With reference to the news item appearing in a leading financial daily titled “Religare to acquire UK broking co for $ 100 m”, Religare Enterprises Ltd has clarified to BSE that the Company notes the recent press speculation and confirms that the Company is in discussions with Hichens Harrison in relation to possible offer for Hichens Harrison at a proposed price at or close to the mid market closing price on March 25, 2008.

There is no certainty that an offer will be made or as to the terms on which such an offer may be made.