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Who We AreGoverning BoardGoverning BoardTorchbearers ofEthos – Integrity – GovernanceCMCCDeepak Ghaisas is an Independent member and Chairperson of the GoverningBoard of the Manager. He is also the Chairman of Gencoval Group ofCompanies. He is currently Chairperson on the Board of Governors of IndianInstitute of Information Technology & Design, Jabalpur and also of IIIT, Gwalior.Deepak Ghaisas is Director on the Board of Stemade Biotech Private Limited.He holds a bachelor’s degree in commerce from the University of Bombay. He isa qualified Chartered Accountant, Cost Accountant, Company Secretary, andan alumnus of London Business School.DEEPAK GHAISASMANISH KEJRIWALIndependent MemberIndependent MemberMMMManisha Girotra is the CEO of Moelis & Company in India, and an Independentmember of the Governing Board of the Manager. She has more than 28 yearsof investment banking experience, with extensive cross-border M&A expertiseacross a broad range of industries. She was previously the Chairperson andCountry Head of UBS in India. She is on the Boards of Ashok Leyland Limitedand Naspers and a trustee of the Neurology Foundation and Trust. She holds aBachelor’s degree in Economics from St. Stephen’s College and a Master’s inEconomics from Delhi School of Economics. She was named one of the ‘Top50 Women to Watch’ by The Wall Street Journal Report.MANISHA GIROTRAMMMMRavi Raheja is Group President of KRC group, he has over 27 years ofexperience across the real estate, retail and hospitality sectors, andhas steered KRC group’s business towards building a robust portfolioof rent-yielding assets. An alumnus of the London Business School,Ravi is an active contributor to the industry through premier forums suchas Indian Green Building Council, where he served as the Chairman(Mumbai Chapter) and pushed for the construction of green buildingsway back in 2007. He plays a key role in KRC group’s philanthropicinitiatives through K Raheja Corp Foundation, Sadhana EducationSociety, and S. L. Raheja Hospital.RAVI RAHEJAIndependent MemberNon-Executive MemberMCCMBobby Parikh is the Founder of Bobby Parikh Associates, a boutiquefirm providing strategic tax and regulatory advisory services. He worksextensively with private equity funds, other institutional investors, ownersand managers of businesses as well as regulators and policy formulators.Bobby has been a co-founder of BMR Advisors, former CEO of Ernst &Young in India and Country Managing Partner of Arthur Andersen. Heis member of a number of trade and business associations, and Boardmember of several NGOs and listed Indian companies. He is a graduate incommerce from the University of Mumbai and a Chartered Accountant.BOBBY PARIKHMMMMNeel Raheja is Group President, KRC group where he has helped indiversification beyond the realms of real estate. He has spearheadedthe advent of organized retail in India. He is Co-chair at CII-NationalCommittee on Real Estate and Housing, the Chairman, IndiaChapter of APREA, and was President, NAREDCO West. He is alsoVice Chairman of CORENET, and Advisory Committee member ofMCHI‑CREDAI. Neel graduated in Law from the Mumbai University andis an alumnus of the Harvard Business School.NEEL RAHEJAIndependent MemberBoard CommitteesMManish Kejriwal is the Managing Partner of Kedaara Capital, a privateequity investment fund focused on India. Earlier, Manish foundedthe India office of Temasek Holdings Pte. Ltd., where he headed allits investments and other activities. Before that he was a Partner atMckinsey & Company Inc. Manish received an AB from DartmouthCollege and an MBA from Harvard University (Baker Scholar). Manish iscurrently the lead Independent Director at Bharti Airtel, a member of theboard of various Bajaj group companies and various Kedaara investeecompanies. He is a founder trustee of Ashoka University and a formermember of the Harvard Alumni Board.Non-Executive MemberNomination and RemunerationAuditInvestmentStakeholders’ RelationshipExecutiveGoverning BoardCChairpersonMMemberMr. Alan Miyasaki, Non-Independent Non-Executive Member of the Governing Board of K Raheja Corp Investment Managers LLP, Manager“Mindspace REIT” has resigned from the Governing Board of the Manager with effect from December 27, 202110MINDSPACE BUSINESS PARKS REITANNUAL REPORT 2021-2211

Who We ArePortfolioPortfolioStrong presence inprominent geographies40.6%Mumbai12.9 msfPortfolio snapshotUnderconstruction/ ProposeddevelopmentArea cupancy(%)WALE(years)based onareaIn-placebase rent(psf)Mindspace Airoli (E)4.72.16.886.386.35.2Mindspace Airoli (W)3.91.35.257.466.0Mindspace Malad0.7-0.793.6The Square BKC0.1-0.1Mumbai Region9.53.412.9Asset40.0% 101 bnCompletedarea(msf)Hyderabad12.7 msf 99 bn17.0%2.5%Pune5.4 msfTotal Leasable Area0.8 .05.970.09,0433.4Commerzone 497.998.06.768.050,10019.0Mindspace space 787.388.48.058.499,48337.7Commerzone 00Portfolio24.282.284.3Portfolio market value mix (%)(1)2.919.0Hyderabad91.7Mumbai RegionPuneCompleted% split by Total Leasable Area1. Comprises 24.2 msf Completed Area, 3.0 msf of Under-Construction area and 4.6 msf Future Development Area2. Estimated by Valuer 61.7 psf16.3%6.9 yearsMindspace MadhapurMindspace Airoli (East)Completed areaMark to Market Potential(1)Committed occupancyWALENote: All above information is as on March 31, 20221. Market Rent of 71.7 psf considered for calculating MTM potential (basis valuer estimates)122.437.7Market Value84.3%61.7Portfolio market value mix (%)(1)4.2 264 bn (2)24.2 msf6.9 1. The Market Value of Mindspace Madhapur is with respect to 89.0% ownership of REIT in respective Asset SPVsTotal Market Value 8 bn53.70.74.1Chennai 56 bn(% oftotal)Gera Commerzone KharadiFacility Management31.8 msf (1)ValueThe Square Nagar RoadHyderabadTotal Leasable AreaMarket Value as ofMar-22 ( million)ChennaiUnder construction acility managementFdivisionFuture development38.11. Above information is as on March 31, 2022In-place rentThe largest business parks in therespective marketsMINDSPACE BUSINESS PARKS REITANNUAL REPORT 2021-2213

Who We AreDiversified Tenant PartnershipsDiversified Tenant PartnershipsDiversified tenant mix across sectors (%)Dynamic partnerships forfuture-ready spaces113Building the business with the finest partners7Our tenants, some of the leading global corporates and Fortune-500 companies, arereturning to physical working spaces with renewed vigour. This has accelerated demandfor spaces that center around highest safety protocols, security, and hygiene.3426We have reimagined our spaces to be integrated with technology, reflect inimitabledesign, facilitate engagement, wellbeing, and overall camaraderie for the new-ageworkforce, while being accountable to our ecology and community.Key highlights77.2%Share of foreign MNCsin rental(1)42.3%Contribution by technologysector in rentals36.5%Share of top 10 tenantsin rentals (1)29.4%Share of Fortune 500companies in rentals (2) 99%Collection of GrossContracted Rentals (1)1811Technology (Development and Processes)Professional servicesFinancial ServicesEngineering & ManufacturingTelecom & MediaE-CommerceOthersTop 10 tenants across our portfolio:Notes:1. Represents % of Gross Constructed Rentals as on March 31, 20222. Fortune 500 Global List of 2021TenantSector% Gross Contracted Rentals# Parks Present inAccentureTechnology6.02QualcommTelecom & iproTechnology3.42IDFCFinancial Services3.22SmartworksOthers3.02VerizonTelecom & Media2.71AmazonE-Commerce2.63BarclaysFinancial Services2.61Total12 yearsAverage duration of top 10 tenants’association with us14Healthcare & PharmaMINDSPACE BUSINESS PARKS REITANNUAL REPORT 2021-2236.515Tenants have office space in morethan one park of the portfolio15

Who We AreBusiness DriversWhat’s driving our growth story –Strong Foothold, Sustained OutlookMindspace REIT’s top-notch assets across a spectrum of businesses in the country are ahallmark of the entity's unmatched amenities and quality. They are clearly indicative of anexpanding scope, in addition to the wherewithal to curate the best‑in‑class spaces. Theyalso demonstrate how the entity is a partner of choice for prominent global corporates.We focus on coalescing our purpose of sustainability into our business strategy and are committedto grow our portfolio that is engaging, efficient and synergising for our partners.Our growth story is a confluence of several parameters or growth drivers that have helped us stay buoyantacross real estate cycles and gain foothold in the industry.Leverage across four key Indianoffice marketsBolstering partnerships with marqueetenantsThe Mindspace REIT pillars of global qualitystandards, robust infrastructure, modern andsustainable design, and scale of assets, putus in pole position to bankroll on the demandsurge for quality workspaces. Our establishedleadership in key portfolio markets, arising out ofour strategically located land parcels and campusstyle business parks, makes us a partner of choicefor these companies. Our Mindspace Madhapurand Mindspace Airoli East assets are the largestparks in the respective micro markets, giving usan unassailable edge. Replicating these assets inthose business districts is an insurmountable task.Our consistent growth can be attributed to its focus onsetting newer benchmarks in tenant partnerships throughconcerted efforts, while retaining existing tenants.Our proactive tenant engagement initiatives helps uscreate a customized experience and build promisingpartnerships. We constantly work towards offeringmore facilities to our tenants in our assets by addingrecreational zones, landscaping, clubhouse, skywalks,open areas, revamping lobbies, and foodcourts, amongothers. We also organize a host of recreational activitiesand workshops for our tenants and their employees atour parks. Our tenants associate huge value with ourofferings and prefer us as their partner of choice for theirexpansion plans. The expansion of marquee tenantssuch as Qualcom, BA Continuum, and Barclays withinour portfolio is a testament to our efforts.Important milestones in FY22: Redevelopment of asset has allowed us toincrease footprint of certain buildings at theMindspace Madhapur Park by 3.5x (rebuildingfrom 0.36 to 1.31 msf) Evaluating ROFO asset of 1.8 msf at CommerzoneMadhapur post receipt of notice in February 2022 Commenced construction of B4 with a potentialleasable area of 1.0 msf at Gera CommerzoneKharadi, Pune to cater to upcoming demand Commenced construction of Club House at theMindspace Madhapaur, Hyderabad16Business driversPrudent fiscal managementStable cashflow with sustained growthAt Mindspace REIT, we believe that ourbalance sheet with low leverage willenable us to drive growth by undertakingvalue-accretive growth oppurtunities. Westrategically moved towards creating abalance of fixed cost and variable cost debt,with 45.9% of our total outstanding debt ason March 31, 2022 being fixed cost.Mindspace REIT’s long-term leases coupled withembedded escalations ensures visibility on a stable,future cash flow. Our current portfolio has a WALE of6.9 years as of March 31, 2022 and over the last fiscalwe have re-leased approximately 2.8 msf at rents,on an average, 31.0% higher than in-place rents. Wefurther stand to benefit from the Right of First Offer(ROFO) agreement with KRC group that provides anoption to acquire certain projects that are developedby the Sponsors. We are currently evaluating a ROFOasset with a total leasable area of 1.8 msf atthe Commerzone Madhapur.Important milestones in FY22: Raised 9 billion via NCD at REIT and SPVslevel in the current financial year Cost of debt has reduced by c.50 bps fromc.7.1% p.a. at the end of March 2021, toc.6.6% at the end of March 2022 Net Debt to Market Value remains low at 15.7% Corporate credit rating by CRISIL Ratings andICRA stands at CCR AAA/ Stable and [ICRA]AAA (Stable) respectivelyImportant milestones in FY22: As of March 31, 2022, our business parksdemonstrate an expansion potential of 7.6 msf, ofwhich 3.0 msf constitutes an Under ConstructionArea and 4.6 msf of Future Development Area Of our current under-construction area of 3.0msf, 1.7 msf is scheduled to be completed inFY23, out of which c.70% is already pre-leasedOn the back of expertise and experience Average work experience of 21 yearsMindspace REIT’s core team brings a collective experience of21 years across areas of development, leasing, operations,and management of commercial real estate assets acrossIndia. Our management’s deep understanding of the marketdynamics aids in creating long-term value forour stakeholders. Strong management team with unmatchedexpertise in development, assetmanagement, and fund raising, among others Strong relationship with tenants, lenders and,capital providersImportant milestones in FY22: WALE of 6.9 years – a testimony to oursteadfastness A diverse mix of tenants thatstand at 175 as of March 31, 2022 Gross Contracted Rentals as of March31, 2022 stands at 77.2% with regards tomultinational corporations and 29.4% forFortune 500 companies Of the 13.4 msf of area leased since April2018, 61.6% was leased to existing tenants On an average, our top 10 tenants havestayed with us for over 12 yearsMINDSPACE BUSINESS PARKS REITANNUAL REPORT 2021-2217

How We PerformedMessage from the CEOMessage from the CEOCEO’s message“FY22 was the strongest year in terms ofleasing as the portfolio clocked leasing ofc.4.5 msf. We look towards FY23 with arenewed optimism, as we accelerate ourgrowth via anticipated favourable movementin occupancy, on campus expansion andexploring inorganic opportunities. Wecontinue to remain committed towardsbuilding an ESG-centric and experientialecosystem that occupiers aspire to beassociated with.”With each subsiding wave of COVID-19, we witnessed ahealthy bounce back in leasing activity, reiterating the integralrole of physical office spaces. While the third wave marginallydeferred the back-to-office momentum, we expect it to beback on track with many companies announcing return towork timelines with GCCs/GICs being the front runners.As employees start coming back to their workspaces, theyhave started to relish opportunity to collaborate, brainstorm,ideate, and build camaraderie while seamlessly weaving inKey highlights of FY22 Recorded NOI growth of 8.2% y-o-y Leased c.4.5 msf Won 9 ‘Sword of Honours’ First real estate entity to commit to RE100 initiative 24.4% returns (including distributions) during FY22the organization’s culture; an intangible which could not bereplicated in remote working models.Operational performanceWe have recorded one of our best year in terms of leasing.Our in-place rent increased by 10.3% y-o-y to 61.7per sq. ft. per month. In addition, our ROFO assets alsowitnessed elevated leasing momentum, recording leasingof c.2.9 msf during the year taking the cumulative leasing toc.7.5 msf across the REIT and ROFO portfolio.Dear Unitholders,It gives me immense pleasure to present to you our secondAnnual Report.The financial year began with the second wave of thepandemic which brought in stringent nationwide restrictionsto combat it. However, the year ended with the Centrepermitting states to ease most of the restrictions, allowingthem to march towards restoring balance in the economy.The government-led inoculation drives, coupled withlower infection rates, aided in creating a positive impactand reinstating normalcy. Despite the challenges, we haverecorded one of the best years of leasing, recording volumesof c.4.5 million square feet (msf) in FY22. We have achievedhealthy re-leasing spreads of 31% and our net operatingincome has grown by c.8.2% year-on-year (y-o-y).18As organizations are moving back to working from offices,we are ready with renewed vigour to partner with our tenantsand becoming integral to their growth stories. At MindspaceREIT, we are committed to build an ecosystem that helpsattract and retain employees and offer them a collaborativeplatform to think, connect and grow.Future of officeToday, both organizations as well as their employees havestarted appreciating their workspaces more than before.Companies have realized that a workspace plays animportant role in shaping the culture of the organization byfostering collaboration, innovation, and growth. Employeestoo have come to realize the importance of having adedicated and distinguished work environment.MINDSPACE BUSINESS PARKS REITLarge occupiers are leading the inquiries to scan themarketplace for their long-term back-to-office footprintstrategies. As a result, the demand for under-constructionassets is strengthening. To quote few examples, our entirebuilding of c.0.67 msf in Commerzone Kharadi, Punehas been pre-leased to a single tenant. Our ROFO assetCommerzone Madhapur, Hyderabad with a leasable area ofc.1.8 msf was also entirely leased to a marquee global tenantand an entire under-construction building of c.0.7 msf at ourROFO asset Commerzone Pallikaranai, Chennai was alsopre-leased. This demand for large spaces is encouraging usto advance our future development timelines.Our committed occupancy for the year was 84.3%.Additionally, if we include all the pre-leasing in our underconstruction assets the committed occupancy rises toc.85.0%.Augmenting assets, enhancing growthAs envisaged, occupiers today do not want to compromiseon asset quality and asset management, as they restartANNUAL REPORT 2021-22their journey towards office occupancy. There is a strongdesire to provide work environments to their employeeswhich promote wellness and offer ample recreationalspaces, entertainment zones, and hassle-free access totransportation nodes. Work-life balance today has becomefar more important and work environments that can providethis balance are witnessing traction. We h

Management Discussion and Analysis 88 Risk Factors 107 . The entity's growth has been about embracing change, to invigorate . mobility within the parks Page 48 4 MINDSPACE BUSINESS PARKS REIT ANNUAL REPORT 2021-22 5 Who We Are Mindspace REIT at a glance. Operational hotel keys