Credit Rating

THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL AXIS/CO/CS/225/2026-27 July 7, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, P. J. Towers, Plot No. C/1, “G” Block Dalal Street Bandra-Kurla Complex Fort, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 NSE Symbol: AXISBANK BSE Scrip Code: 532215 Dear Sir/Madam, SUB.: RATING ACTION BY S&P GOLBAL RATINGS REF: REGULATION 30 READ WITH SCHEDULE III OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 In furtherance to our letter bearing reference number AXIS/CO/CS/493/2025-26 dated December 26, 2025, we wish to inform you that in relation to the existing Global Medium Term Notes (“GMTN”) of Axis Bank Limited (the “Bank”), S&P Global Ratings (“S&P”) has assigned “BB-” to the Additional Tier 1 Notes (“AT 1 Notes”) issued by Axis Bank, Gift City Branch under the Bank’s GMTN programme. The said AT 1 Notes will be consolidated and form a single series with the U.S.$500,000,000 6.875 per cent. Additional Tier 1 Notes issued on June 30, 2026. The rating rationale letter is attached herewith. This is for your information and records. Thanking You. Yours faithfully, For Axis Bank Limited Sandeep Poddar Company Secretary CC: London Stock Exchange Singapore Stock Exchange DISCLAIMER: A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction, or withdrawal at any time by the assigning rating organization. Similar ratings on different types of securities do not necessarily mean the same thing. The significance of each rating should be analysed independently from any other rating. C-111, Ground Floor, Nila Spaces, Block 11-D, Zone 1, Road-1A, Gift SEZ, Village Ratanpur, Taluka and District Gandhinagar, Gujrat-382355 India, Gift City, Gandhinagar-382355, Gujarat, India 07 July 2026 S&P Global Ratings Singapore Pte. Ltd. Axis Bank Ltd. (GIFT City Branch) Axis Bank Limited I Axis House I P.B. Marg I Worli, Mumbai – 400 025 Attn: Amit Arvind Shah - ALM (Treasury) Re: Rating Confirmation To Whom it May Concern, S&P Global Ratings hereby confirms the below rating(s): Issuer Rating Description Rating Axis Bank Ltd. (GIFT Issue of U.S.$100,000,000 6.875 per cent. Additional BB- City Branch) Tier 1 Notes to be consolidated and form a single series with the U.S.$500,000,000 6.875 per cent. Additional Tier 1 Notes under the U.S.$5,000,000,000 Global Medium Term Note Programme This letter constitutes S&P Global Ratings’ permission for you to disseminate the above- assigned rating(s) to interested parties in accordance with applicable laws and regulations. However, permission for such dissemination (other than to professional advisors bound by appropriate confidentiality arrangements or to allow the Issuer to comply with its regulatory obligations) will become effective only after we’ve released the rating on www.spglobal.com/ratings. Any dissemination on any Website by you or your agents shall include the full analysis for the rating, including any updates, where applicable. Any such dissemination shall not be done in a manner that would serve as a substitute for any products and services containing S&P Global Ratings’ intellectual property for which a fee is charged. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P Global Ratings may choose to acknowledge such a rating and denote such acknowledgement on www.spglobal.com/ratings with an alphabetic or other identifier affixed to such rating or by other means. To maintain the rating(s), S&P Global Ratings must receive all information as indicated in the applicable Terms and Conditions. You understand that S&P Global Ratings relies on you and your agents and advisors for the accuracy, timeliness and completeness of the information submitted in connection with the rating and the continued flow of material information as part of the surveillance process. Please send all information via electronic delivery to: shinoy.varghese1@spglobal.com. If SEC rule 17g-5 is applicable, you may post such information on the appropriate website. For any information not available in electronic format or posted on the applicable website, please send hard copies to: S&P Global Ratings, 12 Marina Boulevard, #23-01 Marina Bay Financial Centre, Tower 3, Singapore 018982. Attention: Shinoy Varghese. The rating(s) is/are subject to the Terms and Conditions attached to the Engagement Letter applicable to the rating. In the absence of such Engagement Letter and Terms and Conditions, the rating(s) is/are subject to the attached Terms and Conditions. The applicable Terms and Conditions are incorporated herein by reference. In accordance with the Terms and Conditions, S&P Global Ratings may assign, raise, lower, suspend, place on CreditWatch, or withdraw a credit rating, and assign or revise an Outlook, at any time, in S&P Global Ratings’ sole discretion. S&P Global Ratings may take any of the foregoing actions notwithstanding any request for a withdrawal of a credit rating or termination of the Engagement Letter. S&P Global Ratings is pleased to have the opportunity to provide its rating opinion. For more information please visit our website at www.spglobal.com/ratings. If you have any questions, please contact us. Thank you for choosing S&P Global Ratings. Sincerely yours, S&P Global Ratings, acting through S&P Global Ratings Singapore Pte. Limited Analytical Contact: Name: Shinoy Varghese Telephone #: +65 6597-6247 S&P Global Ratings Terms and Conditions Applicable to Credit Ratings You understand and agree that: General. The credit ratings and other views of S&P Global Ratings are statements of opinion and not statements of fact. Credit ratings and other views of S&P Global Ratings are not recommendations to purchase, hold, or sell any securities and do not comment on market price, marketability, investor preference or suitability of any security. While S&P Global Ratings bases its credit ratings and other views on information provided by issuers and their agents and advisors, and other information from sources it believes to be reliable, S&P Global Ratings does not perform an audit, and undertakes no duty of due diligence or independent verification, of any information it receives. Such information and S&P Global Ratings’ opinions should not be relied upon in making any investment decision. S&P Global Ratings does not act as a “fiduciary” or an investment advisor. S&P Global Ratings neither recommends nor will recommend how an issuer can or should achieve a particular credit rating outcome nor provides or will provide consulting, advisory, financial or structuring advice. S&P Global Ratings owns and hereby reserves all right, title and interest in and to (i) the credit ratings, analytical reports and other views, opinions, data and information provided hereunder and (ii) its trademarks and service marks. All Credit Rating Actions in S&P Global Ratings’ Sole Discretion. S&P Global Ratings may assign, raise, lower, suspend, place on CreditWatch, or withdraw a credit rating, and assign or revise an Outlook, at any time, in S&P Global Ratings’ sole discretion. S&P Global Ratings may take any of the foregoing actions notwithstanding any request for a confidential or private credit rating or a withdrawal of a credit rating, or termination of this Agreement. Publication. S&P Global Ratings reserves the right to use, publish, disseminate, or license others to use, publish or disseminate the credit rating provided hereunder and any analytical reports, including the rationale for the credit rating, unless you specifically request in connection with the initial credit rating that the credit rating be assigned and maintained on a confidential or private basis. If, however, a c [Showing first 8,000 characters — download PDF for full document]