INDIAN RAILWAY FINANCE CORPORATION LIMITED

FORWARD-LOOKING STATEMENTSCertain statements contained in this Prospectus Tranche-1 that are not statements of historical fact constitute“forward-looking statements”. Investors can generally identify forward-looking statements by terminology suchas “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “objective”,“plan”, “potential”, “project”, “pursue”, “shall”, “seek”, “should”, “will”, “would”, or other words or phrases ofsimilar import. Similarly, statements that describe our strategies, objectives, plans or goals are also forwardlookingstatements. All statements regarding our expected financial conditions, results of operations, businessplans and prospects are forward-looking statements. These forward-looking statements include statements as toour business strategy, revenue and profitability, new business and other matters discussed in this ProspectusTranche-1 that are not historical facts. All forward-looking statements are subject to risks, uncertainties andassumptions about us that could cause actual results to differ materially from those contemplated by the relevantforward-looking statement. Important factors that could cause actual results to differ materially from ourexpectations include, among others: growth prospects of the Indian financial and railway sector and related policy developments; general, political, economic, social and business conditions in Indian and other global markets; our ability to successfully implement our strategy, growth, diversification and expansion plans; competition in the Indian and international markets; availability of adequate capital financing at reasonable terms; performance of the Indian debt and equity markets; changes brought about by the railway budget; changes in laws and regulations applicable to companies in India, including foreign exchange controlregulations in India; interest rates and inflation in India; our ability to comply with restrictive covenants under our indebtedness and to manage our business withinthose restrictions; concentration of our exposure on the railway sector; and other factors discussed in the Shelf Prospectus, including under “Risk Factors” on page 11.Additional factors that could cause actual results, performance or achievements to differ materially include, butare not limited to, those discussed under “Our Business” on page 64 and the material developments highlightedin the section titled “Outstanding Litigation and Material Developments” on page 106 of the Shelf Prospectus.The forward-looking statements contained in this Prospectus Tranche-1 are based on the beliefs of management,as well as the assumptions made by, and information currently available to, management. Although we believethat the expectations reflected in such forward-looking statements are reasonable at this time, we cannot assureinvestors that such expectations will prove to be correct. Given these uncertainties, investors are cautioned notto place undue reliance on such forward-looking statements. If any of these risks and uncertainties materialize,or if any of our underlying assumptions prove to be incorrect, our actual results of operations or financialcondition could differ materially from that described herein as anticipated, believed, estimated or expected. Allsubsequent forward-looking statements attributable to us are expressly qualified in their entirety by reference tothese cautionary statements.11