Amit Ramani serves as the Chairman and Managing Director of the Company. He earned a bachelor’s degree in architecture from the School of Planning and Architecture, New Delhi, and holds master’s degrees from Kansas State University and Cornell University, USA. With around 20 years in real estate and workplace solutions, he has held prominent roles at Nelson Planning and Designs Private Limited, Nelson Worldwide, LLC, and as a consultant at HOK, New York. His leadership has earned him recognition as one of Asia's most promising business leaders by The Economic Times in 2019-2020 and as one of the country's top 100 great people managers in 2023. Rajesh Kharabanda is an Additional Director (Non-Executive) on the Board of the Company. He holds a bachelor’s degree in commerce from D.A.V College, Guru Nanak Dev University, Jalandhar. He has approximately 37 years of experience in the sports sector. He is the managing director of Freewill Sports Private Limited, and has been associated with them for 37 years. Further, he is serving as the chairman of the Sports Goods Manufacturers & Exporters Association, Jalandhar. Arjun Bhartia is a Non-Executive Director on the Board of the Company. He holds a bachelor’s degree in arts from Brown University, USA. He has seven years of experience in managerial positions. He is currently serving as the promoter and director of Jubilant Consumer Private Limited and the promoter and managing director on the board of directors of Jubilant Pharmova Limited. He has previously served as an associate consultant with Bain & Company India Private Limited.

Note:- They believe that, with their adoption of the MA model, there are no listed entities of comparable size and business model in India or abroad, which is comparable with their business. There are some unlisted entities which can be comparisons :- i. WEWORK                     ii. COWRKS iii. SMARTWORKS        iv. TABLESPACE.

Review and Recommendation of Awfis Space Solutions by team IZ is 5/10. 1. They are the largest flexible workspace solutions provider in India as of December 31, 2023, based on the total number of centers (Source: CBRE Report). Their company ranks first among the top five benchmarked players in the flexible workspace segment, with a presence in 16 cities across India. They operate in the maximum number of micro-markets in the country, solidifying their market leadership. 2. Operational Scale As of December 31, 2023, They have: i. 169 total centers across 16 cities in India       ii. 105,258 total seats iii. 5.33 million sq. ft. of total chargeable area Out of these, 31 centers and 25,312 seats are currently under fit-out, contributing an additional 1.23 million sq. ft. to their chargeable area. They have also signed letters of intent with space owners for 13 additional centers, which will add 10,859 seats and 0.55 million sq. ft. to their portfolio. 3. Client Base and Market Presence They serve over 2,295 clients and are present in 52 micro-markets across India. Their client base is diverse, ranging from startups and SMEs to large corporations and multinational corporations. 4. Workspace Solutions They provide a comprehensive range of flexible workspace solutions, from individual desks to customized office spaces. Their offerings include: i. Awfis Coworking: Shared workspaces for collaboration and flexibility. ii. Flex Workspace: Catering to a diverse spectrum of needs. iii. Awfis Enterprise: Custom design, build, and manage workspace solutions. iv. Customized Office Solutions: Tailored to client specifications and requirements. v. Mobility Solutions: On-the-go requirements with just-in-time bookings. vi. Allied Services: Food and beverages, concierge services, meeting room management, and support services. Additionally, They offer **Awfis Transform** for construction and fit-out services and **Awfis Care** for property and facility management solutions. 5. Competitive Landscape The flexible workspace industry in India is diverse, with over 430 operators. The top 10 operators, including WeWork, Smartworks, Tablespace, and Indiqube, account for nearly 60% of the overall flexible workspace stock in the country (Source: CBRE Report). The competition offers various workspace options such as co-working spaces, private offices, and built-to-suit solutions. 6. Market Drivers Key drivers for the commercial office sector in India include: i. Competitive Cost Advantage              ii. Technology Industry Growth iii. Global Capability Centers 7. The Revenue has Increased from Rs.178 Crores in FY21 to Rs.545 Crores in FY23. 8. The EBITDA has Increased from 91 Crores in FY21 to 176 Crores in FY23. 9. The PAT has Increased from (-43) Crores in FY21 to (-47) Crores in FY23. 10. As per FY23, CFO/EBITDA is 0.93, As per FY24, EPS is (-3.63), 11. Market Capitalization is 2,658 Crore & P/E is (-105.27)x based on FY24.

Awfis Space Solutions Limited C-28-29, Kissan Bhawan Qutab Institutional Area New Delhi-110016 Phone: +91 1141061878 Email: cs.corp@awfis.com Website: https://www.awfis.com/