Maple Infrastructure Trust has issued a postal ballot notice to its unitholders seeking approval for a significant revision in the remuneration of its statutory auditors. The notice, dated February 26, 2026, proposes to increase the audit fees for the financial year 2025-26 from INR 13.40 million to INR 19.56 million, excluding applicable taxes and out-of-pocket expenses.

Background and Rationale

The proposed revision stems from the trust's recent expansion through strategic acquisitions. In November 2025, Maple Infrastructure Trust acquired five Special Purpose Vehicles (SPVs), significantly expanding its operational scale and complexity. The acquired entities include:

• Bhandara Tollway Limited (formerly Ashoka Highways (Bhandara) Limited)
• Durg Baghnadi Tollway Limited (formerly Ashoka Highways (Durg) Limited)
• Belgaum Dharwad Tollway Limited (formerly Ashoka Belgaum Dharwad Tollway Limited)
• Sambalpur Baragarh Tollway Limited (formerly Ashoka Sambalpur Baragarh Tollway Limited)
• Dhankuni Kharagpur Tollway Limited (formerly Ashoka Dhankuni Kharagpur Tollway Limited)

This expansion has resulted in a material increase in audit scope and effort required for statutory audit services, necessitating the upward revision in auditor remuneration.

Auditor Details and Approval Process

M/s. S.R. Batliboi & Co. LLP were re-appointed as statutory auditors at the 4th Annual Meeting held on July 23, 2025, for a second consecutive term of five years. The Audit Committee and Board of Directors of the Investment Manager approved and recommended the remuneration revision at their respective meetings held on February 11, 2026.

Voting Timeline and Eligibility

The postal ballot process will be conducted exclusively through remote e-voting, with no physical ballot forms being distributed. The voting schedule is as follows:

Only unitholders whose names appear in the depository records as of the cut-off date are eligible to participate in the voting process. The trust has engaged National Securities Depository Limited (NSDL) to provide the e-voting facility.

Regulatory Compliance and Requirements

The proposed resolution requires approval under Regulation 22(4)(f) of the SEBI Infrastructure Investment Trusts Regulations, 2014. For the resolution to pass, votes cast in favor must exceed fifty percent of the total votes cast. The process complies with SEBI Master Circular for Infrastructure Investment Trusts dated July 11, 2025.

Mr. Jatin Prabhakar Patil (FCS 7282/COP 7954), partner of M/s. Mayekar & Associates, has been appointed as the scrutinizer to ensure fair and transparent conduct of the remote e-voting process. The results, along with the scrutinizer's report, will be made available on the trust's website and NSDL's platform within two working days of the resolution's passage.

Access and Documentation

The postal ballot notice is available on multiple platforms for unitholder access:

• Trust's website: www.maplehighways.com
• BSE Limited website: www.bseindia.com
• NSDL e-voting portal: www.evoting.nsdl.com

Unitholders can inspect relevant documents electronically by sending requests to compliance@maplehighways.com , providing their demat account details and contact information. The Investment Manager, Maple Infra InvIT Investment Manager Private Limited, has indicated that no directors or key managerial personnel have any financial interest in the proposed resolution.

Maple Infrastructure Trust has achieved a significant milestone with ICRA Limited assigning an issuer credit rating of [ICRA] AAA (Stable) on February 25, 2026. The rating agency also took comprehensive rating actions on the trust's debt instruments worth ₹4,050.00 crores, demonstrating strong confidence in the infrastructure investment trust's financial capabilities.

Credit Rating Assignment and Reaffirmation

ICRA Limited assigned the highest investment-grade issuer rating of AAA (Stable) to Maple Infrastructure Trust, marking a significant achievement for the infrastructure investment trust. The rating reflects the trust's strong credit profile and stable outlook in the infrastructure sector.

The rating agency simultaneously addressed multiple debt instruments through a combination of reaffirmations and new assignments:

Significant Term Loan Enhancement

The most notable aspect of the rating action was the substantial enhancement of the term loan facility from ₹1,000.00 crores to ₹3,750.00 crores. This represents a significant increase in the trust's borrowing capacity, indicating strong lender confidence and the trust's ability to service larger debt obligations.

Banking Partner Distribution

The rated facilities are distributed across multiple reputable financial institutions, providing diversified funding sources for the trust:

Regulatory Compliance and Disclosure

The trust has fulfilled its regulatory obligations under Regulation 23 of SEBI (Infrastructure Investment Trusts) Regulations, 2014, and the SEBI Master Circular for Infrastructure Investment Trusts dated July 11, 2025. The rating information has been formally communicated to BSE Limited and made available on the trust's website at www.maplehighways.com .

The facility structures include various sublimits and interchangeable arrangements, such as the DSRA Bank Guarantee limits of ₹160.00 crores with sublimit of short-term loans of ₹60.00 crores, and performance bank guarantee limits with overdraft sublimits, providing operational flexibility for the trust's infrastructure operations.