EXHIBIT 2: RILS DIVIDEND PER SHARE (DPS) AND MARKET PRICE PER SHARE (MPS) Date Dividend per share (in INR) Closing market price per share (in INR) 10 9.5 9 8.5 Mar-2015 Mar-2014 Mar-2013 Mar-2012 Mar-2011 Mar-2010 Mar-2009 Mar-2008 824.70 929.50 773.70 748.25 1,047.80 1,074.65 1523.20 2264.50 8 7 13 13 EXHIBIT 3: RIL'S RETURN GENERATION Year End ROCE (%) Mar-2015 Mar-2014 Mar-2013 Mar-2012 Mar-2011 Mar-2010 Earnings Retention Ratio (%) 85.76 86.03 86.16 86.13 87.09 85.90 10.60 11.52 12.15 12.77 13.63 11.89 Dividend Payout Ratio (%) 14.24 13.97 13.84 13.87 12.91 14.10 Applying the dividend discount model, determine the relevance of RILs dividend policy to investors' behavior and to the board's decision making. EXHIBIT 2: RILS DIVIDEND PER SHARE (DPS) AND MARKET PRICE PER SHARE (MPS) Date Dividend per share (in INR) Closing market price per share (in INR) 10 9.5 9 8.5 Mar-2015 Mar-2014 Mar-2013 Mar-2012 Mar-2011 Mar-2010 Mar-2009 Mar-2008 824.70 929.50 773.70 748.25 1,047.80 1,074.65 1523.20 2264.50 8 7 13 13 EXHIBIT 3: RIL'S RETURN GENERATION Year End ROCE (%) Mar-2015 Mar-2014 Mar-2013 Mar-2012 Mar-2011 Mar-2010 Earnings Retention Ratio (%) 85.76 86.03 86.16 86.13 87.09 85.90 10.60 11.52 12.15 12.77 13.63 11.89 Dividend Payout Ratio (%) 14.24 13.97 13.84 13.87 12.91 14.10 Applying the dividend discount model, determine the relevance of RILs dividend policy to investors' behavior and to the board's decision making