As India's first and only REIT Embassy REIT is the new standard bearer for thecommercial real estate sector in India."

Dear Unitholders

While the events we are living through today would have seemed inconceivable a fewmonths ago here we are in the middle of a global pandemic that has inflicted a very realcost on society and businesses globally. I hope that each one of you and your families aresafe. And on behalf of Embassy REIT I sincerely thank all the first responders in ourcities and properties across India for their heroic efforts in keeping us safe.

I am very pleased to present to you Embassy REIT's first annual report. Our full yearresults delivered on the expectations we set when the REIT listed in April 2019. EmbassyREIT has performed strongly in its first year since listing: the REIT delivered c.2.4 msfof new leasing distributed '18.8 billion (c.$250 million) and returned c.25% in totalreturns to Unitholders.

This performance is a testament to the quality of the REIT structure and world-classproperties in Embassy REIT a dedicated and exceptional management team and the strategicvision and partnership between two sponsors who believe in the potential and resiliency ofcommercial real estate here in India.

While the near-term outlook might appear cloudy and occupier needs may vary given thepressures on their businesses I believe the foundations of Indian office demand continueto remain strong for the years to come for the following reasons:

• First India is a young country with a graduate population that represents aworld-class workforce. Our graduates are highly educated they are analytical and theyaspire for career mobility. Global corporations hire talent in India for these skill sets.Every aspect of the global technology landscape has a foothold in this country because ofthe ability of the Indian technology professional to deliver quality.

As technology becomes more sophisticated the demand for Indian talent by globalcorporates will only grow.

• Second Indian real estate offers significant cost arbitrage withoutcompromising quality. Rents that multinationals pay in India are a fraction of the globalrents they pay overseas but the quality and scale of assets like Embassy REIT's are trulyirreplaceable. To be able to hire skilled technology talent at scale to respond to theneeds of global businesses is the core reason multinationals have been operating from ourbusiness parks and properties for over a decade. To deliver this talent in acost-competitive manner makes India unique because India delivers a winning combinationof talent and cost.

• And third Embassy REIT remains the preferred institutional landlord for globalcorporations to further their business objectives. Embassy REIT owns a world-class officeportfolio has enhanced its reputation over time and developed a track record offulfilling occupiers' business needs through our 'total business ecosystem' offering. Ouroccupier base speaks for itself: approximately 80% of our occupier base is international.

Given the demand for Indian talent and the paucity of high-quality landlords andpremises Embassy REIT is well positioned in the coming years. It represents the best oflisted commercial estate with robust governance standards best-in-class management teamprudent capital management and the ability to deliver regular distributions toUnitholders.

I am grateful to our partners at Blackstone the regulators and various stakeholdersas well as the guidance of my fellow Board members as we have navigated a highlysuccessful year. We are grateful to the management team and all employees for theirdiligence and execution throughout the year to deliver on the potential of the REIT.

Most importantly we thank all our Unitholders who have supported us in our inauguralyear as a listed entity.

We look forward to your continued support.

Chairman.