PNB Gilts Ltd — Capital/Financing Update 2020

Jul 16, 2020

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(Subsidiary of Punjab National Bank)

July 16, 2020

The Manager – Listing The Manager – Listing National Stock Exchange of India Ltd. BSE Limited Exchange Plaza Phiroze JeeJeebhoy Towers Bandra Kurla Complex Dalal Street Bandra (E), Mumbai – 400 051 Mumbai – 400 001 Scrip Code: PNBGILTS Scrip Code: 532366

REF: Disclosure under SEBI Circular No. SEBI/HO/DDHS/DDHS/CIR/P/2019/115 dated 22.10.2019 and Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('the Listing Regulations')

Sub: Re-affirmation & Re-validation of credit rating

Dear Sir / Madam,

In reference to the captioned subject, please take note that:

1. CRISIL Limited ("CRISIL") vide its letter dated July 16, 2020, has re-affirmed its credit rating of "CRlSIL A1+" (pronounced as CRISIL A one plus rating) as assigned to Rs. 1000 crore Commercial Paper programme of PNB Gilts Ltd (Company).

2. ICRA Limited (ICRA) vide its letter dated July 16, 2020, has re-validated its credit rating of [ICRA] A1+ (pronounced as ICRA A one plus rating) assigned to Rs. 1000 crore Commercial Paper programme of the Company.

This is for your information and records.

Thanking You,

Yours Faithfully, For PNB Gilts Ltd

Digitally signed by MONIKA KOCHAR DN: c=IN, o=Personal, postalCode=122016, MONIKA st=Haryana, 2.5.4.20=ecbd71da6f3bcff29fa8bd9b152f234300e3 fc4c63efd49331910c927e320a0b, serialNumber=8421c954c6663e29337eb19ed9f8e0 KOCHAR 448e78ee0f4ad3e98a16f6eaa7355fd33e, cn=MONIKA KOCHAR Date: 2020.07.16 17:06:42 +05'30'

(Monika Kochar) Company Secretary

Regd. Office : 5, Sansad Marg, New Delhi-110 001. Ph. : 23325759, 23325779, 23736584, Fax : 23325751, 23325763 Website : www.pnbgilts.com E-mail : pnbgilts@pnbgilts.com CIN : L74899DL1996PLC077120