INDIAN RAILWAY FINANCE CORPORATION LIMITED

ISSUE PROCEDUREThis section applies to all Applicants. ASBA Applicants and Applicants applying through the Direct OnlineApplication Mechanism (as defined hereinafter) should note that the ASBA process and the Direct OnlineApplication Mechanism involves application procedures that are different from the procedure applicable to allother Applicants. Please note that all Applicants are required to pay the full Application Amount or ensure thatthe ASBA Account has sufficient credit balance such that the entire Application Amount can be blocked by theSCSB while making an Application. In case of ASBA Applicants, an amount equivalent to the full ApplicationAmount will be blocked by the SCSBs in the relevant ASBA Accounts.ASBA Applicants should note that they may submit their ASBA Applications to the Members of the Syndicate orTrading Members only at the Syndicate ASBA Application Locations, or directly to the Designated Branches ofthe SCSBs. Applicants other than direct ASBA Applicants are required to submit their Applications to theMembers of the Syndicate or Trading Members (at the application centres of the Members of the Syndicate willbe mentioned in the Application Form) or make online Applications using the online payment gateway of theStock Exchanges.Applicants are advised to make their independent investigations and ensure that their Applications do notexceed the investment limits or maximum number of Bonds that can be held by them under applicable law or asspecified in this Prospectus Tranche-1.Please note that this section has been prepared based on the circular no. CIR./IMD/DF-1/20/2012 dated July27, 2012 issued by SEBI (“Debt Application Circular”). The procedure mentioned in this section is subject tothe Stock Exchanges putting in place the necessary systems and infrastructure for implementation of theprovisions of the abovementioned circular, including the systems and infrastructure required in relation toApplications made through the Direct Online Application Mechanism and the online payment gateways to beoffered by Stock Exchanges and accordingly is subject to any further clarifications, notification,modification, direction, instructions and/or correspondence that may be issued by the Stock Exchangesand/or SEBI.PLEASE NOTE THAT ALL TRADING MEMBERS OF THE STOCK EXCHANGE(S) WHO WISH TOCOLLECT AND UPLOAD APPLICATION IN THIS ISSUE ON THE ELECTRONIC APPLICATIONPLATFORM PROVIDED BY THE STOCK EXCHANGES WILL NEED TO APPROACH THERESPECTIVE STOCK EXCHANGE(S) AND FOLLOW THE REQUISITE PROCEDURES AS MAY BEPRESCRIBED BY THE RELEVANT STOCK EXCHANGE. THE FOLLOWING SECTION MAYCONSEQUENTLY UNDERGO CHANGE BETWEEN THE DATES OF THIS PROSPECTUS TRANCHE –THE ISSUE OPENING DATE AND I.The Members of the Syndicate and the Company shall not be responsible or liable for any errors or omissionson the part of trading members in connection with the responsibility of Trading Members in relation tocollection and upload of Applications in this issue on the electronic application platform provided by StockExchanges. Further, the relvant stock exchanges will be responsible for addressing investor grievancesarising from applications through Trading Members.Who can apply?The following categories of persons are eligible to apply in the Issue.Category IPublic Financial Institutions, scheduled commercial banks, multilateral and bilateral development financialinstitutions, state industrial development corporations, which are authorised to invest in the Bonds;FIIs and their sub – accounts (other than a sub-account which is a foreign corporate or foreign individual),registered with SEBI;Provident funds and pension funds with minimum corpus of ` 2,500 lakhs, which are authorised to invest inthe Bonds;Insurance companies registered with the IRDA;National Investment Fund;Insurance funds set up and managed by the army, navy or air force of the Union of India or set up andmanaged by the Department of Posts, India;59