Altius Telecom Infrastructure Trust ನಿರ್ದೇಶಕರ ವರದಿ

Mar 31, 2025

FINANCIAL PERFORMANCE AND OPERATING EXPENSES OF THE TRUST

The consolidated financial statements have been prepared in accordance with the requirements of the SEBI InvIT Regulations, as amended from time to time read with the SEBI Master Circular bearing reference no. SEBI/HO/DDHS-PoD-2/P/CIR/2024/44 dated May 15, 2024 ("SEBI Master Circular"); Indian Accounting Standards as defined in Rule 2(1)(a) of the Companies (Indian Accounting Standards) Rules, 2015 (“Ind AS”), to the extent not inconsistent with the SEBI InvIT Regulations, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Brief details of consolidated financial performance of the Trust for the financial year ended March 31, 2025 is as under:

(C in Million)
Particulars				FY2024-25		FY2023-24
Revenue from Operations				194,540		128,775
Interest Income				818		2,534
Gain on sale of Mutual Fund (including net gain on fair valuation)				451		635
Other Income				428		1,565
EBITDA (excluding non-operating income)				78,564		48,408
EBITDA Margins (%)				40%		38%
Profit before Tax				9,238		11,094
Summary of Audited Standalone and Consolidated Financial Information of the Trust for the financial year ended March 31, 2025 and previous year ended March 31, 2024, are as follows: (C in Million)
Particulars	Financial Year ended March 31, 2025			Financial Year ended March 31, 2024
	Standalone	Consolidated		Standalone		Consolidated
Â
Total Income	65,536	196,237		43,021		133,509
Total Expenditure	8,661	186,999		1,179		122,415
Profit before tax	56,875	9,238		41,842		11,094
Less: Provision for tax	Â	Â		Â
Current tax	80	2,873		Â	2	74
Related to earlier years	0	(20)		Â	(9)	(23)
Deferred Tax Credit	-	(2,014)		Â	-	(149)
Profit for the year	56,795	8,399		41,849		11,192
Other comprehensive loss	-	(565)		Â	-	(560)
Total comprehensive income for the year	56,795	7,834		41,849		10,632
Expenses of the Trust for the financial year ended March 31, 2025 and previous year ended March 31, 2024, are as follows: (C in Million)
Particulars			Financial Year ended March 31, 2025		Financial Year ended March 31, 2024
Investment Management Fees			32		28
Legal, Professional and advisory fees			427		170
Trustee Fee			2		2
Project Management Fees			24		24
Payment to Auditors			39		33
Finance Cost			7,555		462
Valuation Fee			5		3
Listing fee			9		1
Rating fee			41		10
Other expenses			527		446
Total			8,661		1,179

REPORT OF THE INVESTMENT MANAGER OF ALTIUS TELECOM INFRASTRUCTURE TRUST

For the financial year ended March 31, 2025 (“Financial Year/the year”)

Altius Telecom Infrastructure Trust ("Altius InvIT/Trust"), established on January 31, 2019, as a contributory irrevocable trust under the Indian Trusts Act, 1882, has made a significant strategic move in the telecommunication infrastructure sector. Registered as an infrastructure investment trust under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 ("SEBI InvIT Regulations") on March 19, 2019, with registration number IN/InvIT/18-19/0009, Altius InvIT continues to demonstrate its commitment to growth and diversification.

Altius InvIT's investment strategy is aligned with the SEBI InvIT Regulations and outlined in its private placement memorandum dated August 31, 2020. The Trust aims to engage in infrastructure investment activities, optimizing returns for its investors.

Since listing 2,521,500,000 units on BSE Limited on September 1, 2020, Altius InvIT has pursued further capital expansion. On March 3, 2022, the Trust has issued 28,700,000 units on a rights basis, followed by an additional 52,800,000 units on a preferential basis on March 8, 2022. Further, during the year, the Trust had issued 444,400,000 units on a preferential basis on September 5, 2024. These units are also listed on BSE Limited, enhancing liquidity and investor confidence.

The Trust has completed the acquisition of entire equity share capital of Elevar Digitel Infrastructure Private Limited (formerly known as ATC Telecom Infrastructure Private Limited) (“EDIPL”) on September 12, 2024. EDIPL is engaged in the business of development, building, acquiring, owning, operating, managing and marketing of passive telecommunications infrastructure. Further, Jarvis Data-Infra Project Manager Private Limited has been appointed as the Project Manager to EDIPL w.e.f. September 12, 2024 pursuant to the execution of Project Management

Agreement dated September 12, 2024 entered into by and between Axis Trustee Services Limited (“Trustee”) (on behalf of the Trust), Data Link Investment Manager Private Limited (“Data Link/Company”) and EDIPL. The Trust has submitted requisite forms/documents as required under the Foreign Exchange Management Act, 1999 read with rules and regulations framed thereunder, for ensuring compliance with respect to downstream investment made by it in EDIPL.

As on March 31, 2025, the Trust directly holds three Special Purpose Vehicles (“SPVs”), Summit Digitel Infrastructure Limited (“SDIL”), Roam Digitel Infrastructure Private Limited (“RDIPL”) and EDIPL, while Crest Virtual Network Private Limited (“CVNPL”) is indirectly held through its Holdco, Crest Digitel Private Limited (“CDPL”). This structured approach enhances Altius InvIT's operational framework and strategic asset management within the telecommunications sector.

As of March 31, 2025, Altius InvIT's structure reflects its strategic growth and robust investment activities.

Financial Performance

The consolidated financial statements have been prepared in accordance with recognition and measurement principles prescribed under Indian Accounting Standard ("IND AS") as defined in the SEBI InvIT Regulations, as amended, read with the circulars issued thereunder and Regulation 23 of the SEBI InvIT Regulations, read with SEBI Master Circular and the SEBI Master Circular bearing reference no. SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2024/48 dated May 21, 2024. Brief details of consolidated financial performance of the Trust for the financial year ended March 31, 2025 is as under:

Particulars	FY2024-25	FY2023-24
Revenue from Operations	194,540	128,775
Interest Income	818	2,534
Gain on sale of Mutual Fund (including net gain on fair valuation)	451	635
Other Income	428	1,565
Total Income	196,237	133,509
EBITDA	78,564	48,408
Profit before Tax	9,238	11,094
Less: Current Tax	2,873	74
Related to earlier years	(20)	(23)
Deferred Tax Credit	(2,014)	(149)
Profit for the year	8,399	11,192
Add: Other Comprehensive Income (OCI)	(565)	(560)
Total Comprehensive Income for the year	7,834	10,632
Add: Opening Balance in Retained Earnings and OCI (Adjusted)	(127,560)	(91,532)
Less: Other adjustments	-	-
Less: Return on Capital	(42,603)	(46,660)
Closing Balance of Retained Earnings and OCI	(162,329)	(127,560)
The Consolidated Revenue of the Trust for FY2023-24 was H 128,775 million which has increased to H 194,540 million in FY2024-25.

The Consolidated EBITDA of the Trust for FY2023-24 was H 48,408 million which has increased to H 78,564 million in FY2024-25.

The principal business of the Trust is setting up and maintaining passive tower infrastructure and related assets and providing passive tower infrastructure services in India. Based on the guiding principles given in Ind AS on “Segment Reporting”, this activity falls within a single business and geographical segment and accordingly segment-wise position of business and its operations is not applicable to the Trust.

DETAILS OF REVENUE DURING THE YEAR FROM THE UNDERLYING PROJECT

SDIL and EDIPL are engaged in the business of providing tower infrastructure and related operations and maintenance services in telecom sector (Ground Based Tower, Ground Based Mast, Round Top Tower/Roof Top Pole, Cell on Wheels). CDPL is engaged in business of building, maintaining, leasing, renting and dealing in infrastructure for the telecom sector (In - Building Solution and Small Cell).

During the year, SDIL has generated a revenue of H 136,417 million from its operations and H 873 million as other income. EDIPL has generated a revenue of H 54,032 million from its operations and H 546 as other income from the date of acquisition till March 31, 2025. CDPL has generated a revenue of H 4,091 million from its operations and H 88 million as other income.

FINANCIAL INFORMATION AND OPERATING EXPENSES OF THE TRUST

Summary of Audited Standalone and Consolidated Financial Information of the Trust for the financial year ended March 31, 2025 and previous year ended March 31, 2024, are as follows:

(H in Million)
Â	Financial Year ended		Financial Year ended
Particulars	March 31, 2025		March 31, 2024
Â	Standalone Consolidated		Standalone		Consolidated
Â
Total Income	65,536	196,237	43,021		133,509
Total Expenditure	8,661	186,999	1,179		122,415
Profit before tax	56,875	9,238	41,842		11,094
Less: Provision for tax
Current tax	80	2,873	Â	2	74
Related to earlier years	0	(20)	Â	(9)	(23)
Deferred Tax Credit	-	(2,014)	Â	-	(149)
Profit for the year	56,795	8,399	41,849		11,192
Other comprehensive loss	-	(565)	Â	-	(560)
Total comprehensive income for the year	56,795	7,834	41,849		10,632
Key operating expenses of the Trust for the financial year ended March 31, 2025 and previous year ended					March 31, 2024,
are as follows:	Â	Â	Â	Â	(H in Million)
Particulars		Financial Year ended on March 31, 2025		Financial Year ended on March 31, 2024
Investment Management Fees		32		28
Legal, Professional and Advisory Fees		427		170
Trustee Fee		2		2
Project Management Fees		24		24
Payment to Auditors		39		33
Finance Cost		7,555		462
Valuation Fee		5		3
Listing fee		9		1
Rating fee		41		10
Other expenses	Â	Â	527	Â	446
Total		8,661		1,179

Further, the Audited Standalone and Consolidated Financial Information of the Trust for the financial year ended March 31, 2025 along with the Report of Auditors thereon, as approved by the Audit Committee and Board of Directors of the Company, acting in its capacity as Investment Manager of Altius InvIT, at its meeting held on May 19, 2025, forms part of this Annual Report.

DETAILS OF UNITS ISSUED BY THE TRUST

Issue and buyback of units of the Trust

The Trust had issued 2,521,500,000 units at an Issue Price of H 100 each aggregating to H 252,150 million on August 31, 2020, which were listed on BSE Limited w.e.f. September 1, 2020.

Pursuant to the approval granted by the Data InvIT Committee of the Board of Directors of the erstwhile Investment Manager i.e. Encap Investment Manager Private Limited (formerly known as Brookfield India Infrastructure Manager Private Limited) (“Encap”), the Trust had issued and allotted 28,700,000 units at an Issue Price of H 110.46 each aggregating to H 3,170.20 million, on rights basis, on March 3, 2022, which were listed on BSE Limited w.e.f. March 7, 2022.

Pursuant to the approval granted by the unitholders, the Trust had further issued and allotted 52,800,000 units at an Issue Price of H 110.46 each aggregating to H 5,832.28 million, on preferential basis on March 8, 2022, which were listed on BSE Limited w.e.f. March 17, 2022.

During the year, pursuant to the approval granted by the unitholders, the Trust has issued and allotted 444,400,000 units at an Issue Price of H 150 each aggregating to H 66,660 million, on preferential basis on September 5, 2024, which were listed on BSE Limited w.e.f. September 9, 2024.

The aggregate number of units issued by the Trust as on March 31, 2025 are 3,047,400,000 units. During the year and as on the date of this Report, no units have been bought-back by the Trust.

Credit Rating

The Trust has obtained rating from CARE Ratings Limited (“CARE”), which has assigned “CARE AAA/Stable” rating (pronounced as Triple A with Stable outlook) to the Trust on January 4, 2022. During the previous year, CARE had placed the ratings under Rating Watch Under Developing Implications “CARE AAA (RWD)” on January 12, 2024 in view of the announcement made by Altius InvIT relating to the acquisition of ATC’s Indian Business (renamed as Elevar Digitel Infrastructure Private Limited post acquisition). During the year, on August 14, 2024, CARE removed the rating from Rating Watch with Developing implication (RWD) outlook and assigned Stable outlook to the Trust’s Issuer rating. Further, it assigned “CARE AAA/Stable” rating to the Non-Convertible Debentures (“NCDs”) issued by the Trust. On February 21, 2025, CARE Ratings reaffirmed Issuer and NCD ratings to “CARE AAA/Stable” and assigned “CARE AAA/Stable” for the enhanced NCD limit. The aforesaid instruments were re-affirmed within 30 days of the end of the financial year 2024-25 on April 21, 2025, in accordance with the SEBI InvIT Regulations.

The Trust had obtained Corporate credit rating from CRISIL Ratings Limited (“CRISIL”) which had assigned “CRISIL AAA/Stable” rating to the Trust on June 6, 2023. Further, CRISIL had rated the Commercial Paper raised by the Trust as “CRISIL A1+” on August 30, 2023 and NCDs as CRISIL AAA /Stable on November 30, 2023. CRISIL had placed the Corporate Credit Rating and NCD rating on Rating Watch with Developing Implications “CRISIL AAA (RWD)” on January 17, 2024 in light of the announcement made by Altius

InvIT relating to the aforesaid acquisition of ATC’s Indian Business (renamed as Elevar Digitel Infrastructure Private Limited post acquisition). On August 13, 2024, it removed the rating from RWD outlook and assigned CRSIL AAA/ Stable to the Corporate Credit, existing NCD and Term Loan limits and also to the enhanced NCD limits. It also reaffirmed Commercial Paper ratings as “CRISIL A1+” and assigned the same rating to enhanced Commercial Papers limits of the Trust. Further, on November 19, 2024, CRISIL withdrew its ratings on H 10,000 million as the same was redeemed and reaffirmed the Commercial Paper limits to “CRISIL A1+”. On February 24, 2025, CRISIL re-affirmed Corporate Credit, NCD, Term Loan limits to “CRISIL AAA/Stable” and Commercial Paper limits to “CRISIL A1+” and assigned “CRISIL AAA/Stable” for the enhanced NCD limits. The aforesaid instruments were re-affirmed within 30 days of the end of the year on April 21, 2025 and April 22, 2025, in accordance with the SEBI InvIT Regulations.

The aggregate consolidated borrowings and deferred payments of Altius InvIT and its Special Purpose Vehicles and Holdco i.e. SDIL, EDIPL, CDPL, RDIPL and CVNPL (net of cash and cash equivalents) are within the prescribed threshold specified under the SEBI InvIT Regulations. As on March 31, 2025 the Consolidated Net Debt to AUM ratio of the Trust stood at 49.5%.

During the year, SDIL’s debt securities and borrowing’s ratings have been re-affirmed as AAA/Stable by CRISIL, CARE and ICRA Limited. Further, the rating for 2.875% Senior Secured USD Notes issued by SDIL have also been re-affirmed as BBB-(Stable) i.e. Investment Grade rating by S&P Global Ratings and Fitch Ratings Limited.

During the year, EDPL’s credit ratings were upgraded from AA-to AA+ by CARE post acquisition by Altius InvIT.

During the year, CDPL’s credit rating has been re-affirmed AA+ by ICRA Limited.

SUMMARY OF THE VALUATION AS PER THE FULL VALUATION REPORT AS AT THE END OF THE YEAR

Pursuant to the approval of the Board of Directors of the Investment Manager, M/s. BDO Valuation Advisory LLP, Registered Valuer (IBBI Registration Number: IBBI/RV-E/02/2019/103) (“Valuer”), was appointed as the Valuer of the Trust to carry out the valuation of Trust Assets for FY 2024-25 in accordance with the SEBI InvIT Regulations.

In terms of the provisions of Regulation 10 of the SEBI InvIT Regulations, the Valuation Report dated May 19, 2025 for the year, issued by the Valuer of the Trust, has been filed with BSE Limited on May 19, 2025 and the same is also available on the website of the Trust at www.altiusinfra.com. The Valuation Report is also attached as Annexure A to this Report.

As per the Valuation Report, the Trust Assets have been valued at H 860,871 million. For SDIL, EDIPL and CDPL, the enterprise value has been derived using Discounted Cash Flow Method under Income Approach. For RDIPL and CVNPL, enterprise value has been derived using Summation Method under Cost Approach.

VALUATION OF ASSETS AND NET ASSET VALUE (“NAV”)

Pursuant to the provisions of Regulation 10 of the SEBI InvIT Regulations, the NAV of the Trust was computed based on the valuation done by the Valuer and the same has been disclosed as part of the Audited Financial Information of the Trust filed with BSE Limited on May 19, 2025 and is also available on the website of the Trust at www.altiusinfra.com.

Standalone Statement of Net Assets of the Trust at Fair Value as at March 31, 2025 is as under:			Â	(H In million)
Particulars	Financial Year ended March 31, 2025		Financial Year ended March 31, 2024
Â	Book Value	Fair Value	Book Value	Fair Value
A. Assets	489,188	564,005	299,680	339,107
B. Liabilities as reflected in balance sheet	139,549	139,549	15,949	15,949
C. Net Assets (A-B)	349,639	424,456	283,731	323,158
D. Number of Units (No. in Million)	3,047	3,047	2,603	2,603
E. NAV per Unit (C/D)	114.73	139.28	109.00	124.15

INVESTMENT MANAGER (“IM”) OF THE TRUST AND CHANGES THEREIN

A. Details of Data Link Investment Manager Private Limited i.e. IM, as on March 31, 2025

Pursuant to the applicable provisions of the SEBI InvIT Regulations and the Investment Management Agreement dated September 25, 2020 executed between Encap I.e., erstwhile IM and the Trustee, Encap was appointed as the Investment Manager of the Trust with effect from October 13, 2020. Further, Encap resigned as the Investment Manager of the Trust vide letter dated September 29, 2023, but continued in its capacity till close of business hours on December 11, 2023.

Pursuant to approval of the Unitholders for appointment of new Investment Manager for the Trust by the Trustee in line with the provisions of the SEBI InvIT Regulations and pursuant to the Investment Management Agreement dated December 7, 2023, executed between IM and the Trustee (“IMA”), Data Link has been appointed as the Investment Manager of the Trust w.e.f. December 12, 2023. The registered office of the IM is situated at Unit 1, 9^th Floor, Tower 4, Equinox Business Park, LBS Marg, Kurla (W), Mumbai 400070, Maharashtra.

Data Link, having Corporate Identification Number U74999MH2017FTC303003, was incorporated under the Companies Act, 2013 (“Act”).

During the year, pursuant to the certificate issued by Registrar of Companies, the name of the IM has changed from BIP India Infra Projects Management Services Private Limited to Data Link Investment Manager Private Limited w.e.f. June 20, 2024.

The details of Board of Directors of Data Link as on March 31, 2025 and as on the date of this Report are as under:
Sr. No.	Name of Director	Designation	DIN
1.	Mr. Arpit Agrawal	Non-executive Director and Chairperson*	07769740
2.	Mr. Munish Seth	Group Managing Director	02720293
3.	Dr. Brijgopal Jaju	Non-executive Independent Director	00061367
4.	Mr. Chetan Desai	Non-executive Independent Director	03595319
5.	Ms. Helly Ajmera	Non-executive Director	10240609
6.	Mr. Jagdish Kini	Non-executive Independent Director	00518726
7.	Mr. Jason Chan Sian Chuan	Non-executive Director	02265678
8.	Ms. Pooja Aggarwal	Non-executive Director	07515355
9.	Ms. Radhika Haribhakti	Non-executive Independent Director	02409519
10.	Mr. Sunil Srivastav	Non-executive Independent Director	00237561

*Mr. Arpit Agrawai was appointed as an Additional Non- Executive Director w.e.f. September 7, 2024. Further, he was designated as a Chairperson of the Board w.e.f. October 17, 2024, in place of Ms. Aggarwal, who was the Chairperson till October 17, 2024.

During the period from April 1, 2024 to March 31, 2025 and as on the date of this Report, below are the changes in the Board composition of the Company:

Name of Director	Designation	Effective Date
		Appointment	Resignation
Mr. Arpit Agrawal	Non-executive Director and Chairperson	September 7, 2024	-
Mr. Emmanuel David Gootam	Additional Non-executive Independent Director	May 17, 2024	September 6, 2024
Mr. Dhananjay Joshi	Managing Director	December 12, 2023	September 1, 2024

Name of Director	Designation	Effective Date
		Appointment	Resignation
Mr. Munish Seth	Group Managing Director	September 2, 2024	-
Mr. Chetan Desai	Non-executive Independent Director	May 17, 2024	-
Dr. Brijgopal Jaju	Non-executive Independent Director	September 7, 2024	-
Ms. Helly Ajmera	Non-executive Director	May 17, 2024	-
Mr. Jason Chan Sian Chuan	Non-executive Director	May 17, 2024	-
Mr. Prateek Shroff	Non-executive Director	December 12, 2023	September 6, 2024

The composition of the committee during the year and as on the date of this Report is as follows:
Sr. No.	Name	Designation/Category	Date of appointment
1.	Mr. Chetan Desai	Independent Director (“ID”), Chairperson	May 17, 2024
2.	Mr. Jagdish Kini	ID, Member	December 12, 2023
3.	Mr. Sunil Srivastav	ID, Member	December 12, 2023
4.	Ms. Radhika Haribhakti	ID, Member*	December 12, 2023
5.	Ms. Pooja Aggarwal	Non-executive Director (“NED”), Member	December 12, 2023
6.	Dr. Brijgopal Jaju	ID, Member	September 7, 2024
*Ms. Haribhakti ceased to be the chairperson of the committee w.e.f. May17,2024. However, she continues as a member of the committee.
During the year, the committee met 5 (five) times, in		compliance with the requirement of the SEBI Listing Regulations.

Nomination and Remuneration Committee (“NRC”):

Pursuant to the SEBI InvIT Regulations read with the SEBI Listing Regulations, the Company has constituted the NRC.

The composition, quorum, powers, role and scope of the Committee are in accordance with the provisions of the SEBI InvIT Regulations read with the SEBI Listing Regulations.

The terms of reference of the Committee, inter-alia, includes formulation of criteria for determining qualifications, positive attributes and independence of a director, recommendation of persons to be appointed to the Board and Senior Management and specifying the manner for effective evaluation of performance of Board, its Committees, Chairperson and individual directors, recommendation of remuneration policy for directors and Senior Management, formulation of criteria for evaluation of performance of independent directors and the Board, devising a policy on Board diversity and such other matters as may be prescribed by the SEBI Listing Regulations. The Committee is governed by a Charter, which is in line with Regulation 19 read with Part D of Schedule II of the SEBI Listing Regulations.

The composition of the committee during the year and as on the date of this Report is as follows:
Sr. No.	Name	Designation/Category	Date of appointment
1.	Mr. Emmanuel David Gootam	ID, Chairperson*	May 17, 2024
2.	Mr. Jagdish Kini	ID, Chairperson**	December 12, 2023
3.	Mr. Sunil Srivastav	ID, Member	December 12, 2023
4.	Ms. Radhika Haribhakti	ID, Member	December 12, 2023
5.	Mr. Chetan Desai	ID, Member	September 7, 2024

*Mr. Gootam ceased to be the chairperson of the committee w.e.f. September 6, 2024.

**Mr. Kini was re-designated from Member to chairperson of the committee w.e.f. September 7, 2024.

During the year, the committee met 9 (nine) times, in compliance with the requirement of the SEBI Listing Regulations. Stakeholders' Relationship Committee (“SRC”):

Pursuant to the SEBI InvIT Regulations read with the SEBI Listing Regulations, the Company has constituted the SRC. The Committee, inter alia, is entrusted with the overall responsibility to oversee various aspects of the interests of stakeholders of the Company and the Trust.

The composition, quorum, powers, role and scope of the Committee are in accordance with the provisions of the SEBI InvIT Regulations read with the SEBI Listing Regulations.

The Committee is governed by a Charter, which is in line with Regulation 20 read with Part D of Schedule II of the SEBI Listing Regulations.

The composition of the committee during the year and as on the date of this Report is as follows:			Â
Sr. No.	Name	Designation/Category	Date of appointment
1.	Mr. Chetan Desai	ID, Chairperson	May 17, 2024
2.	Mr. Dhananjay Joshi	Managing Director, Member**	December 12, 2023
3.	Mr. Emmanuel David Gootam	ID, Member***	May 17, 2024
4.	Ms. Radhika Haribhakti	ID, Member*	December 12, 2023
5.	Mr. Munish Seth	Group Managing Director, Member	September 2, 2024
6.	Mr. Prateek Shroff	NED, Member****	December 12, 2023
*Ms. Haribhakti ceased to be the chairperson of the committee w. e. f. May 17, 2024. However, she continues as a member of the committee. **Mr. Joshi ceased to be a member of the committee w.e.f. September 1, 2024. ***Mr. Gootam ceased to be a member of the committee w.e.f. September 6, 2024. ‘“Mr. Shroff ceased to be a member of the committee w. e. f. May 17, 2024.
During the year, the committee met 1 (one) time,		in compliance with the requirement of the SEBI Listing Regulations.

Risk Management Committee (“RMC”):

Pursuant to the SEBI InvIT Regulations read with the SEBI Listing Regulations, the Company has constituted the RMC. The Committee, inter-alia, is entrusted with the responsibility of formulating a Risk Management Policy, monitoring and overseeing its implementation, including evaluating the adequacy of risk management systems, ensuring that the Company and the Trust conducts its activities in a responsible manner and implement and monitor the Environmental, Social and Governance framework and fulfill its oversight responsibilities in relation to Health, Safety, Security and Environmental function.

The composition, quorum, powers, role and scope of the Committee are in accordance with the provisions of the SEBI Listing Regulations.

The Committee is governed by a Charter, which is in line with the applicable provisions of the Regulation 21 read with Part D of Schedule II of the SEBI Listing Regulations.

The composition of the committee during the year and as on the date of this Report is as follows:
Sr. No.	Name	Designation/Category	Date of appointment
1.	Mr. Dhananjay Joshi	Managing Director, Chairperson*	December 12, 2023
2.	Mr. Munish Seth	Group Managing Director, Chairperson	September 2, 2024
3.	Mr. Emmanuel David Gootam	ID, Member**	May 17, 2024
4.	Ms. Radhika Haribhakti	ID, Member	December 12, 2023
5.	Mr. Vineet Sirpaul	Chief Risk Officer, Member***	December 12, 2023
6.	Mr. Sunil Panjwani	Chief Risk Officer, Member***	August 1, 2024
7.	Dr. Brijgopal Jaju	ID, Member	September 7, 2024

*Mr. Joshi was appointed as the chairperson and member of the committee w.e.f. May 17, 2024 and ceased to be the chairperson and member w.e.f. September 1, 2024.

**Mr. Gootam ceased to be a member of the committee w.e.f. September 6, 2024.

***Mr. Sirpaul ceased to be a member of the committee w.e.f. July 31, 2024 and Mr. Panjwani was appointed in this place w.e.f. August 1, 2024. Further, he ceased to be a member w.e.f. February 14, 2025.

During the year, the committee met 4 (four) times, in compliance with the requirement of the SEBI Listing Regulations.

Details of the holding by Data Link and its Directors in the Trust

As on the date of this Report, neither Data Link nor any of its Directors holds any units of the Trust.

Net Worth of Data Link

Net Worth of Data Link as per its latest Annual Audited Standalone Financial Statements for the financial year ended March 31, 2025 is in line with the requirement specified under Regulation 4(2)(e) of the SEBI InvIT Regulations. There is no erosion in the net worth of Data Link as compared to the net worth as per its last financial statements.

Functions, Duties and Responsibilities of the Investment Manager

During the year, duties and responsibilities of Data Link in the capacity of IM of the Trust, were in accordance with the IMA and the SEBI InvIT Regulations. The Board of Data Link comprises of ten directors and half of its Directors as Independent Directors, including one women Independent Director, having extensive and relevant experience.

Key Employees of the IM

Pursuant to the requirement of the SEBI InvIT Regulations, the Board of Data Link, the IM, has appointed and designated the following employees of the Company along with the changes therein:

Sr. No.	Name	Designation	Appointment date	Relevant SEBI InvIT Regulation under which the employee meets the eligibility criteria
1.	Mr. Dhananjay Joshi(1)	Managing Director	December 12, 2023	Regulation 4(2)(e)(ii) & (iv)
2.	Mr. Inder Mehta(2)	Chief Financial Officer	December 12, 2023	Regulation 4(2)(e)(ii) & (iii)
3.	Mr. Vineet Sirpaul(3)	Chief Risk Officer	December 12, 2023	Regulation 4(2)(e)(ii) & (iii)
4.	Ms. Farah Irani(4)	Compliance Officer	December 12, 2023	Regulation 10(25)
5.	Mr. Munish Seth	Group Managing Director	September 2, 2024	Regulation 4(2)(e)(ii) & (iv)
6.	Mr. Sunil Panjwani(5)	Chief Risk Officer	August 1, 2024	Regulation 4(2)(e)(ii) & (iii)
7.	Ms. Yesha Maniar(6)	Compliance Officer	November 14, 2024	Regulation 10(25)
8.	Mr. Rahul Katiyar	Chief Financial Officer	January 1, 2025	Regulation 4(2)(e)(ii) & (iii)
9.	Mr. Sourav Gupta	Employee of the IM	February 14, 2025	Regulation 4(2)(e)(ii) & (iii)
Notes: 1 Resigned w.e.f. September 1, 2024 2Appointed as a Compliance Officer, in the interim, w.e.f. October 18, 2024 till November 13, 2024 and resigned as a Chief Financial Officer w.e.f.
December 31, 2024 (3) Resigned w.e.f. July 31, 2024 4Resigned w.e.f. October 17, 2024 (5) Resigned w.e.f. February 14, 2025		Â	Â	Â

Further, in accordance with the applicable provisions of the Act and pursuant to the recommendation of Board of Directors, the members of the Company at the Annual General Meeting (“AGM”) of the Company held on September 25, 2024, had regularized the appointment of all the above mentioned directors, except for Mr. Emmanuel David Gootam, who resigned as a Director of the Company w.e.f. September 6, 2024.

Brief profile of the directors is provided in this Annual Report and also available on the website of the Trust at www.altiusinfra.com.

Key Managerial Personnel of IM

Ms. Yesha Maniar, Company Secretary of the IM and Compliance Officer of the Trust.

During the year, Ms. Maniar was designated as Key Managerial Personnel of the Company w.e.f. January 30, 2025. The brief profile of Ms. Maniar is available on the website of the Trust at https://www.altiusinfra.com/ about#leadership-team.

Board Composition and Meetings

In compliance with the applicable laws and regulations, IM has the necessary combination of Executive, Nonexecutive Directors and Independent Directors, including a woman Director.

As on March 31, 2025, the Board of IM comprises of 10 (ten) Directors, of whom 1 (one) is Executive (Managing Director), 5 (five) Non-executive Independent Directors (including 1 (one) Woman Director) and 4 (four) Nonexecutive Directors (including 2 (two) Women Directors).

The Board has identified certain core skills/ expertise/ competencies for it to function effectively and believes that Directors of the Company possess these skills/ expertise/ competencies, which help the Company and the Trust to function effectively.

The Board meets at regular intervals to discuss and decide on strategies, policies and reviews the financial performance of the Trust and the Company.

During the year, the Board had 12 (twelve) meetings and the meetings were conducted in presence of directors or through Video Conferencing (“VC”) in compliance with the SEBI InvIT Regulations and relevant circulars issued thereunder.

The requisite quorum was present in all the meetings. The intervening gap between two consecutive meetings was

 

less than one hundred and twenty days i.e. in accordance with the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”).

The Board of Directors of the investment manager reviews compliance reports every quarter pertaining to all laws applicable to the InvIT as well as steps taken to rectify instances of non-compliances. Further, the minimum information was placed before the Board of Directors in accordance with Schedule VII of the SEBI InvIT Regulations.

Notice and agenda, including the detailed notes on the matters to be considered at the meeting, in terms of the SEBI InvIT Regulations read with the SEBI Listing Regulations, are circulated to all the Directors within the prescribed timelines.

Further, the Fourth AGM of the Unitholders was held on July 26, 2024, through VC, in line with the applicable provisions of the SEBI InvIT Regulations and relevant circulars issued thereunder.

Green Initiative

Investment Manager is concerned about the environment and utilizes natural resources in a sustainable way. SEBI InvIT Regulations allows the Trust to send official documents to their Unitholders electronically.

In terms of the SEBI InvIT Regulations, Investment Manager propose to send documents like the Notice convening the general meetings, Financial Statements, Auditor’s Report and other documents to the email address provided by the unitholders with the relevant depositories.

We request the unitholders to update their email address with the relevant depository participant to ensure that the Annual Report and other documents reach the unitholders on their preferred email.

Secretarial Compliance Report:

As per Regulation 26J of the SEBI InvIT Regulations, M/s. MMJB & Associates, Practicing Company Secretaries has conducted Secretarial Audit of the Trust for the financial year ended March 31, 2025 and the Secretarial Compliance Report issued by them is annexed as Annexure B.

The Annual Secretarial Compliance Report for the financial year 2024-25 has been submitted to BSE Limited within the stipulated timeline. The same is also available on the website of the Trust i.e. www.altiusinfra.com.

 

Compliance Report on governance:

In compliance with Regulation 26K of the SEBI InvIT Regulations read with the SEBI Master Circular, the Company, in its capacity of IM of the Trust, submits quarterly and annual compliance reports on governance to the stock exchange within the stipulated timelines. The said compliance reports on governance are available on the Trust’s website i.e. www. altiusinfra.com and on the stock exchange's website i.e. www.bseindia.com. The compliance reports on governance for the financial year 2024-25 submitted upto the date of this Report are annexed herewith as Annexure C.

Investor Complaints:

In compliance with Regulation 26L of the SEBI InvIT Regulations read with the SEBI Master Circular, as amended, pursuant to Regulation 13(3) of the SEBI Listing Regulations, as amended, and such other applicable provisions, the Statement of Investor Complaints for the Trust, issued by Kfin Technologies Limited, Registrar & Share Transfer Agent of the Trust, was submitted to the stock exchange and Trustee on a quarterly basis and the same can be viewed on the Trust’s website at www.altiusinfra.com. The status of complaints is reported to the Board on a quarterly basis.

During the year, no complaints were received by the Trust.

SEBI Complaints Redressal System (“SCORES”):

The Trust has been registered on SCORES ver.2.0 and all investor complaints are processed through the centralised web based complaints redressal system. The salient features of this system are centralised database of all complaints, online upload of Action Taken Reports (ATRs) by the concerned companies and online viewing by investors of actions taken on the complaint and its current status. Investment Manager makes every effort to resolve all investor complaints received through SCORES or otherwise within the statutory time limit from the receipt of the complaint. During the year, no complaints were received.

SEBI Online Resolution of Dispute (“ODR”):

SEBI vide its circular no. SEBI/HO/OIAE/OIAE_IAD-1/P/ CIR/2023/131 dated July 31, 2023 and circular no. SEBI/ HO/OIAE/OIAE_IAD-1/P/CIR/2023/135 dated August 4, 2023, had introduced an “Online Resolution of Disputes in the Indian Securities Market”. The ODR Portal is designed to enhance investor grievance redressal which harnesses online conciliation and online arbitration for resolution of disputes arising in the Indian Securities Market has been established, wherein all market intermediaries are mandatorily required to register. The implementation of ODR

 

Portal is through SMART ODR Portal (Securities Market Approach for Resolution through ODR Portal). The Trust is in compliance with the above circular and had registered itself on the SMARTODR. The same can be accessed on the website of the Trust at www.altiusinfra.com.

Committees of the Board

Pursuant to Regulation 26G of the SEBI InvIT Regulations read with the SEBI Listing Regulations, Data Link, in its capacity as the IM of the Trust, has constituted the following committees and adopted their respective charters w.e.f. December 12, 2023:

a.    Audit Committee,

b.    Nomination and Remuneration Committee,

c.    Stakeholders’ Relationship Committee, and

d.    Risk Management Committee.

The Committees meet at regular intervals and take necessary steps to perform their duties entrusted to; by the Board. There is seamless flow of information between the Board and its Committees, as the Committees report their recommendations and opinions to the Board, which in turn supervises the execution of respective responsibilities by the Committees. The minutes of the meetings of all the Committees are placed before the Board for its review. The Board reviews the functioning of these Committees from time to time.

Details of Board Committees:

Audit Committee:

Pursuant to the SEBI InvIT Regulations read with the SEBI Listing Regulations, Data Link has constituted an Audit Committee, meeting the composition prescribed thereunder with a minimum of two-third of its members (including Chairman) being Independent Directors. All members are non-executive directors, are financially literate and have accounting or related financial management expertise. The Chairperson of the Committee possesses professional qualifications in the field of Finance and Accounting.

The Committee is inter-aliaentrusted with the responsibility to supervise the Company’s and the Trust’s internal controls and financial reporting process.

The composition, quorum, powers, role and scope of the Committee are in accordance with the provisions of the SEBI InvIT Regulations read with the SEBI Listing Regulations.

The Committee is governed by a Charter, which is in line with Regulation 18 read with Part C of Schedule II of the SEBI Listing Regulations.

 

B. Codes/Policies

In line with the requirements of the SEBI InvIT Regulations read with the SEBI Listing Regulations and in order to adhere to the good governance practices for the Trust, the Data Link Board had adopted various policies and codes, in relation to the Trust.

(i)    Distribution Policy:

The Distribution Policy provides a structure for distribution of the net distributable cash flows of SPVs/Holdco to the Trust and the Trust to the Unitholders. Pursuant to the circular issued by SEBI, bearing reference no. SEBI/HO/DDHS/DDHS-PoD-2/P/CIR/2025/63 dated May 7, 2025 amending the Chapter 3 and Chapter 4 of the existing SEBI Master Circular dated May 15, 2024, the Investment Manager shall amend the Distribution policy of the Trust to align with the said amendments therein, as may be applicable. The said policy is being placed for the approval of the unitholders at the ensuing annual general meeting of the Trust, a copy of which forms part of the notice of the meeting.

(ii)    Code of conduct for prohibition of insider trading:

Code of Conduct for Prohibition of Insider Trading (“Insider Trading Code”) is adopted in order to ensure fair disclosure of unpublished price sensitive information and to regulate, monitor and report trading by the Designated Persons towards achieving compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015 and aims to outline process and procedures for dissemination of information and disclosures in relation to the Trust on its website, to the Stock Exchanges and to all stakeholders at large. The purpose of the Insider Trading Code is also to ensure that the Trust complies with applicable laws, regulations, rules or guidelines prohibiting Insider trading and governing disclosure of material, unpublished price sensitive information (“UPSI”).

The Insider Trading Code is available on the website of the Trust at https://www.altiusinfra.com/investors/ altius#governance-and-policies

(iii)    Code of Conduct for the InvIT and Parties to the InvIT:

The said Code provides for principles and procedures for the Sponsors, the Investment Manager, the Project Managers, the Trustee and their respective employees, as may be applicable, for ensuring interest of the unitholders and proper conduct and carrying out of the business and affairs of the Trust in accordance with the applicable laws.

(iv)    Policy on Appointment of Auditor and Valuer of the Trust:

The policy on Appointment of Auditor and Valuer provides a framework for ensuring compliance, in relation to the appointment of Auditor and Valuer, as identified by the Investment Manager in accordance with the SEBI InvIT Regulations and other applicable laws.

(v)    Policy on Related Party Transactions of the Trust:

The policy on Related Party Transactions provides a framework to regulate the transactions of Altius InvIT with its Related Parties, in accordance with the SEBI InvIT Regulations and other applicable laws.

(vi)    Borrowing Policy of the Trust:

The Borrowing Policy has been adopted to ensure that all funds borrowed in relation to the Trust are in compliance with the SEBI InvIT Regulations.

(vii)    Policy on Nomination of Unitholder Nominee Directors:

This Policy lays down a framework and provides guidance in relation to the qualifications and criteria for appointment, removal and evaluation of individuals nominated as the unitholder nominee directors on the Board, as the case may be (“Unitholder Nominee Director”) in accordance with the provisions of the SEBI Master Circular dated May 15, 2024, read with the SEBI InvIT Regulations.

(viii)    Risk Management Policy:

Risk Management Policy is adopted to establish the principles by which risks will be managed across the Altius InvIT and its assets.

(ix)    Unclaimed amount:

This policy provides a framework to be followed by an InvIT for transfer of unclaimed distribution amounts and unpaid interest, initially to an ‘Unpaid Account’, being an escrow account operated and subsequently, to the Investor Protection and Education Fund, and claims thereof by the unitholders/ debentureholders.

(x)    Code of Conduct for Board Members and Senior Management:

The code outlines the standard of conduct and the values and principles of the Company. This policy sets out the Company’s approach and guidelines on preventing, identifying, and disclosing any actual, potential, or perceived Conflict of Interest that may arise during the regular course of business.

(xi)    Nomination and Remuneration Policy:

The policy outlines the process and procedures for selection and appointment of the Board of Directors and reflects the philosophy and principles relating to the remuneration of the Board, Senior Management Personnel and other employees of the Investment Manager and the Trust.

(xii)    Annual Performance Evaluation Policy:

The policy has been adopted to outline the process for formal performance evaluation of the Board as a whole, Chairperson and individual directors of the Investment Manager. The criteria have been framed in accordance with the provisions of the SEBI InvIT Regulations read with SEBI Listing Regulations which, inter alia, covers various aspects such as attendance, acquaintance with business, communication inter se between board members, effective participation, domain knowledge, compliance with code of conduct and strategy, etc. The said performance evaluation for the FY 2024-25 has been conducted by the Independent Directors, Members of NRC and the Board.

(xiii)    Whistle-Blower and Vigil Mechanism Policy:

The policy has been established to report genuine concerns and provide adequate safeguards against the victimisation of Directors and/or employees of the Investment Manager or any other parties to the Trust.

As on March 31, 2025, the Trust has not received any complaints under the Vigil Mechanism Policy. The complaints received, if any, are reviewed by the management under supervision of the chairperson of the Audit Committee.

(xiv)    Code of Business Conduct and Ethics:

This policy is adopted to: 1. Ensure the well-being and safety of employees; 2. Be good stewards in the communities in which we operate; 3. Mitigate the impact of our operations on the environment; 4. Conduct business according to the highest ethical and legal/regulatory standards; and 5. The employees dealing with value chain partners have the duty to make them aware of ethical standards that the Company upholds and encourage them to follow the same.

(xv)    Policy on preservation of documents and archival:

The policy has been adopted for preservation of documents/ records maintained by the Company either

in physical mode or electronic mode and to determine the period for which the information required by the Trust to be disclosed on its website, will be hosted on the website and the period for which it will be archived thereafter.

(xvi) Policy on Prevention of Sexual Harassment (“POSH”):

The Investment Manager provides equal opportunities and is committed for creating a healthy working environment that enables employees to work with equality and without fear of discrimination, prejudice, gender bias or any form of harassment at workplace.

The Investment Manager has in place a POSH Policy in accordance with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 including necessary filings with the office of Collector & District Magistrate, Mumbai. The policy is communicated at regular intervals to all employees (permanent, contractual, temporary, trainees) through programs conducted at the registered office.

The Investment Manager has complied with the provisions relating to the constitution of Internal Complaints Committee (ICC) under the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013.

As on March 31, 2025, there were no complaints with ICC of the Investment Manager.

E.    Representatives on the Board of Directors of RDIPL, SPV of the Trust

In terms of the SEBI InvIT Regulations, majority of the Board of Directors of the RDIPL, SPV of the Trust, have been appointed by the erstwhile IM, in consultation with the Trustee. During the period from April 1, 2024 to March 31, 2025, there were no changes in the board composition of RDIPL.

During the year, Data Link had ensured that in every general meeting, including the Third Annual General Meeting of RDIPL held on September 27, 2024, the voting of the Trust was exercised.

F.    Representatives on the Board of Directors of CVNPL, SPV of the Trust

In terms of the SEBI InvIT Regulations, majority of the Board of Directors of the CVNPL, SPV of the Trust, have been appointed by the erstwhile IM, in consultation with the Trustee. During the period from April 1, 2024 to March 31, 2025, there were no changes in the board composition of CVNPL.

During the year, Data Link had ensured that in every general meeting of CVNPL, including the Fifth Annual General Meeting of CVNPL held on June 28, 2024, the voting of the Trust was exercised though HoldCo.

G.    Representatives on the Board of Directors of EDIPL, SPV of the Trust

In terms of the SEBI InvIT Regulations, majority of the Board of Directors of the EDIPL, SPV of the Trust, have been appointed by the IM, in consultation with the Trustee. During the period from September 12, 2024 to March 31, 2025, the following changes took place in the Board Composition of EDIPL:

SPONSOR OF THE TRUST A. BIF IV Jarvis India Pte. Ltd.

BIF IV Jarvis India Pte. Ltd. (“Brookfield Sponsor”) is a Sponsor of the Trust. The Brookfield Sponsor was incorporated on May 31, 2019 under the laws of Singapore. The Brookfield Sponsor is 100% held by BIF IV India Holdings Pte. Ltd. (“BIF IV India”), a company incorporated in Singapore. The Brookfield Sponsor and BIF IV India are controlled by Brookfield Corporation (“BN”). The registered office of the Brookfield Sponsor is situated at Collyer Quay Centre, 16 Collyer Quay, #19-00 Singapore 049318.

BN together with its affiliates (“Brookfield”) has a history of over 115 years of owning and operating assets with a focus on infrastructure, renewable power, property and other real assets. Brookfield currently controls over US $25 billion of assets in India, with over 20,000 employees. BN is listed on the New York Stock Exchange (“NYSE”) and the Toronto Stock Exchange (“TSE”) and has a market capitalisation of approximately US $28.6 billion as on March 31, 2025. Further, Brookfield’s infrastructure group (“Brookfield Infrastructure”) owns and operates one of the largest infrastructure portfolios in the world, with approximately US $214 billion of assets under management as on March 31, 2025. Brookfield Infrastructure’s publicly listed infrastructure vehicles include Brookfield Infrastructure Partners L.P (“BIP L.P”), a publicly traded infrastructure investor and operator, targeting long-life assets with high barriers to entry that provide essential services to the global Directors of the Brookfield Sponsor economy. BIP L.P is listed on the NYSE and TSE and has a market capitalisation of approximately US $19.5 billion as of March 31, 2025. The Brookfield Sponsor has relied on BN and BIP L.P for meeting the eligibility criteria under the SEBI InvIT Regulations.

Brookfield Sponsor was included as a Sponsor of the Trust, in addition to the Reliance Sponsor, pursuant to the execution of a Deed of Accession to the Trust Deed on August 26, 2020 between the Reliance Sponsor, Brookfield Sponsor and the Trustee.

B. Reliance Industrial Investments and Holdings Limited

Reliance Industrial Investments and Holdings Limited (“Reliance Sponsor”) was a Sponsor of the Trust till December 12, 2024. The Reliance Sponsor was incorporated on October 1, 1986 under the Companies Act, 1956 as Trishna Investments and Leasings Private Limited. Subsequently, the name was changed to Reliance Industrial Investments and Holdings Limited with effect from August 6, 1993. The Reliance Sponsor’s registered office is situated at Office - 101, Saffron, Near Centre Point, Panchwati 5 Rasta, Ambawadi, Ahmedabad, Gujarat - 380006.

Pursuant to the approval of the unitholders of the Trust at their meeting held on December 5, 2024 and execution of Fifth Amendment to the Indenture of the Trust dated December 12, 2024, Reliance Sponsor has exited as a Sponsor to the Trust w.e.f. December 12, 2024.

C. Project Holdings Nine (DIFC) Limited

Project Holdings Nine (DIFC) Limited (“Brookfield Sponsor II”) was incorporated as a private company on July 27, 2021 under the Companies Law, DIFC Law No. 5 of 2018 and the Prescribed Company Regulations 2019, having registration number 4901 and having its registered office at Unit L24-00, Level 24, ICD Brookfield Place, Dubai International Finance Centre, United Arab Emirates. Brookfield Sponsor-II is ultimately controlled by BN.

Pursuant to the requisite approval(s) and Deed of Accession dated May 16, 2024, Brookfield Sponsor II has been inducted as a Sponsor of the Trust with effect from May 16, 2024.

TRUSTEE OF THE TRUST

Axis Trustee Services Limited is the Trustee of the Trust. The Trustee is a registered intermediary with SEBI under the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, as a debenture trustee having registration number IND000000494 and is valid until suspended or cancelled. The Trustee’s registered office is situated at Axis House, P B Marg, Worli, Mumbai, Maharashtra, India, 400025 and corporate office is situated at The Ruby, 2^nd Floor, SW, 29, Senapati Bapat Marg, Dadar West, Mumbai - 400028.

The Trustee has confirmed that it is a wholly-owned subsidiary of Axis Bank Limited. As Trustee, it ensures compliance with all statutory requirements and believes in the highest ethical standards and best practices in corporate governance. It aims to provide the best services in the industry with its well trained and professionally qualified staff with a sound legal acumen. The Trustee is involved in varied facets of debenture and bond trusteeships, including, advisory functions and management functions. The Trustee also acts as a security trustee and is involved in providing services in relation to security creation, compliance and holding security on behalf of lenders.

The Trustee confirms that it has and undertakes to ensure that it will at all times, maintain adequate infrastructure personnel and resources to perform its functions, duties and responsibilities with respect to the Trust, in accordance with the SEBI InvIT Regulations, the Indenture of Trust and other applicable laws.

There has been no change in the Trustee during the financial year ended March 31, 2025, and as on the date of this Report.

VALUER OF THE TRUST

Pursuant to the approval of the unitholders of the Trust, M/s BDO Valuation Advisory LLP, Registered Valuer (IBBI Registration Number IBBI/RV-E/02/2019/103) (“Valuer”), was appointed as the Valuer of the Trust for FY 2024-25 to carry out the valuation of Trust Assets in accordance with the SEBI InvIT Regulations.

Post closure of the year, the Board of Directors of the IM at its meeting held on May 19, 2025, have approved the appointment of Mr. S. Sundararaman, Registered Valuer (IBBI Registration Number IBBI/RV/06/2018/10238), as the Valuer of the Trust for FY 2025-26, subject to approval of unitholders of the Trust, at the ensuing Fifth AGM of the Trust to be held on July 25, 2025.

INFORMATION OR REPORT PERTAINING TO SPECIFIC SECTOR OR SUB-SECTOR THAT MAY BE RELEVANT FOR AN INVESTOR TO INVEST IN UNITS OF THE INVIT

Please refer to Telecom Industry update under Industry overview disclosed in the Management Discussion and Analysis Report on page no. 55 of this Report.

DETAILS OF CHANGES DURING THE YEAR

a. Clauses in the Trust Deed, Investment Manager Agreement or any other agreement entered into pertaining to the activities of Altius InvIT

During the year, there has been no amendment in the Indenture of the Trust or any other agreement entered into pertaining to the activities of the Trust, except for the following:

Execution of Second Deed of Accession

During the year, Brookfield Sponsor II entered into the Deed of Accession to the Indenture of Trust dated May 16, 2024 with the Brookfield Sponsor, Reliance Sponsor and the Trustee of the Trust, for induction of Brookfield Sponsor II as a Sponsor to the Trust.

Further, Third Amendment Agreement to the Indenture of Trust was also executed on May 16, 2024 between Reliance Sponsor, Brookfield Sponsor, Brookfield Sponsor II and the Trustee to give effect to the above induction.

Execution of the Project Management Agreement (“PMA”)

During the year, Jarvis Data-Infra Project Manager Private Limited (“JDIPMPL”) has entered into a Project Management

Agreement dated September 12, 2024 with the Trustee (on behalf of the Trust), Data Link and EDIPL to provide project implementation, execution and operations and maintenance services in relation to EDIPL (“EDIPL PMA”).

JDIPMPL was incorporated on December 22, 2021 under the Companies Act, 2013. Its registered office is situated Awfis Space Solutions, 7^th Floor, Skyline Icon, Andheri Kurla Rd, Chimatpada, Marol, Andheri East, Mumbai-400059, Maharashtra, India.

Amendment of the PMA entered into with CDPL and CVNPL

Project Management Agreement dated February 26, 2022 was executed between the Trustee, erstwhile IM, CDPL Project Manager and CDPL for appointment of JDIPMPL as the Project Manager for CDPL, Holdco of the Trust.

JDIPMPL has also entered into a Project Management Agreement dated September 13, 2023 with the Trustee (on behalf of the Trust), erstwhile IM and RDIPL, to provide project implementation, execution and operations and maintenance services in relation to RDIPL (“RDIPL PMA”).

Further, JDIPMPL has also entered into a Project Management Agreement dated September 21, 2023 with the Trustee (on behalf of the Trust), erstwhile IM, CDPL and CVNPL, to provide project implementation, execution and operations and maintenance services in relation to CVNPL (“CVNPL PMA”).

During the year, the unitholders at their Extra-Ordinary General Meeting held on September 3, 2024 had approved the amendment to the above Project Management Agreements to amend the fees being paid to the Project Manager.

Other agreements entered into pertaining to the activities of the Trust

The Trust has entered into various agreements viz. securities purchase agreements, trustee agreements, etc. for the purpose of acquisition of EDIPL by the Trust.

Amendment to the Investment Management Agreement at the Extra-ordinary General Meeting (“EGM”) held on September 3, 2024

During the year, the unitholders at their EGM held on September 3, 2024 had approved the below mentioned amendments to the Investment Management Agreement dated December 7, 2023 to amend the fees being paid to the Investment Manager, w.e.f. the date of acquisition of EDIPL.

Amendment to the Trust Deed at the Extra-ordinary General Meeting held on August 5, 2024:

During the year, the unitholders at their EGM held on August 5, 2024 had approved the change in name of the Trust to Altius Telecom Infrastructure Trust and consequent amendment to the Indenture of the Trust dated January 31, 2019. The Fourth Amendment Agreement to the Indenture of the Trust was executed on December 12, 2024 to give effect to the above mentioned name change.

Amendment to the Trust Deed at the Extra-ordinary General Meeting held on December 5, 2024:

During the year, the unitholders at their EGM held on December 5, 2024 had approved the exit of Reliance Sponsor as a Sponsor to the Trust and consequent execution of amendment to the Indenture of the Trust dated January 31, 2019. The Fifth Amendment Agreement to the Indenture of the Trust was executed on December 12, 2024 to give effect to the above mentioned sponsor exit.

b.    Any regulatory changes that has impacted or may impact cash flows of the underlying projects

Not Applicable for the year.

c.    Addition and divestment of assets including the identity of the buyers or sellers, purchase or sale prices and brief details of valuation for such transactions projects

During the year, Altius InvIT has acquired 100% equity share capital of EDIPL on September 12, 2024 at a purchase consideration of H 132,877 million from the erstwhile shareholders of EDIPL i.e. ATC Asia Pacific Pte. Ltd. On September 12, 2024, the fair value of EDIPL was estimated at H 136,843 million under the Discounted Cash Flow (“DCF”) methodology to arrive at the equity value.

e.    Changes in material contracts or any new risk in performance of any contract pertaining to the Trust

Not Applicable for the year.

f.    Any legal proceedings which may have significant bearing on the activities or revenues or cash flows of the Trust

There is no legal proceeding against the Trust which may have significant bearing on the activities or revenues or cash flows of

the Trust. Details of material litigations and regulatory actions, if any, which are pending against the Trust, Sponsor(s), Sponsor

Group, Investment Manager, Project Manager(s) or any of their associates and the Trustee at the end of the year is disclosed later

in this Report.

g.    Any other material changes during the year

The material changes that have occurred during the year and as on the date of this Report as mentioned below:

(i)    SDIL has issued and allotted 60,000 Redeemable, Listed, Secured, Taxable and Rated NCDs of the face value of H 100,000 each, aggregating to H 6,000 million, to identified investors, on private placement basis on May 2, 2024 and have been listed on debt segment of National Stock Exchange of India Limited w.e.f. May 3, 2024;

(ii)    Pursuant to the approval by the Registrar of Companies, the name of the Company has been changed from BIP India Infra Projects Management Services Private Limited to Data Link Investment Manager Private Limited w.e.f. June 20, 2024;

(iii)    SDIL has issued and allotted 95,000 Redeemable, Listed, Secured, Taxable and Rated NCDs of the face value of H 100,000 each, aggregating to H 9,500 million, to identified investors, on private placement basis on August 5, 2024 and have been listed on debt segment of National Stock Exchange of India Limited w.e.f. August 7, 2024;

(iv)    Altius InvIT had issued and allotted Commercial Papers (“CPs”) in the form of promissory notes for an amount of H 8,850 million on August 28, 2024, with a maturity period of 26 days in accordance with the applicable laws. The said CPs were rated “CRISIL A1+” by CRISIL Ratings Limited vide rating rationale issued on August 13, 2024;

(v)    Further, from the proceeds raised from the aforesaid CP issuance, the CPs issued earlier by the Trust on September 6, 2023 were redeemed. Also, the CPs aggregating to H 8,850 million were redeemed on its maturity on September 23, 2024;

(vi)    Altius InvIT had issued and allotted 185,000 NCDs of the face value of H 100,000 each, aggregating to H 18,500 million, to identified investors, on private placement basis on August 30, 2024 and have been listed on debt segment of BSE Limited w.e.f. September 2, 2024;

(vii)    Altius InvIT has also issued and allotted 790,000 NCDs of the face value of H 100,000 each, aggregating to H 79,000 million, in two series (Series A and B), to identified investors, on private placement basis on September 9, 2024 and have been listed on debt segment of BSE Limited w.e.f. September 10, 2024;

(viii)    Pursuant to the approval of the unitholder and receipt of Certificate of Registration from SEBI, the name of the Trust has been changed from ‘Data Infrastructure Trust’ to ‘Altius Telecom Infrastructure Trust’ w.e.f. September 12, 2024;

(ix)    SDIL has issued and allotted 100,000 Redeemable, Listed, Secured, Taxable and Rated NCDs of the face value of H 100,000 each, aggregating to H 10,000 million, to identified investors, on private placement basis on October 30, 2024 and have been listed on debt segment of National Stock Exchange of India Limited w.e.f. October 31, 2024;

(x)    CDPL has invested the funds of the company to subscribe additional Equity Shares of CVNPL amounting to H 106,500,000. CVNPL allotted 10,650,000 equity shares of the company to CDPL on August 9, 2024 on right issue basis;

(xi)    Mr. Inder Mehta was appointed as the Compliance Officer of the Trust w.e.f. October 18, 2024 and Ms. Farah Irani had resigned as the Company Secretary of the Company and Compliance Officer of the Trust w.e.f. close of business hours on October 17, 2024;

(xii)    Ms. Yesha Maniar was appointed as the Company Secretary of the Company and Compliance Officer of the Trust w.e.f. November 14, 2024. Further, Mr. Inder Mehta resigned as the Compliance Officer of the Trust w.e.f. close of business hours on November 13, 2024;

(xiii)    Mr. Rahul Katiyar was appointed as the Chief Financial Officer of the Company w.e.f. January 1, 2025 and Mr. Inder Mehta had resigned as the Chief Financial Officer of the Company w.e.f. close of business hours on December 31, 2024;

(xiv)    Post completion of the year, Altius InvIT had issued and allotted 120,000 senior, secured, taxable, redeemable, listed and rated NCDs of the face value of H 100,000 each, aggregating to H 12,000 million, to identified investors, on private placement basis on April 21, 2025 and have been listed on debt segment of BSE Limited w.e.f. April 22, 2025; and

(xv)    Post completion of the year, SDIL issued and allotted 147,500 Redeemable, Listed, Senior, Secured, Taxable and Rated NCDs of the face value of H 100,000 each, aggregating to H 14,750 million, to identified investors, on private placement basis on May 6, 2025 and have been listed on debt segment of National Stock Exchange of India Limited w.e.f. May 7, 2025.

DETAILS OF OUTSTANDING BORROWINGS, REPAYMENT AND DEFERRED PAYMENTS OF THE TRUST, DEBT MATURITY PROFILE, GEARING RATIOS OF THE TRUST AS AT THE END OF THE YEAR

Outstanding at the Altius InvIT standalone level as on March 31, 2025 and as on the date of this report is as below.

a)    8.40% payable quarterly, 32,000 redeemable, unsecured, listed and rated non-convertible debentures of a nominal value of H 100,000 each aggregating H 3,200 million redeemable at single instalment at par on December 18, 2026. Further, there is a put/call option exercisable by either party by giving a 60 day prior notice wherein debentures may be redeemed at par on June 19, 2026.

b)    8.00% payable quarterly, 185,000 redeemable, secured, listed and rated non-convertible debentures of a nominal value of H 100,000 each aggregating H 18,500 million redeemable at single instalment at par on August 30, 2034.

c)    9.99% payable quarterly, 624,000 redeemable, secured, listed and rated non-convertible debentures of a nominal value of H 100,000 each aggregating H 62,400 million. The redemption will be in three instalments as 27.85% of the Debentures on September 9, 2027, 50.63% of the Debentures on September 9, 2028, 21.52% of the Debentures on September 9, 2029.

d)    9.99% payable quarterly, 166,000 redeemable, secured, listed and rated non-convertible debentures of a nominal value of H 100,000 each aggregating H 16,600 million. The redemption will be in three instalments as 27.85% of the Debentures on September 9, 2027,50.63% of the Debentures on September 9, 2028, 21.52% of the Debentures on September 10, 2029.

e)    Secured Term Loan consists of H 9,429 million outstanding loans which are at Repo Rate + 2.15% spread to be repaid in 60 quarterly instalments as per repayment schedule starting from December 31, 2024 and ending on September 30, 2039

f)    Secured Term Loan consists of H 26,003 million outstanding loans which are at 3M MCLR to be repaid in 60 quarterly instalments as per repayment schedule starting from December 31, 2024 and ending on September 30, 2039

Further, the details for the Altius InvIT (other than above) on a consolidated basis for the year ended March 31, 2025 are as under:

a. 6.59%, 15,000 Redeemable, Secured, Listed and Rated NCDs of a nominal value of H 1,000,000 each redeemable at single instalment at par on June 16, 2026 issued by SDIL.

7.40%, 6,500 Redeemable, Secured, Listed and Rated NCDs of a nominal value of H 1,000,000 each redeemable at single instalment at par on September 28, 2028.

7.62%, 10,000 redeemable, secured, Listed and Rated NCDs of a nominal value of H 1,000,000 each redeemable at single instalment at par on November 22, 2030.

 

8.05% p.a., 10,000 Secured, Redeemable, Listed and Rated NCDs of a nominal value of H 1,000,000 each redeemable at single instalment at par on May 31, 2027.

8.44% p.a., 12,000 Secured, Redeemable, Listed and Rated NCDs of a nominal value of H 1,000,000 each redeemable at single instalment at par on November 2, 2032.

8.19% p.a., 52,500 Secured, Redeemable, Listed and Rated NCDs of a nominal value of H 100,000 each redeemable at single instalment at par on October 31, 2026.

8.06% p.a., 65,000 Secured, Redeemable, Listed and Rated NCDs of a nominal value of H 100,000 each redeemable at single instalment at par on January 29, 2029.

7.89% p.a., 60,000 secured, redeemable, listed and rated non-convertible debentures of a nominal value of H 100,000 each redeemable at single instalment at par on May 01, 2029.

7.87% p.a., 95,000 secured, redeemable, listed and rated non-convertible debentures of a nominal value of H 100,000 each redeemable at single instalment at par on March 15, 2030.

7.58% p.a., 100,000 secured, redeemable, listed and rated non-convertible debentures of a nominal value of H 100,000 each redeemable at single instalment at par on October 30, 2031.

b.    As on March 31, 2025, SDIL has term loan from various banks of H 147,471 million. These term loans are repayable by September 1, 2032.

c.    External Commercial Borrowing of H 12,000 million in INR carrying interest rate of 8.35% p.a. repayable in single installment on November 09, 2029.

External Commercial Borrowing of H 5,100 million in INR carrying interest rate of 8.22% p.a. repayable in single installment on May 12, 2030.

External Commercial Borrowing of H 5,150 Million in INR carrying interest rate of 8.69% p.a. repayable in single installment on August 8, 2030.

d.    US $ Notes:

SDIL has issued offshore USD 500 million (outstanding as on March 31, 2025 - USD 472.63 million) Senior Secured Notes listed on Singapore stock exchange with amount of H 37,110 million (as on March 31, 2025 - H 40,396 million). The notes are repayable on August 12, 2031 in single instalment. At any time prior to August 12, 2030, SDIL has the option to redeem up to 40% of the aggregate principal amount of the notes with proceeds from equity offerings at a redemption price of 102.875% of the principal amount of the notes, plus accrued and unpaid interest, if any, to the redemption date August 12, 2031. These notes carries interest rate of 2.875% p.a. payable every six months in August and February.

e. H 2,051 million of outstanding CDPL loan is repayable by way of 60 monthly instalments starting from the month following the month of first disbursement of loan ending on October 5, 2026, Tranche 2 is repayable by way of 22 quarterly instalments ending on December 29, 2028, Tranche 3 is repayable by way of 20 quarterly instalments ending on October 10, 2029 and Tranche 4 is repayable by way of 20 quarterly instalments ending on September 30, 2030.

 

PAST PERFORMANCE OF THE TRUST WITH RESPECT TO UNIT PRICE, DISTRIBUTIONS MADE AND YIELD FOR THE LAST 5 YEARS, AS APPLICABLE

The Trust was formed on January 31, 2019 and was registered as an Infrastructure Investment Trust under the SEBI InvIT Regulations on March 19, 2019.

On August 31, 2020, the Trust had issued 2,521,500,000 units of H 100 each which were listed on BSE Limited w.e.f. September 1, 2020. During the financial year 2021-22, the Trust has issued and allotted 28,700,000 units at an Issue Price of H 110.46 each aggregating to H 3,170.20 million, on rights basis on March 3, 2022, which were listed on BSE Limited w.e.f. March 7, 2022 and listed on BSE Limited w.e.f. and 52,800,000 units at an Issue Price of H 110.46 each aggregating to H 5,832.28 million, on preferential basis on March 8, 2022 which were listed on BSE Limited w.e.f. March 17, 2022.

Further, during the year, the Trust issued 444,400,000 units on a preferential basis on September 5, 2024, aggregating to H 66,660 million and listed on BSE Limited w.e.f. September 9, 2024.

DETAILS OF ALL RELATED PARTY TRANSACTIONS DURING THE YEAR, THE VALUE OF WHICH EXCEEDS FIVE PERCENT OF VALUE OF THE TRUST

For details of all Related Party Transactions entered into by the Trust, please refer to Note no. 23 of Standalone and Note no. 35 of Consolidated Financial Statements for the year ended March 31, 2025.

DETAILS REGARDING THE MONIES LENT BY THE TRUST TO THE HOLDING COMPANY OR THE SPECIAL PURPOSE VEHICLE IN WHICH IT HAS INVESTMENT

As on March 31, 2025, the Trust holds three directly held SPVs

i.e. SDIL, RDIPL and EDIPL and one SPV i.e. CVNPL indirectly held by Altius InvIT through Holdco i.e. CDPL.

By way of a loan agreement dated August 26, 2020, the Trust had provided an unsecured term loan facility to SDIL aggregating to H 250,000 million. By way of a loan agreement dated September 11, 2023, the Trust had provided an unsecured term loan facility to SDIL aggregating to H 8,800 million. Outstanding amount as on March 31, 2025 is H 258,800 million.

Trust has provided an unsecured rupee (INR) denominated loan facility of an amount of H 705 million to CDPL for the purpose of utilizing the funds for capital expenditure, operating expenditure, refinancing of existing loans of the borrower. Out of the above CDPL repaid H 438 million. Outstanding amount as on March 31, 2025 is H 267 million.

Trust has provided an unsecured rupee (INR) denominated loan facility of an amount upto H 20 million to RDIPL for the purpose of utilizing the funds for capital expenditure and other set-up costs. Out of the above, RDIPL repaid H 17.5 million. Outstanding amount as on March 31, 2025 is H 2.5 million.

Altius InvIT has provided an unsecured rupee (INR) denominated loan facility of an amount upto H 53,713 million to EDIPL for the purpose of utilizing the funds for capital expenditure, operating expenditure, refinancing of existing loans of the borrower. Out of the above EDIPL repaid H 15,340 million and the outstanding amount as on March 31, 2025 is H 38,372 million.

BRIEF DETAILS OF MATERIAL AND PRICE SENSITIVE INFORMATION

During the year, the intimations with respect to all material and price sensitive information in relation to the Trust was made to BSE Limited, by the Investment Manager, in accordance with the

provisions of the SEBI InvIT Regulations and other applicable laws, if any, from time to time.

Except as reported to the Stock Exchange from time to time and as disclosed elsewhere in this Report, there were no material and price sensitive information in relation to the Trust for the year.

BRIEF DETAILS OF MATERIAL LITIGATIONS AND REGULATORY ACTIONS WHICH ARE PENDING AGAINST THE ALTIUS INVIT, SPONSOR(S), INVESTMENT MANAGER, PROJECT MANAGER(S) OR ANY OF THEIR ASSOCIATES, SPONSOR GROUP(S) AND THE TRUSTEE, IF ANY, AT THE END OF THE YEAR

Except as stated in this section, there are no material litigation or actions by regulatory authorities, in each case against the Trust, the Reliance Sponsor, the Brookfield Sponsor, the Brookfield Sponsor II, the Investment Manager, the Project Managers for SDIL, EDIPL, CDPL, RDIPL and CVNPL, or any of theirAssociates, Sponsor Groups and the Trustee, that are currently pending.

For the purpose of this section, details of all regulatory actions and criminal matters that are currently pending against the Trust, the Sponsors, the Investment Manager, the Project Managers and their respective Associates, and the Trustee have been disclosed. Further, details of all regulatory actions and criminal matters that are currently involving the SPV have also been disclosed. Further, any litigation that is currently pending involving an amount equivalent to, or more than, the amount as disclosed below, in respect of the Trust, the Sponsors, the Investment Manager, the Project Managers, each of their respective Associates, the Trustee, the SPVs, the Holdco has been disclosed.

SPECIAL PURPOSE VEHICLES Summit Digitel Infrastructure Limited

The total income of SDIL based on the Audited Financial Statements as on March 31, 2025 was H 137,290 million. Accordingly, all outstanding civil litigation (i) involving an amount

equivalent to or exceeding H 6,864 million (being 5% of the total income of SDIL provided as per the Audited Financial Statements as on March 31, 2025), and (ii) wherein the amount involved is not ascertainable but otherwise considered material, have been disclosed.

Roam Digitel Infrastructure Private Limited

The total income of RDIPL based on the Un-audited Financial Statements as on March 31, 2025 was H 0 million. Accordingly, all outstanding civil litigation (i) involving an amount equivalent to or exceeding H 0 million (being 5% of the total income of RDIPL provided as per the un-audited Financial Statements as on March 31, 2025), and (ii) wherein the amount involved is not ascertainable but otherwise considered material: - Not Applicable

Crest Virtual Network Private Limited

The total income of CVNPL based on the Audited Financial Statements as on March 31, 2025 was H 2.8 million. Accordingly, all outstanding civil litigation (i) involving an amount equivalent to or exceeding H 0.14 million (being 5% of the total income of CVNPL provided as per the Audited Financial Statements as on March 31, 2025), and (ii) wherein the amount involved is not ascertainable but otherwise considered material: - Not Applicable

Elevar Digitel Infrastructure Private Limited

The total income of EDIPL based on the Audited Financial Statements as on March 31, 2025 was H 54,578 million. Accordingly, all outstanding civil litigation (i) involving an amount equivalent to or exceeding H 2,729 million (being 5% of the total income of EDIPL provided as per the Audited Financial Statements as on March 31, 2025), and (ii) wherein the amount involved is not ascertainable but otherwise considered material, have been disclosed.

HOLDCO

Crest Digitel Private Limited

The total income of CDPL based on the Audited Financial Statements as on March 31, 2025 was H 4,179 million. Accordingly, all outstanding civil litigation (i) involving an amount equivalent to or exceeding H 209 million (being 5% of the total income of CDPL provided as per the Audited Financial Statements as on March 31, 2025), and (ii) wherein the amount involved is not ascertainable but otherwise considered material: - Not Applicable

SPONSORS AND THE PROJECT MANAGERS Brookfield Sponsor

The total income of the Brookfield Sponsor based on the Unaudited Consolidated Financial Statements of the Sponsor for the period commencing from April 1, 2024 and ended March 31, 2025 was US$ 263.43 million. Accordingly, all outstanding civil litigation against the Brookfield Sponsor which (i) involve an amount equivalent to or exceeding US$ 13.17 million (being 5.00% of the total income of the Brookfield Sponsor for the period ended March 31, 2025), and (ii) wherein the amount is not ascertainable but are otherwise considered material, have

Brookfield Sponsor II

The total income of the Brookfield Sponsor II based on the Unaudited Financial Statements of the Sponsor for the period commencing from April 1, 2024 and ended March 31, 2025 was US$ 32,107,605. Accordingly, all outstanding civil litigation against the Brookfield Sponsor II which (i) involve an amount equivalent to or exceeding US$ 1,605,380.25 (being 5.00% of the total income of the Brookfield Sponsor II for the period ended March 31, 2025), and (ii) wherein the amount is not ascertainable but are otherwise considered material, have been disclosed.

Brookfield Sponsors and its Associates

The disclosures with respect to material litigations relating to the Brookfield Sponsor Group (excluding Sponsor) and Associates of Sponsors have been made on the basis of the public disclosures made by BN and BIP, the entities under which all other entities, which control, directly or indirectly, the Brookfield Sponsors, get consolidated for financial and regulatory reporting purposes. BN and BIP are currently listed on the NYSE and the TSE. In accordance with applicable securities law and stock exchange rules, BN and BIP are required to disclose material litigations through applicable securities filings. The threshold for identifying material litigations in such disclosures is based on periodically reviewed thresholds applied by the independent auditors of BN and BIP in expressing their opinion on the financial statements and is generally linked to various financial metrics of BN and BIP, including total equity. Further, all pending regulatory proceedings where all entities, which control, directly or indirectly, the Brookfield Sponsors, are named defendants have been considered for disclosures in this Report. Further, there is no outstanding litigation and regulatory action against any of the entities controlled, directly or indirectly, by the Brookfield Sponsors, as on the date of this Report.

Reliance Sponsor and Associates of the Reliance Sponsor

With respect to the Reliance Sponsor and its Associates, there are no litigations that are considered material in relation to the structure and activities of the Trust till December 12, 2024.

Reliance Sponsor Group

With respect to the Reliance Sponsor Group, there are no litigations that are considered material in relation to the structure and activities of the Trust till December 12, 2024.

Project Managers and its Associates

With respect to the Project Managers of respective SPVs/Holdco and its Associates, there are no litigations that are considered material in relation to the structure and activities of the Trust.

INVESTMENT MANAGER Investment Manager

The total income of the Investment Manager i.e., Data Link as per the Audited Financial Statements for the financial year ended March 31, 2025 was H 101 million. Accordingly, all outstanding civil litigation against the Investment Manager which (i) involve an amount equivalent to or exceeding H 5.05 million (being 5.00

% of the total income as per the Audited Consolidated Financial Statements for the financial year ended March 31, 2025), and (ii) wherein the amount is not ascertainable but are considered material: - None

Associates of the Investment Manager

Disclosures with respect to material litigations relating to Associates of the Investment Manager which form part of the Brookfield Group, have been made on the basis of public disclosures made by BAM, under which all entities, (i) which control, directly or indirectly, shareholders of the Investment Manager, and (ii) the shareholders of the Investment Manager (who form part of the Brookfield Group), get consolidated for financial and regulatory reporting purposes. BAM is currently listed on the NYSE and the TSE. All pending regulatory proceedings where all entities who are the shareholders of the Investment Manager, or which control, directly or indirectly, the shareholders of the Investment Manager, in case forming part of the Brookfield Group, are named defendants have been considered for disclosures. The threshold for identifying material litigations in such disclosures is based on periodically reviewed thresholds applied by the independent auditors of BAM and BIP in expressing their opinion on the financial statements and is generally linked to various financial metrics of BAM and BIP, including total equity. Further, all pending regulatory proceedings where all entities, which control, directly or indirectly, the Investment Manager, are named defendants have been considered for disclosures. Further, there is no outstanding litigation and regulatory action against any of the entities controlled, directly or indirectly, by the Investment Manager, as on March 31, 2025.

TRUSTEE

All outstanding civil litigation against the Trustee which involve an amount equivalent to or exceeding H 10,776,444.18 (being 5.00% of the profit after tax as on March 31, 2025 based on the Audited Standalone Financial Statements of the Trustee for the financial year ended March 31, 2025), have been considered material and have been disclosed in this section.

(i)    Litigation involving the Trust

There are no material litigations and regulatory actions pending against the Trust as on March 31, 2025.

(ii)    Litigation involving the SPVs/HoldCos i.e. SDIL, CDPL, RDIPL, CVNPL and EDIPL

SDIL:

• GST Matters: GST matters aggregating Rs 13,143 million represent demand orders received during the period from April 1, 2019 to May 19, 2025 in relation to disallowances of input tax credit utilised on Tower and Foundation, tower equipments and other opex. The orders have been issued by GST authorities from various states and DGGI Mumbai for PAN India. SDIL have also filed Special Leave Petition before Supreme Court against order passed by Patna High Court for FY 2019-20. Additionally, the GST authorities in the state of Tamil Nadu, Delhi, Telangana and Kerala have

issued orders for other input tax credit mismatches. SDIL has filed appeal against all the above orders. Also, during the year and up till the date of signing the financial information, SDIL has received orders from the GST authorities in the state of Telangana, Karnataka, Maharashtra and Chhattisgarh for input tax credit mismatches against which SDIL is in the process of filing appeal (December 31, 2024 : H 11,938 million; March 31, 2024 : Rs 7,515 million).

•    SDIL is indemnified by a party for these demands except for H 2,869 million (December 31, 2024 : H 2,220 million; March 31, 2024 : Rs 1,134 million).

•    Municipal Tax: SDIL based on its assessment of the applicability and tenability of certain municipal taxes, which is an industry wide phenomenon, does not consider the impact of such levies to be material.

•    Further, in the event these levies are confirmed by the respective authorities, SDIL would recover these amounts from its customers in accordance with the terms of Master Service Agreement.

CDPL:

There are no material litigations and regulatory actions

pending against CDPL as on March 31, 2025.

RDIPL:

There are no material litigations and regulatory actions

pending against RDIPL as on March 31, 2025.

CVNPL:

There are no material litigations and regulatory actions

pending against CVNPL as on March 31, 2025.

EDIPL:

•    Income Tax cases represent amount demanded aggregating H 956 million for assessment years 201011, 2011-12, 2012-13, 2013-14 and 2014-15 from Elevar. The amount relates to various matters relating to deductions of tax at source, depreciation claim and minimum alternate tax (MAT) (December 31, 2024 : H 957 million; March 31, 2024 : Rs NIL).

•    Sales tax/VAT demand aggregating H 2,452 million mainly relate to issues of applicability, submission of relevant forms etc (December 31, 2024 : H 2,452 million; March 31, 2024 : Rs NIL).

•    GST matters aggregating H 5,573 million represents show cause notices and/ or demands received in relation to disallowances of input tax credit taken on certain tower equipment and mismatch in input tax credit pertaining to earlier years (December 31, 2024 : H 5,083 million; March 31, 2024 : Rs NIL).

•    I n the matter of levy of property tax on towers, the Hon’ble Supreme Court (SC) of India, on December

16, 2016, set aside the judgement of Gujarat High Court and clarified that, though tower is certainly not a ‘building’ in common parlance, but for purposes of taxes on lands and buildings, tower will be building and thus tower is amenable to property tax.

•    At the same time, the Hon’ble SC allowed the Companies to go back to appropriate forums to agitate the issue of retrospectively and quantum, thus allowing the Company a window to legally object to the demands of the municipalities. Elevar considers the exposure of these amounts as not quantifiable mainly in view of the retrospective application and method of computation. However, Elevar has recorded the estimated provision for Property Tax and Municipal Charges at the end of the period H 4,223 million net of expected recovery of H 4,911 million as per Master Service Agreement (MSA) in respect of these contingencies.

•    In respect of the aforesaid contingent liabilities pertaining to Elevar, Elevar and the Trust is indemnified by a party to the extent of H 5,159 million (December 31, 2024 : H 4,836 million; March 31, 2024 : Rs NIL).

(iii)    Litigation involving the Brookfield Sponsor

There are no material litigations and regulatory actions pending against the Brookfield Sponsor as on March 31, 2025.

(iv)    Litigation involving the Associates of the Brookfield Sponsor

There are no material litigations and regulatory actions pending against the Associates of the Brookfield Sponsor as on March 31, 2025.

(v)    Litigation involving the Brookfield Sponsor group

There are no material litigations and regulatory actions pending against the Brookfield Sponsor group as on March 31, 2025.

(vi)    Litigation involving the Brookfield Sponsor II

There are no material litigations and regulatory actions pending against the Brookfield Sponsor II as on March 31, 2025.

(vii)    Litigation involving the Associates of the Brookfield Sponsor II

There are no material litigations and regulatory actions pending against the Associates of the Brookfield Sponsor II as on March 31, 2025.

(viii)    Litigation involving the Brookfield Sponsor II group

There are no material litigations and regulatory actions pending against the Brookfield Sponsor II group as on March 31, 2025.

(ix)    Litigation involving the Investment Manager

There are no material litigations and regulatory actions pending against the Investment Manager as on March 31, 2025.

(x)    Litigation involving the Associates of the Investment Manager

There are no material litigations and regulatory actions pending against the Associates of the Investment Manager as on March 31, 2025.

(xi)    Litigation involving the Project Managers and its Associates

There are no material litigations and regulatory actions pending against the Project Managers and its associates as on March 31, 2025.

(xii)    Litigation involving the Trustee

Please note that there are “Nil” material and criminal litigations against the Trustee. However, please note that there is one ongoing investigation that is case No. 29 of 2021 before the Competition Commission of India against the Trustee in its former official capacity as one of the office bearers of Telecom Authority of India (TAI).

Since the matter is under investigation and confidential the Trustee will not be in a position to provide more information.

With respect to regulatory action initiated against the Trustee, kindly refer to the latest operational and disciplinary history of the Trustee.

Further, details of past operational and disciplinary actions issued to the Trustee, are as below:

OPERATIONAL ACTIONS*

FOR COMPANY:

a.    Administrative warning issued by SEBI vide letter dated November 14, 2013 read with letter dated January 1, 2014 on inspection of books and records of debenture trustee business.

b.    Administrative warning issued by SEBI vide letter dated August 14, 2017 on inspection of books and records of debenture trustee business.

c.    Administrative warning issued by SEBI vide letter dated May 31, 2019 on inspection of books and records of debenture trustee business.

d.    Administrative warning and deficiency letter issued by SEBI vide letter dated May 31, 2022 on books and records of debenture trustee business.

e.    Administrative warning issued by SEBI vide letter dated June 9, 2023 in relation to inspection conducted by SEBI for one of Trustee’s InvIT client.

f.    Advisory issued by SEBI vide letter dated June 12, 2023 in relation to inspection conducted by SEBI for one of Trustee’s Real Estate Investment Trust (“REIT”) client.

g.    Administrative warning and Advisory, vide    letter

dated August 08, 2023 and September 12,    2023,

respectively both issued by SEBI in relation to thematic inspection on debenture trustees.

h.    Administrative warning issued by SEBI vide    letter

dated September 28, 2023 in relation to    nonsubmission of information to SEBI as required    under

Regulation 10(18)(a) of SEBI (Real Estate Investment Trust) Regulations, 2014 (“REIT Regulations”) by one of the Trustee’s REIT client.

i.    Administrative warning issued by SEBI vide letter dated October 23, 2023 in relation to thematic inspection on debenture trustees with respect to creation of charge on the security for the listed debt securities as required under SEBI circular SEBI/HO/MIRSD/ CRADT/CIR/P/2020/218 dated November 03, 2020.

j.    Deficiency letter issued by SEBI vide letter dated January 11, 2024 in relation to thematic inspection of REITs - Compliance with REIT Regulations w.r.t submission of quarterly reports by Manager of the REIT to the Trustee.

k.    Administrative warning, Deficiency Letter, Advisory issued by SEBI vide letter dated June 28, 2024 in relation to inspection of the Trustee for the inspection period from July 01, 2021 to August 30, 2023.

l.    Administrative warning issued by SEBI vide letter dated November 14, 2024 in relation to Examination with respect to recording and verification of Cash flow information in the Securities and Covenant Monitoring (SCM) system by the Trustee, for the secured listed ISINs.

m.    Administrative warning, Deficiency, Advisory issued by SEBI vide letter dated March 17, 2025 in relation to inspection of the Trustee for the inspection period from September 01, 2023 to April 30, 2024.

n.    Administrative warning issued by SEBI vide letter dated March 18, 2025, in relation to inspection of the Trustee with respect to thematic inspection for Event of Defaults.

o.    Administrative warning and advisory issued by SEBI vide letter dated March 24, 2025, in relation to inspection of REIT Client of the Trustee.

p.    Advisory issued by SEBI vide letter dated March 25, 2025, in relation to inspection of InvIT Client of the Trustee.

q.    Advisory issued by SEBI vide letter dated March 28, 2025, in relation to inspection of InvIT Client of the Trustee.

r.    Advisory issued by SEBI vide letter dated March 28, 2025, in relation to inspection of InvIT Client of the Trustee.

s.    Deficiencies and advisory for issued by SEBI vide letter dated March 28, 2025, in relation to inspection of REIT Client of the Trustee.

t.    Administrative Warning and Advisory issued by SEBI vide letter dated March 28, 2025, in relation to inspection of InvIT Client of the Trustee.

u.    Advisory issued by SEBI vide letter dated March 28, 2025, in relation to inspection of InvIT Client of the Trustee.

v.    Administrative, Deficiency and Advisory issued by SEBI vide letter dated March 28, 2025, in relation to inspection of InvIT Client of the Trustee.

w.    Advisory issued by SEBI vide letter dated March 28, 2025, in relation to inspection of REI T Client of the Trustee.

x.    Deficiency and Advisory issued by SEBI vide letter dated March 28, 2025, in relation to inspection of REIT Client of the Trustee.

y.    Advisory issued by SEBI vide letter dated March 28, 2025, in relation to inspection of InvIT Client of the Trustee.

z.    Administrative Warning issued by SEBI vide its letter dated March 28, 2025 in relation to inspection of InvIT client of the Trustee.

Administrative warnings mentioned above in (a) to (d), (g)

(i) , (k), (l),(m) (n),are operational actions issued by SEBI as part of routine inspection of books and records of debenture trustee business.

Administrative warnings and advisory letters mentioned above in (e), (f), (o) to (z) are operational actions issued by SEBI as part of routine inspection of the Trustee’s InvIT & REIT client respectively.

Administrative warnings letter mentioned above in (h) and

(j)    is an operational action issued by SEBI as part of routine submission by the Trustee to SEBI w.r.t compliance status of the Trustee’s REIT client.

DISCIPLINARY ACTIONS*

a.    Adjudication Order No. EAD/PM-AA/AO/17/2018-19 dated July 11, 2018, issued by SEBI under Section 15-I of Securities and Exchange Board of India Act, 1992 read with Rule 5 of SEBI (Procedure for Holding Inquiry and imposing penalties of H 10,00,000/-(Rupees Ten Lakh Only) by Adjudicating Officer) Rules, 1995.

b.    Settlement Order bearing No. EAD-3/JS/ GSS/80/2018-19 dated April 2, 2019, issued by SEBI under SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014 and SEBI (Settlement Proceedings) Regulations, 2018.

(Settlement amount H 15,93,750 (Rupees Fifteen Lakhs Ninety-Three Thousand Seven Hundred and Fifty only) & H 3,98,438 (Rupees Three Lakh Ninety Eight Thousand Four Hundred and Thirty Eight only) for the delay in the filing of the Settlement application).

DIRECTORS*

Administrative warning issued by SEBI vide letter dated March 31, 2022, to Mr. Prashant Joshi, Director of the Company w.r.t. violation of SEBI (Prohibiton of Insider Trading) Regulations, 2015 in the matter of Axis Bank Limited.

*Above mentioned details are update as on March 31, 2025. None of these pertains to the Trust.

RISK FACTORS

Risks Related to the Organization and the Structure of the Trust

•    The Trust, its SPVs and Holdco are subject to restrictive covenants under the financing agreements/ arrangements entered into by, its SPVs and Holdco with the lenders that could limit its flexibility in managing the business or to use cash or other assets for the growth of business. SDIL has been making timely payment of interest, repayment of term loan instalments due and ensures timely covenant compliances.

•    The Trust is required to maintain certain investment ratios in compliance with the SEBI InvIT Regulations. Additionally, under the SEBI InvIT Regulations, the aggregate consolidated borrowings and deferred payments, net of cash and cash equivalents, cannot exceed 70% of the value of the assets of the Trust (subject to compliance with certain conditions prescribed under the SEBI InvIT Regulations) or such threshold as may be specified under the SEBI InvIT Regulations.

•    Regulatory framework and Tax laws governing infrastructure investment trusts - interpretations or adverse changes thereto may adversely impact the Trust’s business, financial conditions and results of operations. The Investment Manager has put in place adequate compliance management framework and the same is operating effectively.

Risks Related to Business

The Indian telecommunications sector continues to rapidly evolve, presenting numerous risks and opportunities for the digital infrastructure industry. As one of the largest infrastructure providers, Altius infrastructure is also subject to various business risks, ranging from changing legal and regulatory requirements, customer concentration, financial health of customer to occupational health & safety, bribery and corruption, cyber security. At the same time the business landscape is complex and changing with emerging technology shifts viz. 5G networks, other connectivity services (e.g. SatCom).

Altius InvIT along with its SPVs/Holdco (“Altius”) has a robust risk management framework to proactively identify, assesses,

and mitigate business risks across its operations. The Top risks are reviewed by the senior management and the Board every quarter to ensure that adequate mitigations strategies in place to reduce the overall business risk to an acceptable level.

Sales & Revenue growth

The telecom sector has consolidated into a few major players. Altius’ business performance depends on its customers' financial health; thus, any negative impact on one or more of its customer’s financial health could potentially slow demand for infrastructure services and delay payments to Altius. Growth plans are further put under pressure due to trends like captive arrangements (e.g. Right of First Refusal, Anchor dependencies) and nonrenewal of site leases / increased leases, leading to tenancy exits. Competition in the telecommunications tower industry may create pricing pressures on Altius. The MNOs have alternatives for obtaining similar passive infrastructure services. This could materially and adversely affect Altius’s business prospects.

To safeguard interests, Altius has strategically allocated share of business and signed muti year tenancy and customer contracts to ensure adequate assurance on revenue on a sustainable basis. Tenancy exits are also being identified and early engagement with site owners is being initiated to prevent churn. Launch of 4G/5G and network expansion by customers shall also help bring in tenancy orders.

A decrease in demand for telecommunications tower infrastructure in India could materially and adversely affect the ability to attract potential customers in the market. Altius intends to actively market its Tower Sites to potential customers to improve utilization of its Tower Sites, and increase revenue from operations and cash flows. With favourable regulatory environment and improving financial condition of MNOs, the telecommunication sector is on a healthy growth trajectory.

Operations

Altius’s Tower Sites require an adequate and cost-effective supply of electrical power to operate effectively. Altius principally depends on power supplied by regional and local electricity transmission grids operated by the various state electricity providers. In the non-urban areas where power supply is erratic, to ensure that the power supply to its sites is constant and uninterrupted, Altius sites also rely on batteries and diesel generator sets, requiring diesel fuel. Lack of adequate power supply and/or power outages could result in network downtime at the Tower Sites, resulting in service level penalties becoming due to its customers. In case of SDIL, Operation and Management (“O&M”) agreement with RIL protects SDIL against service level penalties from MNOs for network downtime performance.

If SDIL and EDIPL is unable to extend or renew its site leases, on commercially viable terms, or protect its rights to the land under the towers, it could adversely affect the business and operating results. In case of SDIL, under O&M Agreement, RIL has been entrusted for managing the land lease renewals and for site relocations, if any.

Any failure by Altius to comply with applicable service levels could damage its reputation or result in claims against it. Successful

assertions of one or more material claims against Altius, especially by its customers, could have a significant adverse effect on its reputation, its relationship with its customers and therefore, its business and prospects.

Altius may have instances of failures of Tower due to lack of site maintenance / fires leading to injuries and fatalities. Untimely, or non-maintenance of towers might result into collapse of towers leading to fatalities/serious injuries to public or property damage, fall of equipment from top leading to asset damage or injury, fire at unattended tower sites, or collapse of any other passive infrastructure at the tower site leading to loss of assets or harm to personnel's/public, electric short circuit igniting flammable material leading to fire and asset damage or few injuries.

SDIL depends on RIL (O&M Service Provider) to undertake activities in relation to the operation and maintenance of the Tower Sites. Any delay, default, unsatisfactory performance or closure of business of RIL could materially and adversely affect its ability to effectively operate or maintain the Tower Sites. While we believe SDIL has adequate safeguards in the O&M Agreement with RIL, there can be no assurance that SDIL would not be exposed to any risks or be held liable for any acts or omissions by RIL or its sub-contractors. Further in terms of the O&M Agreement, RIL would be responsible for meeting service level obligations of RJIL or any other third-party tenant. Any failure to meet the service level obligations could impact SDIL’s business and its ability to effectively acquire new customers.

In terms of cyber security risk, Altius IT security systems are designed continuously monitor for any potential breaches or cyber attacks which may lead to non- availability of critical business applications or systems. Cyber exposures are evaluated through periodic risk assessments to strengthen existing controls.

Health, Safety and Environment

Ensuring the occupational health and safety of all people (employees and contractors) is one of the key risks to Altius business operations. Given the extensive operational footprint, effective mitigation requires robust review and monitoring across Circles. There are defined safety management systems and controls in place to monitor, assess, and develop corrective and preventive actions to continuously improve people safety in all possible ways.

Safety framework and policies, periodic site inspections and reviews, safety governance meetings are well established to ensure consistent safety behaviours across workforce to avoid workplace injury. Altius has set up an industry leading Health & Safety team with national coverage that verifies the safety processes followed across Circle and by its O&M service provider. Altius also has its Operations function to review and validate that adequate maintenance is being performed by Circle teams and RIL.

Altius is subject to various national, state-level and municipal environmental laws and regulations in India concerning issues such as damage caused by air emissions and noise emissions by their diesel generator sets, some of which may impose overlapping requirements and varying standards of compliance

on us. These laws can impose liability for noncompliance with regulations and are increasingly becoming more stringent and may in the future create substantial environmental compliance or remediation liabilities and costs. There could also be new regulations or policies imposed by the relevant authorities in relation to Elevar’s business which may result in increased compliance costs.

For SDIL, under O&M Agreements, RIL is responsible for the maintenance of site using their resources. However, any incident concerning Health & Safety or Environment directly impacts the reputation of SDIL and will disrupt the operations in the short run/long run and may also attract penalty from regulators or law enforcement agencies.

Talent management

Altius’s inability to successfully recruit, train, retain and motivate key talent and senior personnel across its entities may adversely affect its business. Altius has established core functional leadership and management teams to run the business with experience in telecom tower industry. Altius has also put in place a robust performance management and reward processes, talent retention and succession planning to ensure substantial growth of Altius business.

Bribery & Corruption

Altius may suffer financial loss and/or reputational damage resulting from fraud, bribery, corruption, other illegal acts, inadequate or failed Anti-Bribery and Anti-Corruption (“ABC”) internal processes or systems, or from external events, ABC risk due to potential instances of corruption / bribery by O&M Service Provider. Altius has established robust ABC Policies including Code of Conduct, Gift and Entertainment Policy, Third Party Management Policy, etc. with periodic mandatory training to all employees to safeguard against above mentioned risks. In the agreements executed with vendors, service providers, etc. there are provisions to ensure compliance with ABC Policies and Guidelines.

Compliances

Failure to comply with, safety, social, health & environmental laws and regulations in India applicable to its business or adverse changes in such applicable laws and regulations, may materially and adversely affect the business. Altius is required to obtain and maintain certain no objection certificates, permits, approvals, licenses, registrations and permissions under various regulations, guidelines, circulars and statutes, including tower legislations, regulated by various regulatory and governmental authorities for constructing and operating the Tower Sites. There is an established compliance team responsible for monitoring legal and regulatory compliance management.

Altius may in the future, experience local community opposition to its sites for various reasons, including concerns about alleged health risks. As a result of such local community opposition, Altius could be required by the local authorities to dismantle and relocate certain towers or pay a larger amount of site rental. Altius with its O&M partners on ground have been able to mitigate the above risk with local government authorities with oversight from compliance team.

Further, SDIL shall be indemnified by the O&M Service Provider for any cost and expense under the O&M agreement. Under the O&M Agreement, RIL is responsible to ensure regulatory compliances and indemnify SDIL for any non-compliance.

Changes in legislation or the rules relating to tax regimes could materially and adversely affect the business prospects and results of operations, return to unitholders. Altius has defined processes and process owners to monitor such changes and develop appropriate mitigation measures to minimise the adverse impact of such changes, if needed.

Financial risks

Macroeconomic factors like inflation, interest rates etc. could impact our profitability and cashflows. Some of the ongoing litigations and customer disputes may also impact financial performance and hence are being monitored closely.

Altius’s indebtedness could adversely affect the its business prospects, financial condition, results of operations and cashflows. Altius’s ability to meet the payment obligations under its current and future outstanding debt depends on its ability to generate significant cash flows in the future and ability to refinance it’s debt. The construct of SDIL’s 30 year MSA with RJIL ensures assured inflows as well as fixed operating expenses (based on long term O&M agreement) protects SDIL’s margins to meet its debt repayment obligations. Other SPVs/Holdco of the Trust have executed long term MSA with MNOs ensuring revenue visibility. Furthermore, Trust and SDIL has been rated AAA by Credit Rating Agencies in India. Altius has a diversified lender base with relationships with domestic Public Sector Undertakings and Private sector banks, access to domestic and international capital markets, External Commercial Borrowings (ECBs), etc.

Climate related risks

Altius has its towers located in different states spread across length and breadth of India. Our tower sites are subjected to adverse impact due to environmental changes with respect to cyclones, floods, heat waves etc. Owing to this Altius may face the risk of tower collapses, no access to sites or delay / no maintenance of towers leading to loss of revenue. For SDIL, there is an agreement with O&M service provider where our business interests are protected.

Altius is subject to various risks in the operation of the Tower Sites such as natural calamities like floods, cyclones, earthquake etc, loss due to fire, theft and burglary, damage to electrical equipment due to power fluctuations etc. Altius has obtained different insurance polices covering its operations to protect its operating assets and any potential liabilities, including third party, D&O etc. For SDIL, RIL has indemnified SDIL for any damage to towers for any reason under the O&M agreement.

Risks related to Crest Digitel Private Limited

Crest Digitel Private Limited (“CDPL”) including subsidiary

• Competition from National IBS players and National/local Small Cell players - Our industry is highly competitive, and our customers have numerous alternatives in leasing communications infrastructure assets. Competition due to pricing or alternative contractual arrangements from other IP-1 players could impact our market share and profitability. Operators may prefer their own infrastructure set up or setting up tower through their interconnected undertakings.

•    MNOs wanting to renegotiate existing contracts which could materially and adversely impact our business. Further, changes in our customer’s business model or new technologies could make our digital connectivity infrastructure business less desirable thus resulting in lower business returns. Moreover, our business is linked to the Operator’s business viability and any factor impacting the Operator including their financial condition, regulatory & policy changes and competitive scenario can impact our business as well.

•    CDPL’s operations are subject to various national, state, and local environmental and occupational safety and health laws and regulations in India. Failure to conform with them might adversely affect the business. Further, any change in the telecom regulatory framework or policy may impact our business.

•    Inflation may continue to adversely affect CDPL through increased supply and services costs. Domestic inflation across our market is also elevated due to recent geopolitical events such as the war in Ukraine. Dependency on Chinese Supplies may be impacted, cut off or attract higher Custom duties due to trade embargo resulting from unforeseen factors like geopolitical issues and/or Covid Pandemic etc.

•    CDPL’s business is dependent on the Indian economy and financial stability in Indian markets and any slowdown in the Indian economy or in Indian financial markets could have a material adverse effect on its business.

•    CDPL’s performance is linked to the stability of policies and the political situation in India.

•    Players like the builders and developers themselves getting in to market by deploying Capex and dealing with operators directly.

•    Any lockdowns due to COVID or any other factor will impact footfalls in malls, corporate buildings and airports/metros leading to lack of use and may impact revenue.

•    Terrorist attacks or a war could adversely affect CDPL business, operational results, and financial condition.

•    Infrastructure where it operates is subject to the risk of earthquakes, floods, tsunamis, storms, pandemics, and other natural and manmade disasters.

•    Climate change risks are increasingly manifesting in its business as strategic risks, physical risks and transitional (market and compliance) risks, which if not managed adequately can affect its operations and profitability.

•    High attrition of skilled employees impacts the overall delivery schedules of the operators.

INFORMATION OF THE CONTACT PERSON OF THE TRUST

Ms. Yesha Maniar

Compliance Officer

Address: Unit 1, 9^th Floor, Tower 4, Equinox Business Park, LBS

Marg, Kurla (W), Mumbai 400070.

Tel: 022 69075213

Email: [email protected]

Date: May 19, 2025