Statement re Issue Price

The Listing Department

The BSE Ltd. 23.02.2012

Phiroze Jeejeebhoy Tower,

25th Floor, Dalal Street, CC/S&B/VKJ/2859

Mumbai - 400001

Dear Sir/Madam,

LISTING AGREEMENT: CLAUSE 36

DETERMINATION OF ISSUE PRICE FOR PREFERENTIAL ALLOTMENT OF EQUITY SHARES TO GOVERNMENT OF INDIA

We refer to our letter no. CC/S&B/VKJ/2668 dated 31.01.2012 wherein we had advised the Stock Exchange that the Executive Committee of Central Board (ECCB) of the Bank, in its meeting held on 31.01.2012, had accorded its approval under section 5(2) of the SBI Act, to increase the issued capital of the Bank by way of preferential allotment of equity shares to Government of India ("GoI") of such number of equity shares of Rs.10 each for cash at a price to be determined by the ECCB in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009, aggregating to the extent of approximately Rs.7900 crore (including premium).

2. In this connection, based on the floor price of Rs. 2,191.69 per share determined on the relevant date of 17.02.2012, in accordance with the SEBI (ICDR) Regulations, 2009, the ECCB of the Bank, in its Meeting held on 23.02.2012 has fixed the Issue Price at Rs.2,191.69 (Rs. Two Thousands One Hundred Ninety-one and paise Sixty-nine Only) per share of face value of Rs.10/-, including a premium of Rs.2,181.69 per share, for the above preferential allotment of equity shares to GoI.

Yours faithfully,

… sd …

General Manager