USRM NEWSLETTER. CLICK HERE to Read. Global Markets Update. Thought Leadership Articles. YES BANK Transformation Series 2016

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1 Global Markets Update Thought Leadership Articles YES BANK Transformation Series 2016 USRM NEWSLETTER Knowledge Series & Felicitations Global Engagement YES BANK Dual ISO Certified in L&D YES Aspire Scholarship Program CLICK HERE to Read

Global Markets Update US Fed minutes indicated only gradual increase in rates; India RBI minutes reveal majority preference for neutral policy stance Federal Reserve s minutes for Jan 31-Feb 1

for some time, below levels that are expected to prevail in the longer run.

Adding that current inflation and employment figures don t indicate the Central Bank is behind the curve. US 10-year bond yields declined by 1.

2 Global Markets Update US Fed minutes indicated only gradual increase in rates; India RBI minutes reveal majority preference for neutral policy stance Federal Reserve s minutes for Jan 31-Feb 1 meeting indicated that members of FOMC expect economic conditions to evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. Federal Reserve s Jerome Powell stated that risks are more balanced and he expects policy to be gradually tightened as long as the economy moves on expected lines. Adding that current inflation and employment figures don t indicate the Central Bank is behind the curve. US 10-year bond yields declined by 1.6bps on Wednesday as the minutes were less hawkish than expected. Dollar strength saw some moderation with the dollar index declining by 0.1% (level 101.2). US existing housing sales increased by 3.3%MoM in Jan (vs. -1.6% in Dec), coming significantly higher than expectations of +1.1%. On a YoY basis sales rose by 5.7%, which was the highest level since Dec US mortgage applications volume (week-on-week) declined by 2.0% vs. decline of 3.7% in the previous week. The refinance share of mortgage activity fell to 46 percent of total applications, the lowest level since November German IFO business climate index rose to 111 in Feb vs in Jan, beating consensus expectations of 109.6, indicating improvement in confidence among companies. Germany s central bank Bundesbank may reveal the losses that could be triggered when ECB unwinds its bond-buying program and raises rates, in its annual accounts to be presented today. The RBI s Monetary Policy Committee published the minutes for Feb 7-8 meeting. Four out of six members supported for a change in monetary policy stance to neutral from accommodative. All member voted in favour of keeping rates unchanged. Asian stocks are trading lower on Thursday driven by lower US equities. Federal Reserve s latest meeting minutes were viewed as less hawkish than expected which led to yen strength driving Japanese markets lower. EQUITY MARKET SNAPSHOT Index Level 1-Day (%) CYTD (%) Nifty GLOBAL FX MARKET SNAPSHOT Index Level 1-Day (%) CYTD (%) USDINR BOND MARKET SNAPSHOT 10Y G-Sec Level (%) 1-Day (bps) CYTD (bps) India Nikkei Shanghai Composite FTSE-100 DAX USDCNY USDJPY GBPUSD EURUSD Japan UK Germany S&P DXY Index US COMMODITY MARKET SNAPSHOT CHART: Daily FII Flows (USD Bn)* Commodity Level 1-Day (%) CYTD (%) Brent (USD/Barrel) Gold (USD/Ounce) Copper (USD/MT) Agri. Commodities Index All Commodities Index *Latest data, CYTD refers to calendar year till date. Negative change in currency value means depreciation. Data sources: Bloomberg, YES Bank Limited

3 Thought Leadership Articles Looking towards a greener future Leaping from a strong foundation The year of behavioural reforms We shall see a rejuvenated India in 2017

YES BANK Transformation Series 2016 The YES BANK Transformation Series is a flagship engagement program for global future Young Leaders across the world.

Through the program, the Bank reaches out to the brightest young minds in leading universities across the world and provides them with an experiential dimension to learning, thus enabling them to

4 YES BANK Transformation Series 2016 The YES BANK Transformation Series is a flagship engagement program for global future Young Leaders across the world. Led by the YES SCHOOL of BANKING, the Transformation Series was conceived in 2010 as a global case-study challenge with the underlying ethos of Innovation, Creativity and Transformation. Through the program, the Bank reaches out to the brightest young minds in leading universities across the world and provides them with an experiential dimension to learning, thus enabling them to creatively present their solutions for real business issues. Captains of the industry, thought leaders, academicians, entrepreneurs and journalists have been associated with this program as Jury members or as part of the Advisory Council. The fifth edition of Transformation Series in 2016 witnessed participation from over 26,000 students from top B-Schools across the country and emerged as India s Largest B-School Challenge. Campus Rounds were conducted in Top 25 USRM Campuses and the Top 15 teams worked on a joint challenge set by the Ministry of New and Renewable Energy & YES BANK at the Grand Finale for cash prizes worth INR 6 lacs. Team North East Royals from IIM Shillong edged stiff competition from ISB Hyderabad and IIFT Kolkata to emerge as India s Innovation Champions for the YES BANK Transformation Series Grand Finale in November The innovative ideas shared by the brightest young minds of the country were evaluated by an esteemed Advisory Council comprising of thought leaders and successful entrepreneurs from across the world such as: 1. Dr. A.K. Tripathi- Advisor, Ministry of New and Renewable Energy, Govt. of India 2. Mr. Anand Prasanna- Managing Partner, Iron Pillar 3. Mr. Ganapathy Venugopal- Co-founder & CEO, Axilor Ventures 4. Mr. Naganand Doraswamy- Managing Director & Founder, Ideaspring Capital 5. Mr. Abhishek Saxena- MD, Taisys 6. Mr. Avinash Godkhindi- CEO, Zaggle 7. Mr. Jay Krishnan- CEO, T-Hub 8. Mr. Debashish Mukherjee- Partner, A.T. Kearney YES BANK s Transformation Series featured in MINT, Dec 02nd 2016

KNOWLEDGE SERIES Address by Warren Patrick (Senior President & Chief Learning Officer) at R. N.

Guest Lecture by Amit Shah (Senior President, Marketing & Corporate Communication) at Business Leader Lecture Series at DMS, IIT Delhi Guest Lecture by Deodutta Kurane (Group President Human Capital

of IRIS 2K16, IIM Indore Panel Discussion by Kapil Bali (Chief Executive Officer, YES Securities) at Arth-Samvaad Lecture Series at Solaris 16, IIM Udaipur Keynote Address by Ajay Desai (Senior

5 KNOWLEDGE SERIES Address by Warren Patrick (Senior President & Chief Learning Officer) at R. N. Podar Summit Guest Lecture by Deodutta Kurane (Group President Human Capital Management) at Symbiosis Institute of Management Studies, Pune Keynote Address by Warren Patrick (Senior President & Chief Learning Officer) at R. N. Podar Summit Keynote Address by Nikhil Sahni (Group President Government Banking And National Head Branch Banking) on behalf of MD&CEO at IIM-A's International Management Symposium - Confluence 2016 Guest Lecture by Amit Shah (Senior President, Marketing & Corporate Communication) at Business Leader Lecture Series at DMS, IIT Delhi Guest Lecture by Deodutta Kurane (Group President Human Capital Management) on Innovative HR Practices for budding HR Professionals at NIPM Keynote Address by Warren Patrick (Senior President & Chief Learning Officer) on behalf of MD&CEO at Valedictory Ceremony of IRIS 2K16, IIM Indore Panel Discussion by Kapil Bali (Chief Executive Officer, YES Securities) at Arth-Samvaad Lecture Series at Solaris 16, IIM Udaipur Keynote Address by Ajay Desai (Senior President And Chief Financial Inclusion Officer, Inclusive And Social Banking) at Finance Conclave in NITIE Warren Patrick (Senior President & Chief Learning Officer) participated in a Panel Discussion at LearnShift India 2016 Keynote Address by Rajnish Datta (Senior President, Human Capital Management) at Valedictory Ceremony of Delphique '16, MDI Keynote Address by Ajai Kumar (Additional Non-Executive Director) on 'Growth & Export Prospects of MSMEs' at D. Y. Patil University Panel Discussion by Deep Agrawal (Vice President, Digital Banking) at a Workshop on Innovation in Technology Services in ISB Panel Discussion by Rajnish Datta (Senior President, Human Capital Management) at HR Conclave in IIM Amritsar Guest Lecture by Deep Agrawal (Vice President, Digital Banking) at NMIMS FELICITATIONS Felicitation of MD&CEO for Extraordinary Contribution in the Field of Finance in India by IIM Indore Felicitation of MD&CEO for Outstanding Contribution to Innovation in Financial Services by Confluence 2016 at IIM-A Felicitation of Deodutta Kurane with XLRI-Ensemble Excellence in Leadership Awards by Director, XLRI Jamshedpur Felicitation of Deodutta Kurane with GNOSIS Excellence Award at GNOSIS 2016 by XLRI Alumni Mumbai Chapter & Finance Association

6 Global Engagement A group of 20 MBA students of HEC Montréal, ranked among the world s top 100 B-Schools visited YES BANK s corporate office in Mumbai as part of its Campus Abroad Program in December, 2016 to know more about YES BANK s success story and growth strategy. They were accompanied by Prof. Johanne Brunet (Professor in the Department of Marketing), and Marie-Pierre Charette (Coordinator at HEC Montréal)

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Global Markets Update. Thought Leadership Articles YES ASPIRE SCHOLARS Knowledge Series & Felicitations USRM YES FOUNDATION NEWSLETTER

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