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S. B. Billimoria & Co. LLP Chartered Accountants 7th floor , Building 10 Tower B DLF Cyber City Complex DLF City Phase II Gurugram - 122 002 Haryana , India Tel : +91 124 679 2000 Fax : +91 124 679 2012 INDEPENDENT AUDITOR'S REPORT ON REVIEW OF UNAUDITED CONSOLIDATED FINANCIAL INFORMATION Το The Board of Directors of Cube Highways Fund Advisors Private Limited ( The “ Investment Manager " ) ( Acting in capacity as the Investment Manager of Cube Highways Trust ) 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Information of Cube Highways Trust ( " the Parent " ) and its subsidiaries ( together referred to as the " Group " ) , for the quarter ended June 30 , 2026 ( the " Statement " ) , being submitted by the Investment Manager , pursuant to the requirement of Securities and Exchange Board of India ( Infrastructure Investment Trusts ) Regulations , 2014 , as amended , including any guidelines , circulars , and master circulars issued thereunder ( together referred to as the " InvIT Regulations " ) and Regulation 54 of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , as amended ( the " LODR Regulation " ) . 2. The Investment Manager's Board of Directors , is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 " Interim Financial Reporting " ( " Ind AS 34 ″ ) , prescribed under Section 133 of the Companies Act , 2013 read with relevant rules issued thereunder , the InvIT Regulations and other accounting principles generally accepted in India and in compliance with Regulation 54 of the LODR Regulations . The Investment Manager's Board of Directors is also responsible for such internal control as it determines is necessary to enable the preparation of the Statement that are free from material misstatement , whether due to fraud or error . Our responsibility is to express a conclusion on the Statement based on our review . 3. The Statement includes the interim financial information of the entities listed in Annexure A. 4. We conducted our review of the Statement in accordance with the Standard on Review Engagements ( SRE ) 2410 " Review of Interim Financial Information Performed by the Independent Auditor of the Entity " , issued by the Institute of Chartered Accountants of India ( " ICAI " ) . This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement . A review of interim financial information is limited to primarily making inquiries , of personnel of the Investment Manager responsible for financial and accounting matters and applying analytical and other review procedures . A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing ( " SAS " ) , issued by the ICAI , and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit . Accordingly , we do not express an audit opinion on the Statement . We have also performed procedures in accordance with Regulation 13 ( 2 ) ( e ) of the InvIT Regulations , as amended , to the extent applicable . Regd . Office : One International Center , Tower 3 , 31st floor , Senapati Bapat Marg , Elphinstone Road ( West ) , Mumbai - 400 013 , Maharashtra , India S. B. Billimoria & Co. LLP is registered with Limited Liability having LLP identification No : AAY - 7397