Monitoring Agency Report

Ref. No.: Ethos/Secretarial/2026-27/39 Dated: August 3, 2026 Corporate Service Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra, Mumbai – 400001 Mumbai - 400051 Scrip Code: 543532 Trading Symbol: ETHOSLTD ISIN: INE04TZ01018 Subject: Report of the Monitoring Agency with respect to utilization of proceeds of the Rights Issue of Ethos Limited for the quarter ended June 30, 2026 Dear Sir/Madam, Pursuant to Regulation 82(2) of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2018 and Regulation 32 (6) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the Monitoring Agency Report with respect to utilization of proceeds of the Rights Issue of the Company for the quarter ended June 30, 2026 issued by CRISIL Ratings Limited, Monitoring Agency. You are requested to please take on record the above-mentioned information for your reference and further needful. Thanking You, Sincerely, For Ethos Limited Priya Grover Company Secretary & Compliance Officer Encl: as below Monitoring Agency Report Ethos Limited for the quarter ended June 30, 2026 CRL/MAR/ETHOSLO/2026-27/1896 August 03, 2026 Ethos Limited Plot no. 3, Sector- III, Parwanoo, Himachal Pradesh - 173220 Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Rights Issue (“RI”) of Ethos Limited (“the Company”) Pursuant to Regulation 82 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”) and Monitoring Agency Agreement dated June 03, 2025, entered with the Company, we enclose herewith the Monitoring Agency Report, issued by Crisil Ratings Limited, as per Schedule XI of the SEBI ICDR Regulations towards utilization of RI proceeds for the quarter ended June 30, 2026. Request you to kindly take the same on records. Thanking you, For and on behalf of Crisil Ratings Limited Shounak Chakravarty Director, Ratings (LCG) Report of the Monitoring Agency (MA) Name of the issuer: Ethos Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: Not applicable (b) Range of Deviation: Not applicable 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 we do not perceive any conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer. 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: Shounak Chakravarty Designation of Authorized person/Signing Authority: Director, Ratings (LCG) 1) Issuer Details: Name of the issuer: Ethos Limited Names of the promoter: a. Mr. Yashovardhan Saboo b. KDDL Limited and c. Mahen Distribution Limited Industry/sector to which it belongs: Retailer – watches/watch accessories 2) Issue Details Issue Period: Friday, June 30, 2025, to Thursday, July 03, 2025 Type of issue (public/rights): Rights Issue (RI) Type of specified securities: Equity Shares RI Grading, if any: NA Issue size: Upto Rs 40,990.50 lakh* *Crisil Ratings shall be monitoring the gross proceeds 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments of the certifications considered Comments of the Particulars Reply Monitoring by Monitoring Agency Board of Directors Agency for preparation of report Peer-reviewed Independent Chartered Accountant Certificate^, Management undertaking, No proceeds were Whether all utilization is as per the NA Letter of Offer dated June utilized during the No comments disclosures in the Offer Document? 06, 2025 (“hereinafter quarter referred to as Offer Document), Bank Statements, FD receipts Source of information / Comments of the certifications considered Comments of the Particulars Reply Monitoring by Monitoring Agency Board of Directors Agency for preparation of report Whether shareholder approval has been obtained in case of material NA No comments No comments deviations from expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue has No No comments No comments changed? Is there any major deviation observed over the earlier monitoring agency No No comments No comments reports? Whether all Government/statutory Peer-Reviewed approvals related to the object(s) have NA Independent Chartered No comments No comments been obtained? Accountant Certificate^, Whether all arrangements pertaining to Management undertaking technical assistance/collaboration are NA No comments No comments in operation? Are there any favorable events improving the viability of these No No comments No comments object(s)? Are there any unfavorable events No No comments No comments affecting the viability of the object(s)? Is there any other relevant information that may materially affect the decision No No comments No comments making of the investors? NA represents Not Applicable ^Certificate dated July 29, 2026, issued by M/s Agrawal Jyoti & Associates (Firms’ Registration No. 141734W), Peer-reviewed independent chartered accountant. 4) Details of object(s) to be monitored: i. Cost of the object(s): Source of Original Comments of the Board of Directors information/ cost Revised certifications (as per the Particulars of Sr. Item Cost Comments Reason Proposed considered Offer firm No. Head (Rs in of the MA of Cost financing by MA for Document) arrangements lakh) revision option preparation (Rs in made of report lakh) Funding working Peer- capital Reviewed 1 31,000.00 - No revision No comments requirements of Independent the Company Chartered Accountant 2 GCP# Certificate^, 9,611.48 - No revision No comments Management undertaking, Issue Related 3 Letter of 379.02 - No revision No comments expenses Offer Total 40,990.50 - - ^Certificate dated July 29, 2026, issued by M/s Agrawal Jyoti & Associates (Firms’ Registration No. 141734W), Peer-reviewed independent chartered accountant. #The amount utilised for general corporate purposes does not exceed 25% (Rs 10,247.62 lakh) of [Showing first 8,000 characters — download PDF for full document]