EX- POST FACTO ANALYSIS

Date Open High Low Close Adj Close9/1/2009 2017 2042 1924.9 2000.6 2000.68/3/2009 1960 2123.8 1865 2004.1 2004.17/1/2009 2010 2085 1718.3 1957.1 1957.16/1/2009 2305 2372.3 1847.9 2023.35 2023.355/4/2009 1854 2490 1838 2277.5 2277.54/1/2009 1530.25 1844 1497.55 1802.7 1802.73/2/2009 1249.3 1582 1118.05 1523.2 1523.22/2/2009 1335 1414.2 1201.1 1265.05 1265.051/1/2009 1240.05 1384 1067.1 1325.2 1325.2

12/1/2008 1150.05 1408 1033 1230.25 1230.2511/3/2008 1412.5 1500 1021 1131.6 1131.610/1/2008 1986.5 1986.5 930 1370.75 1370.75

9/1/2008 2108.35 2224.9 1764 1946.35 1946.358/1/2008 2175 2375 2057 2136.75 2136.757/1/2008 2090 2329 1922.5 2206.2 2206.26/2/2008 2401 2442.3 1984.05 2093.25 2093.255/2/2008 2614 2706.6 2391 2401.65 2401.654/1/2008 2284 2690 2245.5 2614.85 2602.183/3/2008 2351 2442 2120 2264.5 2253.532/1/2008 2479 2650 2230 2458.25 2446.341/1/2008 2950 3252.1 2120 2479.5 2467.48

12/3/2007 2850 2960 2654 2881.05 2867.0911/1/2007 2782 3235 2605 2850.75 2836.9310/1/2007 2296 2850 2264.25 2782.55 2769.06

9/3/2007 1959 2426 1945 2296.2 2285.078/1/2007 1881 1969.9 1700 1959.5 1950

7/2/2007 1699 1948 1680 1892.3 1883.136/1/2007 1760.2 1765 1640 1700.3 1692.065/1/2007 1560.1 1785 1555.05 1760.2 1751.674/2/2007 1355 1625 1305 1560.1 1552.543/1/2007 1385.5 1420 1250 1368.35 1361.722/1/2007 1365.05 1445 1341.1 1354.6 1341.911/1/2007 1270.35 1409 1252.55 1364.6 1351.82

12/1/2006 1251.2 1350 1181 1270.35 1258.4511/1/2006 1226 1315.9 1220.15 1245 1233.3410/2/2006 1171.05 1240 1138.15 1226.2 1214.71

9/1/2006 1117 1189.9 1075.2 1171.05 1160.088/1/2006 978.95 1144.9 940 1117.6 1107.137/3/2006 1058 1100 941.65 979 969.836/1/2006 953 1062 810 1058.75 1048.835/1/2006 1007.8 1195 806 953.25 944.324/3/2006 796 1013 796 1007.8 998.363/1/2006 708 808.5 703.2 796.25 788.792/1/2006 715 724.95 675.1 708.75 702.111/2/2006 893.45 937.5 685.3 713.7 707.02

12/1/2005 833.9 901 827.5 889.65 881.3211/1/2005 800 866 757.2 832.9 825.110/3/2005 793 810 737 762.55 755.41

9/1/2005 719 813.5 715 793.5 786.078/1/2005 698 760 683.2 719.55 712.817/1/2005 642.05 711.35 609.05 702.9 696.326/1/2005 537 675 528.65 641.9 635.895/2/2005 527 557.2 515.45 535.25 530.244/1/2005 545 577 512.1 527.7 522.763/1/2005 557 600.9 539.25 545.95 540.842/1/2005 535 559.9 521 556.05 550.841/3/2005 520.05 553.8 498.2 532.65 527.66

12/1/2004 520.5 548 472.3 533.8 528.811/1/2004 532.4 552.4 487 516.75 511.9110/1/2004 518 567 512.7 529.25 524.29

9/1/2004 478 519.95 454 518.2 513.358/2/2004 492 504.9 448.45 475.55 471.17/1/2004 430.9 490.25 412 488.9 484.326/1/2004 434.8 458.5 409 429.6 425.585/3/2004 529 543.5 382 430.5 426.474/1/2004 539.3 580.85 521.65 526.4 521.473/1/2004 556.5 598 505.15 538.05 533.012/2/2004 559.6 610.45 539 554.65 549.461/1/2004 571 603.25 528.6 559.6 554.36

12/1/2003 490 582 477.15 573 567.6311/3/2003 490 504.4 447.2 487.9 483.3310/1/2003 443 497.45 433.1 486.3 481.75

9/1/2003 401 445 391.8 444 439.848/1/2003 358.5 404.75 343 398.55 394.827/1/2003 325.2 361.7 323.2 357.25 353.96/2/2003 299 337.5 291 324.6 321.565/1/2003 274.9 302 258 298.95 296.154/1/2003 277 302 264 274.9 272.333/3/2003 295.9 301.2 274 276.45 273.862/3/2003 276.95 303.7 276.5 293.95 291.21/1/2003 300 302 263.2 275.3 272.72

12/2/2002 289 306.35 286 297.7 294.9111/1/2002 268 296 251.65 290.6 287.8810/1/2002 258.9 269.2 218.05 266.7 264.2

9/2/2002 257 270.95 251 258.25 255.838/1/2002 267.1 267.1 234.2 255.3 252.917/1/2002 267.1 267.1 267.1 267.1 264.6

6/3/2002 265.4 291.8 262.05 267.1 264.65/1/2002 278.65 295.8 248.05 264.45 261.974/1/2002 301.45 312.95 271 278.65 276.043/1/2002 306 339 291.25 300.35 297.542/1/2002 302 330.45 290 307.45 304.571/1/2002 307 344 295.05 299.6 296.79

12/3/2001 290.1 323.8 285.95 305.15 302.2911/1/2001 257 311.9 252.1 289.8 287.0910/1/2001 268 286.9 242 255.4 253.01

9/3/2001 310.1 316.5 204.1 241.7 239.448/1/2001 318 344.9 309.1 310.15 307.257/2/2001 374 388.9 299.95 319.75 316.766/1/2001 394 398.4 357.5 369 365.545/1/2001 296.4 394 296.4 394 390.314/2/2001 390 390 296.4 296.4 293.623/1/2001 436 472.75 388 390 386.352/1/2001 388 441 357.95 410.9 407.051/1/2001 338.5 399.75 338.5 388 384.37

12/1/2000 326.5 344.75 324.15 338.5 335.3311/1/2000 303.9 332 300 327.8 324.7310/2/2000 346.05 350 283.7 301.25 298.43

9/1/2000 337.05 390 331.05 346.05 342.818/1/2000 339 345.85 322.4 337.05 333.897/3/2000 342.1 376 320 337.95 334.786/1/2000 342 353.8 323.1 340.9 337.715/1/2000 346.9 357.4 304 343.7 340.484/3/2000 320.75 376.9 279.1 346.9 343.653/1/2000 305 322.5 199 314.5 311.552/1/2000 328.65 380 311.45 311.45 308.531/3/2000 240 339.5 240 329 325.92

SENSEX RIL XY X^22000 -20.22% 4.880% (0.0099) 0.040884842001 -16.07% 4.037% (0.0065) 0.025824492002 5.39% -1.412% (0.0008) 0.002905212003 58.78% 70.386% 0.4137 0.3455081527037332004 14.95% -3.697% (0.0055) 0.02235136611486442005 38.12% 54.663% 0.2084 0.1452884354290462006 40.72% 43.783% 0.1783 0.165798995545572007 41.39% 88.320% 0.3656 0.1713209803573582008 -65.44% -72.717% 0.4759 0.4282361119131552009 56.36% 56.067% 0.3160 0.317665317281609

10 153.98% 244.310% 1.9351 1.66578389934534 N Ex Ey Exy Ex2

Beta = 15.589623529769 Beta 14.2869026694363

y = Ey/N 0.24431

X = Ex/N 0.153978450570756

Characteristic line of RILY = A + Bx

0.24431 = A + 1.091182*.153978

So the charateristic line of RIL

Y = 7.629% + 1.09 * X

EX POST FACTO ANAYSIS

2010 RETURN ESTIMATION

SENSEX RIL PROBABILITY Expected Return45% 56.73% 0.25 14.18%20% 29.45% 0.3 8.84%

5% 13.09% 0.2 2.62%-10% -3.28% 0.25 -0.82%

Total 1 24.82%

the above analysis says that in 2010 if sensex gives a return of 45% then RIL will give a return of 56.7% and if it gives 5% then RIL will have a return of 13%.

Rm = 15.40%Rf = 8%β = 1.09Ke = 16.06%

the cost of capital of RIL is 16% and the calculated expected return is 24.82% so in 2010 RIL is a better investment option.

characteristic line of RIL

X Y5% 13.1%

5% 10% 15% 20% 25% 30% 35% 40% 45% 50%0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

Column D

SENSEX

RIL

10% 18.5%15% 24.0%20% 29.5%25% 34.9%30% 40.4%35% 45.8%40% 51.3%45% 56.7%50% 62.2%

5% 10% 15% 20% 25% 30% 35% 40% 45% 50%0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

Column D

SENSEX

RIL

Av monthly retruannual return std deviation mn annualise standard deviation-0.175%2.402%

-3.274%-11.159% annualise std deviation26.338%18.350%20.406%-4.539%7.718%

56.067% 12.839% 44.48%8.718%

-17.447%-29.573%

-8.911%-3.148%5.396%

-12.841%-7.706%15.471%-7.882%-0.857%

-13.938%-72.717% 12.260% 42.471%

1.063%2.451%

21.181%17.183%

3.551%

11.292%-3.403%12.826%14.013%

1.476%-0.733%7.419%

88.320% 7.812% 27.062%2.036%1.534%4.709%4.783%

14.157%-7.532%11.067%-5.413%26.569%12.346%-0.694%

-19.777%43.783% 11.873% 41.129%

6.814%9.225%

-3.900%10.278%

2.368%9.503%

19.925%1.431%

-3.343%-1.815%4.393%

-0.216%

54.663% 6.955% 24.094%3.299%

-2.361%2.131%8.968%

-2.730%13.802%-0.209%

-18.218%-2.165%-2.994%-0.884%-2.338%

-3.697% 7.688% 26.630%17.441%

0.328%9.528%

11.403%11.563%10.057%

8.580%8.747%

-0.559%-5.955%6.776%

-7.524%70.386% 7.601% 26.331%

2.442%8.963%3.272%1.155%

-4.418%0.000%

1.004%-5.097%-7.226%-2.308%2.621%

-1.819%-1.412% 4.394% 15.222%

5.295%13.470%

5.667%-22.070%

-3.002%-13.345%

-6.346%32.930%

-24.002%-5.085%5.901%

14.624%4.037% 16.208% 56.146% sqrt(12) =

3.264%8.813%

-12.946%2.672%

-0.266%-0.868%-0.814%-0.922%10.303%

0.979%-5.336%

4.880% 6.315% 21.876%

1.0911829

Alfa 7.629%

Beta = (N∑XY-∑X*∑Y)/[N.∑X^2-(∑X)^2]

1 2 3 4 5 6 7 8 9 10

-100.00%

-80.00%

-60.00%

-40.00%

-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

SENSEXRIL

2010 Return of RIL = 24.82%the above analysis says that in 2010 if sensex gives a return of 45% then RIL will give a return of 56.7% and if it gives 5% then RIL will have a return of 13%.

Required rate of retu 16.06%

the cost of capital of RIL is 16% and the calculated expected return is 24.82% so in 2010 RIL is a better investment option.

5% 10% 15% 20% 25% 30% 35% 40% 45% 50%0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

Column D

SENSEX

RIL

5% 10% 15% 20% 25% 30% 35% 40% 45% 50%0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

Column D

SENSEX

RIL

= mnthly std dev* sqrt(12)

3.464102

SENSEX ANNUALISE RETURN FOR 10 YEARS

Date Open High Low Close Volume Adj Close Avg Monthly Annual Retu Std Dev Mthl STDEV Annualized9/1/2009 15691.27 16035.5 15356.72 16016.32 30600 16016.32 2.23%8/3/2009 15694.78 16002.46 14684.45 15666.64 29700 15666.64 -0.02%7/1/2009 14493.84 15732.81 13219.99 15670.31 36300 15670.31 8.12%6/1/2009 14790.89 15600.3 14016.95 14493.84 40300 14493.84 -0.90%5/4/2009 11635.24 14930.54 11621.3 14625.25 54700 14625.25 28.26%4/1/2009 9745.77 11492.1 9546.29 11403.25 52900 11403.25 17.46%3/2/2009 8762.88 10127.09 8047.17 9708.5 46000 9708.5 9.19%2/2/2009 9363.58 9724.87 8619.22 8891.61 36600 8891.61 -5.65%1/2/2009 9973.06 10469.72 8631.6 9424.24 61400 9424.24 -2.31%

2,009 6.26% 56.36% 10.86% 37.62%12/1/2008 9162.94 10188.54 8467.43 9647.31 56300 9647.31 6.10%11/3/2008 10209.37 10945.41 8316.39 9092.72 48300 9092.72 -7.10%10/1/2008 13006.72 13203.86 7697.39 9788.06 46400 9788.06 -23.89%

9/1/2008 14412.99 15107.01 12153.55 12860.43 31700 12860.43 -11.70%8/1/2008 14064.26 15579.78 14002.43 14564.53 25200 14564.53 1.45%7/1/2008 13480.02 15130.09 12514.99 14355.75 30300 14355.75 6.64%6/2/2008 16591.46 16632.72 13405.54 13461.6 24300 13461.6 -17.99%5/2/2008 17560.15 17735.7 16196.02 16415.57 20100 16415.57 -5.04%4/1/2008 15771.72 17480.74 15297.96 17287.31 21100 17287.31 10.50%3/3/2008 17227.56 17227.56 14677.24 15644.44 25900 15644.44 -11.00%2/1/2008 17820.67 18895.34 16457.74 17578.72 16800 17578.72 -0.40%1/2/2008 20393.1 21206.77 15332.42 17648.71 21400 17648.71 -13.00%

2,008 -5.45% -65.44% 10.59% 36.70%12/3/2007 19547.09 20498.11 18886.4 20286.99 13800 20286.99 4.77%11/1/2007 20130.23 20204.21 18182.83 19363.19 16600 19363.19 -2.39%10/1/2007 17356.99 20238.16 17144.58 19837.99 30500 19837.99 14.73%

9/3/2007 15401.99 17361.47 15323.05 17291.1 20600 17291.1 12.88%8/1/2007 15344.02 15542.4 13779.88 15318.6 16700 15318.6 -1.49%7/2/2007 14685.16 15868.85 14638.88 15550.99 18500 15550.99 6.15%

6/1/2007 14610.28 14683.36 13946.99 14650.51 14300 14650.51 0.73%5/3/2007 13987.77 14576.37 13562.95 14544.46 15300 14544.46 4.84%4/2/2007 12811.93 14383.72 12425.52 13872.37 18400 13872.37 6.12%3/1/2007 13013.74 13386.95 12316.1 13072.1 18400 13072.1 1.04%2/1/2007 14124.36 14723.88 12800.91 12938.09 19000 12938.09 -8.18%1/2/2007 13827.77 14325.92 13303.22 14090.92 16100 14090.92 2.21%

2,007 3.45% 41.39% 6.34% 21.98%12/1/2006 13729.67 14035.3 12801.65 13786.91 14600 13786.91 0.66%11/1/2006 12992.62 13799.02 12937.3 13696.31 17900 13696.31 5.67%10/3/2006 12473.79 13075.85 12178.83 12961.9 14800 12961.9 4.07%

9/1/2006 11699.57 12485.17 11445.19 12454.42 14600 12454.42 6.46%8/1/2006 10737.5 11794.43 10646.65 11699.05 16300 11699.05 8.89%7/3/2006 10646.56 10940.45 9875.35 10743.88 22100 10743.88 1.27%6/1/2006 10472.46 10626.84 8799.01 10609.25 27200 10609.25 2.03%5/2/2006 12103.78 12671.11 9826.91 10398.61 25800 10398.61 -12.26%4/3/2006 11342.96 12102 11008.43 11851.93 25000 11851.93 5.07%3/1/2006 10368.75 11356.95 10344.26 11279.96 21500 11279.96 8.77%2/1/2006 9959.24 10422.65 9713.51 10370.24 20000 10370.24 4.54%1/2/2006 9422.49 9945.19 9158.44 9919.89 21500 9919.89 5.55%

2,006 3.39% 40.72% 5.58% 19.31%12/1/2005 8813.82 9442.98 8769.56 9397.93 23100 9397.93 6.93%11/1/2005 7989.86 9033.99 7891.23 8788.81 18900 8788.81 11.36%10/3/2005 8662.99 8821.84 7656.15 7892.32 23400 7892.32 -8.60%

9/1/2005 7818.9 8722.17 7818.9 8634.48 16400 8634.48 10.62%8/1/2005 7632.01 7921.39 7537.5 7805.43 15700 7805.43 2.23%7/1/2005 7165.45 7708.59 7123.11 7635.42 15100 7635.42 6.14%6/1/2005 6729.39 7228.21 6647.36 7193.85 16300 7193.85 7.13%5/2/2005 6183.07 6772.74 6141.37 6715.11 12500 6715.11 9.11%4/1/2005 6506.6 6649.42 6118.42 6154.44 13000 6154.44 -5.21%3/1/2005 6725.92 6954.86 6321.31 6492.82 21700 6492.82 -3.29%2/1/2005 6565.21 6720.94 6508.33 6713.86 20700 6713.86 2.41%1/3/2005 6626.49 6696.31 6069.33 6555.94 20700 6555.94 -0.71%

2,005 3.18% 38.12% 6.49% 22.48%

12/1/2004 6259.28 6617.15 6176.09 6602.69 18000 6602.69 5.91%11/1/2004 5678.65 6248.43 5649.03 6234.29 15800 6234.29 9.91%10/1/2004 5587.46 5803.82 5558.14 5672.27 20800 5672.27 1.59%

9/1/2004 5202.16 5638.79 5178.57 5583.61 23500 5583.61 7.54%8/2/2004 5193.25 5269.22 5022.29 5192.08 27700 5192.08 0.42%7/1/2004 4813.76 5200.85 4723.04 5170.32 29700 5170.32 7.82%6/1/2004 4792.01 5012.52 4613.94 4795.46 32800 4795.46 0.75%5/3/2004 5645.86 5772.64 4227.5 4759.62 33700 4759.62 -15.83%4/1/2004 5599.12 5979.25 5599.12 5655.09 27400 5655.09 1.15%3/1/2004 5649.3 5951.03 5324.78 5590.6 34400 5590.6 -1.36%2/3/2004 5715.46 6082.8 5550.17 5667.51 39000 5667.51 -0.49%1/2/2004 5944.23 6249.6 5567.68 5695.67 41300 5695.67 -2.45%

2,004 1.25% 14.95% 6.71% 23.26%12/1/2003 5086.86 5920.76 5082.82 5838.96 30500 5838.96 15.74%11/3/2003 4946.93 5135 4736.7 5044.82 32600 5044.82 2.81%10/1/2003 4452.07 4951.11 4432.93 4906.87 34500 4906.87 10.19%

9/1/2003 4248.07 4473.57 4097.55 4453.24 31200 4453.24 4.91%8/1/2003 3800.73 4277.64 3722.08 4244.73 27900 4244.73 11.92%7/1/2003 3617.74 3835.75 3534.06 3792.61 17000 3792.61 5.14%6/2/2003 3176.56 3632.84 3170.38 3607.13 0 3607.13 13.41%5/2/2003 2949.04 3200.48 2934.78 3180.75 0 3180.75 7.47%4/1/2003 3037.54 3221.9 2904.44 2959.79 0 2959.79 -2.92%3/3/2003 3301.67 3311.57 3039.83 3048.72 0 3048.72 -7.15%2/3/2003 3265.08 3341.61 3218.37 3283.66 0 3283.66 1.02%1/2/2003 3399.72 3416.92 3199.18 3250.38 0 3250.38 -3.76%

2,005 4.90% 58.78% 7.23% 25.04%12/2/2002 3247.6 3413.83 3186.62 3377.28 0 3377.28 4.60%11/1/2002 2956.94 3245.38 2928.63 3228.82 0 3228.82 9.48%10/1/2002 2976.04 3038.92 2828.48 2949.32 0 2949.32 -1.41%

9/2/2002 3206.81 3227.62 2973.97 2991.36 0 2991.36 -5.97%8/1/2002 2998.46 3185.08 2931.78 3181.23 0 3181.23 6.48%7/1/2002 3246.44 3366.74 2932.35 2987.65 0 2987.65 -7.92%6/3/2002 3162.27 3377.88 3148.57 3244.7 0 3244.7 3.81%

5/2/2002 3361.33 3478.02 3097.73 3125.73 0 3125.73 -6.36%4/1/2002 3482.94 3538.49 3296.88 3338.16 0 3338.16 -3.78%3/1/2002 3551.56 3758.27 3454.27 3469.35 0 3469.35 -2.61%2/4/2002 3336.17 3758.11 3290 3562.31 0 3562.31 7.59%1/2/2002 3243.84 3466.73 3243.32 3311.03 0 3311.03 1.49%

2,004 0.45% 5.39% 5.93% 20.54%12/3/2001 3301.05 3500.2 3100.57 3262.33 0 3262.33 -0.77%11/1/2001 3003.95 3377.81 3003.95 3287.56 0 3287.56 9.98%10/1/2001 2817.74 3083.65 2718.41 2989.35 0 2989.35 6.32%

9/3/2001 3245.71 3267.93 2594.87 2811.6 0 2811.6 -13.35%8/1/2001 3335 3359.07 3241.12 3244.95 0 3244.95 -2.53%7/2/2001 3459.15 3513.79 3241.66 3329.28 0 3329.28 -3.69%6/1/2001 3637.03 3651.32 3287.94 3456.78 0 3456.78 -4.82%5/2/2001 3565.53 3759.96 3420.14 3631.91 0 3631.91 3.20%4/2/2001 3491.41 3676.82 3096.51 3519.16 0 3519.16 -2.36%3/1/2001 4288.23 4386.98 3436.75 3604.38 0 3604.38 -15.13%2/1/2001 4303.13 4462.11 4020.68 4247.04 0 4247.04 -1.84%1/2/2001 3953.22 4409.33 3929.37 4326.72 0 4326.72 8.93%

2,003 -1.34% -16.07% 7.79% 27.00%12/1/2000 3968.89 4332.65 3803.69 3972.12 0 3972.12 -0.65%11/1/2000 3749.35 4046.19 3734.98 3997.99 0 3997.99 7.73%10/3/2000 4035.64 4197.39 3491.55 3711.02 0 3711.02 -9.27%

9/4/2000 4571.89 4790.63 4004.73 4090.38 0 4090.38 -8.64%8/1/2000 4295.35 4500.3 4142.81 4477.31 0 4477.31 4.61%7/3/2000 4846.69 5058.9 4052.61 4279.86 0 4279.86 -9.87%6/1/2000 4406.52 4919.63 4321.26 4748.77 0 4748.77 7.11%5/2/2000 4736.02 4757.89 3831.86 4433.61 0 4433.61 -4.81%4/3/2000 5070.5 5542.81 4284.17 4657.55 0 4657.55 -6.87%3/1/2000 5464.65 5828.79 4867.23 5001.28 0 5001.28 -8.19%2/1/2000 5217.65 6150.69 5127.79 5447.47 0 5447.47 4.65%1/3/2000 5209.54 5668.28 5184.48 5205.29 0 5205.29 3.98%

2,002 -1.68% -20.22% 6.95% 24.07%12/1/1999 4609.66 5077.23 4584.74 5005.82 0 5005.82 8.30%

11/1/1999 4490.06 4770.11 4209.41 4622.21 0 4622.21 4.00%10/1/1999 4808.63 5150.99 4368.85 4444.56 0 4444.56 -6.71%

9/1/1999 4910.64 4914.12 4513.55 4764.42 0 4764.42 -2.73%8/2/1999 4571.36 4965.79 4470.52 4898.21 0 4898.21 7.83%7/1/1999 4156.62 4810.33 4120.73 4542.34 0 4542.34 9.70%6/1/1999 3954.26 4285.99 3830.15 4140.73 0 4140.73 4.40%5/3/1999 3380.61 4197.08 3363.06 3966.07 0 3966.07 19.26%4/1/1999 3750.22 3754.73 3183.47 3325.69 0 3325.69 -11.08%3/1/1999 3447.5 3817.94 3417.22 3739.96 0 3739.96 15.65%2/1/1999 3331.91 3406.28 3157.7 3233.86 0 3233.86 -2.46%1/4/1999 3113.62 3515.49 3103.62 3315.57 0 3315.57 8.51%

2,001 4.56% 54.67% 8.95% 30.99%12/1/1998 2803.73 3118.59 2790.32 3055.41 0 3055.41 8.71%11/2/1998 2820.23 3027.2 2741.7 2810.66 0 2810.66 -0.07%10/5/1998 3036.15 3045.54 2741.22 2812.49 0 2812.49 -9.34%

9/1/1998 2862.24 3266.71 2850.3 3102.29 0 3102.29 5.74%8/3/1998 3159.02 3163.28 2838.99 2933.85 0 2933.85 -8.64%7/1/1998 3210.6 3525.9 3079.43 3211.31 0 3211.31 -1.21%6/1/1998 3737.25 3823.15 2951.45 3250.69 0 3250.69 -11.82%5/4/1998 4058.75 4156.58 3589.24 3686.39 0 3686.39 -8.00%4/1/1998 3901.44 4322 3901.44 4006.81 0 4006.81 2.93%3/2/1998 3657.57 3999.03 3657.57 3892.75 0 3892.75 7.47%2/2/1998 3288.78 3639.84 3261.38 3622.22 0 3622.22 12.34%1/1/1998 3658.34 3792.86 3164.66 3224.36 0 3224.36 -11.88%

2,000 -1.15% -13.77% 8.62% 29.87%12/1/1997 3536.07 3711.26 3247.63 3658.98 0 3658.98 2.77%11/3/1997 3814.75 3852.24 3388.46 3560.29 0 3560.29 -6.39%10/1/1997 3885.41 4166.14 3795.66 3803.24 0 3803.24 -2.53%

9/1/1997 3875.26 4112.48 3758.52 3902.03 0 3902.03 0.67%8/1/1997 4322.19 4605.41 3851.04 3876.08 0 3876.08 -9.98%7/1/1997 4263.11 4448.06 4105.28 4305.76 0 4305.76

STDEV COMPARISION RIL Vs. SENSEX

YEAR SENSEX RIL2000 24.07% 21.870%2001 27.00% 56.140%2002 20.54% 15.22%2003 25.05% 26.33%2004 23.26% 26.63%2005 22.48% 24.09%2006 19.31% 41.12%2007 21.98% 27.06%2008 36.70% 42.48%2009 37.62% 44.48%

year SENSEX

2000 -20.22%2001 -16.07%2002 5.39%2003 58.78%2004 14.95%2005 38.12%2006 40.72%2007 41.39%2008 -65.44%2009 56.36%