© Reliance Industries Limited. June 07, 2012 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towors Exchange Plaza Dalal Street Plot No.C/1, G Block Mumbai 400 004 Bandra Kurla Complex Bandra East Mumbai 400 051 ‘Scrip Code: 500325 Trading Symbol: “RELIANCE EQ” Fax No; 2272 3121/2272 2037 Fax No: 2659 8348 / 2659 8237/38 Dear Sirs, Sub: Chairman's Statement We forward herewith a copy of the Chairman's Statement delivered at the 38” Annual General Meeting of the Company held on Thursday, June 07, 2012 at 14.00 a.m. at Birla Matushri Sabhagar, 19 New Marine Lines, Mumbai 400 020 for your information and records. Thanking you, Yours faithfully, For Reliance Industries Limited esteem K. Sethuraman Group Gompany Secretary and Chief Compliance Officer Enel: As above. Copy to: The Luxembourg Stock Exchange Societe de la Bourse de Luxembourg SA-11, Avenue de la Porte - Neuve BP-165, L— 2011 Luxembourg Fax No.:00351 4590 2010 ‘Regd, Office: Maker Chambers IV, 3rd Floor, 222, Nariman Point, Post Box 12727, Mumbai 400 o2t. India Gramm: RELCOMCOr’, Phone :2278 5000, 2284 2584, 2284 2928, 2202 6070 Telefax: 022-2204 2268, 2285 2214 Website: www.sileomFROM RIL CHATTANYAS¢ FR ND, $90 ce 24503064 Jun, Be cote 1L:S6AnM Pe Partnering for India’s New Future CHAIRMAN’S STATEMENT Thirty Eighth Annual General Meeting Thursday, June 7, 2012 Q Reliance Industries Limited Growth is Life ‘3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai 400 021FROM TL CHATTANYA FAS ND. Hee 24585064 MyDesrShareowners, Itglves mo groatploasure to woleome you to the 38th Annus! General Meating of Reliance Industries Limited. ‘The Company's accounts for the year ended March 31, 2012, along withthe Directors’ and Auditors’ report, 2 Letter to the Shareholders, and Management's Discussions and Analysis, have already been circulated !o you. \With your permission, twould ke to lake themasread. 1. Strategic Perspective Doar Sharoownors, Aline Annual General Meeting las year, talked of ransformation being atthe top ofthe business agenda ofReliance, ‘Transformation at Rlianee is about inctituionalising tho campotencios and capabiltias of our organisation and people. expanding the breadth and efficiency of our businesses and te create value forall curstakoholders. ‘Transformation at Relianceis to reinvantourselves io taken the new challangas that ie ahead of us, ‘And to hamess the tremendous opportunities on our continuous path of value creation. {nour transformaticn initiative, Roliancs has spont more than six milion man-hours of the best brains — both trem Reliance and major global consultancies. This transformation initiative will create @ robust process-criven effective organisation inat will attract and retala best talent with the objective of continuously eutpertorming its global peers. ‘Thisoffor.-In both scope and outcome is unique and unparalled “This further strengthens our ability to create continuous value across businesses for along ime. Reliance continues ori this path through strengthening our core businesses; investing for growth in india and building new businesses that meet the needs of our socioty. Partnering with global leaders across all our businesses brings expartiso, tochnology, produets, brands and capa forgrowth. (Our partnership with BP is an example of this statagy to bring the bast technology and capital ta invest inthe critica energy secterin India. ‘Our partnerships with leading global retal brands bring products that mest aspirations of our paople. ‘And our partnerships with farmer organisations, under the auspices of the Reliance Foundation, seok to restore the bride of place for agriculture in India. Partnorchips wilbe enimportantfeature of ourfuture growth. ‘These partnerships are formed on the strong foundations oftrust, of shared vision and stratagicintant Inmy address today, willbe sharing with you insights onal these partnerships vitalfor our growth and prosperiy 2. Global Economy and Reliance Dear Shareowners, ‘Theinternational business environmenthas become more challenging today than at any time in modem history. We have seen two unpracodented oconamic shocks in tho last fun yoars with low growth and recession-tike conditions: inmestmejor economies. ‘The business environment in tha past year has been marked by exceptional volatifty in input prices and margins. across the chain, Geopolitical changes leading to supply shortages and price dislocations added 10 the challonge of managing our businesses, In spite of these adverse condilons, Reliance has grown stronger by expanding its asset base and significantly innproving ts finanelal postion