Monitoring Agency Report for the quarter ended September 30, 2026

November 3, 2026 The Listing Department, The Listing Department, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Fort Bandra-Kurla Complex, Mumbai - 400 001 Bandra (East), Mumbai- 400 051 BSE Scrip Code Equity: 505537 NSE Symbol: ZEEL EQ Dear Sir / Madam, Sub: Disclosure under Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Monitoring Agency Report Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with regulation 162A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find attached herewith the Monitoring Agency Report for the quarter ended September 30, 2026, issued by CARE Ratings Limited, Monitoring Agency, appointed to monitor the utilisation of proceeds of Preferential Issue. The report, which has been reviewed and approved by the Audit Committee and the Board of Directors on October 30, 2026, is attached as Annexure-1. Kindly take the above on record. Yours truly, For Zee Entertainment Enterprises Limited Sangeeta Shetty Company Secretary ACS 18865 Encl: As above Care=dge Ratings « Advisory + Research + Risk Solutions No. CARE/HRO/GEN/2026-27/1023 The Board of Directors Punit Goenka Chief Executive Officer (CEO) 18th Floor, A-Wing, Marathon Futurex, N.M. Joshi Marg, Lower Parel, Mumbai - 400013, Maharashtra, India. October 30, 2026 Dear Sir, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Preferential Issue of M/s. Zee Entertainment Enterprises Limited (“the Company”) We write in our capacity of Monitoring Agency for the Preferential Issue for the amount aggregating to %3,143.52 crore of the Company and refer to our duties cast under 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations. In this connection, we are enclosing the Monitoring Agency Report for the quarter ending September 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated October 08, 2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Pritesh Rathi Associate Director Pritesh.Rathi@careedge.in CARE Ratings Limited Corporate Office :4th Floor, Godrej Coliseum, 401, Ashoka Scintilla, 3-6-520, Himayat Nagar, Somaiya Hospital Road, Off Eastern Express Hyderabad - 500 029 Highway, Sion (E), Mumbai - 400 022 Phone: +91-40-4010 2030 Phone: +91-22-6754 3456 - www.careedge.in Page 10f 12 Care=dge Ratings « Advisory + Research + Risk Solutions Report of the Monitoring Agency Name of the issuer: Zee Entertainment Enterprises Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil (b) Range of Deviation: Nil Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility whatsoever for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit-related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer's Management/Board. Signature: Name and designation of the Authorized Signatory: Pritesh Rathi Designation of Authorized person/Signing Authority: Associate Director CARE Ratings Limited 401, Ashoka Scintilla, 3-6-520, Himayat Nagar, Corporate Office :4th Floor, Godrej Coliseum, Hyderabad - 500 029 Somaiya Hospital Road, Off Eastern Express Phone: +91-40-4010 2030 Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 « www.careedge.in Page 2 of 12 Care=dge Ratings « Advisory + Research + Risk Solutions 1) Issuer Details: Name of the issuer : Zee Entertainment Enterprises Limited Name of the promoter : Subhash Chandra Goenka, Sushila Goenka, Punit Goenka and Amit Goenka. Industry/sector to which it belongs : Media, Entertainment & Publication 2) Issue Details Issue Period : 18 months (ending on February 20, 2028, and February 26, 2028) from date of allotment (August 21, 2026, and August 27, 2026) Type of issue (public/rights) : Preferential issue of Warrants Type of specified securities : Warrants convertible into equity shares IPO Grading, if any : Not applicable Issue size (in crore) : Rs. 3,143.52 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments of Comments of the Particulars Reply considered by Monitoring Agency for the Board of Monitoring Agency preparation of report Directors The company issued 23.35 crore warrants at X126 per warrant and received ¥735.55 crore equivalent to the 25% of the warrant issue price on August 21,2026 and August Chartered Accountant certificate®, 27, 2026. As per the notice of Extra General utilization certificate from the Meeting dt July 09, 2026, company intends Whether all utilization is as per the disclosures in the Offer No comments Yes management”, Notice of extraordinary to use 850 crore in FY27, 3800 crore in Document? received general meeting (EGM) and Bank FY28, and 550 crore in FY29. In addition, statement. %944 crore to be utilized for potential Merger & Acquisition over FY27-FY29. During Q2FY27, the company has utilized %2.46 crore towards some of the specified objects and has_temporarily invested the CARE Ratings Limited Corporate Office :4th Floor, Godrej Coliseum, 401, Ashoka Scintilla, 3-6-520, Himayat Nagar, Somaiya Hospital Road, Off Eastern Express Hyderabad - 500 029 Phone: +91-40-4010 2030 Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 « www.careedge.in Page 3 of 12 Care=dge Ratings « Advisory + Research + Risk Solutions Source of information / certifications Comments of Comments of the Particulars Reply considered by Monitoring Agency for the Board of Monitoring Agency preparation of report Directors unutilized proceeds to the tune of X685 crore in Fixed deposits. Further, ~%48.09 crore of the warrant proceeds is available in the current account. Upon exercise of the warrants the company will receive the balance 32206.65 crore within the period of 18 months. The company transferred a portion of the issue proceeds into its current account, resulting in commi [Showing first 8,000 characters — download PDF for full document]