| 30th October 2009- Goldman Sachs issued BUY rating | | | | client relationship during the past 12 months with: |
| on RIL with 12 months target stock price of Rs2,620, | | | | Reliance Industries (Rs2,003.85) Goldman Sachs had a |
| implying upside of 31% from the current price. | | | | non-investment banking securities-related services |
| According to report, in future RIL revenues are likely | | | | client relationship during the past 12 months with: |
| to show strong growth going forward from | | | | Reliance Industries (Rs2,003.85) Goldman Sachs had a |
| stabilization/ramp-up of the new projects. | | | | non-securities services client relationship during the |
| With refining cycle passing through trough, D-6 gas | | | | past 12 months with: Reliance Industries (Rs2,003.85) |
| ramp-up on track and a likely petrochem trough in | | | | The disclosures relate to relationships between The |
| FY11E, Goldmach sees multiple growth drivers in the | | | | Goldman Sachs Group, Inc. (with its affiliates, |
| medium term for RIL. Moreover, it is also believed | | | | "Goldman Sachs") and companiescovered by the |
| RIL has the room to pursue inorganic growth in its | | | | Global Investment Research Division of Goldman |
| businesses, as no major projects lined up to consume | | | | Sachs and referred to in this research. |
| more than US$20bn of excess cash flow for | | | | Goldman Sachs expects to receive or intends to |
| FY11E-14E after its committed capex. | | | | seek compensation for investment banking services |
| The following disclosures relate to relationships | | | | in the next 3 months: Reliance Industries |
| between The Goldman Sachs Group, Inc. (with its | | | | (Rs2,003.85) |
| affiliates, "Goldman Sachs") and companies covered | | | | Goldman Sachs had an investment banking services |
| by the Global Investment Research Division of | | | | client relationship during the past 12 months with: |
| Goldman Sachs and referred to in this research. | | | | Reliance Industries (Rs2,003.85) |
| Goldman Sachs expects to receive or intends to | | | | Goldman Sachs had a non-investment banking |
| seek compensation for investment banking services | | | | securities-related services client relationship during the |
| in the next 3 months: Reliance Industries (Rs2,003.85) | | | | past 12 months with: Reliance Industries |
| Goldman Sachs had an investment banking services | | | | (Rs2,003. |