INDIAN RAILWAY FINANCE CORPORATION LIMITED

DECLARATIONWe, the Directors of the Company, certify that all applicable legal requirements in connection with theIssue, including under the Companies Act, the SEBI Debt Regulations, and all relevant guidelines issuedby SEBI, the Government of India and any other competent authority in this behalf, have been dulycomplied with, and that no statement made in this Prospectus Tranche-1 contravenes such applicable legalrequirements.We further certify that this Prospectus Tranche-! does not omit disclosure of any material fact which maymake the statements made therein, in light of circumstances under which they were made, misleading andthat no statements in this Prospectus Tranche-! are false, untrue or misleading, and that this ProspectusTranche-] does not contain any mis-statements.Signed by all the Directors of the CompanyI.2.Ms. Vijaya Kanth ~Chairperson/ Nominee DirectorMr. Rajiv Datt 2~ dt 1"\Managing Director · \J .---3.4.Mr. D. C. AryaDirector (Finance)Ms. Sharmila ChavalyNominee DirectorPlace: New DelhiDate: December2.1 2012