#1SALSUNG Brookfield India Real Estate Trust Q4 FY2023 1 INVESTOR UPDATE MAY 18, 2023 Brookfield India Real Estate Trust CANDOR TECHSPACE N2, NOIDA#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 regard 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 India 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 India REIT may differ materially from those reflected or contemplated in such forward-looking statements. Although Brookfield India 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 India 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 India 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 in 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 India REIT could differ materially from the projected results. There is no assurance, representation or warranty being made by any person that any of the projected results 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 India 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 India 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 India REIT, any decision to invest in any such offer to subscribe for or acquire units, debentures, bonds or any other securities/ instruments of Brookfield India 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 India REIT should consult its own advisors before taking any decision in relation thereto. The securities of Brookfield India 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#3Brookfield India Real Estate Trust Brookfield India Real Estate Trust India's first and only 100% institutionally managed REIT, owning 18.7 MSF of class A office properties 18.7 MSF 14.3 MSF TOTAL AREA OPERATING AREA 89% EFFECTIVE ECONOMIC OCCUPANCY(1) Rs 65 PSF IN-PLACE RENT 69% 7.9 Yrs. 75 15% Mumbai (1.6 MSF) 1.6 WALE OFFICE TENANTS Rs 164 B GROSS ASSET VALUE(2) 94% %OPERATING GAV(2) Delhi NCR (11.4 MSF) Gurugram 3.9 0.1 Noida 5.7 1.6 Total 9.7 1.7 16% Kolkata (5.7 MSF) 3.1 2.7(3) Total Portfolio (18.7 MSF) 14.3 Operating 4.4(3) Future Dev. %GAV (1) (2) Income Support in Candor Techspace N2 is being provided untill March 31, 2024 on 678,000 SF of vacant area. The Committed Occupancy of the portfolio is 84%. As on March 31, 2023. (3) Includes 0.6 MSF of under construction area. Note: In-place Rent and WALE are only for the Leased Area and do not consider the impact of Income Support throughout the presentation. 3#4High Quality Properties in Gateway Cities Brookfield India Real Estate Trust NatWest Group 28% One of the Largest Campus-style Offices in CBD Gurugram CANDOR TECHSPACE, SECTOR 21, GURUGRAM (G2) 4.0 MSF | 29 ACRES 15% Largest Corporate Facility located in Powai KENSINGTON, POWAI, MUMBAI 1.6 MSF | 9 ACRES % OF GROSS ASSET VALUE AS ON MARCH 31, 2023 16% 26% Largest Office Campus in Noida CANDOR TECHSPACE, SECTOR 135, NOIDA (N2) 4.5 MSF 30 ACRES 15% Largest Campus-style Office in Eastern India CANDOR TECHSPACE, NEWTOWN, KOLKATA (K1) 5.7 MSF | 48 ACRES Largest IT Park in a key technology hub of Noida CANDOR TECHSPACE, SECTOR 62, NOIDA (N1) 2.8 MSF | 19 ACRES 4#5New Acquisitions | Downtown Powai and Candor Techspace G1 Brookfield India Real Estate Trust First Indian REIT to set up a long term partnership with the global institutional investor, securing c. Rs 33 Billion (c.US$ 400 Million) commitment towards the transactions Institutional Owner and Operator One of the largest owners of Grade A commercial real estate in India India Track Record ~23 MSF Leased ~10 MSF Developed Long Term Investor Brookfield GIC One of the largest foreign investors India Real Estate Trust in Indian real estate Strategic Partnership Downtown Powai G1 Total Area 2.7 MSF 3.8 MSF 25+ years of investment track record in India Occupancy (1) 89% 100% Acquisition Price Rs 65.00 B Rs 47.25 B Prime office portfolio in a 250-acre integrated township (near Kensington) DOWNTOWN POWAI, MUMBAI Discount to GAV 5.8% 5.8% One of the largest high quality office campuses in Gurugram CANDOR TECHSPACE G1, GURUGRAM (1) Committed occupancy for Downtown Powai and Effective Economic Occupancy for G1. Note: For more details, refer the Transaction Document. 5#6New Acquisitions | Transaction Summary Brookfield India Real Estate Trust Brookfield India REIT ("BIRET") and GIC(1) have signed binding agreements to acquire, in a 50-50 partnership, a 6.5 MSF operating portfolio for a total consideration of Rs 112,250 Million Proposed 1 Acquisitions by BIRET Transaction #1: Acquisition of 50% interest in Downtown Powai, Mumbai ("Downtown Powai") • Transaction #2: Acquisition of 50% interest in Candor Techspace G1, Gurugram ("G1”) and a 100% interest in its property management entity ("MIOP")(2) 2 Key Deal Terms 3 Key Benefits 4 Sources of Funds €2 (1) (2) (3) (4) (5) (9) • • • Acquisition Price: Rs 112,250 Million for 100% interest in Downtown Powai and G1. Additional Rs 1,500 Million to be paid in future for purchase of 100% interest in MIOP Income Support for G1: Brookfield Group has committed Rs 2,000 Million for 2 years from completion of G1 acquisition, to be funded quarterly towards income for vacant areas in G1 GIC, Singapore's sovereign wealth fund, to acquire 50% interest in Downtown Powai and G1 on the same terms as BIRET The transactions will increase the Operating Area by 44% and Consolidated GAV by 73% The transactions will also reduce the top 5 tenant concentration to 32%, while increasing the Consolidated GAV share of Mumbai to 33% and Gurugram to 34% Acquisition Price is at a 5.8% discount to Consolidated GAV(3) The acquisitions are expected to increase the NDCF per Unit by 4.5% (4) BIRET: Institutional Placement (5) of Rs 34 Billion to be utilized towards purchase of 50% stake, deleveraging the Target Assets and other transaction expenses GIC: Commitment of Rs 33 Billion towards purchase of 50% stake and deleveraging the Target Assets . SPV-level debt (6): Rs 43 Billion to refinance existing debt facilities GIC will invest in the Target Assets through its affiliates. BIRET has entered into an option agreement with the MIOP Shareholders ("MIOP Option Agreement") under which the MIOP Shareholders have agreed to grant an irrevocable option in favour of BIRET to acquire all the share capital of MIOP (on a fully diluted basis) and BIRET has agreed to grant an irrevocable option in favour of the MIOP Shareholders to sell all the share capital of MIOP (on a fully diluted basis) to BIRET, in accordance with the MIOP Option Agreement, for a consideration of Rs 1,504 million. MIOP and G1 have entered into an agreement ("G1 Property Management Agreement") wherein G1 has appointed MIOP to provide the services as contemplated in the G1 Property Management Agreement. Based on the average of two independent valuations by valuers registered with IBBI. Assuming Institutional Placement of up to 124 Million Units at a price of Rs 275 per Unit; NDCF accretion includes pro-forma income support for G1 and assumes Rs 43 Billion debt refinanced at 8.50% per annum. In addition to the Institutional Placement, BIRET may also consider various other forms of fund raising, including preferential allotment of Units, for cash or otherwise, and rights offering of Units, in accordance with applicable law. The Asset SPVs propose to procure the debt from third party lenders and are in the process of obtaining such debt subject to agreement on definitive documentation. 6#7New Acquisitions | Adding Scale and Diversity Brookfield India Real Estate Trust The transactions will further increase our scale while significantly diversifying our portfolio CURRENT PORTFOLIO (March 2023) PRO-FORMA PORTFOLIO (March 2023) Rs 164 B Rs 9,608 M Scale 14.3 MSF Rs 16,478 M 20.6 MSF Rs 283 B Operating Area Consol. Adj. NOI GAV Operating Area Kolkata 16% Gurugram 27% Consol. Adj. NOI Kolkata 9% GAV Gurugram 34% Geographic Diversification(1) Mumbai 16% Noida 41% Top 5 52% Tenancy Diversification(2) 75 Office Tenants (1) In terms of Consolidated GAV. (2) Top 5 Tenant Concentration in terms of gross contracted rentals. Mumbai 33% Noida 24% 136 Office Tenants Top 5 32% 7#8FY2023 - Scorecard Brookfield India Real Estate Trust We have executed on our stated strategy and are poised for rapid growth in our business Metric Performance 1 Stable Distribution 2 Leasing Success 3 Development Rs 20.20 DPU In line with guidance 2.1 MSF + 0.4 MSF of Expansion Options ~1.8x of historical average (1) 0.2 MSF delivered at N2 Fully committed within 7 months of completion to a GCC 4 Organic Growth 5 Inorganic Growth 15% increase in NOI Run Rate (2) Neutralizing the impact of increase in interest rates Downtown Powai and G1 will be added to our growth story Acquisition of 6.5 MSF area in Downtown Powai and G1 at an acquisition price of Rs 112,250 Million 6 ESG Success Advanced Net Zero target by 10 years to 2040 Signed a power purchase agreement through IEX (3) (1) Gross leasing for the period from FY2016 to FY2020 is considered for calculation of historical average. (2) From Q4 FY2022 to Q4 FY2023. (3) Signed a power purchase agreement to procure up to 60% of the energy required at N1 and N2 through the IEX Platform. 8#9Brookfield India Real Estate Trust Ramp-up of Physical Occupancy ~8x improvement in physical occupancy since January 2022 driven by "return-to-office" % PHYSICAL OCCUPANCY COVID-19 3rd wave subsides 9% 8% 26% 21% 21% 16% 33% 33% 43% "Return-to-office" by tech occupiers 52% 53% 50% 50% Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 63% 62% Feb-23 Mar-23 9#10Leasing Success Brookfield India Real Estate Trust Our properties crossed their pre-COVID gross leasing run rate driven by demand from new and existing occupiers GROSS LEASING (MSF)(1) 0.8 FY21 1.3 2.1 1.6 FY22 --Historical Average (2) FY23 FY2023 GROSS LEASING BREAKDOWN Mercer Mc Graw Hill Education tos TATA CONSULTANCY SERVICES ARISTOCRAT 18% amazon 2.1 MSF XCEEDANCE genpact 59% 23% innovaccer BT E-Serv ■ New Tenants GE Oil & Gas ■ Existing Tenants TELUS ■ Renewals Rs 95 PSF AVERAGE RENT (3)(4) 13.1 Yrs. AVERAGE TERM(3) 0.4 MSF EXPANSION OPTION 24% RE-LEASING SPREAD (1) Includes data for N2 for the entire historical period. (2) Gross leasing for the period from FY2016 to FY2020 is considered for calculation of historical average. (3) Average leasing rent and lease term are weighted by area and are provided only for office areas. (4) Including car park rent. 10#11Marquee Renewal Leading to a De-risked Income Profile Brookfield India Real Estate Trust Significantly de-risked the expiry profile with a 10% decrease in the contracted rentals due for expiry till FY26 and achieved a renewal spread of -35% RENEWAL IMPACT ON KEY OPERATING METRICS tcs TATA CONSULTANCY SERVICES 15 Yrs. LEASE TERM 5 Yrs. LOCK-IN(1) Expansion Phase 1 Phase 2 Option (2) • • In-Place Rent (in Rs PSF)(3): Improvement in in-place rent post Phase 2 rent reset Area 175,000 707,000 264,000 SF • Effective Rental Reset Date Q4 FY2023 Q4 FY2024 Renewal Spread 33% 36% Portfolio Level 64 -4 +4% 67 99 Dec-22 Kensington +24% 122 Post Renewal WALE(3): De-risked portfolio with substantially longer WALE enhancing cash flow visibility Portfolio Level ~1.2x Kensington ~5.9x 11.5 7.9 2.0 6.8 (1) Applicable till December 2027 for both Phase 1 and Phase 2 renewals. (2) Validity of the option is until March 31, 2024. 11 This MTM takes into consideration the impact of Phase 2 renewal which will come into effect in Q4 FY2024. WALE calculations also take into consideration Phase 2 renewal.#12Significant Organic Growth Potential Brookfield India Real Estate Trust We achieved a 15% growth in the contracted NOI run rate from Q4 FY2022 and have an embedded growth headroom of ~13% NOI GROWTH POTENTIAL (RS MILLIONS) +13% 8,842 +15% Contracted NOI Run Rate 11,404 - 11,554 Rs 10,144 300-370 960 - 1,040 366 936 9,778 Q4 FY2022 NOI Run Rate (1) Growth vs Q4 (2) FY22 Current NOI Run Rate H2 FY2023 Lease-up + MTM on Renewal (3) I Vacant Area Lease-up (4) Margin Recovery (5) Stabilized NOI Run Rate (1) Includes the NOI for N2 for pre-acquisition period of 23 days in Q4FY2022. (2) Includes escalations, lease-up and margin recovery during FY2023. (3) Indicates the contracted NOI for leases signed in H2 FY2023 which will reflect in the NOI in the subsequent quarters and the mark-to-market achieved on renewals. (4) Incremental NOI based on management estimates, net of a) 28% revenue share payable to landowner (GIL) and b) Income Support. (5) On existing leased areas, we expect NOI Margin to revert to pre-Covid levels as occupancy picks up and CAM recovery improves across the properties. 12#13Q4 FY2023 | Business Highlights We witnessed continued leasing demand with 1.2 MSF of gross leasing this quarter New Leasing 0.3 MSF New Leasing Renewal Success 0.9 MSF Renewals Organic Growth 15% Increase in NOI Run Rate 89% Effective Economic Occupancy Brookfield India Real Estate Trust • Achieved 255,000 SF of new leasing • Signed expansion options of 25,000 SF in K1 and 264,000 SF in Kensington Progressing on a 1.1 MSF leasing pipeline 72% Renewal % • Renewed 926,000 SF at a spread of ~35% 14% Escalation Achieved • Increase of 15% in NOI Run Rate from Q4 FY2022 to Q4 FY2023, neutralizing the impact of increase in interest rates • Achieved 13.5% average escalation (1) on 0.6 MSF leased area IEX platform ESG Success Potential to reduce GHG emissions by ~7,000 MT 812 MT CO2 sequestrated Signed a Power Purchase Agreement to procure up to 60% of the energy required at N1 and N2 through the IEX Platform • 812 metric tonnes of CO2 has been sequestrated by the ~20,000 trees at the REIT assets as per the latest assessment (1) Average escalation is weighted by rent; Average escalation in G2, N1, N2 and K1 is ~14% (3 year escalations) and in Kensington is 5% (annual escalations). 13#14Q4 FY2023 | Financial Highlights 15% increase in operating income versus Q4 FY2022 Q4 FY2023 Growth vs Q4 FY2022 Brookfield India Real Estate Trust Rs 257 million (13.9%) YoY increase: Operating Lease Rentals (OLR) (Rs Million) Rs 2,109 14% o o Rs 123 million (6.6%) due to addition of N2 in REIT Rs 134 million (7.2%) due to recent new leasing and contractual escalations Adjusted Net Operating Income (NOI) (1) (Rs Million) Rs 313 million (14.7%) YoY increase o Rs 125 million (5.9%) due to addition of N2 in REIT Rs 2,444 15% 。 Rs 233 million (10.9%) due to recent new leasing and contractual escalations o Decrease in Income Support of Rs 45 million (-2.1%) Gross Asset Value (Rs Billion) Rs 164 2% Increase of Rs 3 billion (2.1%) (1) Adjusted NOI is the aggregate of reported NOI and the Income Support on N2 in Q4 FY2023. 14#15Q4 FY2023 | Distributions Our distributions are in line with our guidance at Rs 5.00 per unit Rs 1,675 million DISTRIBUTION (Q4 FY2023) Rs 5.00 DISTRIBUTION PER UNIT (DPU) Brookfield India Real Estate Trust DISTRIBUTION PER UNIT COMPONENTS MAY 26, 2023 RECORD DATE Rs 2.66, 53% By June 2, 2023 PAYOUT DATE (1) Includes interest on compulsorily convertible debentures. (2) Includes interest on income tax refund. Rs 0.04, 1% (1) Rs 2.30, 46% Interest on Shareholder Loan Repayment of Shareholder Loan ■Interest Income on Fixed Deposits" (2) 15#16CANDOR Business & Financial Updates pine labs Landis Gyr Brookfield India Real Estate Trust CANDOR TECHSPACE N1, NOIDA#17Significantly Complete and Stable Portfolio Brookfield India Real Estate Trust 94% of gross asset value is in operating properties, with an Effective Economic Occupancy of 89% and a long-dated WALE of 7.9 years Area (in MSF) Leased Area Metrics Asset Operating Dev. Potential Area # Office Total in MSF Committed / Tenants Econ. Occ. % (2) WALE In-place Rent (Yrs.) (Rs PSF) Kensington 1.6 1.6 1.4 7 87% 11.5 Rs 104(3) G2 3.9 0.1 4.0 3.3 15 85% 7.7 83 N1 2.0 0.9 2.8 1.9 28 96% 7.3 49 N2 3.8 0.8 4.5 2.9 22 77% 7.4 56 K1 3.1 2.7 5.7 2.6 13 84% 7.1 43 Total 14.3 4.4 18.7 12.0 75(1) 84% / 89% 7.9 Rs 65(3) ASSET VALUE BY GEOGRAPHY(4) 15% 28% ■Gurugram 16% Rs 164 B ■ Noida ■ Kolkata ■Mumbai 41% ASSET VALUE BY STATUS(4) 6% ■ Operating Rs 164 B 94% Under Construction / Development Potential (1) 7 tenants are present across more than one office park. Includes impact of Phase 1 renewal of TCS. Post Phase 2 renewal (assuming all else remains constant), the rent for Kensington will be Rs 122 PSF and the rent for the overall portfolio will be Rs 67 PSF. Refer slide 11 for more details. Econ. Occ. % denotes Effective Economic Occupancy and is inclusive of income support. (3) (4) As on March 31, 2023. 17#18Deep Rooted Tenant Relationships Technology-led, high credit quality tenant roster SECTOR DIVERSIFICATION OF TENANTS (1) TOP 10 TENANTS (1) Tenant # Parks Brookfield India Real Estate Trust % Gross Contracted % Area Leased Others, 10% Rentals Telecom, 4% Technology, 46% Accenture 3 16% 14% TCS 3 15% 14% Hardware, 4% Healthcare, 5% Cognizant 3 10% 13% Sapient 2 6% 5% RBS 1 5% 4% Samsung 1 3% 3% Genpact 2 2% 3% BFSI 12% Barclays 1 2% 3% Amdocs 1 2% 2% Consulting, 20% Telus 1 2% 2% Total 63% 62% (1) By gross contracted rentals. (2) Banking, Financial Services and Insurance. 18#19New Leasing and Renewals Brookfield India Real Estate Trust Achieved gross leasing of 1.2 MSF during the quarter while progressing on a 1.1 MSF leasing pipeline SELECT NEW LEASES / RENEWALS (1) Tenant / Industry Capgemini❤ Industry Assets Area (SF) Technology K1 62,000 Rs 107 PSF Artech HR Services N1 51,000 AVERAGE RENT ON GROSS LEASING (2) AXTRIA INGENIOUS INSIGHTS Technology AGNITY nnu-ulu. aurule. trenalum, New Leasing tcs TATA CONSULTANCY SERVICES Renewals Total N2 N 41,000 Telecom N1 36,000 255,000 SF Technology Kensington 882,000 926,000SF 1,180,000 SF 14.8 Yrs. AVERAGE TERM ON GROSS LEASING (2) 1.1 MSF NEW LEASING PROSPECTS (1) Only includes select office leases and renewals. (2) Average leasing rent (including car park rent) and lease term are weighted by area. These metrics are provided only for office areas. 19#20New 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 in the near term LEASE EXPIRY SCHEDULE KEY HIGHLIGHTS Area Expiring (MSF) Cumulative Expiry (% of Rentals) Achieved/Expected Renewals (MSF) Expiries deferred from Q4 FY2023 Achieved renewal rate of 72% in FY2023 1.7 Increase in same store expiries of 217,000 SF in FY2024 1.3 1.2 0.3 1.1 0.7 0.4 0.5 0.5 14% 22% 26% 10% FY23 FY24E FY25E FY26E FY27E Rent at expiry (Rs PSF)(1) Rs 70 Rs 67 Rs 60 Rs 60 MTM Spread %(1) 19% 13% 6% (1%)2 (1) Excludes retail and amenity areas. (2) Due to expiries in K1. 20 20#21Property Income | Walkdown MILLIONS Q4 FY2023 Q4 FY2022 Income from Operating Lease Rentals (OLR) Rs 2,109 Rs 1,852 (+) CAM / Other Revenue 915 657 Revenue from Operations Rs 3,024 Rs 2,509 (-) CAM / Other Direct Expenses (763) (606) Net Operating Income (NOI) Rs 2,262 Rs 1,904 % Margin on OLR 107% 103% (+) Income Support Adjusted NOI 183 228 Rs 2,444 Rs 2,132 KEY DRIVERS • Rs 257 million (13.9%) YoY increase: Brookfield India Real Estate Trust • o Rs 123 million (6.6%) due to addition of N2 in REIT o Rs 134 million (7.2%) due to recent new leasing and contractual escalations Rs 258 million (39.3%) YoY increase: o Rs 85 million (12.9%) increase due to addition of N2 to the REIT o Rs 173 million (26.4%) increase primarily due to higher physical attendance and some occupiers moving to higher hours of operation, leading to increase in CAM revenues • Rs 157 million (25.9%) YoY increase: Rs 82 million (13.6%) increase due to addition of N2 to the REIT o Rs 74 million (12.3%) increase due to increase in O&M expenses compared to previous year primarily due to higher physical attendance 21#22Property Income | Walkdown MILLIONS FY2023 FY2022 Income from Operating Lease Rentals (OLR) Rs 8,268 Rs 6,476 (+) CAM / Other Revenue 3,702 2,292 Revenue from Operations Rs 11,970 Rs 8,768 (-) CAM / Other Direct Expenses (3,085) (2,038) Brookfield India Real Estate Trust • KEY DRIVERS Rs 1,792 million (27.7%) YoY increase: o Rs 1522 million (23.5%) due to addition of N2 in REIT o Rs 270 million (4.2%) due to recent new leasing and contractual escalations Rs 1,410 million (61.5%) YoY increase: o Rs 835 million (36.4%) increase due to addition of N2 to the REIT o Rs 575 million (25.1%) increase primarily due to higher physical attendance and some occupiers moving to higher hours of operation, leading to increase in CAM revenues Net Operating Income (NOI) Rs 8,885 Rs 6,730 % Margin on OLR 107% 104% (+) Income Support Adjusted NOI 722 228 Rs 9,608 Rs 6,958 • Rs 1,047 million (51.4%) YoY increase: Rs 759 million (37.3%) increase due to addition of N2 to the REIT o Rs 288 million (14.1%) increase due to increase in O&M expenses compared to previous year primarily due to higher physical attendance 22 22#23NDCF | Walkdown Millions Income from Operating Lease Rentals CAM / Other Revenue Revenue from Operations CAM / Other Direct Expenses Q1 FY2023 Income Support Adjusted NOI Property Management Fees Net Other Income / (Expenses) Adjusted EBITDA Cash Taxes (Net of Refund) Working Capital and Ind-AS Adjustments Addition of Shareholder Debt in SPV(1) Repayment of Tenant Deposits and Brokerage Expense Cashflow from Operations Capex EDC Refund Net Financing Activities (2) Non Refundable Advances Interest Cost on External Debt NDCF (SPV Level) Brookfield India Real Estate Trust Q2 FY2023 Q3 FY2023 Q4 FY2023 Rs 2,034 Rs 2,056 Rs 2,068 Rs 2,109 FY2023 Rs 8,268 876 980 931 915 3,702 Rs 2,910 Rs 3,036 Rs 2,999 Rs 3,024 Rs 11,970 (742) (802) (778) (763) (3,085) 178 179 183 183 722 Rs 2,346 Rs 2,413 Rs 2,405 Rs 2,444 Rs 9,608 (58) (60) (62) (58) (238) 30 5 3 (56) (18) Rs 2,318 Rs 2,357 Rs 2,345 Rs 2,331 Rs 9,352 95 (33) 309 (112) 259 131 70 2 74 277 335 280 80 695 (131) (136) (59) (286) (613) Rs 2,748 Rs 2,258 Rs 2,878 Rs 2,087 Rs 9,970 (370) (284) (356) (304) (1,314) 374 374 601 649 389 972 2,610 85 68 68 220 (902) (1,024) Rs 2,161 Rs 1,666 (1,073) Rs 2,212 (1,082) (4,081) Rs 1,741 Rs 7,780 (1) Rs 335 million added to N2 in Q1 FY2023, Rs 280 million added to N1 in Q3 FY2023 and Rs 80 million added in K1 in Q4 FY2023. (2) Including debt drawdown and interest on fixed deposit & security deposit, and net of investment in fixed deposits, other borrowing costs, repayment of lease liability, repayment of debt and unspent debt drawn during the period. 23#24NDCF | Walkdown Millions NDCF (SPV Level)(1) Interest on Shareholder Debt Dividends Repayment of Shareholder Debt Brookfield India Real Estate Trust Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 FY2023 Rs 2,161 Rs 1,666 Rs 2,212 Rs 1,741 Rs 7,780 860 825 816 813 3,314 22 30 35 87 1,196 886 1,195 990 4,267 Investment of Shareholder Debt in SPV(1) (335) (280) (80) (695) REIT Expenses (2) (24) (25) (88) (50) (187) NDCF (REIT Level)(1) Rs 1,719 Rs 1,717 Rs 1,678 Rs 1,672 Rs 6,786 NDCF per Unit (REIT Level) Rs 5.13 Rs 5.12 Rs 5.01 Rs 4.99 Rs 20.25 Distribution per Unit (REIT Level) Rs 5.10 Rs 5.10 Rs 5.00 Rs 5.00 Rs 20.20 (1) The variance between SPV level NDCF and REIT level NDCF is primarily on account of the addition of shareholder debt in N2, N1, K1 in Q1 FY2023, Q3 FY2023 and Q4 FY2023 respectively, and utilization of opening cash at the SPV level. (2) Includes changes in working capital and net of interest on fixed deposit and on income tax refund. 224#25Summary 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 Assets MARCH 31, 2023 83,337 54,520 5,009 3,540 146,407 Brookfield India Real Estate Trust Investment Property 134,057 Investment Property Under Development 1,217 Cash & Cash Equivalents 2,097 9,037 146,407 Other Assets Total NOTES: a) Other Liabilities include trade & other payables, capital creditors, statutory dues, lease liabilities, deferred income, contract liabilities & provisions b) Other Assets include Income Support receivable, income tax advances, deferred tax, prepaid expenses, security deposits, restricted cash balances, unbilled revenues, trade & other receivables (1) Outstanding borrowings of Rs 54,826 million adjusted for processing fee of Rs 306 million which has been netted off. 25 25#26ESG Updates Brookfield India Real Estate Tri CANDOR TECHSPACE K1, KOLKATA#27Renewable Energy Brookfield India Real Estate Trust Committed to accelerate renewable energy procurement and ensure transition to clean energy through value-accretive partnerships INTERIM SOLUTION LONG TERM SOLUTION • • Signed a Power Purchase Agreement (PPA)(1) to procure up to 60% of the energy required at N1 and N2 through the IEX Platform . Nearing finalization of terms for the procurement of renewable energy for the BIRET entities under a third-party open access agreement with a reputed green energy provider Energy procured will be in the ratio of 60:40 (Green:Brown) beginning Q1 FY2024 for an initial period of 1 year • The above structure is proposed to be implemented by 2027 across all assets and will help in reducing operational cost of assets 7,423(2) 7.5%(2) 47,066 ■GHG emissions reduction potential per year (MT) Reduction as a % of total emissions 48% (1) Signed the PPA in April 2023. (2) GHG emissions reduction potential per year (MT) is for N1 and N2 based on interim IEX arrangement & agreed clauses with the vendor for the period May 2023 till March 2024.Green energy from IEX is considered to be 36% of the total grid energy. 27#28Key ESG Initiatives Brookfield India Real Estate Trust Through continuous improvements, we ensure that our assets are efficient, resilient and future-fit, and support the needs of our tenants and communities ASSET UPGRADES WOMEN'S NETWORK BIODIVERSITY 812 MT CO2 SEQUESTRATED 100% FEMALE EMPLOYEE PARTICIPATION • 812 metric tonnes of CO2 has been sequestrated by the ~20,000 trees at the REIT assets as per the latest assessment Bolsters our goal of enhancing biodiversity at our campuses in our efforts to reduce GHG emissions • • • Launched the Brookfield Properties Women's Network (BPWN) on the occasion of International Women's Day It is a forum dedicated to attracting, developing and motivating a community of women, with initiatives planned to support career growth and leadership development Areas of focus include professional development, mentorship, networking, business and industry related upskilling ~5% ENERGY SAVING Installed Automatic Tube Cleaning Systems (ATCS) in chillers at G2 and N2 to reduce condenser fouling which will lead to energy savings of approximately 5% BIODIVERSITY AT THE ASSETS Brookfield Properties Wo ay LAUNCH OF BP WOMEN'S NETWORK mos AUTOMATIC TUBE CLEANING SYSTEM 28#29Progress on Net Zero Brookfield India Real Estate Trust We are actively tracking our emissions and are closely working with all our stakeholders to achieve a Net Zero carbon future by 2040 GREENHOUSE GAS EMISSIONS ('000 Mt CO2e)(1)(2) ■Scope 2 ■Scope 1 ENERGY CONSUMPTION (MILLION UNITS)(1) 3 2 178 1 1 90 68 50 50 36 34 FY20 FY21 FY22 WATER USAGE ('000 KILO LITRES) (¹) ■Water Usage ■Water Recycled 485 FY23 FY20 126 103 95 FY21 FY22 SOLID WASTE GENERATION (TONS)(1) 1,913 275 1,408 159 161 803 598 527 FY20 FY21 FY22 FY23 FY20 FY23 886 513 434 FY21 FY22 FY23 Note: Consumption reductions in FY2021 and FY2022 are primarily attributable to lower physical occupancy on account of restrictions due to Covid. We have considered and updated the data from Resource Advisor Portal and ESG Report which was ratified by a third party (1) Includes N2 for entire period. Scope emissions categorization and emission factors were modified as per the GHG standard. (2) Scope emissions categorization and emission factors were modified as per the GHG standard. 29 29#30Cvent Information Supplement CANDORES S accenture CANDO CANDOR TECHSPACE G2, GURUGRAM#31Brookfield: One of the World's Largest Real Estate Portfolios Brookfield India Real Estate Trust With ~$270 B in real estate AUM and 29,000+ employees across 30+ countries, Brookfield owns, operates and manages one of the world's largest, highest quality portfolios BROOKFIELD PLACE, NEW YORK POTSDAMER PLATZ, BERLIN BROOKFIELD PLACE, TORONTO INTERNATIONAL FINANCIAL CENTRE, SEOUL CANARY WHARF, LONDON BROOKFIELD PLACE, PERTH 31#32Brookfield's Real Estate Footprint in India Brookfield India Real Estate Trust Brookfield is one of the largest real estate investors in India with a high-quality office portfolio spanning 50 MSF (including Brookfield India REIT) BROOKFIELD INDIA REAL ESTATE – KEY FACTS $8B ASSETS UNDER MANAGEMENT 50 MSF TOTAL OFFICE AREA OTHER INDIA OFFICE PORTFOLIO (OUTSIDE REIT) 2x AUM GROWTH (2020-2022) 15 Cities DIVERSIFIED PORTFOLIO 10+ Yrs. INDIA PRESENCE 5,000+ EMPLOYEES(1) L THE LEELA PALACES HOTELS RESORTS COWRKS 20 Centers 12 Hotels 3,300+ KEYS (2) (1) Including direct and indirect employees. (2) Includes owned, managed and licensed hotels. ECOWORLD, BANGALORE G1, GURUGRAM DOWNTOWN POWAI, MUMBAI ECOSPACE, BANGALORE 16,000 DESKS EQUINOX, MUMBAI MILLENIA, CHENNAI 32#33Detailed Lease Expiry Schedule Brookfield India Real Estate Trust Year / Asset FY2024E Kensington G2 Area Expiring ('000 SF) % of Gross Rentals (Asset / Portfolio) In-place rent at Expiry (Rs PSF)(1) 123 12% Rs 140 364 12% 86 N1 340 14% 41 N2 332 11% 55 K1 5 47 Total 1,164 10% Rs 70 FY2025E Kensington 41 4% Rs 152 G2 115 3% 112 N1 300 15% N2 49 1% 45 63 K1 3 1% Total 509 4% Rs 67 FY2026E Kensington G2 185 6% 100 N1 45 3% 48 N2 349 11% 54 K1 510 20% 51 Total 1,089 7% Rs 60 FY2027E Kensington G2 N1 N2 K1 Total 17 2% Rs 152 81 2% 89 24 1% 56 92 3% 66 497 20% 51 712 5% Rs 60 33 (1) Excludes retail and amenity areas.#34Q4 FY2023: Occupancy Bridge ASSET DECEMBER 31, 2022 Brookfield India Real Estate Trust MARCH 31, 2023 OPERATING LEASED AREAS IN '000 SF AREA COMMITTED AREA OCCUPANCY NEW LEASING GROSS EXPIRIES OPERATING RENEWALS AREA LEASED AREA COMMITTED OCCUPANCY Kensington G2 1,563 1,411 3,917 3,290 84% 21 90% (935) 882 1,563 1,357 3,918 3,311 85% 1,973 1,898 96% 87% N1 1,964 1,773 90% 131 (6) N2 3,776 2,896 77% 41 (31) 2 3,776 2,908 77% K1 3,061 2,498 82% 62 (42) 42 3,065 2,560 84% Total 14,280 11,868 83% 255 (1,015) 926 14,294 12,035 84% 34#35FY2023: Occupancy Bridge ASSET MARCH 31, 2022 Brookfield India Real Estate Trust MARCH 31, 2023 OPERATING LEASED AREAS IN '000 SF AREA COMMITTED AREA OCCUPANCY NEW LEASING GROSS EXPIRIES OPERATING RENEWALS AREA LEASED AREA COMMITTED OCCUPANCY Kensington 90% 87% 1,558 1,409 74 (1,068) 942 1,563 1,357 G2 3,877 3,232 83% 110 (184) 117 3,918 3,311 85% N1 1,949 1,507 77% 435 (71) 27 1,973 1,898 96% N2 3,609 2,891 80% 193 (269) 93 3,776(1) 2,908 77% K1 3,061 2,577 84% 62 (156) 78 3,065 2,560 84% Total 14,054 11,616 83% 873 (1,747) 1,256 14,294 12,035 84% (1) Tower 11A (166,000 SF) added in N2 35 35#36Q4 FY2023: New leasing & Renewals ASSET NEW LEASING AREAS IN '000 SF AREA RENT PSF PM(1) Kensington 29 G2 24 21 97 N1 131 70 + RENEWALS Brookfield India Real Estate Trust GROSS LEASING AREA RENT PSF PM(1) AREA RENT PSF PM(1) 882 N2 41 58 2 K1 62 62 45 42 Rs 118 882 Rs 118(2) 21 131 97 70 70 43 58 104 45 Total 255 Rs 63 926 Rs 118 1,181 Rs 107 (1) Rents are given per square foot per month only for office areas and include the car park rent. Considers renewal of both the phases of TCS. Refer slide 11 for more details. (2) 36 36#37FY2023: New leasing & Renewals ASSET NEW LEASING AREAS IN '000 SF AREA RENT PSF PM(1) Kensington 74 29 G2 110 N1 435 + RENEWALS Brookfield India Real Estate Trust GROSS LEASING AREA RENT PSF PM(1) AREA RENT PSF PM(1) Rs 132 942 83 80 117 99 65 27 Rs 118 1,017 Rs 118(2) 90 227 87 462 99 65 N2 193 69 93 58 285 65 59 K1 62 45 78 80 48 140 46 Total 873 Rs 73 1,256 Rs 109 2,130 Rs 95 (1) Rents are given per square foot per month only for office areas and include the car park rent. Considers renewal of both the phases of TCS. Refer slide 11 for more details. (2) 37#38Property Income | Consolidation Details (Q4 FY2023) MILLIONS INCOME FROM OPERATING LEASE RENTALS (OLR) REVENUE FROM OPERATIONS Brookfield India Real Estate Trust NET OPERATING INCOME (NOI)(1) Q4 FY2023 Q4 FY2022 Q4 FY2023 Q4 FY2022 Q4 FY2023 % OLR Q4 FY2022 % OLR Kensington Rs 435 Rs 423 Rs 468 Rs 455 Rs 406 93% Rs 360 85% G2 618 534 915 766 667 108% 524 98% M N1 258 201 433 318 272 105% 219 109% N2 478 355 713 505 509 106% 383 108% 1.1 K1 320 339 495 465 332 104% 334 98% 149 111 75 83 CIOP Intercompany (149) (111) Eliminations(2) Total Rs 2,109 Rs 1,852 Rs 3,024 Rs 2,509 Rs 2,262 107% Rs 1,904 103% Income Support 183 228 Adjusted Total Rs 2,109 Rs 1,852 Rs 3,024 Rs 2,509 Rs 2,444 Rs 2,132 (1) The NOI at SPV level is presented without intercompany eliminations. (2) Revenue earned by CIOP gets eliminated with corresponding operating and maintenance expenses at SPV level. 38#39Property Income | Consolidation Details (FY2023) MILLIONS INCOME FROM OPERATING LEASE RENTALS (OLR) FY2023 FY2022 REVENUE FROM OPERATIONS FY2023 FY2022 Brookfield India Real Estate Trust NET OPERATING INCOME (NOI)(1) FY2023 % OLR FY2022 % OLR Kensington Rs 1,752 Rs 1,672 Rs 1,893 Rs 1,789 Rs 1,636 93% Rs 1,505 90% G2 2,386 2,294 3,492 3,222 2,548 107% 2,359 103% M N1 949 757 1,751 1,234 1,057 111% 812 107% N2 1,878 355 2,863 505 1,982 106% 383 108% 1.1 K1 1,304 1,397 1,971 2,017 1,326 102% 1,444 103% CIOP 570 362 337 226 Intercompany (570) (362) Eliminations(2) Total Rs 8,268 Rs 6,476 Rs 11,970 Rs 8,768 Rs 8,885 107% Rs 6,730 104% Income Support 722 228 Adjusted Total Rs 8,268 Rs 6,476 Rs 11,970 Rs 8,768 Rs 9,608 Rs 6,958 (1) The NOI at SPV level is presented without intercompany eliminations. (2) Revenue earned by CIOP gets eliminated with corresponding operating and maintenance expenses at SPV level. 39#40Strong Capital Structure Brookfield India Real Estate Trust Backed by high quality assets and robust cash flows, our long-duration borrowings maintain a AAA credit rating, attract competitive costs and carry a low refinancing risk 8.20% AAA/Negative AVERAGE INTEREST RATE (1) CREDIT RATING (CRISIL) INCREASE IN INTEREST RATES(2) 250 bps Repo Rate 144 bps 32% NET DEBT TO VALUE RATIO(3) 9 Yrs. AVERAGE MATURITY(4) DEBT MATURITY PROFILE (% OF OUTSTANDING DEBT) 74% 10% 11% 1% 2% 2% Brookfield India REIT FY24 FY25 FY26 FY27 FY28 FY29+ (1) As on March 31, 2023; 100% floating rate loans. (2) During FY2023. (3) Gross Asset Value is as on March 31, 2023. (4) Weighted average maturity period as on March 31, 2023. 40 40#41Capital Structure and Liquidity Brookfield India Real Estate Trust Simple capital structure, low-cost asset level debt and significant debt headroom will continue to be our strengths Rs 52.7B NET DEBT (1) 52% HEADROOM IN LTV SPV GROSS DEBT SUMMARY (MILLIONS)(2) HEADROOM IN LTV(2)(3) 32% = +52% Rs 27B 49% Brookfield REIT Regulatory Cap ASSETS KENSINGTON G2 + K1 N1 N2 CIOP TOTAL Shareholder Debt by REIT (12.5% p.a.p.q.) 5,687 8,667 2,567 5,399 External Debt (8.20% p.a.p.m.) 8,930 26,950 4,050 14,896 22,320 54,826 Total SPV Debt (Gross) Rs 14,617 Rs 35,617 Rs 6,617 Rs 20,295 Less: Shareholder Debt by REIT Rs 77,107 (22,320) Rs 54,826 Consolidated REIT Debt (Gross) (1) Gross Debt of Rs 54,826 million net of Cash and Cash Equivalents of Rs 2,097 million. (2) As on March 31, 2023. (3) Asset values for LTV calculation are as on March 31, 2023 (4) Weighted average maturity period as on March 31, 2023.. 41#42Ongoing Capex and Upgrades Brookfield India Real Estate Trust Rs 2.6 billion 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 (1) Asset Upgrades/Tenant Improvements Kensington G2 N1 N2 K1 Sub Total New Development K1 - Mixed Use Development Sub Total Total ESTIMATED COMPLETION DATE PENDING COSTS (MILLIONS) Q1 FY2024 Q1 FY2024 Q2 FY2024 Rs 68 62 93 Q2 FY2024 70 Q1 FY2024 7 Rs 300 Q3 FY2026 (1) Capex budgets for asset upgrades and tenant improvements: - Asset Upgrades: Façade and canopy at Kensington; food court and gym at G2; landscaping, external developments and ongoing fitouts at N1; and landscaping and façade upgrades at N2. - Tenant Improvements: At Kensington, G2, N1 and K1. 2,323 Rs 2,323 Rs 2,623 42#43Research Coverage Brookfield India Real Estate Trust RESEARCH HOUSE Ambit Axis Capital ANALYST Karan Khanna Samar Sarda BofA Securities Kunal Tayal Citi HSBC Bank ICICI Securities Atul Tiwari Puneet Gulati Adhidev Chattopadhyay Mohit Agarwal EMAIL ID [email protected] [email protected] Kunal. [email protected] Atul. [email protected] Puneet [email protected] [email protected] [email protected] IIFL Investec JM Financial Sri Karthik Velamakanni [email protected] Abhishek Kumar [email protected] JP Morgan Saurabh Kumar Kotak Institutional Equities Murtuza Arsiwalla Morgan Stanley Sameer Baisiwala [email protected] [email protected] [email protected] 43#44Glossary (1/3) Brookfield India Real Estate Trust Gross Asset Value / Asset Value Committed Occupancy WALE In-place Rent G2 N1 N2 K1 G1 Downtown Powai Current Portfolio Pro-forma Portfolio Operating Area The market value as determined by the Valuer as of March 31, 2023 (Occupied Area + Completed Area under Letters of Intent) Completed Area In % 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 Candor Techspace G2 (Candor Techspace, Sector 21, Gurugram) Candor Techspace N1 (Candor Techspace, Sector 62, Noida) Candor Techspace N2 (Candor Techspace, Sector 135, Noida) Candor Techspace K1 (Candor Techspace, New Town, Kolkata) Candor Techspace G1 (Candor Techspace, Sector 48, Gurugram) Kairos Property Managers Private Limited Assets comprising of office parks (Kensington, Mumbai; G2, Gurugram; N1 and N2, Noida; K1, Kolkata) Together, Current Portfolio, Downtown Powai and G1 Total area leased for the assets in the Current Portfolio 44#45Glossary (2/3) Brookfield India Real Estate Trust NDCF Effective Economic Occupancy Income Support Brookfield SDPL CIOP GIC Target Assets Financial Year Mark-to-market Headroom / Spread Operating Lease Rentals (OLR) Net Operating Income (NOI) Transaction Document Net distributable cash flows (non-GAAP measure). Please refer to pg. 285-287 of the Offer Document for calculation methodology Sum of Leased Areas and any eligible areas under any income support arrangement (excluding Leased Areas) Operating Area In % Monetary support provided by Mountainstar India Office Parks Private Limited (MIOP) to SDPL Noida and to be provided to G1 with respect to eligible areas under the Income Support Agreement Brookfield Corporation and its affiliates Seaview Developers Private Limited Candor India Office Parks Private Limited OGIC, a global institutional investor Downtown Powai and G1 Pertains to the period from April 1 of the previous year to March 31 of the stated year, e.g., FY2023 is the period from April 1, 2022 to March 31, 2023 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 Transaction document dated May 18, 2023 issued by BIRET in accordance with the provisions of Regulations 19(5) and 19(6) of the REIT Regulations 45 45#46Glossary (3/3) Consolidated GAV Consolidated Adjusted NOI Operating Area Consolidated GAV - GAV considering 100% stake in all SPV'S Adjusted NOI considering 100% stake in all SPV's Operating Area considering 100% in all SPV's Brookfield India Real Estate Trust 46 46