Debt - Listing Confirmation::US$1,000,000,000 1.5% Convertible Bonds due 2025

1. The Bonds will be listed and quoted in the Bond Market with effect from 9.00 a.m., Monday, 20 January 2020.

2. (I) The short name of the Bonds is BhartiAir cb1.5%250217A and the ISIN Code is US08860HAB06.

(II) The short name of the Bonds is BhartiAir cb1.5%250217R and the ISIN Code is USY0889VAB63.

The letter 'R' denotes that trading of the Notes issued under Regulation S. The letter 'A' denotes that trading of the Notes issued under Rule 144A.

3. The Bonds will be quoted and traded in US Dollar (US$). The Bonds will be in denomination of US$200,000 and integral multiples of US$1,000. The Bonds will be traded in a minimum board lot size of US$200,000.

4. The issue date of the Bonds is 17 January 2020.

5. The name and address of the Principal Paying Agent is as follows:

Citibank, N.A., London Branch
c/o Citibank, N.A., Dublin Branch
Ground Floor 1 North Wall Quay
Dublin 1
Ireland

6. The Joint Lead Managers and Joint Bookrunners of the Notes are J.P. Morgan Securities plc , Barclays Bank PLC, BNP Paribas Securities (Asia) Limited, Citigroup Global Markets Limited, DBS Bank Ltd. and Goldman Sachs (Asia) L.L.C.

7. Please refer to the Issuer's offering documents for complete details before trading.