Highlights from the speech of RIL Chairman Mukesh Dhirubhai Ambani’s speech at the AGM on 18

June 2014:

STRATEGIC PERSPECTIVE

In the first 30 years, Reliance built three globally competitive businesses – petrochemicals,

refining and marketing and oil and gas: MDA

This is, without any iota of doubt, unparalleled in the history of the hydrocarbon and energy

businesses: MDA

In past 37 years, we invested Rs 240,000 crore. In this current three year investment cycle,

we will be investing over Rs 180,000 crore: MDA

We are currently at the mid-point of the largest investment programme in Reliance's history:

MDA

By the time we finish four decades since our first public offering we will again be a radically

different company: MDA

We hope to accomplish as much in the next three years as we have achieved in the past 37

years: MDA

THE ECONOMY AND RELIANCE

Reliance reaffirmed its belief in India by committing to investing when public and private

investments have been at a decadal low: MDA

BUSINESS AND FINANCIAL PERFORMANCE

We became the first company in the private sector to record revenues of over Rs 400,000

crore: MDA

Reliance achieved it’s highest-ever exports of Rs 275,825 crore, accounting for 69% of our

turnover: MDA

Reliance continues to be India's largest exporter, accounting for 14.7% of the total exports

from India: MDA

I am proud to say that we continue the tradition of Reliance being the highest tax payer in

the private sector in the country: MDA

Reliance accounts for 4.7% of India’s total indirect tax revenues, largest income tax payer

amongst private sector companies: MDA

PETROCHEMICALS

Petrochemicals business will benefit from the highest allocation of capital among our three energy

businesses: MDA

PETROLEUM REFINING AND MARKETING

Refining and marketing business achieved record levels of earnings despite a volatile and

challenging environment: MDA

Our throughput and refining margins were amongst the highest for any large international

refiner: MDA

We continue to be the largest refiner in India and operate the largest refinery in the world at

a single location: MDA

OIL AND GAS EXPLORATION AND PRODUCTION

The KGD6 fields have completed over five years of uninterrupted and safe operations: MDA

Since inception, the fields have supplied > 2.3 tcf of natural gas & about 25 million barrels of

crude oil to consumers in the country: MDA

They have substituted over $33 billion of energy imports – saving the country precious

foreign exchange: MDA

Almost 3 yrs have passed since RIL and BP entered into partnership focused on delivering

growth & adding value to India’s energy sector: MDA

The JV sought to gain better understanding of complex geology of Indian offshore &

commenced our exploration campaign in the East Coast: MDA

In this we have met with success with further discoveries in KGD6 and CYD5 blocks: MDA

We are now in the process of carrying out appraisal of the discoveries to assess their

potential: MDA

We(and) our partners BP & NIKO have initiated arbitration process seeking implementation

of Domestic Natural Gas Pricing Guideline 2014: MDA

We have an ongoing arbitration with Government on the issue of disallowance of cost

recovery: MDA

Last year, we saw several false allegations, outright lies and half-truths against this business:

MDA

We addressed all of the allegations with the truth and facts pro-actively: MDA

We have with your support weathered these ill-informed campaigns: MDA

We have put out on social media platforms the facts for everyone to see: MDA

We are proceeding with the development of two coal bed methane blocks in Sohagpur,

Madhya Pradesh: MDA

We have received authorization for building natural gas pipeline from Shahdol (MP) to

Phulpur (UP) to transport gas from our CBM blocks: MDA

This pipeline will connect to major pipeline grid of the country for immediate utilization of

this gas by various consumers: MDA

With the development of CBM blocks, Reliance will become the largest player in the

unconventional energy sector in India: MDA

Our domestic oil and gas portfolio is of strategic importance to India, to Reliance and to its

stakeholders: MDA

We will work in partnership with the government and all authorities to create an

atmosphere of trust amongst all stakeholders to achieve the goal of enhanced production

towards ensuring India’s energy security: MDA

INTERNATIONAL OIL AND GAS

Our JVs with Chevron, Pioneer and Carrizo have positioned us as one of the leading players

in the Marcellus and Eagle Ford basins: MDA

The materiality of the business improved further with Reliance share of revenues increasing

by 45% and EBITDA by 37%: MDA

RIL recently won two blocks in the offshore competitive bidding rounds of Myanmar: MDA

We are progressing with evaluation of opportunities in Venezuela to further strengthen our

existing relationship: MDA

Fiscal regime changes, opening up of oil sector in some of the most petroliferous regions

worldwide are creating exciting opportunities: MDA

Reliance, in its pursuit of growth and long term value creation will continue to look at such

global opportunities: MDA

It is our vision and mission to propel Reliance into the league of world’s leading global

independent E&P players: MDA

ORGANISED RETAIL

I am pleased to announce that the business grew by 34% to reach revenues of Rs 14,496

crore and PBDIT of Rs 363 crore: MDA

This year, Reliance Retail has the distinction of being India's largest retailer by revenues:

MDA

The business now operates 1,691 stores covering an area of 11.7 million square feet across

146 cities: MDA

During the year 367 new stores were added – effectively one store every day: MDA

The business has established market leadership in all of the focus areas of Digital, Lifestyle

and Value formats during this period: MDA

In the coming years, retail will emerge as a major growth engine for our consumer business

and for Reliance by creating significant societal value and by providing even greater choice

and value to consumers and small enterprises: MDA

RELIANCE JIO

I had shared the vision of (Jio) last year and of the unique opportunity that we have to

maximise the benefits of the digital age: MDA

Today, let me dwell on the execution of this expansive initiative, whose scale is

unprecedented in the annals of Indian business: MDA

Limited field trials with our initial set of services for the broad band services are already

underway: MDA

Expanded trials will commence in August across multiple cities. These trials would continue

through the end of 2014 and early 2015: MDA

The objective is to ensure that everything that we offer is future-proof and world-class: MDA

The year 2015 will see the phased launch of Reliance Jio across India: MDA

The fruits of the tremendous value created by this Rs 70,000 crore initiative would start to

flow: MDA

This value creation would be on a base of 1.25 billion Indians with an opportunity to include

all sections of our society in the exciting promise of the digital economy: MDA

Engaged in this massive endeavour are over 10,000 full time Jio employees working

alongside nearly 30,000 professionals from our partners and vendors from all parts of the

world: MDA

In addition, there are over 100,000 people working across the country in creating the digital

infrastructure backbone for this network: MDA

They are passionate about building the largest broadband network that the world has ever

seen: MDA

Reliance Jio will be one of the largest job-creating and wealth-creating business initiatives in

India: MDA

The network and broadband services will be ubiquitous - initially covering all states, all the

5000 towns and cities accounting for over 90% of urban India and over 215,000 villages in

India: MDA

Eventually, the network will encompass each of our over 600,000 villages: MDA

All these efforts would help India become a leader in the digital era: MDA

Digital infrastructure and digital services have the potential to add significantly to India's

GDP growth: MDA

Millions of new entrepreneurs and jobs can be expected to spring up in secondary and

tertiary sectors in innovative digital enterprises: MDA

The boundaries of these start-ups and services are only limited by our imagination: MDA

Indian enterprises would be able to run more efficiently and become more globally

competitive: MDA

They would be able to do transactions quicker, access information faster and, in turn,

provide faster service to their customers: MDA

MEDIA

Acquisition of Network 18 Media & Investments Ltd and its subsidiary TV18 Broadcast Ltd is

one aspect of the digital services play: MDA

This will differentiate and strengthen our 4G business at the unique intersects of telecom,

web and digital commerce, and the media through a suite of premier digital properties: MDA

RELIANCE FOUNDATION

I take this opportunity to thank Smt Nita Ambani for her outstanding leadership and to the

highly committed team at Reliance Foundation: MDA

We are delighted to welcome her to the board of Reliance as an accomplished individual and

the founder-chairperson of Reliance Foundation: MDA

Last year, our expenditure on CSR was Rs 712 crore: MDA

During the year, the Foundation has reached out to an additional million people through its

various initiatives: MDA

The Foundation has impacted over 2 million people cumulatively in just a short timeframe:

MDA

It was one of the first organizations to reach thousands of people in in Uttarakhand affected

by massive floods in June 2013: MDA

Reliance Foundation’s Information Services Programme is currently operational in 7 states

and Union Territory of Puducherry: MDA

It has been successful in providing information on livelihoods & health, through the use of

technology to communities in 5,000 villages: MDA

The programme was widely used by the marine police to deliver alerts during the recent

cyclones in Andhra Pradesh: MDA

The health outreach programme has reached out to 350,000 people in Mumbai offering

them quality primary & preventive healthcare: MDA

In tertiary healthcare, the Sir HN Reliance Foundation Hospital and Research Centre will be

operational later this year: MDA

Its Bharat India Jodo (BIJ) programme has scaled up and is actively engaged with over 40,000

households across 12 states: MDA

In the education space, over 10,000 children have cumulatively benefited through the

Dhirubhai Ambani Scholarship programme: MDA

At Reliance, we have always believed that business and philanthropy are two sides of the

same coin: MDA

VALUE CREATION ROADMAP

I see unprecedented levels of aspiration and ambition in our society, especially among the

Indian youth: MDA

Every Indian wants to be included in India’s growth story, and every Indian wants to

contribute to India’s growth story: MDA

The entrepreneurial energy in India is waiting to be unlocked: MDA

Reliance has been a role model for all Indians who dare to dream, and will continue to be an

even bigger role model in years to come: MDA

Over next three years, the commissioning of each of our large projects in petrochemicals

and refining, strengthening of our retail business and launch of Jio business will propel us

closer to being a Fortune 50 company as we complete 40 years of our journey: MDA

We are strengthening each of our existing businesses to maintain their competitive positions

in performance and in operating margins: MDA

In organised retailing, we are confident of doubling our business every 3-4 years and build

India's pre-eminent retailing company: MDA

Through Jio, we hope to deliver a differentiated range of services that will provide an

unparalleled experience to our subscribers: MDA

CONCLUSION

I reiterate that Reliance's faith in India is as robust as ever. It has been the very foundation

of creation and character of Reliance: MDA

In every sense, Reliance will be moving from investing in India's economic future to

integrating deeper with India's social fabric: MDA