Knowledge Realty Trust , acting through its Manager Knowledge Realty Office Management Services Private Limited, has submitted its Summary Valuation Report and Detailed Valuation Report for the financial year ended March 31, 2026, pursuant to Regulation 21 of the SEBI (Real Estate Investment Trusts) Regulations, 2014. The reports were prepared by independent valuer iVAS Partners (Valuer Registration Number: IBBI/RV-E/02/2020/112), represented by its partner Mr. Shubhendu Saha (Valuer Registration Number: IBBI/RV/05/2019/11552), with market intelligence provided by CBRE South Asia Private Limited. The reports are dated May 13, 2026, and are available on the Trust's website at www.knowledgerealtytrust.com .

Portfolio Overview and Total Market Value

The total market value of the KRT REIT portfolio as of March 31, 2026 stands at INR 674,111 Mn across a combined area of 46.5 msf and 63.0 MW of solar capacity. The portfolio is allocated between property value of INR 641,952 Mn and CAM value of INR 32,159 Mn. The portfolio spans 29 commercial office assets across six cities — Hyderabad, Mumbai, Bengaluru, Chennai, Gurugram, and GIFT City, Ahmedabad — along with four solar plants in Maharashtra and Karnataka.

The following table summarises the market value of key assets as of March 31, 2026:

Valuation Methodology

The valuation was conducted in accordance with the International Valuation Standards (IVS) by the International Valuation Standards Council (IVSC), effective January 31, 2025, and in compliance with the requirements of the SEBI (REIT) Regulations, 2014. The Income Approach was adopted for all assets. Specifically, the Discounted Cash Flow Method using Rental Reversion was applied to commercial office assets, while the Discounted Cash Flow Method was used for solar plants.

For completed office assets, a Weighted Average Cost of Capital (WACC) of 11.46% was applied, derived from a debt proportion of 47.5% at a cost of 8.10% and equity proportion of 52.5% at a cost of 14.50%. Under-construction assets such as Sattva Endeavour and Sattva Spectrum were discounted at a WACC of 12.40%, while future development blocks at Sattva Global City were discounted at 13.40%. For the under-construction Karnataka Solar II, a WACC of 12.25% was applied.

Capitalization Rates and Key Valuation Assumptions

Capitalization rates adopted for the portfolio ranged from 7.50% to 8.50%, reflecting asset quality, sub-market dynamics, Weighted Average Lease Expiry (WALE), and building grade. Select premium assets such as Sattva Knowledge City, Sattva Knowledge Park, and One BKC were assigned a capitalization rate of 7.50%, while assets in nascent or higher-competition sub-markets were assigned rates up to 8.50%.

The Risk-Free Rate used in the cost of equity computation was 7.02%, based on the 10-year Government Securities Yield as of the valuation date as published by the RBI. The market return was computed at 10.56% based on BSE SENSEX returns over the past 10 years as of the valuation date.

Key Asset Highlights

Hyderabad Portfolio: Sattva Knowledge City, the largest single asset in the portfolio with a leasable area of 7.3 msf and committed occupancy of 99.7%, was valued at INR 122,920 Mn. Sattva Knowledge Park (3.3 msf, 96.8% committed occupancy) was valued at INR 56,755 Mn, and Sattva Knowledge Capital (2.3 msf, 100% committed occupancy) at INR 29,425 Mn.

Mumbai Portfolio: One World Center (1.8 msf, 92.5% committed occupancy) was the highest-valued Mumbai asset at INR 62,767 Mn, followed by One International Center (1.8 msf, 89.1% committed occupancy) at INR 55,343 Mn and One BKC (0.8 msf, 87.2% committed occupancy) at INR 46,667 Mn.

Bengaluru Portfolio: Cessna Business Park (4.2 msf, 94.4% committed occupancy) was valued at INR 49,061 Mn. Sattva Global City, which includes 4.2 msf of completed operational blocks and 8.0 msf of future development potential, was valued at INR 34,223 Mn (completed) and INR 9,925 Mn (future development) respectively. Under-construction assets Sattva Endeavour (0.7 msf) and Sattva Spectrum (0.5 msf) were valued at INR 6,443 Mn and INR 4,942 Mn respectively, with occupancy certificates expected by Q4 CY 2026.

Solar Assets: Karnataka Solar I, an operational 30.8 MW AC plant in Chitradurga, Karnataka, was valued at INR 2,282 Mn. Karnataka Solar II, an under-construction 24.2 MW AC plant also in Chitradurga, was valued at INR 1,093 Mn. One BKC Solar (3.9 MW AC) and Prima Bay Solar (4.1 MW AC), both operational plants in Dhule, Maharashtra, were valued at INR 316 Mn and INR 276 Mn respectively.

Regulatory Compliance and Disclosures

The valuation was prepared for financial and investor reporting purposes to comply with Regulation 21 of the SEBI (REIT) Regulations, 2014. iVAS Partners confirmed its independence, stating it is not an associate of KRT REIT, its Sponsors, the Manager, or the Trustee. The aggregate liability of the Valuer is limited to INR 30 Mn as per the terms of the engagement. The reports are available on the Trust's website and have been filed with the relevant stock exchanges.

Source: None/Company/INE1JAR25012/b8893bebd4004fcb.pdf

Knowledge Realty Trust has submitted its Security Cover Certificates for the quarter and financial year ended March 31, 2026, to the stock exchanges. The submission was made in compliance with Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and related circulars. The certificates have been certified by M/s. S R B C & Co. LLP, Chartered Accountants, the statutory auditors of the Trust.

The report confirms that the Trust has maintained the required security cover for its listed secured Non-Convertible Debentures (NCDs). The Trust has issued 1,60,000 Series-I debentures with a face value of ₹100,000 each, amounting to ₹16,000 million, and 1,00,000 Series-II debentures with a face value of ₹100,000 each, amounting to ₹10,000 million. Both series are secured by the immovable property of Devbhumi Realtors Private Limited, along with present and future cash flows.

Security Cover Ratios

The auditor's report provides details on the security cover ratios for both standalone and consolidated financial statements. For the consolidated statements, the cover on book value stood at 1.53, while the cover on market value was 2.28. The standalone figures showed a cover on book value of 1.84 and a cover on market value of 2.28.

Financial Covenant Compliance

The Trust also confirmed compliance with the financial covenants specified in the Debenture Trust Deeds for both Series I and Series II NCDs. The REIT level Loan-to-Value (LTV) ratio was calculated at 17.44%, which is within the limit of not exceeding 49%. For the secured asset level, the LTV was 48.80% for Series I and 36.02% for Series II, both complying with the maximum limit of 58%.

The auditor concluded that nothing came to their attention to suggest that the Trust had not maintained the required security cover or failed to comply with the covenants as of March 31, 2026. The report was submitted to the Debenture Trustee, Catalyst Trusteeship Limited.