Schedule - V - Mandatory minimum disclosures in full valuation report - Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014

SCHEDULE V [See regulation 21(3)] MANDATORY MINIMUM DISCLOSURES IN FULL VALUATION REPORT The full valuation report shall include the following a. Name and brief details of the valuer along with details of registration under the Companies Act, 2013 b. all material details in relation to the basis of valuation c. Description and explanation of the valuation methodologies adopted including assumptions used, justification of the assumptions, explanation of the rationale for choosing the particular valuation method if more than one method is or could have been adopted, etc d. overall structure and condition of the relevant market including an analysis of the supply-demand situation, the market trend and investment activities e. Any information or report pertaining to the specific sector or sub-sector that may be relevant for valuation of the assets f. For every project, the following details 1 [, to the extent applicable,] shall be mentioned i. Details of the project including whether the transaction is a related party transaction ii. Latest pictures of the project iii. the existing use of the project iv. the nature of the interest the InvIT holds or proposes to hold in the project, percentage of interest of the InvIT in the project v. Date of inspection and date of valuation vi. Qualifications and assumptions vii. Method used for valuation viii. Valuation standards adopted ix. Extent of valuer's investigations and nature and source of data to be relied upon x. Purchase price of the project by the InvIT(for existing projects of the InvIT) xi. Valuation of the project in the previous 3 years; (for existing projects of the InvIT) xii. Detailed valuation of the project as calculated by the valuer; 2 [xiii. List of one-time sanctions/approvals which are obtained or pending; xiv. List of up to date/overdue periodic clearances; xv. Statement of assets 3 [***] included; xvi. Estimates of already carried as well as proposed major repairs and improvements along with estimated time of completion; xvii. Revenue pendencies including local authority taxes associated with InvIT asset and compounding charges, if any; xviii. On-going 4 [****] material litigations including tax disputes in relation to the assets, if any; xix. Vulnerability to natural or induced hazards that may not have been covered in town planning/ building control.] 5 [fa. Information regarding the assumed factors while calculating the valuation such as discounting rate, tenure etc.] g. any other matters which may affect the project or its value h. a declaration by the valuer that i. the valuer is competent to undertake the valuation ii. the valuer is independent and has prepared the report on a fair and unbiased basis iii. the valuer has valued the projects based on the valuation standards as specified under sub-regulation 10 of regulation 21 ************** NOTES:- 1 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 2 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 3 The word included omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 4 The words and closed omitted ibid. 5 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016