ANANTAM HIGHWAYS TRUST Q2 CONCALL : TARGETS ₹2.75 QUARTERLY DISTRIBUTION PER UNIT, PLANS 18 ROAD ASSET ACQUISITIONS OVER 18–24 MONTHS & AIMS TO IMPROVE TRADING LIQUIDITY

• MANAGEMENT EXPECTS TO MAINTAIN ₹2.75 QUARTERLY DISTRIBUTION PER UNIT AS A BASE, WITH GRADUAL INCREASES TARGETED OVER TIME • QUARTERLY DISTRIBUTION UP 10% TO ₹2.75 PER UNIT VS ₹2.50 PREVIOUSLY, IMPLYING AN ANNUALIZED RUN RATE OF ₹11 PER UNIT • MANAGEMENT IDENTIFIED 18 ROAD ASSETS IN ITS RIGHT OF FIRST OFFER (ROFO) PIPELINE, WITH POTENTIAL ACQUISITIONS OVER THE NEXT 18–24 MONTHS • ROFO PIPELINE INCLUDES 11 ASSETS LINKED TO DILIP BUILDCON & 7 ASSETS ASSOCIATED WITH ALPHA ALTERNATIVES • MANAGEMENT PLANS TO GRADUALLY ACQUIRE ROFO ASSETS, SUBJECT TO VALUATIONS, FUNDING AVAILABILITY & REGULATORY APPROVALS • PREVIOUSLY PROPOSED ROFO ACQUISITION & ASSOCIATED PREFERENTIAL ALLOTMENT DEFERRED DUE TO TIMING, PRICING & REGULATORY CONSIDERATIONS • MANAGEMENT INTENDS TO REVISIT THE DEFERRED ACQUISITION, BUT NO REVISED COMPLETION TIMELINE HAS BEEN ANNOUNCED • FUTURE ACQUISITIONS WILL FOCUS ON NAV-ACCRETIVE & IRR-ACCRETIVE TRANSACTIONS, RATHER THAN PORTFOLIO EXPANSION ALONE • ACQUISITIONS MAY BE FUNDED THROUGH FRESH EQUITY, INVIT UNIT SWAPS & ADDITIONAL DEBT, WITH THIRD-PARTY ROAD ASSETS ALSO UNDER CONSIDERATION • MANAGEMENT TARGETS IMPROVEMENT IN TRADING LIQUIDITY & EXPANSION OF THE INVESTOR BASE OVER THE NEXT 6–12 MONTHS • MANAGEMENT EXPECTS HIGHER INTEREST RATES TO SUPPORT HAM ANNUITY CASH FLOWS, WITH BORROWING STRATEGY FOCUSED ON T-BILL & MCLR-LINKED DEBT • Q2 REVENUE AT ₹158.2 CR, EBITDA AT ₹131.9 CR & EBITDA MARGIN AT 83.38%, WHILE PROFIT BEFORE TAX UP 8.88% QOQ TO ₹96.9 CR • OUTSTANDING DEBT DOWN ₹91 CR QOQ TO ₹1,852 CR, WITH AAA/STABLE CREDIT RATINGS MAINTAINED • NAV DECLINED TO APPROXIMATELY ₹112.2 PER UNIT VS ₹115 IN MARCH, PRIMARILY DUE TO HIGHER EFFECTIVE TAXATION AT PROJECT SPVs • APPROXIMATELY 65% OF Q2 DISTRIBUTION REPRESENTS CAPITAL REPAYMENT; ACQUISITION DELAYS, POTENTIAL EQUITY DILUTION, LOW TRADING LIQUIDITY & FINITE ROAD CONCESSION LIVES REMAIN KEY RISKS

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