Reliance Communications Ltd has informed BSE that the ESOS Compensation Committee of the Board of Directors of the Company on March 09, 2008, has approved grant of 1,75,00,000 Options, exercisable into equal number of fully paid-up equity shares of the Company, to the eligible employees of the Company and its subsidiaries under “Employees Stock Option Scheme” (ESOS) of the Company based on specified criteria. The Options will vest at the end of one year from the date of grant and shall be eligible for exercise up to a period of nine years from the date of vesting as prescribed in the Exercise Schedule of the respective Plan(s).

The ESOS has been framed in compliance with the Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and other applicable provisions.

The Options not vested or not exercised in the specified Vesting / Exercise Period in terms of Plan(s) will lapse.