WEBSITE DISCLAIMER

IMPORTANT: You must read and agree with the terms and conditions of the following disclaimer before continuing.

Housing and Urban Development Corporation Limited (“Company”) is proposing, subject to receipt of requisite approvals, market conditions and other considerations, a public offering of tax free bonds, in the nature of secured, redeemable, non convertible debentures (“Issue”) and has filed a Prospectus Tranche – III dated February 24, 2014 (“Prospectus Tranche – III”) with the Registrar of Companies, National Capital Territory of New Delhi and Haryana (“RoC”). The Prospectus Tranche – III will be available on the websites of BSE at www.bseindia.com and the websites of the Lead Managers to the Issue at their addresses provided in the Prospectus Tranche – III.

The following disclaimer applies to the Prospectus Tranche – III hosted on this website. You are advised to read this disclaimer carefully before accessing or making any other use of the Prospectus Tranche – III. In accessing the Prospectus Tranche – III, you agree to be bound by the following terms and conditions, including any modifications to them from time to time.

RR Investors Capital Services Private Limited has taken all necessary steps to ensure that the contents of the Prospectus Tranche – III as appearing on this website are identical to the Prospectus Tranche – III filed with the RoC in accordance with the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008, as amended (“SEBI Debt Regulations”). You are reminded that documents transmitted in electronic form may be altered or changed during the process of transmission and consequently RR Investors Capital Services Private Limited does not accept any liability or responsibility whatsoever in respect of alterations or changes which have taken place during the course of transmission of electronic data. RR Investors Capital Services Private Limited will not be responsible for any loss or damage that could result from interception and interpretation by any third parties of any information being made available to you through this website.

The Company, its affiliates, directors, officers and agents are not soliciting any action based on this Prospectus Tranche –III, and nothing herein constitutes an offer, solicitation of an offer, or an invitation to subscribe for or purchase any of the securities described in the Prospectus Tranche – III or any other securities of the Company, and should not be construed as such. The information in this section is directed at, and is intended for distribution to, and use by, residents of India, Non Resident Indians on repatriation as well as non-repatriation basis, Foreign Institutional Investors (including sub-accounts) and other non-resident investors eligible to apply in the Issue under applicable law. Residents of countries other than India other than Non Resident Indians on repatriation as well as non-repatriation basis and Foreign Institutional Investors (including sub-accounts) and other non-resident investors eligible to apply in the Issue under applicable law, are not authorized to view or use the information in this section. Viewing this information may not be lawful in certain jurisdictions. In other jurisdictions only certain categories of person may be allowed to view this information. Any person who wishes to view the contents of this section of this website must first satisfy themselves that they are not subject to any local requirements which prohibit or restrict them from doing so.

Further, the distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this Prospectus Tranche – III comes should inform themselves about and observe any such restrictions. This information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where distribution or use of such information would be contrary to law or regulation or would subject the Company or any of its affiliates, directors, officers, employees and agents, to any new or additional registration requirements under any law or regulation, by virtue of such distribution. You acknowledge and affirm that you have accessed the Prospectus Tranche – III on the basis that you have confirmed that you are not resident in any jurisdiction or country where distribution or use of such information would be contrary to law or regulation or would subject the Company or any of its affiliates, directors, officers and agents to any new or additional registration requirements under any law or regulation, by virtue of such distribution.

This Prospectus Tranche – III has not been and will not be reviewed or approved by any statutory or regulatory authority or by any stock exchange in India or otherwise in any other jurisdiction. Any representation to the contrary may be a criminal offence.

The information contained in the Prospectus Tranche – III has not been updated since its original publication date and may not reflect the latest updated information about any contents of the Prospectus Tranche – III. We undertake no obligation to update or revise any information or the opinions expressed in the Prospectus Tranche – III as a result of new information, future events or otherwise. The information presented or contained in these materials is subject to change without notice and its accuracy is not guaranteed. Certain statements made in the Prospectus Tranche – III may not be based on historical information or facts and may contain “forward looking statements”, including those relating to the Company’s business plans, strategy, future financial condition and growth prospects, future developments in the industry and the competitive and regulatory environment. Such forward-looking statements are not indicative or guarantees of future performance. Any forward-looking statements in the Prospectus Tranche – III are subject to risks and uncertainties that could cause actual results to differ materially from those that may be inferred to being expressed in, or implied by, such statements. Any forward-looking statements, projections and industry data made by third parties included in the Prospectus Tranche – III are not adopted by the Company and the Company and/or RR Investors Capital Services Private Limited is not responsible for such third party statements and projections. RR Investors Capital Services Private Limited expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in the Prospectus Tranche – III as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. None of the Company, its affiliates, directors, officers or agents guarantees that the assumptions underlying such forward-looking statements are free from error nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in the Prospectus Tranche – III or the actual occurrence of the forecasted developments. You should not place undue reliance on forward looking statements, which speak only as of the date of this document. Any prospective investors in securities of the Company are required to make their own independent investigation and appraisal of the business and financial condition of the Company and the nature of its securities.

The contents of the Prospectus Tranche – III are for your information only. You are not authorized on behalf of the Company to copy or duplicate all or any part of the Prospectus Tranche – III in any form by any means, or redistribute it to any other person, for any purpose whatsoever. Any such distribution, forwarding or reproduction of the Prospectus Tranche – III in whole or in part is unauthorized and RR Investors Capital Services Private Limited, its affiliates, directors, officers and agents shall not be responsible, in any way, for the same. Failure to comply with this directive may result in a violation of applicable laws RR Investors Capital Services Private Limited and its affiliates, directors, officers and agents shall not be liable or responsible in any manner for any loss or damage in respect of alterations or changes which have taken place during the course of transmission of the Prospectus Tranche – III in electronic format. Any other information contained in, or which can be accessed via a link/ hyperlink from this web site does not constitute a part of the Prospectus Tranche – III. RR Investors Capital Services Private Limited and its affiliates, directors, officers and agents shall not be liable or responsible in any manner for any loss or damage that could result from interception by third parties of any information being made available to you through this web site or that you may incur in the event of any failure or disruption of this website, or resulting from any act or omission of any other party involved in making this website or the data contained herein available to you, or from any other cause relating to your access to, inability to access, or use of the web site or the materials contained herein, or resulting from the act or omission of any other party involved in producing or hosting this website or the data contained therein available to you, or from any other cause relating to your access to, inability to access or use of the website or these materials.