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Valuation of Market Linked Debentures

Manappuram Finance Limited (“MAFIL”) issued Rated, Secured, Redeemable, Non-Convertible Debentures which are Principal Protected and Market Linked (“PPMLDs”).

Please review the relevant offer document/memorandum of private placement relating to specific PPMLDs for details on the PPMLDs including their risk factors. CRISIL Limited has been appointed as the valuation agency for the valuation of these PPLDs.

As per the Guidelines for Issue and Listing of Structured Products / Market Linked Debentures dated September 28, 2011 issued by SEBI, depending on the valuation agency mentioned in the offer document/memorandum of private placement; latest and historical valuations provided by the valuation agent will be available at: