Press Release - Acquisition of shares of Max Life

AXIS/CO/CS/16/2021-22

6th April 2021

Dear Sirs/Ma'am,

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, 23rd July 2020, 24thAugust 2020 and 30thOctober 2020 on execution of definitive agreements by Axis Bank Limited ("Axis Bank") with Max Financial Services Limited ("Max Financial") for 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 (together with Axis Bank, "Axis Entities") and follow up disclosure letter dated 24thFebruary 2021 informing receipt of all requisite regulatory approvals including receipt of approval by Max Life from the Insurance Regulatory and Development Authority of India.

In this regard, we would like to inform you that the Axis Entities have collectively acquired shares of Max Life, by way of transfer of equity shares of Max Life from Max Financial. Axis Entities together hold 12.99% equity stake in Max Life as of date following the transfer of shares as aforesaid.

A press release issued by the Bank in this regard is enclosed herewith.

http://www.rns-pdf.londonstockexchange.com/rns/5426U_1-2021-4-6.pdf

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

Thanking you,

For Axis Bank Limited

Girish V. Koliyote

Company Secretary

Encl: As above