November 13, 2020 To, the Corporate Relations Department

November 13, 2020 To, the Corporate Relations Department

November 13, 2020 To, The Corporate Relations Department The Corporate Relations Department The National Stock Exchange of India Ltd. Department of Corporate Services Exchange Plaza, 5th Floor, BSE Limited Plot No. C/1, G-Block, 25th Floor, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Dalal Street, Mumbai – 400001 Bandra (E), Mumbai - 400051 Re: Scrip Code 960165, 958770, 959074 and 959990; Scrip Code 542602 and Scrip Symbol “EMBASSY” Dear Sir/Madam, Subject: Submission of Half-Yearly Report Pursuant to Regulation 23(3) of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, we have enclosed the Half-Yearly Report with respect to the activities of Embassy Office Parks REIT for the period ended September 30, 2020. The Half-Yearly report referred above is also uploaded on our website at www.ir.embassyofficeparks.com. Kindly take the same on your record. Thank you Yours sincerely, For and on behalf of Embassy Office Parks REIT acting through its Manager, Embassy Office Parks Management Services Private Limited Deepika Srivastava Company Secretary and Compliance Officer A23654 Encl: As above Embassy Office Parks Management Services Pvt. Ltd. Embassy GolfLinks Business Park, Pebble Beach, Off Intermediate Ring Road, Bangalore – 560 071, India. T: +91 80 4903 0000 F: +91 80 4903 0046. www.embassyofficeparks.com I CIN: U70100KA2014PTC073362 Registered Office: Embassy Point, 1st Floor, 150, Infantry Road, Bangalore – 560 001. India T: +91 80 4179 9999 I F: +91 80 2228 6912 WHERE THE WORLD COMES TO WORK HALF-YEARLY REPORT 2020-21 Contents CORPORATE OVERVIEW Introduction and performance review 48 CORPORATE GOVERNANCE 2 Embassy REIT at a glance 62 STATUTORY DISCLOSURES 4 Chairman’s perspective 81 FINANCIAL STATEMENTS 6 From the CEO’s desk 82 Standalone 10 Our COVID-19 response 124 Consolidated 12 Our strategic priorities 212 SUMMARY VALUATION REPORT 14 Key performance indicators 16 Occupiers 17 Portfolio overview 18 Commercial portfolio update 19 Development update 20 Investor relations updates 22 Community Governance and leadership 25 Governance 26 Board of Directors 29 Management team Our portfolio 32 Commercial properties 44 Other assets Corporate Statutory Financial Summary valuation Corporate overview governance disclosures statements report Performance highlights: 1H FY2021 33.3 msf# 160+ Portfolio Blue-chip occupiers 91.7% 28% Occupancy Mark-to-market upside 48% 6.5 YEARS Gross rents from Weighted Average Lease Fortune 500 occupiers Expiry (WALE) J10,564 Mn J9,383 Mn Revenue from operations Net operating income 5% * J9,237 Mn J8,743 Mn EBITDA 8% * Distributions 100% 16% Payout ratio Net debt/Total Enterprise Value (TEV) 99.5% 99.7% 2Q FY2021 office 1Q FY2021 office rental collections rental collections *Growth over 1H FY2020 #Millions Sq. ft. Half-Yearly Report 2020-21 1 Embassy REIT at a glance We are India’s first listed Real Estate Investment Trust (REIT) and the largest in Asia by area. We manage a Grade A commercial office portfolio that serves as essential corporate infrastructure to global occupiers, including many Fortune 500 corporations. Embassy Office Parks is India’s KEY STATISTICS first publicly listed Real Estate Investment Trust (REIT). Listed in April 2019, Embassy REIT owns and operates a 33.31 million 78 11 square feet (msf) portfolio of World-class Commercial seven infrastructure-like office office buildings offices parks and four city-centre office buildings in India’s best performing office markets of Bengaluru, Mumbai, Pune, and the National Capital Region (NCR). Embassy REIT’s 160+ 100 MW portfolio comprises 26.2 msf Blue-chip Solar park completed operating area, occupiers has an occupancy of 91.7% as of September 30, 2020, and is home to many of the world’s leading companies as occupiers. The portfolio also comprises strategic amenities, including two operational business hotels, two 1 under -construction hotels, and 1,096 a 100 MW solar park supplying Hotel keys renewable energy to park occupiers. ICRA AAA (Stable) Embassy Office Parks REIT Embassy REIT is a constituent (Issuer Rating) of Benchmark Global Indices such as FTSE EPRA-NAREIT, CRISIL AAA FTSE Russell, and S&P Dow (Stable) Embassy Office Parks REIT Jones Index Series. Series I NCD (Tranche I & II) Series II NCD (Tranche A & B) 1 Includes completed, under construction and proposed future development 2 Embassy Office Parks REIT / Where the world comes to work Corporate Statutory Financial Summary valuation Corporate overview governance disclosures statements report Our portfolio MARKET VALUE BY GEOGRAPHY MARKET VALUE BY ASSET TYPE % 9% NCR Commercial office:92 Other: 8 13% Pune MARKET VALUE BY INCOME PRODUCING ASSETS 14% Mumbai % Bengaluru 64% Completed: 90 Under construction: 10 Investment objectives We invest in high-quality assets with the objective of maximising NAV growth and paying distributions to Unitholders. 80% 90% 49% Minimum investment by Minimum Net Distributable Upper limit on debt by value in completed and Cashflow (NDCF) payout asset value income-producing assets to Unitholders Our sponsors Embassy Blackstone The local expert The global manager • Among the leading commercial real estate • A leading global investment business investing developers in India, with interests in office, capital on behalf of pension funds, large industrial, co-living, and residential sectors institutions and individuals, with a Total Assets Under Management (AUM) of US$538.0 Billion • Owns extensive landbank in India • A global leader in real estate investing • Integrated platform of project management, land acquisitions and marketing of real estate assets US$174 Billion Total AUM • Has adopted local schools and promotes health and fitness in local communities US$329 Billion 25 years+ Total enterprise value of portfolio Track record of working across land acquisitions, development and marketing of assets 575 Real estate professionals across 11 offices All data as of September 30, 2020 Half-Yearly Report 2020-21 3 Chairman’s perspective Well Positioned for the Long Term 4 Embassy Office Parks REIT / Where the world comes to work Corporate Statutory Financial Summary valuation Corporate overview governance disclosures statements report In these challenging times, Embassy REIT remains a reassuring benchmark for global occupiers: a world-class commercial office portfolio that delivers the highest standards of safety and security comparable to any office market globally. In the long term, Embassy REIT is well positioned to meet the demands of global and Fortune 500 corporations which will continue to rely on India’s technology-skilled talent and the scale and infrastructure-like qualities of our portfolio. As a result, we remain committed to delivering distributions that capture the long-term structural appeal of Grade-A Indian office to our Unitholders. Jitendra Virwani Half-Yearly Report 2020-21 5 From the CEO’s desk A Resilient Performance in Challenging Times 6 Embassy Office Parks REIT / Where the world comes to work Corporate Statutory Financial Summary valuation Corporate overview governance disclosures statements report Dear Unitholders, As the challenging times brought by the pandemic continue across the world and here in India, we sincerely hope that you, your family and colleagues are healthy and keeping safe. Embassy REIT continues Despite challenging market conditions, to deliver amidst COVID-19 related uncertainties and amidst one of the world’s most stringent lockdowns, we are challenging conditions pleased to report a resilient performance for the first half of FY2020-21. We maintained a healthy caused by the global occupancy of 91.7%, collected a robust 99.6% of rentals for 1H FY2021 and distributed a total of pandemic. As our `8,743 Million to our Unitholders. performance in the first Our performance clearly demonstrates the strong fundamentals of our business, the strength of our half of FY2021 shows, management and on-ground teams and underpins our ongoing commitment to continue to deliver we have successfully value to our Unitholders. Additionally, we continue to maintain our conservative balance sheet, which collected our rents, was further strengthened by our recent bond raises of `150 Billion at competitive rates. Coupled with kept expenses low, and our strong liquidity position, we are well placed to finance accretive acquisitions that benefit maintained a healthy our unitholders. balance sheet. Most NAVIGATING COVID-19 This financial year began during the early stages notably, we continue of the COVID-19 pandemic for our markets in India. Our top focus remained, and continues to remain, to distribute cash flows ensuring our workplaces provide the highest standards of health and safety for our employees to our Unitholders that and occupiers and, enabling business continuity for their critical functions. All our properties across compares to the payouts India were open and operational throughout the 1H FY2021. We continue to see a gradual ramp-up of the top yield-paying in the number of occupiers who are re-populating our buildings. Over 95% of occupiers and a weekday Indian corporates. average of over 16,600 employees operated from our properties in October 2020, compared to 8,500 employees in Q1. Half-Yearly Report 2020-21 7 We continue to keep our buildings safe and secure our initial view: that the Indian working population with international-standard health and sanitisation demographics, and the environments at home are procedures and technology-driven solutions. very different

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