Please find attached the monitoring agency report.

August 14, 2026 BSE Limited The National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street Bandra (East) Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 544008 SYMBOL: MAXESTATES Subject: Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Monitoring Agency Reports Dear Sir/Madam, Pursuant to the Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulation 162A and 173A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith the Monitoring Agency Reports for the quarter ended on June 30, 2026, issued by CARE Ratings Limited, the Monitoring Agency appointed in respect of utilization of proceeds of the Qualified Institutional Placement (enclosed as Annexure -A) and Preferential Issue of Convertible Warrants (enclosed as Annexure -B) of the Company, duly reviewed by the Audit Committee and the Board of Directors of the Company. The date and time of occurrence of the event is August 14, 2026 at 19:30 hrs. (IST). Yours faithfully, For Max Estates Limited Abhishek Mishra Company Secretary & Compliance Officer Encl: a/a Max Estates Limited Corporate Office: Max Towers, L-20, C-001/A/1, Sector-16B, Noida-201301, Uttar Pradesh, India, | P: +91 120-4743222 Regd. Office: Max House 1, Dr. Jha Marg, Okhla Phase 3, Opposite Okhla Railway Station, Okhla Industrial Estate, New Delhi -110020 Email : secretarial@maxestates.in | Website : www.maxestates.in | CIN: L70200DL2016PLC438718 Monitoring Agency Report No. CARE/PRO/GEN/2026-27/1061 The Board of Directors Max Estates Limited L-20, C-001/A1, Max Towers Gautam Buddha Nagar, Sector-16B Noida, 201301 Uttar Pradesh August 14, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Preferential Issue (PI) of Max Estates Limited (“the Company”) We write in our capacity of Monitoring Agency for the PI for the amount aggregating to Rs. 150.00 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 ended June 30, 2026 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated October 24, 2024. Request you to kindly take the same on records. Thanking you, Yours faithfully, Amit Chanchalani Associate Director amit.chanchalani@careedge.in Monitoring Agency Report Report of the Monitoring Agency Name of the issuer: Max Estates Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil (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 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 of the Authorized Signatory: Amit Chanchalani Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Max Estates Limited Name of the promoter : Mr. Analjit Singh Industry/sector to which it belongs : Realty 2) Issue Details Issue Period : Not applicable Type of issue (public/rights) : Preferential Issue Type of specified securities : Equity shares IPO Grading, if any : Not applicable Issue size (in crore) : Rs. 150 (Note 1) Note 1: Particulars Amount (₹ Crore) Convertible warrants offered 22,83,104 Amount received as on June 30, 2026 150.00 Amount to be received - Total 150.00 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for preparation of report Monitoring Agency Board of Directors The proceeds of the issue are utilized towards stated objects. However, please refer to section 4(iv) for delay in Chartered Accountant (CA) certificate*, implementation of the objects. Whether all utilization is as per the disclosures in the Offer Document? Yes Management certificate, bank statement, Supporting No comments Received documents Also, refer to footnotes (Note 1 and Note 2) below section 4 (ii) for commingling of funds. Whether shareholder approval has been obtained in case of material Not Applicable Not Applicable None No comments Received deviations# from expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue have No CA certificate, Management certificate None No comments Received changed? Is there any major deviation observed over the earlier monitoring agency No deviation has been observed as per No Previous monitoring agency reports No comments Received reports? previous monitoring agency report Whether all Government/statutory approvals related to the object(s) have Not applicable CA certificate, Management certificate None No comments Received been obtained? Whether all arrangements pertaining to technical assistance/collaboration are Not applicable CA certificate, Management certificate None No comments Received in operation? Are there any favorable/unfavorable events affecting the viability of these No Not applicable None No comments Received object(s)? Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for preparation of report Monitoring Agency Board of Directors Is there any other relevant information that may materially affect the decision No Not applicable None No comments Received making of the investors? *The above details are verified by M G A & Associates vide its CA certificate dated August 01, 2026. #Where material deviation may be defined to mean: a) Deviation in the objects or purposes for which the funds have been raised b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents. 4) Details of objects to be monitored: (i) Cost of [Showing first 8,000 characters — download PDF for full document]