To,

STATEMENT OF SPECIAL TAX BENEFITS

The Board of Directors

Suryoday Small Finance Bank Limited
Unit no. 1101, Sharda Terraces

Plot No. 65, Sector 11

CBD, Belapur, Navi Mumbai

Mumbai - 400 614

Maharashtra, India

Sub: Statement of possible special tax benefits available to Suryoday Small Finance Bank Limited and its

shareholders prepared in accordance with the requirements under Schedule VI (Part A)(9)(L) of the
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
as amended (“SEBI ICDR Regulations”)

We, MSKC & Associates (Formerly known as R.K. Kumar & Co.) (“the Firm”), Chartered Accountants, the
statutory auditors of Suryoday Small Finance Bank Limited (the “Bank”), hereby confirm that the enclosed
Statement prepared and issued by the Bank, which provides the possible special tax benefits under direct and
indirect tax laws presently in force in India, available to the Bank and its shareholders. Several of these benefits are
dependent on the Bank and its shareholders, as the case may be, fulfilling the conditions prescribed under the
relevant provisions of the relevant statues. Hence, the ability of the Bank or its shareholders to derive the special
tax benefits is dependent upon their fulfilling such conditions, which based on business imperatives the Bank and
its shareholders face in the future, the Bank and its shareholders may or may not choose to fulfil.

The benefits discussed in the enclosed Statement are not exhaustive and the preparation of the contents stated
is the responsibility of the Bank’s Management. We are informed that this Statement is only intended to provide
general information to the investors and is neither designed nor intended to be a substitute for professional tax
advice. In view of the distinct nature of the tax consequences and the changing tax laws, each investor is advised
to consult their own tax consultant with respect to the specific tax implications arising out of their participation
in the issue and we shall in no way be liable or responsible to any shareholder or subscriber for placing reliance
upon the contents of this Statement. Also, any tax information included in this written communication was not
intended or written to be used, and it cannot be used by the Bank or the investor, for the purpose of avoiding
any penalties that may be imposed by any regulatory, governmental taxing authority or agency.

We do not express any opinion or provide any assurance whether:

e The Bank or its shareholders will continue to obtain these benefits in future;
e The conditions prescribed for availing the benefits have been/would be met;
e The revenue authorities/courts will concur with the views expressed herein.

The contents of the enclosed Statement are based on information, explanations and representations obtained
from the Bank and on the basis of our understanding of the business activities and operations of the Bank. We
have relied upon the information and documents of the Bank being true, correct and complete and have not
audited or tested them. Our view, under no circumstances, is to be considered as an audit opinion under any
regulation or law. No assurance is given that the revenue authorities/ courts will concur with the views expressed
herein. Our Firm or any of partners or affiliates, shall not be responsible for any loss, penalties, surcharges,
interest or additional tax or any tax or non-tax, monetary or non-monetary, effects or liabilities (consequential,
indirect, punitive or incidental) before any authority / otherwise within or outside India arising from the supply
of incorrect or incomplete information of the Bank.

This certificate is addressed to Board of Directors and issued at specific request of the Bank. The enclosed Statement
is intended solely for your information and for inclusion in red herring prospectus, the prospectus and any other
material in connection with the proposed initial public offering of equity shares of the Bank, and is not to be used,
referred to or distributed for any other purpose without our prior written consent. Accordingly, we do not accept or
assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is
shown or into whose hands it may come without our prior consent in writing.

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