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ICRA ICRAL imited Ju1l,2y 0 26 BSEL imited NatioSntaolc Ekx chanogfeI ndia PhirJoezeej eTeobwheorys Limited DalSatlr eet ExchaPnlgaez a, Mumb4a0i00 0 I1n,d ia PlnootC. / G1B ,l ock ScrCiopd 5e3:2 835 BandraC-oKmuprlleax Band(rEaa st) Mumb-a4i00 05 1I,n dia SymbIoClRA: DeaSri r/Madam, Sub-D:e eodfM odification Purstuota hnpetr oviosfti hoSene sc uriatniEdex sc haBnogaeor fdI n d(iSah Baarsee d EmploByeeneea fintSdsw eEaqtu iRteyg)u la2t0i2po1ln,es fia,ns eden claoc soepodyf thdee edm oodfi ficmauttuiaoalngrl eye d between anItdCh RteAru sLtoiefme ist ed ICREAm ploWyeelefasTr rues t. Yoaur ree quetsott aeokdner ectohraedb ove. Regards, Sincerely, (SS.h akReabh man) CompaSneyc re&t Caryo mpliOafnficcee r EncAlsa. b:o ve BuilNdoi8.n,2 gn dF loor, Tower AT el+.9 1:. 124.4545300 Websi:wt wew .icra.in DLFC ybCeirt Pyh,a sIIe CIN:L 7499199D9PL1L C042749 Email:i nfo@icraindia.com Gurug-r1a2m2 0H0a2r,y ana Helpd+e9s1k.:9 354738909 RegistOefrfei:dc eB -St7a1t0e,sH moauns1 e4,8B ,a rakhRaomabda, DeNle-hw1i 1 00T0e1:l.+ . 9 1.11.23357940-41 152319 RATING • RESEARCH • INFORMATION DEED OF MODIFICATION This Deed of Modification (“Deed”) is executed on this [] day of July, 2026 at New Delhi. BY AND AMONGST ICRA Limited, a company incorporated under the Companies Act, 1956 and having its registered office at B-710, Statesman House, 148, Barakhamba Road, New Delhi-110001 (hereinafter referred to as the “Company” which expression shall wherever the context so requires or admits of be deemed to include its successors and assigns) of the ONE PART. Mr. M. S. Verma, resident of []; Mr. Subhash Chander Vasudeva, resident of []; (hereinafter collectively referred to as “Continuing Trustees”) Mr. Harinderjit Singh, resident of []. (hereinafter referred to as “New Trustee”) (The Continuing Trustees and the New Trustee are hereinafter collectively referred to as the “Trustees” and individually referred to as the “Trustee”) of the OTHER PART. WHEREAS: (A) The Company has established the ICRA Employees Welfare Trust (“Trust”) by executing the ICRA Employees Welfare Trust Deed dated July 11, 2006 with the trustees named therein, as amended by each of: (i) the Deed of Modification dated October 3, 2006 (“First Modification Deed”); (ii) the Deed of Modification dated July 29, 2014 (“Second Modification Deed”); (iii) the Deed of Modification dated March 19, 2015 (“Third Modification Deed”); (iv) the Deed of Modification dated September 25, 2015 (“Fourth Modification Deed”); (v) the Deed of Modification dated June 4, 2018 (“Fifth Modification Deed”); and (vi) the Deed of Modification dated March 18, 2019 (“Sixth Modification Deed”); (as so amended and including all the said Modification Deeds, the “Trust Deed”); (B) One Mr. PR Khanna, resident of [], has resigned as a trustee of the Trust and the New Trustee has consented to be appointed as one of the Trustees; (C) The Company and the Continuing Trustees, in exercise of their respective powers as per Clauses 8.15, 11 and 12 A of the Trust Deed, proposes to amend the Trust Deed by appointing the New Trustee to the Trust and record the resignation of the other trustee (as specified below). NOW THEREFORE, THIS DEED WITNESSETH AS FOLLOWS: 1. The provisions of this Deed shall become effective on date of execution of this Deed (“Effective Date”). This Deed shall amend and alter the Trust Deed to the extent provided herein, and from the Effective Date, the Trust Deed so amended by this Deed, shall come into force. 2. All words and phrases defined in the Trust Deed and the terms and conditions contained therein when used in this Deed shall have the same meanings except as otherwise replaced or amended herein. 3. Amendments & Modifications 1. The Board of Directors of the Company: (i) approved the resignation of the said Mr. PR Khanna and appointed the New Trustee as a new Trustee of the Trust. 2. The new composition of the Trustees of the Trust is as under:- • Mr. M.S. Verma • Mr. Subhash Chander Vasudeva • Mr. Harinderjit Singh 3. This Deed amends/supplements the provisions of the Trust Deed as set out herein from the Effective Date. All other provisions of the Trust Deed shall continue to remain in full force and effect, in such manner as to carry out the intents and purposes of the Trust Deed. IN WITNESS WHEREOF the Company and the Trustees have hereunto set their respective seal and hand on the day and the year first above written. Signed and Delivered by the Company ) ICRA Limited by the hand of ) Mr. Ramnath Krishnan ) its Authorised Representative ) in the presence of: ) Signed and Delivered by the Trustees ) Mr. M.S. Verma ) Mr. Subhash Chander Vasudeva ) Mr. Harinderjit Singh )