IRDAI Approval in Max Life Transaction

AXIS/CO/CS/566/2020-21

24th February 2021

Dear Sir(s),

SUB.: DISCLOSURE UNDER REGULATION 30 OF SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015

This is with reference to our earlier disclosure letters dated 28th April 2020, 23rdJuly 2020, 24thAugust 2020 and 30thOctober2020 on execution of definitive agreements by Axis Bank Limited ("Axis Bank") with Max Financial Services Limited ("Max Financial") for an acquisition of a part of the equity share capital of Max Life Insurance Company Limited ("Max Life"), a material subsidiary of Max Financial, by Axis Bank and its subsidiaries, i.e., Axis Securities Limited and Axis Capital Limited (collectively with Axis Bank, the "Axis Entities").

In this regard, Max Life has received the formal approval from the Insurance Regulatory and Development Authority of India (IRDAI), which vide its letter dated 24thFebruary 2021 has granted approval to the Axis Entities, as promoters of Max Life, to collectively acquire 12.002% of the equity share capital of Max Life, by way of transfer of equity shares of Max Life from Max Financial to the Axis Entities.

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

Thanking You.

Yours Sincerely,

For Axis Bank Limited

Girish V. Koliyote

Company Secretary