JIO Financial Services Ltd.

Jio Financial Services has informed that Board of Directors of the Company at its meeting held today have approved formation of a 50:50 domestic reinsurance joint venture company with Allianz Europe B.V., (Allianz) for carrying on reinsurance business in India and a joint venture agreement for this purpose has been executed today at 11.15 pm (IST). The joint venture company will launch operations post receipt of statutory and regulatory approvals. The transaction is not a related party transaction and none of the Company’s promoter / promoter group / group companies have any interest in the above transaction. The Company and Allianz have also entered into a non-binding term-sheet for setting up equally owned joint ventures for both general and life insurance businesses in India. Joint media release by the Company and Allianz in this regard is also attached.

The above information is a part of company’s filings submitted to BSE.