Sub.: Credit Rating action by CARE Rating

We inform you that CARE Ratings (CARE) has revised its rating to CARE BBB (credit watch with developing implications) for long-term debt programme, market linked debentures and subordinated debt of the Company.

The Company respectfully protests and disagrees with the revision. There has not been any adverse change in the Company's operational parameters and/or any other circumstances from the time of the last rating action, just 4 weeks ago and hence latest revision is completely unjustified.

CARE has stated that the revision in the ratings factors in the recent developments in its subsidiaries 'Reliance Home Finance Limited' (RHF) and 'Reliance Commercial Finance Limited' (RCF).

RCL's rating has to be considered on a standalone basis, delinked from the debt and ratings of RCF and RHF. RCL is a Core Investment Company and is not dependent in any manner for funding on RCF and RHF.