT 3 YEAR SUPPLY TOTAL = 89 MSF REIT Markets, 35% Source: CW Research. REIT Markets include Delhi NCR (including Delhi, Gurugram and Noida), Mumbai MMR (including Thane and Navi Mumbai), and Kolkata. Direct Micromarket, 6% Other Micromarkets, 30% 17#18Demand Recovery has been Softened by the Second Wave Brookfield India Real Estate Trust After a significant pick-up in enquiries last quarter, we are beginning to experience a slowdown in decision making post the second-wave of COVID-19 KEY THEMES IN MEDIUM TERM RECOVERY • Relocation: from non-institutional to institutional properties Consolidation: from multiple locations into a single large property Expansion: pent-up space demand and real estate plans for next 5 years of growth NET ABSORPTION IN REIT MARKETS (MSF) 15 Medium-term Recovery 7 7 7 2 12 9 CY17 CY18 CY19 CY20 CY21 E CY22 E CY23 E We expect absorption to pick-up upon significant progress in the vaccination roll-out, with increased occupier preference towards institutionally managed properties Source: CW Research. 18#19Business Updates Brookfield India Real Estate Laust KENSINGTON, POWAI, MUMBAI#20At the Forefront of Recovery Brookfield India Real Estate Trust With our fundamentals intact, we believe our assets will be at the forefront of the post pandemic recovery OPERATIONAL STABILITY Significantly Complete Portfolio Deep Rooted Tenant Relationships Strong Balance Sheet, Low Leverage and Ample Liquidity INSTITUTIONAL QUALITY 100% institutionally managed Brookfield Group has a long history of managing REITs through market cycles MULTIPLE GROWTH LEVERS CONTINUED INVESTMENTS Organic: 4-5% contracted growth and 31% headroom to market rents Inorganic: Identified Assets and ROFO Properties within the Brookfield Group Enhanced progress of property upgrades Significant progress in developments 20 20#21Significantly Complete and Stable Portfolio Brookfield India Real Estate Trust 93% of gross asset value is in operating properties, which are 91% occupied on a same-store basis (1) with a long-dated WALE of 6.5 years Area (in MSF) Leased Area Metrics Asset Operating Dev. Potential Total Area in MSF # Office Same-store Tenants WALE In-place Rent Asset Value Occ. (1) % (Yrs.) (Rs PSF) (Rs Bn) Kensington 1.5 - 1.5 1.3 8 86% 2.5 Rs 92 Rs 25 G2 3.9 0.1 4.0 3.6 15 92% 7.0 80 44 조로 N1 1.9 0.9 2.8 1.3 19 96% 7.3 46 20 K1 3.1 2.7 5.7 2.8 15 91% 7.3 43 26 Total 10.3 3.7 14.0 9.0 52(2) 91% 6.5 Rs 65 Rs 115 ASSET VALUE BY GEOGRAPHY 22% ASSET VALUE BY STATUS 3.7 MSF (only 80,000 SF under production, rest to be developed based on leasing trends) ■NCR 56% 22% ■ Kolkata Mumbai 93% (1) Excluding N1 Tower 5 (481 KSF) completed in September 2020. (2) 5 tenants in total are present across more than one office park. 7% ■ Operating ■Development Potential 21#22Deep Rooted Tenant Relationships Brookfield India Real Estate Trust Technology-led, high credit quality tenant roster, with an established track record of tenant expansion as the 'landlord of choice' in our markets SECTOR DIVERSIFICATION OF TENANTS TOP 10 TENANTS BY LEASED AREA Growth Tenant Sector Parks % Leased Area since Mar'15 (1) Others, 9% Healthcare, 2% Technology, 50% Accenture Consulting 2 18% +143% Hardware, TCS Technology 2 17% 3% Cognizant Technology 14% +93% Sapient Technology 1 6% +138% RBS BFSI(2) 1 5% +7% Consulting, 18% Barclays BFSI 1 4% +60% BA Continuum BFSI 1 3% (52%) Capgemini Technology 1 3% +30% Amdocs Technology 1 2% +33% BFSI, 19% E&Y BFSI 1 2% (1%) Total 75% +37% (1) Adjusted for areas in Kensington, which were inherited in 2017 when the property management was taken over. (2) Banking, Financial Services and Insurance. 22 22#23Institutional Quality Assets with Proven Outperformance Brookfield India Real Estate Trust Our high quality properties and experienced management have consistently delivered superior performance relative to the micro-markets DELIVERING FASTER LEASING RENT GROWTH % CAGR(1) 2.9% 7.4% 7.2% 5.6% 4.9% Kensington G2 Source: CW Research. 8.4% N1 ■Micro-market Property 4.5% SUPERIOR OCCUPANCY VIS-A-VIS MICRO-MARKETS %(2) 95% 98% 96% 91% 91% 91% -230 bps 90% 89% 89% 89% 0.6% Dec'17 Dec'18 Dec'19 Dec'20 Mar'21 K1 REIT Portfolio Micro-market Average (1) The CAGRs for all properties are for the period between December 2015 to March 2021, except Kensington, which is from December 2017 to March 2021. (2) Same-store Occupancy for the micro-markets as well as REIT Portfolio (excluding new supply delivered in 2020), weighed on Leasable Area of the properties as of the dates indicated. 23#24Brookfield India Real Estate Trust New Leasing and Renewals Aggregate 673,000 SF leased and renewed in FY21, achieving 17% re-leasing spreads TRACK RECORD IN NEW LEASING (MSF) 2.3 FY21 LEASING SUMMARY New Leasing Renewals/% of term expiries Total Leasing / Renewals Avg Re-leasing Spread (1) NEW LEASES SIGNED Area ('000 SF) 122 551/54% 673 17% Tenant/Industry Industry Assets/Area 0.8 0.6 Saxo Bank BFSI G2 0.4 Moody's BFSI G2 0.2 0.1 Existing Tenants 57,000 SF Salmon Commerce E-Comm N1 FY16 FY17 FY18 FY19 FY20 FY21 Indorama Services K1 New Tenants 65,000 SF Total 122,000 SF Ongoing Discussions 515,000 SF (1) For office areas. 24 24#25New Leasing and Renewals (Cont'd.) Brookfield India Real Estate Trust Portfolio has a well staggered lease expiry profile and provides an opportunity to capture an attractive mark-to-market spread KEY HIGHLIGHTS • Extended expiries: 401,000 SF of FY21 expiries extended to FY22 LEASE EXPIRY SCHEDULE Area Expiring (MSF) Cumulative Expiry (% of Rentals) 1.1 1.0 Same-store increase: 415,000 SF estimated increase in FY22 expiries (1) (excluding extensions) • Renewal Success: Achieved 54% renewals on term expiries in FY21; Expecting 40%-50% (2) for FY22 1.0 0.6 0.6 44% 36% 23% 14% FY21 FY22E FY23E FY24E FY25E Rent at expiry (Rs PSF) (2) Rs 65 Rs 75 Rs 95 Rs 79 Rs 87 MTM Spread %(2) 17%(3) 24% 34% 62% 23% (1) Based on on-going discussions with occupiers. We will provided updated renewal guidance as and when we conclude our ongoing discussions. (2) Excludes amenity areas. (3) Re-leasing spread on renewed area. 25 25#26Brookfield India Real Estate Trust Development and Capex | N1 Amenity Block Development work of N1 Amenity Block expected to complete by September 2021 CURRENT PROGRESS POST COMPLETION (RENDERING) 26 26#27Development and Capex | K1 Amenities Revamped the occupier amenities in Candor Techspace K1 Brookfield India Real Estate Trust RENOVATION OF LOBBY AREA REVAMPED HEALTH CLUB UPGRADED BANQUET HALL EXPANDED FOOD COURT 27 22#28Development and Capex | Kensington Upgrades Commencing planned upgrades in Kensington with best-in-class amenities LOBBY RENOVATION NEW FOODCOURT HOPSTICK W Brookfield India Real Estate Trust PODIUM LANDSCAPING RECREATIONAL AREA 28 20#29Financial Updates Brookfield India Real Estate Trip CANDOR TECHSPACE K1, KOLKATA#30Value, Structure and Unitholding AS OF MARCH 31, 2021 Gross Asset Value(1) MILLIONS PER UNIT Rs 114,808 Rs 379 Less: Gross Debt (2) Add: Other Net Assets (21,015) 2,071 (69) 7 Net Asset Value Rs 95,864 Rs 317 Manager (BMSPL) Brookfield India Real Estate Trust Brookfield India Real Estate Trust UNITHOLDING PATTERN Non- institutions, 16% Institutions, 30% MARCH 31, 2021 0 Sponsor Group, 54% 100% 100% 100% 100% SPV DEBT SUMMARY (3) (MILLIONS) FPPL CKOHSPL SPPL CIOPL ASSETS KENSINGTON G2 + K1 N1 CIOP TOTAL Shareholder Debt by REIT (12.5% papq) Rs 7,900 External Debt (7.15% papq) 6,500 Total SPV Debt (Gross) Rs 14,400 Rs 24,050 12,600 Rs 36,650 Rs 4,150 Rs 36,100 2,100 Rs 6,250 Less: Shareholder Debt by REIT Consolidated REIT Debt (Gross) 21,200 Rs 57,300 (36,100) Rs 21,200 (1) Based on independent third-party valuation. (2) (3) Outstanding borrowings of Rs 21,200M adjusted for processing fee of Rs 185M which has been capitalized. Post conversion of the REIT owned CCDs in G2+K1 SPV (CKOHSPL) effective April 1, 2021. 30 30#31Summary Balance Sheet Our business is well-capitalized, backed by a strong balance sheet MILLIONS Liabilities and Equity Total Equity Borrowings (1) Security Deposits Other Liabilities Total MARCH 31, 2021 Rs 82,028 21,015 3,730 3,017 Rs 109,790 Assets Investment Property Investment Property Under Development Cash & Bank Other Assets Rs 100,180 792 3,155 5,663 Rs 109,790 Total NOTES: 1. SPV financials are consolidated starting February 8, 2021 2. Other Liabilities include trade & other payables, capital creditors, deferred income & provisions 3. Other Assets include income tax advances, security deposits, restricted cash balances, trade & other receivables (1) Outstanding borrowings of Rs 21,200M adjusted for processing fee of Rs 185M which has been capitalized. Brookfield India Real Estate Trust 31#32Capital Structure and Liquidity Brookfield India Real Estate Trust Low leverage, long interest only period and undrawn credit lines provide us with ample liquidity. We are also evaluating the available 50bps+ headroom in borrowing costs Rs 21.2B GROSS DEBT HEADROOM IN BORROWING COSTS Rs 2.8B FACILITY UNDRAWN COMMITTED 7.15% 4.9Yrs. BALANCE INTEREST ONLY PERIOD AAA Stable CREDIT RATING (CRISIL) 70 bps 6.45% Brookfield REIT Recent Comparable Financings 49% • OPPORTUNITIES Potential optimization of finance costs by 50bps+ (equating to ~Rs 100M p.a.) in line with comparable financings Favorable announcements on opening new pockets for REIT debt will create favorable dynamics (insurance cos, FPI, etc.) 18% HEADROOM IN LTV +170% = Rs 36B . Low cost of debt shall help enable accretive acquisitions Brookfield REIT Regulatory Cap 32#33Inorganic Growth Pipeline Brookfield India Real Estate Lauat CANDOR TECHSPACE G2, GURUGRAM#34Brookfield Group's Footprint in India Brookfield India Real Estate Trust Brookfield owns a 100% interest in a high quality pan-India office portfolio spanning 33 MSF CATEGORY Total Area Operating Area Markets Details Validity CANDOR G1, GURUGRAM POWAI DISTRICT, MUMBAI ECOWORLD, BANGALORE CANDOR N2, NOIDA IDENTIFIED ASSETS 8.3 MSF EQUINOX, MUMBAI ROFO PROPERTIES 6.7 MSF 7.3 MSF Gurugram, Noida REIT has the sole option to purchase Aug 2022 4.2 MSF Mumbai REIT has a right of first offer when existing shareholders trigger sale Feb 2026 ECOSPACE, BANGALORE OTHER BROOKFIELD ASSETS 18 MSF 12 MSF Bangalore, Chennai, Pune NA NA 34#35Identified Assets Update Brookfield India Real Estate Trust We have rights to acquire two complementary properties in Delhi NCR before Aug 2022. The ongoing construction program in both assets has achieved completion over the last year ON APR 30, 2021 G1 N2 Operating Area (MSF) 3.7 3.6(1) ASSET VALUE BY STATUS (% OPERATING) Mar 31, 2021(4) Area Leased (MSF) 2.7 2.5 Same-store Occupancy (%) 97%(2) WALE (Years) 7.9 86% 91% 8.3 In-place Rent (Rs PSF) Rs 70 Rs 51 Floor Asset Value (Rs Bn)(3) Rs 48B Rs 38B Sep 30, 2021 (Estimate) 908,000 SF New Area Delivered 828,000 SF(1) Delivery in H1FY22 ~400,000 SF Leasing Discussions 97% (2) (1) Occupancy certificate for additional 673 KSF (Tower 11) in N2 was received in April 2021. Another 155 KSF of area in N2 to be delivered by September 2021. Same-store Occupancy excludes areas developed during the year (908 KSF delivered in G1). (3) As on March 31, 2021, based on the Agreements to Purchase signed with the Brookfield Group. (4) Based on draft valuation reports dated March 31, 2021. We do not expect any material changes to the metric. 35 35#36Identified Assets Update (Cont'd.) Brookfield India Real Estate Trust. New area of 908,000 SF was delivered in FY21 and another 673,000 SF was delivered in April 2021. Balance 155,000 SF on track to be delivered by September 2021 N2 - TOWER 11 (673,000 SF) G1 - TOWER 8 & 8A (769,000 SF) 36#37Appendix amazon Brookfield India Real Estate Truse CANDOR TECHSPACE N1, NOIDA#38Detailed Lease Expiry Schedule YEAR / ASSET AREA EXPIRING ('000 SF) IN-PLACE % OF GROSS RENTALS(1) RENT AT EXPIRY (¹) (RS PSF) YEAR / ASSET AREA EXPIRING ('000 SF) Brookfield India Real Estate Trust % OF GROSS RENTALS(1) IN-PLACE RENT AT EXPIRY (RS PSF)(1) FY21 Actuals FY24E Kensington 138 Rs 79 Kensington 745 55% Rs 91 G2 544 74 G2 6 0% N1 90 44 N1 233 16% 40 K1 252 48 K1 1 0% Total 1,024 Rs 65 Total 986 13% Rs 79 FY22E FY25E Kensington 72 6% Rs 98 Kensington 145 18% Rs 148 G2 692 21% 88 G2 230 6% 96 N1 58 5% 40 N1 245 16% 43 K1 293 11% 44 K1 3 0% Total 1,115 14% Rs 75 Total 623 8% Rs 87 FY23E Kensington 373 32% Rs 104 G2 90 3% 90 N1 0 0% K1 106 3% 50 Total 569 8% Rs 95 (1) Excludes amenity areas. 38#39Ongoing Capex and Upgrades Brookfield India Real Estate Trust Rs 2,961M of capex projects underway across new tower developments and upgrades to existing towers. Capex including interest during construction to be financed through debt ONGOING PROJECTS Asset Upgrades/Tenant Improvements Kensington G2 N1 K1 Sub Total ESTIMATED COMPLETION DATE PENDING COSTS (MILLIONS) Q4 FY23 Q1 FY23 Q3 FY22 Q3 FY22 Rs 133 50 156 163 Rs 502 New Development K1 - Mixed Use Development Q3 FY25 N1 - Amenity Block III Q2 FY22 Sub Total Total Rs 2,207 252 Rs 2,459 Rs 2,961 39 39#40Property Income | Walkdown MILLIONS Income from Operating Lease Rentals (OLR) FY21 FY20 Rs 6,100 Rs 5,954 (+) CAM / Other Revenue 2,528 3,613 Revenue from Operations Rs 8,628 Rs 9,567 (-) CAM / Other Direct Expenses (2,028) (2,804) Brookfield India Real Estate Trust KEY DRIVERS Rs 146 million / 2.5% YOY increase driven by contractual escalations, partially offset by new vacancies Rs 879 million decrease in CAM revenue (cost-plus contracts), driven as a result of reduction in CAM expenses Rs. 206 million decrease due to mid-year termination of CIOP's operating services arrangement with Identified Assets . . Rs 724 million reduction in CAM expenses due to reduced utilization due to COVID-19 outbreak Rs. 52 million decrease due to mid-year termination of CIOP's operating services arrangement with Identified Assets Net Operating Income (NOI) Rs 6,600 Rs 6,763 (-) Net income in CIOP • (52) (206) attributable from Identified Assets Comparable NOI Rs 6,548 Rs 6,557 % Margin on OLR 107% 110% Mid-year termination of CIOP's operating services arrangement with Identified Assets 40 40#41Property Income | Consolidation Details Brookfield India Real Estate Trust. MILLIONS INCOME FROM OPERATING LEASE RENTALS (OLR) REVENUE FROM OPERATIONS NET OPERATING INCOME (NOI)(1) FY21 FY20 FY21 FY20 FY21 % OLR FY20 % OLR Kensington Rs 1,464 Rs 1,488 Rs 1,592 Rs 1,616 Rs 1,333 91% Rs 1,313 88% G2 2,518 2,478 3,657 4,084 2,725 108% 2,699 109% N1 718 663 1,191 1,318 807 112% 780 118% K1 1,400 1,325 2,092 2,247 1,480 106% 1,457 110% CIOP 420 719 255 514 Intercompany (324) (417) Eliminations(2) Total Rs 6,100 Rs 5,954 Rs 8,628 Rs 9,567 Rs 6,600 108% Rs 6,763 114% Less: amount attributable from (96) (302) (52) (206) Identified Assets (3) Comparable Total Rs 6,100 Rs 5,954 Rs 8,532 Rs 9,265 Rs 6,548 107% Rs 6,557 110% (1) The NOI at SPV level is presented without intercompany eliminations. (2) (3) Revenue earned by CIOP gets eliminated with corresponding operating and maintenance expenses at SPV level. CIOP captures the revenue and NOI attributable from Identified Assets until termination of contract on August 31, 2020. 41#42Research Coverage RESEARCH HOUSE Bank of America HSBC Bank ANALYST Kunal Tayal Puneet Gulati ICICI Securities IIFL JM Financial EMAIL ID Brookfield India Real Estate Trust Kunal. [email protected] [email protected] [email protected] Adhidev Chattopadhyay Mohit Agarwal [email protected] Manish Agrawal [email protected] Saurabh Kumar JP Morgan Morgan Stanley Sameer Baisiwala [email protected] [email protected] 42#43Glossary Brookfield India Real Estate Trust Gross Asset Value / Asset Value Committed Occupancy Same-store Occupancy WALE In-place Rent REIT Portfolio Identified Assets ROFO Properties Re-leasing Spread Mark-to-market Headroom / Spread Operating Lease Rentals (OLR) Net Operating Income (NOI) NDCF The market value as determined by the Valuer as of March 31, 2021 (Occupied Area + Completed Area under Letters of Intent) Completed Area In % Represents Committed Occupancy for areas where the occupancy certificate was received on or before March 31, 2020 Weighted Average Lease Expiry based on area. Calculated assuming tenants exercise all their renewal options post expiry of their initial lock-in period Rental income from leased area for the month excluding fit-out and car parking income on a per square foot basis Assets comprising four office parks (Kensington, Mumbai; G2, Gurugram; N1, Noida; K1, Kolkata) Two office parks (G1, Gurugram; N2, Noida) for which Brookfield India REIT has entered into Agreements to Purchase Office assets for which Brookfield India REIT has entered into a right-of-first-offer (ROFO) agreement Refers to the realized change in base rent between the leases signed and leases expiring at in- place rents, reflected as a % change Refers to the potential change in base rent between new leases signed at market rates and leases expiring at in-place rents, reflected as a % change Revenue from leasing of premises including Warm Shell rent, fit-out rent and car parking Income Net Operating Income calculated by subtracting Direct Operating Expenses from Revenue from Operations Net distributable cash flows (non-GAAP measure). Please refer to pg. 285-287 of the Offer Document for calculation methodology 43