THE PUBLIC INVESTMENT FUND (PIF) INVESTS RS.9,555 CRORE(APPROX. US$1.3 BILLION) IN RELIANCE RETAIL VENTURES LIMITED

•The Public Investment Fund (“PIF”) has signed definitive documentation to acquire a 2.04% equity stake in Reliance Retail Ventures Limited (“RRVL”)•The investment is in line with PIF’sstrategy and mandate to invest globally in innovative and transformative businessesthat generate long-term commercial returns•RRVL, through its subsidiary, is market leadingin the Indian organized physical retail marketandisrevolutionizing India’s entire retail sector byfurther integrating the Indian retail markets through its ‘New Commerce’strategyMumbai, November 5,2020:Reliance Industries Limited (“Reliance Industries”) and Reliance Retail Ventures Limited (“RRVL”) announced today that The Public Investment Fund (“PIF”) will invest ?9,555 crore (approximately $1.3 billion) for an equity stake of 2.04% into RRVL, a subsidiary of Reliance Industries. This investment values RRVLat a pre-money equity value of ? 4.587 lakh crore(approximately $62.4 billion).This investment will further strengthen PIF’spresence in India’s dynamic economy and promising retail marketsegment. The investment in RRVLfollows PIF’searlier acquisition of a 2.32% stake in Jio Platforms, thedigital services subsidiary of Reliance Industries.The transaction is in line with PIF’s strategy as a leading global investor with a proven track record of investing in innovative and transformative companies globally and develop strong partnerships with leading groups in their respective markets. India’s retail sector is one of the largest in the world and accounts for over 10% of its gross domestic product (GDP)which presents meaningfulgrowth potential. Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said: “We at Reliance have a long-standing relationship with the Kingdom of Saudi Arabia. PIF is at the forefront of the economic transformation of the Kingdom of Saudi Arabia. I welcome PIF as a valued partner in Reliance Retail and look forward to their sustained support and guidance as we continue our ambitious journey to transform India’s retail sector for enriching the lives of 1.3 billion Indians and millions of small merchants.”
His Excellency Yasir Al-Rumayyan, Governor of PIF, said: “We are pleased tobe furthering our trusted partnership with Reliance Industries, the leading player insome of India’s most exciting sectors. This transactiondemonstratesPIF’s commitment to investing and partnering for the long-term with innovative businesses around the world that lead and transform their sectors.”“This investment further demonstrates PIF’s commitment to generating returns for the Saudi people and driving the economic diversification of Saudi Arabia.”Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fast-growing retail business serving close to 640 million footfalls atits ~12,000 stores across the country. Reliance Retail’s vision is to galvanize the Indian retail sector through its new commerce strategy,serving millions of customers by empowering millions of micro, small and medium enterprises (MSMEs).