FUTURE YESBANK Chairmans Speech

Dear Shareholders,

While the Global economy continued to be fragile in FY 2016-17, the Indian economy consolidated the gains achieved in restoring macroeconomic stability. There has been robust policy support which has resulted in a renewed confidence in India, as has also been reiterated by leading multi-lateral institutions such as the International Monetary Fund (IMF).

The Government of India continued its reform agenda with focused initiatives like the Smart Cities Mission, Digital India and improving the Ease of Doing Business. The policy measures should serve as a strong platform to ensure India asserts its position leading global economy. The Government has also unveiled measures to address the asset quality pressures and rising NPAs faced by the Banking industry.

The full impact of all these measures is expected to bear fruit over the next 4 to 6 quarters. At YES BANK, we are cognizant of the same and have further geared the machinery of the Bank to respond to the evolving needs of the economy.

The year, 2016-17 also marked an accelerated . B adoption of digital banking technologies f Ion the back of the ''''less cash'''' vision of the . H Government of India. The Bank created a bouquet of Digital Banking products to offer an omni-channel Banking experience to the new generation customers.

We have been prompt in identifying new avenues for growth; we have rapidly embraced new information-based technologies. However, what is of paramount importance is an increased recognition of the social responsibility of financial services providers. YES BANK is acutely conscious of this and is ahead of its peers in the journey to the new paradigm.

The cumulative result of all these initiatives is accolades from prestigious national and international bodies for its exemplary performance on multiple parameters - Business outcomes, Sustainability, Responsible Banking, Innovation, Technology and Human Capital.

YES BANK has always believed that effective Corporate Governance forms the bedrock of Business Excellence in an organization. The importance of this goes beyond mere adherence to rules & regulations.

My colleagues on the Board of Directors of the Bank are accomplished professionals with a proven track records in diverse fields. During the year, Ms. Radha Singh, Mr. M.R. Srinivasan, Mr. Ajay Vohra and Mr. Diwan Arun Nanda retired from the Board.

I would like to thank them for their valuable opportunity to understand the strength of the Bank''''s leadership and guide them to ensure long-term sustenance of business strategy while keeping in mind customer requirements.

The Board is confident that, with the initiatives taken during the year, Yes Bank would continue on its mission and vision of "Building the Finest Quality Bank of the World in India by 2025”.

Ashok Chawla,

Non-Executive Independent Part-time Chairman contribution to the Board over the years. The current Board of Directors of the Bank comprises of total 7 Directors, including 5 Independent Directors, reaffirming the Bank''''s governance commitment. The Board of Directors of the Bank have maintained a strong ethical environment, and strive to establish best-in-class practices within the Indian banking system.

During the year under review, the Board of Directors had the opportunity to engage with senior management during various Board/ committee meetings. These provided the Board with an

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