Investment Banking

Date: July 7, 2020

To,

The Board of Directors, YES Bank Limited IFC -2, 15th Floor, Senapati Bapat Marg, Elphinstone (W), Mumbai - 400 013

Sub: Proposed further public offering of equity shares of face value of Rs. 2 each (the “Equity Shares” and such offering, the “Offer”) of YES Bank Limited (the “Bank”)

We do hereby consent to act as book running lead manager to the Offer and to our name and the details mentioned herein, being inserted as a book running lead manager to the Offer in the Red Herring Prospectus (“RHP”) which the Bank intends to file with the Registrar of Companies, Maharashtra at Mumbai, the Securities and Exchange Board of India, (“SEBI”), and the relevant stock exchanges where the Equity Shares of the Bank are proposed to be listed (the “Stock Exchanges”), in respect of the Offer.

We hereby authorise you to deliver this consent letter to SEBI, the Stock Exchanges, the RoC and any other regulatory authorities as may be required. The following details with respect to us may be disclosed in the Offer Documents.

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Name Kotak Mahindra Capital Company Limited Address 1st Floor, 27BKC, Plot No. 27, “G” Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 Telephone (+91 22) 4336 0000 Facsimile (+91 22) 6713 2445 Email [email protected] Investor Grievances [email protected] Email Web Site www.investmentbank.kotak.com Compliance Officer Mr. Ajay Vaidya Contact Person Mr. Ganesh Rane SEBI Registration No. INM000008704 CIN U67120MH1995PLC134050

Kotak Mahindra Capital Company Limited CIN 67120MH1995PLC134050 Registered Office: 27BKC T +91 22 43360000 C – 27, “G” Block Bandra Kurla Complex F +91 22 67132445 Bandra (East), Mumbai – 400 051, India www.investmentbank.kotak.com

Investment Banking

[Further, except as disclosed below, we confirm that neither we nor our associates hold any Equity Shares of the Bank:

S. Name of the entity Number of Equity Shares Percentage of Equity No. Shares 1. Kotak Mahindra Bank Limited 440769000 3.51

We enclose a copy of our registration certificate regarding our registration with SEBI (Annexure A). We also certify that our registration is valid as on date and that we have not been prohibited or debarred by SEBI, any other regulatory authority, court or tribunal from acting as an intermediary in capital market issues. We confirm that we will immediately inform any changes in writing in the above information to the Bank until the commencement of trading of Equity Shares pursuant to the Offer. In the absence of any such communication from us, the Bank, the information stated in this certificate should be taken as updated information.

This consent letter is for information and for inclusion (in part or full) in the Offer Documents, and may be relied upon by the Bank, BRLMs and the legal counsel to each of the Bank and the BRLMs in relation to the Offer.

Yours faithfully,

For Kotak Mahindra Capital Company Limited

Ajay Vaidya Chief Legal & Compliance Officer

Place: Mumbai

Encl.: As above

Investment Banking

Annexure “A”

Date: July 7, 2020

Re: Proposed further public offering of equity shares of face value of Rs. 2 each (the “Equity Shares” and such offering, the “Offer”) of YES Bank Limited (the “Bank”) SEBI Registration Number INM000008704 Date of Registration / Renewal of registration February 1, 2014 (Date of Permanent Registration) Date of expiry of registration NA If applied for renewal, date of application NA Any communication from SEBI prohibiting the NIL entity from acting as the intermediary