Reliance Petroleum - use of IPO funds

Reliance Petroleum Ltd has informed that the Board of Directors of the Company at its meeting held on January 15, 2008, has approved the following disclosures, which were reviewed by the Audit Committee:

1. The status of the Project as on December 31, 2007 is in accordance with the major milestones stated in the Prospectus dated April 28, 2006.

2. The Company had raised Rs 8,100 crore through Initial Public Offering. As on December 31, 2007, the Company has utilised Rs 22,668 crore for the Project against a projected utilisation of funds of Rs 20,136 crore. The variation is mainly due to payments in advance under project contracts for continued efficient and speedy implementation of the Project. Based on the progress made till date the Project is expected to be completed ahead of December 2008.

3. There were no investor complaints pending as on September 30, 2007. During the quarter, the Company received 121 complaints. Of the above, 119 complaints were resolved / replied and there were 2 complaints pending as on December 31, 2007. These complaints have since been resolved / replied.