CBRE CAPITAL VALUE OPINION: WHITEFIELD- KADUGODI

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CBRE CAPITAL VALUE OPINION: WHITEFIELDKADUGODI ROAD - BLR-WHT-PRKCBRE Valuation Advisory ServicesNovember 2016PAGE 1 2015 CBRE PROPRIETARY INFORMATIONPrepared for

CBRE SOUTH ASIA PVT LTD VALUATION ADVISORY SERVICES CAPITAL VALUE OPINION: WHITEFIELD – KADUGODI ROAD BENGALURU- BLR-WHT-PRKCBRE CAPITAL VALUE OPINION: WHITEFIELD-KADUGODI ROADBENGALURU - BLR-WHT-PRK We understand that SmartOwner Services India Pvt Ltd (the ‘Client’) is in the process of marketing anapartment development located in Whitefield-Kadugodi Road, Bengaluru which is currently in the prelaunch stage. In view of the above, the Client wishes to retain specialized advisory services to understand the capitalvalues prevalent in the above micro-market for apartment units. CBRE South Asia Pvt Ltd has been engaged by the Client to assess the location characteristics of theidentified micro-market and undertake a competition scan for apartment units to opine on the capitalvalues prevalent in the micro-market.PAGE 2 2016 CBRE PROPRIETARY INFORMATION

CBRE SOUTH ASIA PVT LTD VALUATION ADVISORY SERVICES CAPITAL VALUE OPINION: WHITEFIELD – KADUGODI ROAD BENGALURU- BLR-WHT-PRKCBRE CAPITAL VALUE OPINION: WHITEFIELD-KADUGODI ROADBENGALURU - -Kadugodi Road is located towards the northern region of Whitefield and emanates from HopeFarm Junction and connects to Old Madras road (NH-4) towards the north, which further leads to Hoskote.Profile of real estatedevelopmentsThe subject micro-market is primarily residential in nature and is characterized by large scale villa andresidential developments. Majority of the residential activity has been witnessed on account of spill over ofactivities from other established locations of Whitefield such as ITPL main road, Whitefield Main Road, etc.Prominentdevelopments inidentified asset classApartments in the micro-market has gained momentum with a focus on mid end developments. Prominentcompleted apartment projects in the micro market are Nitesh Forest Hills, Nitesh Flushing Meadows,Golden Blossom, Orchid Enclave, etc. Further projects such as Alchemy Urban Forest, Assetz Marq,Mahaveer Amaze, Mahaveer Promenade, Sumadhura Shikharam have been launched in the recent yearsand are in various stages of construction. These projects have observed sustained demand owing to optimalpricing and excellent connectivity to commercial office hubs of Whitefield. The extension of the Metro fromBaiyappanahalli to Sai Baba Ashram Road is expected to further enhance connectivity of the subject micromarket to other parts of Bangalore.Opinion on prevalent base capital values for apartment projects launched by Grade-A developers in themicro-marketBase capital value at which a transaction could be effected as on date: INR 5,600 – 5,800 per sft inclusive ofVAT & service taxPAGE 3 2016 CBRE PROPRIETARY INFORMATIONThe above value opinion is based on review of comparable properties offering quality specifications andamenities. Further, we have also kept in cognizance the inventory offered, development status (viz.completed developments) and competition prevalent in the subject micro-market. Charges towards parking,club house, corner and facing premiums, other statutory taxes (if any) would be applicable over and abovethe base values highlighted above

CBRE SOUTH ASIA PVT LTD VALUATION ADVISORY SERVICES CAPITAL VALUE OPINION: WHITEFIELD – KADUGODI ROAD BENGALURU- BLR-WHT-PRKSPECIAL ASSUMPTIONS The value opinion exercise is based on prevailing market dynamics as on the date of the appraisal and does not take intoaccount any unforeseeable developments which could impact the same in the future As a part of this particular engagement, CBRE has not undertaken any assessment specific to the site or the project that theClient is marketing or might invest in. We have utilized the location information and the envisaged positioning of the asset classprovided by the Client for the purpose of this study and our opinion is restricted strictly to the location/micro-market underconsideration for the identified asset class. CBRE has independently reviewed the comparable developments in the subject micro-market to opine on the capital values The capital value opined is for a apartment development by a Grade-A developer, offering standard specifications andamenities (viz. Club House, Table Tennis, Basketball Court, Health Club, Kids play area, Multipurpose Hall, Swimming Pool,Billiards, Jogging Track, Intercom Facility, Yoga / Aerobics Hall, Cards / Chess / Carrom room, Kid’s Pool, Library, Tennis court,badminton court etc.) that would be located within the subject micro-market. The capital values would differ if the developmentoffers inferior specifications / amenities For the purpose of this value opinion exercise, we have assumed that the land parcel housing the asset class being marketed bythe Client would have a clear title and is free from any encumbrances, disputes and claims. CBRE has not visited the site andhas made no further enquiries with the relevant local authorities in this regard. CBRE does not certify the property as having aclear and marketable title No legal advice regarding the title and ownership of the property being marketed has been obtained for the purpose of thisappraisal exercisePAGE 4 2016 CBRE PROPRIETARY INFORMATION

CBRE SOUTH ASIA PVT LTD VALUATION ADVISORY SERVICES CAPITAL VALUE OPINION: WHITEFIELD – KADUGODI ROAD BENGALURU- BLR-WHT-PRKLIMITING CONDITIONSThe value opinion in this report is subject to the following conditions: This document is confidential in nature and is for the sole reliance of SmartOwner Services India Pvt. Ltd., its affiliates,designates, assignees, auditors, prospective investors and investors, and no other party shall have any right to rely on theappraisal provided by CBRE without prior written consent Based on inputs provided by the Client, we understand that the value opinion certificate would be used as part of the marketingmaterial for the project being marketed by the Client. The Client is free to use data from the value opinion certificate mentioningCBRE as the source in the following marketing mediums – Client Website, Channel Partners, Potential Investors In case the data from the value opinion certificate is being used for other purposes than those stated above, the same wouldrequire CBRE’s prior written consent Notwithstanding anything to the contrary contained herein, CBRE shall not be liable for any lost or prospective profits or anyother indirect, consequential, special, incidental, punitive or other exemplary losses or damages, whether in tort, contract orotherwise, regardless of the foreseeability or the cause thereof. The total liability of CBRE for any direct damages under thisvalue opinion engagement would be nil under any circumstances Where it is stated in the report that another party has supplied information to CBRE, this information is believed to be reliablebut CBRE can accept no responsibility if this should prove not to be so. Where information is given without being attributeddirectly to another party, this information has been obtained by our search of the records and examination of documents or byinquiry from the Government or other appropriate departments CBRE’s responsibility in connection with this value opinion report is limited to the Client to whom it is addressed and to thatClient only. CBRE disclaims all responsibility and will accept no liability to any other party Where the values are assessed, they reflect the full contract value and no account is taken of any liability to taxation on sale orof costs involved in effecting the sale CBRE is not required to give testimony or to appear in court by reason of this value opinion certificate, with reference to thevalue opinion in question, unless arrangement has been made thereofPAGE 5 2016 CBRE PROPRIETARY INFORMATION

Further projects such as Alchemy Urban Forest, Assetz Marq, Mahaveer Amaze, Mahaveer Promenade, Sumadhura Shikharam have been launched in the recent years and are in various stages of construction. These projects have observed sustained demand owing to optimal pricing and excellent connectivity to commercial office hubs of Whitefield. .

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