Cessation of Director

AXIS/CO/CS/493/2021-22

December 18, 2021

Dear Sir(s),

SUB.: CESSATION OF TENURE OF STEPHEN PAGLIUCA, NON-EXECUTIVE (NOMINEE) DIRECTOR OF AXIS BANK LIMITED ("BANK").

REF.: REGULATION 30 OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015.

This is to inform you that Stephen Pagliuca has ceased to be the Non-Executive Director (Nominee of entities affiliated to Bain Capital) of the Bank, with effect from the close of business hours on Saturday, December 18, 2021, upon expiry of his tenure pursuant to the Investment Agreement between the Bank and BC Asia Investments VII Limited, Integral Investments South Asia IV and BC Asia Investments III Limited ("Investment Agreement"). Consequently, the tenure of Ashish Kotecha as an Alternate Director to the Original Director, Stephen Pagliuca has also expired with effect from the said date.

Further, kindly note that the Bank vide its letter no. AXIS/CO/CS/483/2021-22 dated December 14, 2021 has already informed the exchanges regarding the appointment of Ashish Kotecha as an Additional Non-Executive (Nominee of entities affiliated to Bain Capital) Director of the Bank with effect from Sunday, December 19, 2021, pursuant to the Amendment Agreement to Investment Agreement between the Bank and BC Asia Investments VII Limited, Integral Investments South Asia IV and BC Asia Investments III Limited.

On behalf of the Bank, we would like to acknowledge the contributions rendered by Stephen Pagliuca during his tenure as a Non-Executive Director and place on record our deep appreciation for his insights and suggestions at the meetings of the Board/Committees of the Bank.

You are requested to take note of above and arrange to bring it to the notice of all concerned.

Thanking You.

Yours Sincerely,

For Axis Bank Limited

Puneet Sharma

President & Chief Financial Officer