BUILDING RELATIONSHIPS

ENRICHING LIVES

EMBASSY REIT

2

Disclaimer

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This Presentation is strictly private and confidential and is intended exclusively for the intended recipients. This Presentation and the information contained herein may not be disclosed,reproduced, retransmitted, summarized, distributed or furnished, in or whole or in part, to any other person or persons. Any printed form of this Presentation must be returned to usimmediately at the conclusion of the Presentation.

This Presentation is for information purposes only without regards to specific objectives, financial situations or needs of any particular person, and the information contained herein doesnot constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for, or advertisement with respect to, the purchase or sale ofany security (including any units or securities of Embassy Office Parks REIT (the ”REIT”) in the United States or in any other jurisdiction, and no part of it shall form the basis of or berelied upon in connection with any contract or commitment whatsoever.

The material that follows is a Presentation of general background information. We don’t assume responsibility to publicly amend, modify or revise any forward looking statements on thebasis 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 itcannot be guaranteed that such information is true and accurate. This Presentation should not be considered as a recommendation to any person to subscribe to any security. ThisPresentation includes statements that are, or may be deemed to be, “forward-looking statements”. By their nature, forward-looking statements involve risks and uncertainties becausethey relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance including those relatingto general business plans and strategy, future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. Norepresentation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that the any objectivesspecified herein will be achieved.

Neither we, nor any of our affiliates or advisors, as such, make any representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to,the fairness, accuracy, completeness or correctness of any information or opinions contained herein and accept no liability whatsoever for any loss, howsoever, arising from any use orreliance on this Presentation or its content or otherwise arising in connection therewith. Unless otherwise stated in this Presentation, the information contained herein is based onmanagement information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results.

Embassy Office Parks REIT is proposing, subject to, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Units and has filedthe Offer Document dated March 11, 2019 ("Offer Document") with SEBI. The Offer Document is available on the websites of SEBI, BSE, NSE at www.sebi.gov.in, www.bseindia.comand www.nseindia.com respectively GCBRLMs at www.morganstanley.com, www.investmentbank.kotak.com, www.jpmipl.com and www.ml-india.com and BRLMs atwww.axiscapital.co.in, www.creditsuisse.com, www.db.com/India, www.goldmansachs.com, www.hsbc.co.in/1/2/corporate/equitiesglobalinvestmentbanking, www.iiflcap.com,www.jmfl.com & www.nomuraholdings.com/company/group/asia/india/index.html Potential investors should note that investment in Units involves a high degree of risk and for detailsrelating to the same, see "Risk Factors" beginning on page 22 of the Offer Document.

The units or securities of the REIT have not been and will not be registered under the U.S. Securities Act, 1933, as amended (“U.S. Securities Act”) or any state securities laws in theUnited States, and unless so registered may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registrationrequirements of the U.S. Securities Act and applicable state securities laws. The units or securities have not been and will not be registered, listed or otherwise qualified in any otherjurisdiction outside India and may not be offered or sold, and bids may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction.

We do not intend to register securities or to conduct a public offering of securities in the United States. By attending this meeting, you confirm that you are either (i) a “qualified institutionalbuyer” as defined in Rule 144A under the U.S. Securities Act, or (ii) outside the United States. Any failure to comply with the foregoing and below restrictions may constitute a violation ofapplicable securities laws.

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 “offeringmemorandum” (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 (RealEstate Investment Trusts) Regulations, 2014, as amended, or any other applicable law). It is clarified that this Presentation is not intended to be a document or advertisement offering forsubscription or sale of any securities or inviting offers or invitations to offer or solicitation to offer from the public (including any section thereof) or any class of investors. This Presentationhas 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.

If the we should at any time commence an offering of securities, any decision to invest in any such offer to subscribe for or acquire securities must be based wholly on the informationcontained in a final 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 contentshereof. Any offering circular will only be provided to potential investors in the United Arab Emirates upon request.

This Presentation is not intended to be an offer or placement for the purposes of the Alternative Investment Fund Managers Directive (“AIFMD”), and any “marketing” as defined underAIFMD may only take place in accordance with the national private placement regimes of the applicable European Economic Area jurisdictions.

3

Seven Infrastructure-like Office Parks (31 msf)(1)

Embassy Golflinks

Bengaluru (2.7 msf)(2)

Embassy Manyata

Bengaluru (14.2 msf)

Embassy Quadron

Pune (1.9 msf)

Embassy Techzone

Pune (5.5 msf)

Embassy Oxygen

Noida (3.3 msf)

Embassy Galaxy

Noida (1.4 msf)

Embassy Qubix

Pune (1.5 msf)

Note: For additional detail, please see notes at the end of the Presentation.

4

Four Prime City-center Offices (2.4 msf)

FIFC

Mumbai (0.4 msf)

Express Towers

Mumbai (0.5 msf)

Embassy 247

Mumbai (1.2 msf)

Embassy One

Bengaluru (0.3 msf)

5

Pan-India Best-in-class Office Portfolio

Mumbai (16.2%)

Pune (14.4%)

Bengaluru (60.5%)

Noida (8.9%)

33 msfLeasable Area(1)

75High Quality Office Buildings

across 11 Commercial

Offices

4Gateway Cities

160+Marquee Tenant Base

Note: City wise split by % of Market Value.

(1) Includes 24.8 msf sf of Completed Area, 2.5 msf of Under Construction Area and 5.4 msf of Proposed Development Area

6

Compelling Business Opportunity

India has become a global hub for corporates services over the last 20 years leading to 15% annual

employment growth in the technology services sector

Outsized services sector growth has in turn resulted in key Indian cities having amongst the highest

office absorption globally(1)

Compelling Industry

Fundamentals

Best-in-class

Portfolio with

Multinational Tenants

Embassy REIT provides infrastructure-like office parks with best-in-class amenities at competitive

rents to multinationals

95% leased to marquee tenants with 81% of rents from multinational corporations

Located in India’s key office markets with our assets outperforming the market

Asia’s largest office REIT(2) – 33 msf portfolio of office parks and prime city-center offices

Experienced

Management Team

and Renowned

Sponsors

Seasoned management team with 20 years average experience

Active asset management driving stable occupancy and strong rent growth

Backed by renowned sponsors – Embassy Group and Blackstone

Simple Business

Model with Strong

Embedded Growth

7 year WALE(3) with contractual escalations

34% mark-to-market growth potential(4); 48% re-leasing spreads on 2.7 msf over last three years and

nine months

7.9 msf on-campus development pipeline to accommodate tenant expansion and potential ROFO

assets to enhance growth

Low leverage(5) provides flexibility for growth through value accretive acquisitions

High quality office portfolio, serving as essential corporate infrastructure to multinational tenants, with

significant embedded growth aspects

Note: For additional detail, please see notes at the end of the Presentation.

7

Multinational Tenant Base of Blue-chip Companies

Multinational

Corporate

Tenants

81%

Indian

Corporates

19%

81% of Rents from

Multinational Corporations(as of December 31, 2018)

43% of Rents from

Fortune 500 Tenants(as of December 31, 2018)

Fin

an

cia

l

Serv

ices

E&

MC

on

su

ltin

gH

ea

lth

ca

reT

ech

no

log

yO

the

rs

Google Microsoft IBM Cognizant

Goldman

Sachs

JP Morgan Wells

Fargo

PwC Accenture

Volkswagen NOKIARolls-

Royce

Legato

Maersk Target Lowe’s

$150 -210

$160 -220

$275 -325

$175 -225

$600 -700

$1,000 -1,100

$3,100 -3,150

$3,100 -3,150

$400 -500

$1,450 -1,500

$850 -950

$350 -450

$800 -900

$2,100 -2,150

$900 -1,000

Bengaluru NCR Mumbai Pune Shanghai Beijing HongKong

Tokyo Munich CentralLondon

NewYork

LosAngeles

SanFrancisco

Singapore Sydney

8

Capital Values Significantly Below Peers

Real estate capital values in Embassy REIT’s markets are significantly below other global peers

Capital Values(USD psf)

Embassy REIT’s

Markets

Note: For additional detail, please see notes at the end of the Presentation.

Note: CBRE Research, 2018.

9

Considerable Cost Arbitrage in Terms of Office Rents

Embassy REIT’s markets offer significantly cheaper rentals compared to global commercial hubs

Market Rents in Major Global CitiesQ1 CY 2018 (USD psf /year)

$14.4 $14.9$24.9

$15.6

$85.0

$120.0

$108.0 $108.0

$50.3

$147.9

$61.9

$35.9

$56.7

$89.0

$44.0

Bengaluru NCR Mumbai Pune Shanghai Beijing HongKong

Tokyo Munich CentralLondon

NewYork

LosAngeles

SanFrancisco

Singapore Sydney

Embassy REIT’s

Markets

Note: Years refer to the calendar year ending December 31 respectively. For additional detail, please see notes at the end of the Presentation.

Note: CBRE Research, 2018.

5.6%

10.0%

4.0%

Jun-08 Jun-10 Jun-12 Jun-14 Jun-16 Jun-18

10

Strong U.S. Labour Market Driving Indian Technology Services Growth

Low unemployment and strong wage growth in the U.S. improves attractiveness of Indian technology

services

Decadal Low Unemployment in the U.S. Resulting

in 2.5m STEM Employee Shortage(% unemployment)

Strong U.S. Wage Growth Driving

Technology Sector Employment in India(Rebased to 100 in 2011)

100

117

159

2011 2012 2013 2014 2015 2016 2017 2018

U.S. Private Sector Wages India Technology Employment

(3)

(2)

(1)

Note: CBRE Research, US Bureau of Labor Statistics.

Note: STEM denotes employees engaged in the fields of science, technology, engineering and mathematics. For additional detail, please see notes at the end of the Presentation.

37

318

2000 2018F

11

Abundant Talent and Cost Savings Driving Economic Growth and Office Absorption

Availability of skilled English speaking talent and a low cost base continues to attract global

companies to use India for large services operations leading to high office absorption

Space Occupied by Technology Sector(msf)

India’s Competitive Advantages

Technology

Sector

Growth

Cost

Advantage

15% CAGRTechnology sector employee

growth from 2000 to 2018F

6.4 millionGraduates annually

85%Lower cost structure than US Tier

II cities

Large

Talent Pool

Cost Arbitrage

Services(1)

(call centers, BPOs,

testing)

High Value,

Less Cost

Sensitive

Services

(R&D, Healthcare)

Note: CBRE Research, 2018.

Note: Years refer to the calendar year ending December 31 respectively.

(1) For pre-2000 period.

12

Our Markets Continue to Witness Strong Fundamentals

Embassy REIT’s markets have witnessed strong absorption growth (up 26% from 2013 to 2018F) with

forecast supply remaining constrained and expected to be below historical average absorption

Absorption(1)

(msf)

Supply(1)

(msf)

23.8

30.1

2013 2018F

24.124.6

Avg. from 2013–2017

Avg. from 2018F–2019F

Note: Years refer to the calendar year ending December 31 respectively. For additional detail, please see notes at the end of the Presentation.

Note: CBRE Research, 2018.

13

Key Indian Cities Have amongst the Highest Office Absorption Globally

Our four markets have experienced total absorption of 136 msf from CY 2013 to Q1 2018, more than 11

global cities combinedAbsorption

CY 2013–Q1 2018 (msf)

56.7

31.129.1

18.9

28.6

17.2

5.4

19.0

14.6

5.6

10.0 9.6 9.16.3

3.1

Bengaluru NCR Mumbai Pune Shanghai Beijing HongKong

Tokyo Munich CentralLondon

NewYork

LosAngeles

SanFrancisco

Singapore Sydney

135.8 msf

Embassy REIT’s

Markets

128.4 msf

Other Global Cities

Note: Years refer to the calendar year ending December 31 respectively. For additional detail, please see notes at the end of the Presentation.

Note: CBRE Research, 2018.

14

Portfolio Overview

Stable tenant base with 95% committed occupancy and 81% tenant retention over the last three

years and nine months

72% of our tenant base is from the services sector (key driver of India’s growth)

6.8 msf of new leasing over the last three years and nine months without incurring material

Tenant Improvements (“TI”) capex

Highly Occupied by

Marquee Tenant Base

Strategically located in India’s key office markets of Mumbai, Bengaluru, Pune and Noida

Our assets outperform their markets: 940 bps higher occupancy, 270 bps higher rent CAGR(1)

World-Class Assets

with Outstanding

Amenities

In-fill Locations with

Significant Scale

7 infrastructure-like office parks and 4 prime city-center offices

Complete business ecosystem with landscaped environments and amenities such as 1,096 on-

campus hotel keys(2), food courts, gymnasiums, childcare and employee transportation

Attractive Yield

Spreads

175 bps–575 bps premium to capitalization rates for assets of similar quality and tenant profile

in United States, Japan and China

Note: For additional detail, please see notes at the end of the Presentation.

Embassy REIT’s Markets Represent 77% of

India’s Office Absorption2013–Q1 2018 (% of absorption for Top 7 Indian Cities)

Bengaluru32%

NCR18%

Mumbai17%

Pune11%

Others23%

15

Embassy REIT’s Assets Are Well Positioned in India’s Four Key Office Markets

26%Absorption growth since 2013 for

Embassy REIT’s markets(2)

72%Of India’s Grade A office stock

concentrated in Embassy REIT’s markets(1)

780 bpsIncrease in occupancy since 2013 for

Embassy REIT’s markets(3)

Note: Years refer to the calendar year ending December 31 respectively. For additional detail, please see notes at the end of the Presentation.

Source: CBRE Research, 2018. India’s top 7 cities include Mumbai, NCR, Bengaluru, Pune, Chennai, Hyderabad and Kolkata.

16

Infrastructure-like Office Parks with Best-in-class Amenities

Food Court at Embassy Galaxy

Noida

Hilton at Embassy Golflinks

Bengaluru (247 Keys)

Embassy Quadron

Pune (1.9 msf | 25 acres)

17

Our Assets Provide a Complete Business Ecosystem

Tenant EngagementAlfresco Dining

Amphitheatre

Sports Facilities

Childcare Facilities

Gymnasium

Public Transport Social Responsibility

18

Sustainability Initiatives

Our focus on energy sustainability and environment conservation is a key differentiator

Community

Engagement

Sustainable

Energy

Environment,

Health and Safety

100MW Solar Plant supplying green power to

Bengaluru assets and hotels

Many LEED Platinum / Gold rated assets

Create a sense of community by organizing cultural,

lifestyle and corporate social responsibility events

Undertaken environment friendly green initiatives such

as employee transportation facilities

100 MW Solar Plant

Cycling Event

2 British Safety Council Sword of Honour winning

parks (2017) for select assets

Environmental, Health and Safety Certifications such

as ISO / OHSAS for select assets

Awards and Certifications

19

Embassy REIT’s Assets Have Outperformed Their Markets

High quality assets with robust infrastructure and amenities backed by professional asset

management has resulted in strong outperformance by our Portfolio

Occupancy(1)

(%)

Rents(2)

2013 – Q1 2018 (Indexed Rents 2013 = 100)

77.8%

80.8% 81.4%

84.5% 85.5% 85.6%

94.3%92.8% 93.4% 93.4%

94.7% 95.0%

2013 2014 2015 2016 2017 1Q 2018

90

110

130

150

2013 2014 2015 2016 2017 1Q 2018

Embassy REIT’s Markets Embassy REIT’s Assets

940 bps270 bps

CAGR: 6.9%

CAGR: 4.2%

Note: Years refer to the calendar year ending December 31 respectively. For additional detail, please see notes at the end of the Presentation.

Note: CBRE Research, 2018.

Existing Tenants

62%

New Tenants

38%

15%–20%

2%–5%

US real estatecompanies

Indian real estatecompanies

20

Deep Tenant Relationships and Asset Quality Driving Strong Leasing Traction

Scale and quality of our assets have resulted in 6.8 msf of new leasing over the last three years and

nine months without incurring material TI CapEx

6.8 msf of New Leasing

over the Last Three Years and nine months Area Leased (msf)

Typical TI Capex (% of Rental Revenue)(1)

(1) Source: CBRE Research.

0.5

0.9 0.8

1.4

3.2

Q4-FY2019

FY 2020 FY 2021 FY 2022 FY 2023

21

Embedded Mark-to-market Growth Potential

Market Rents Are 34% above

In-place RentsRents (INR psf/month)(1)

29% of Occupied Area Expiring

between Q4 2019 – FY 2023 Area Expiring (msf)

62

83

In-place Rents Market Rents

Mark-to-

Market

Opportunity

8.3% 37.3% 59.3%

Rents

Expiring

(%)

1.8% 4.9% 3.8% 6.1% 9.4%

(1) Based on management's estimates

22

Strong Track Record in Re-leasing to Market with High Value Tenants

Achieved 48% Average Re-leasing Spreads

on 2.7 msf Area over last three years and nine

months(% Increase in Base Rents)

Re-leasing to High-Value

Services Tenants(Rents INR psf/month)

26.6%

60.7%

35.3%

49.3%

FY 2016 FY 2017 FY 2018 9mFY19

51

77

Before After

46

133

Before After

Embassy Golflinks (145k, 9mFY19)

Embassy Manyata (56k sf, 9mFY19)

Area

Re-

leased

(msf)

0.3 1.1 0.5 0.8

Leading Retail

Store

Leading

Technology Tenant

Leading Software

Developer

Leading

Technology Tenant

48.0% Average

1.4 1.3 0.9

1.8 1.5

0.5

0.6 0.7

0.3

3.0

FY 2014 FY 2016 FY 2018 FY 2019 FY 2021 Post FY 2021

Manyata Oxygen Techzone

23

Complete On-campus Development Pipeline

Demonstrated development capability with 4.1 msf delivered over the last five years and nine months

Development Experience & Future Potential(msf)(1)

De-risked Development(High Pre-leasing)

Embassy Oxygen | 0.5 msf (Tower 3)

Perspective Actual

92%Pre-leased

(Nov-18 completion)

3.6 msf & 0.5 msf

added in Manyata & Oxygen

respectively

(1) Excludes 619 hotel keys across Hilton and Hilton Garden Inn in Manyata

24

Strong Embedded Growth

Contracted NOI growth drives approximately 50% of projected NOI growth (FY 2019 – FY 2021)

16,141

2,629

1,4691,209

21,447

FY 2019 ContractedNOI Growth

Vacancy Lease-up &Development

Re-leasing at Market,Hotel Stabilization &

Others

FY 2021

NOI Bridge(INR in millions)

% of Total

Growth50% 27% 23%

(1)

(2)

Note: For additional detail, please see notes at the end of the Presentation.

25

Embassy Sponsor’s Potential ROFO Assets to Drive Growth

Embassy REIT will have a ROFO on certain assets owned by the Embassy sponsor potentially

expanding our presence to Chennai which is other key Indian office market

Embassy Splendid TechZone

(Chennai | 5.0 msf)

Embassy TechVillage

(Bengaluru | 12.2 msf) 42.8 msf | 4 assets

Being developed by Embassy across strong markets such

as Bengaluru & Chennai

ROFO Mechanism

Specifications Compliant with REIT regulations

At least 50% area developed

Applicability

Controlling interest of Embassy Group

Triggered upon any change in

controlling interest by Embassy

Asset Size Market value not less than INR 7.5

billion

30 - 40%

18 - 22%

Less than 15%(Post utilization of IPO

proceeds)

26

Flexible Capital Structure for Disciplined Acquisition Strategy

Conservative balance sheet, post utilization of IPO proceeds, provides significant flexibility for growth

through value accretive ROFO and third-party acquisitions

Net Debt to GAV

Hong Kong

based REITs

Singapore

based REITs

(1) Source: CBRE Research.

27

Simple Business Model

Strong Balance Sheet

2.5 msf currently under construction on entitled land within Embassy REIT’s assets

Hilton branded hotels totaling 619 keys currently under construction within our assets

Further 5.4 msf of Proposed Development Area to accommodate tenant expansion

Near-Term

Leasing Upside to Drive

Growth

Lease-up of existing 5% vacancy – largely transitional and concentrated in select assets

Significant mark-to-market opportunity – market rents are 34% above in-place rents(1)

Lowly leveraged initially with less than 15% loan-to-value post utilization of IPO proceeds

Significant flexibility enables growth through ROFO asset and third-party acquisitions

On-campus

Development Potential

Stable Cash Flows Stable, long-term contracted rents with 10%–15% contractual escalations every 3–5 years

81% of rents from multinationals with 43% from Fortune 500 companies

(1) Based on management's estimates

28

Embassy REIT Manager

Highly experienced senior management team with over 20 years of average experience

Exp

eri

en

ce

20+ Years

Experience

Former

Country Manager

and Managing

Director of JLL

India

Former CEO of

Assetz Property

Group

11+ Years

Experience

Former MD,

Blackstone Real

Estate

Former VP at

Piramal Fund

Management

(erstwhile

IndiaREIT)

23+ Years

Experience

Worked in various

positions with the

Manipal Group

17+ Years

Experience

Key person of

Samsara Fund

Advisors Private

Limited

Former VP of

Acquisitions at

Starwood Capital

Group

26+ Years

Experience

Former Deputy

General Manager

– Leasing and

Marketing

(Commercial) at

Larsen & Toubro

Limited

12+ Years

Experience

Former ED at

Nomura

Singapore Limited

and Director at

UBS AG

Singapore Branch

Management

Summary

The Manager and the Asset SPVs together have over 60 employees

Hands on expertise in asset management, leasing, development, acquisitions and financing

Strong relationships with tenants, lenders and capital providers

Michael

Holland

CEO

Vikaash Khdloya

Deputy CEO / COO 1Rajesh Kaimal

CFO

Sachin Shah

CIO

Bhhavesh Kamdar

Head, Leasing

Ritwik

Bhattacharjee

Head, Investor

Relations

(1) Will be deputy CEO/COO on the date of listing

29

Active Asset Management Driving Strong Performance

Leasing

Rental Growth

Tenant Initiatives

6.8 msf of new leasing over the past three years and nine months

7.7 msf of renewals over the past three years and nine months

7.1% Same-Store Rental CAGR across portfolio assets & investment from FY

2016 to FY 2018

48% re-leasing spreads on 2.7 msf over the past three years and nine months

Pioneered tenant engagement programs such as “Energize” and “Q-Life”

Development

Expertise Completed 4.1 msf of development over the last five years and nine months

Asset Upgrades /

Refurbishments

Upgraded 7 food courts and 33 office lobbies across assets over the last three

years and nine months

30

Strong Corporate Governance Framework

Embassy REIT has incorporated adequate corporate governance standards to protect unitholder value

Asset

Debt

Manager

50% independent directors on the Board, with 50% representation on all committees

Manager can be removed with 60% approval of unrelated unitholders

Alignment with unitholder interests due to a distribution linked management fees

structure

Minimum 80% of value in completed and leased properties

Minimum 90% of distributable cash flows to be distributed

Restrictions on speculative land acquisition

Majority unitholder approval required if debt(1) exceeds 25% of asset value

Debt cannot exceed 49% of asset value

Strong Related

Party

Safeguards

Sponsors are prohibited from voting on their related party transactions

Majority unitholder approval required for acquisition or disposal of asset which exceeds

10% of REIT value

Acquisition or sale price of new asset cannot deviate from average valuation of two

independent valuers by +/- 10%

(1) Debt includes consolidated borrowings and deferred payments of the REIT, Hold Co and SPV’s.

31

Experienced Board

Nominee Directors Independent Directors

Vivek Mehra

Ex-Partner for PricewaterhouseCoopers Private

Limited

Anuj Puri

Director at ANAROCK Investment Advisors

Private Limited

Dr. Punita Kumar Sinha

Ex-Portfolio manager, Oppenheimer Asset

Management

Dr. Ranjan Pai

Former Managing Director and CEO of Manipal

Group

Jitendra Virwani

Chairman & Managing Director,

Embassy Group

Christopher Heady

Chairman of Blackstone Asia Pacific

Head of Blackstone Real Estate Asia

Tuhin Parikh

Senior Managing Director of Blackstone Real

Estate’s operations in India

Aditya Virwani

On the board of several Embassy group

companies

32

Credible Sponsors with Significant Local and Global Expertise

45 MSFCompleted area across

residential and office

development

Integrated

PlatformProject management,

land acquisitions and

marketing of real estate

assets

ExtensiveLand bank held

across the

country

Local

Expert

$119BInvestor Capital

under management (1)

473 Real Estate

ProfessionalsWorking globally (1)

Public offeringsHilton and

Invitation Homes

Global

Manager

(1) As of June 30, 2018

33

Notes

All figures in this presentation are as of December 31, 2018 unless specified otherwise

All figures corresponding to year denoted with “FY” are as of or for the one year period ending (as may be relevant) 31st

March of the respective year. Similarly, all figures corresponding to year denoted with “CY” are as of or for the one year

period ending (as may be relevant) 31st December of the respective year

Some of the figures in this Presentation have been rounded-off to the nearest decimal for the ease of presentation

Any reference to long-term leases or WALE (weighted average lease expiry) assumes successive renewals by tenants at

their option

Key Terms and Definitions:

1. 1. Embassy Group: refers to the Embassy Sponsor or its subsidiaries or limited liability partnerships

2. 2. Mumbai: represents MMR – Mumbai Metropolitan Region

3. 3. NCR: represents Delhi National Capital Region

4. 4. NOI: Net Operating Income calculated by subtracting Direct Operating expenses from Revenue from operations

5. 5. Occupancy / % Occupied / % Leased: refers to Committed Occupancy unless specified otherwise. Committed

Occupancy is defined as the ratio of the Occupied Area including Completed Area under letter of intent and the

Completed Area

6. 6. Rents: refers to Gross Rentals unless specified otherwise. Gross Rentals are defined as the sum of Base Rentals,

fit-out and car parking income from Occupied Area for the month of March 2018

7. 7. Rolls-Royce: refers to Rolls-Royce India Private Limited

8. 8. Years: refers to fiscal years unless specified otherwise

34

Notes

Page 3:

(1) Includes 7.9 msf of Under Construction and Proposed Development Area

(2) Details for 100% of GLSP; Embassy REIT will own a 50% economic interest in GLSP

Page 6:

(1) Source: CBRE Research. In terms of total absorption for select major office centers from CY 2013–Q1 CY 2018

(2) As at December 31, 2018. Largest REIT by area amongst comparable Asian office REITs. Includes 24.8 msf completed area and 7.9 msf

development potential

(3) Weighted Average Lease Expiry assuming that each tenant exercises the right to renew for future terms after expiry of initial commitment period

(4) Based on management’s estimates

(5) Post utilization of IPO proceeds

Page 8:

(1) NCR represents Delhi National Capital Region, which includes Noida

Note: For Bengaluru, NCR, Pune, Mumbai and Sydney, the capital values highlighted above have been computed based on the indicative yields

prevalent in the respective markets and representative of Grade A office spaces. For all other cities the values are average capital values for strata sold

developments in the respective cities.

Page 9:

(1) Noida, where Embassy Oxygen and Embassy Galaxy are located, is a submarket of NCR (National Capital Region)

Note: New York, Los Angeles and San Francisco represents Gross Asking Rent; Hong Kong, Tokyo, Singapore, Beijing, Shanghai represents Grade A

rent on Net Floor Area; Sydney represents rent for all grades on Net Floor Area; Central London, Munich, Mumbai, Pune, NCR and Bengaluru

represents Grade A rent on Gross Area. Rents for Central London and Munich are representative of Prime Rents. Rents for Bengaluru, NCR, Mumbai

and Pune have been calculated based on the weighted average of market rents and occupied stock of the respective sub markets within the city.

Page 10:

(1) Represents 2.5 million people employed in the India technology industry and an hourly wage of $23.0 in the US Private Sector in FY 2011

(2) Represents an average hourly wage of $26.8 in FY 2018

(3) Represents 3.97 million employed in FY 2018

Page 12:

(1) For Embassy REIT’s markets – Bengaluru, Pune, Mumbai and NCR

(2) Average of the annual supply in the relevant period

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Notes

Page 13:

(1) Noida, where Embassy Oxygen and Embassy Galaxy are located, is a submarket of NCR (National Capital Region)

Note:

(1) For office stock in India, CBRE defines “Grade A” as a development type, of which tenant profile should include prominent multinational

corporations, while the building area should not be less than 100,000 square feet. The development should include an open plan office with large

size floor plates, adequate ceiling height, 24x7 power back-up, supply of telephone lines, infrastructure for access to internet, central air-conditioning,

spacious and well-decorated lobbies, circulation areas, good lift services, sufficient parking facilities and should have centralized building

management and security systems.

(2) For office stock outside of India, “Grade A” development has different definitions depending on the jurisdictions the developments are located in

Page 14:

(1) Source: CBRE Research, 2018. For Embassy REIT’s markets. Occupancy figures as of March 31, 2018. Rent CAGR over CY 2013–Q1 CY 2018

(2) Includes 477 completed and 619 under construction hotel keys

Page 15:

(1) As of March 31, 2018. Includes Bengaluru, Pune, Mumbai and NCR

(2) Calculated as the percentage increase in the absorption expected for CY 2018 over the CY 2013 actual absorption

(3) Includes Bengaluru, Pune, Mumbai and NCR. Occupancy has increased to 85.6% in Q1 CY 2018 from 77.8% in CY 2013

Page 19:

(1) Occupancy for REIT assets is as on March 31 of the respective year

(2) Market rents for assets as per CBRE

Page 24:

(1) Includes incremental NOI of INR 455 million on account of solar assets

(2) Includes incremental NOI from hotels (INR 423 million) and mark-to-market opportunity (INR 174 million)

Note: Excludes 50% interest in Embassy Golflinks as that is a JV interest. Our 50% stake in Embassy Golflinks contributes a further INR 1,648 million

and INR 2,026 million NOI in FY 2019 and FY 2021, respectively.

THANK YOU

27/03/20

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