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									Press Release                                                                      For Immediate Publication

            Mahindra Finance launches new product - Loan against Gold
           Inaugurates first exclusive Loan against Gold branch in Thodupuza

 Left to Right: Mr. Anand Mallan, Regional Accountant, Kerala, MMMFSL, Mr. Santhoshmon George, Regional Manager,
 Kerala, MMFSL, Mr. Uday Phadke, Vice Chairman, MMFSL, Mr. Ramesh Iyer, Managing Director, MMFSL & Mr. Prakash
 Mishra, Product Head, Loan against Gold, announcing the launch of the new Loan against Gold product from MMFSL

March 18, 2010, Kochi: Mahindra Finance, the financial services arm of the US $ 6.3 billion Mahindra
Group, today launched its new Loan against Gold product in Kerala. This product has been specifically
designed to provide liquidity against gold ornaments without having to sell them.

The company also inaugurated its first ever Loan against Gold branch in Thodupuzha. This branch will
exclusively retail Loan against Gold schemes to customers.

“We are delighted to present our consumers in Kerala with the new Loan against Gold scheme which is
part of our customer centric approach to business and our endeavour to expand our footprint in the
financial services sphere. This facility is ideal for meeting contingency requirements of customers and
effectively harnesses the potential of gold, transforming it into a productive asset. With its strong reputation
for ethical governance practices and credible brand Image, Mahindra Finance is confident of winning the
customer’s trust and playing a leading role in shaping this industry,” said Mr. Uday Phadke, Vice
Chairman, Mahindra & Mahindra Financial Services Ltd.

“India is the largest market for gold in the world and consequently, the growth potential of the gold loan
industry in India is tremendous. We are aware that customers borrow against gold to meet exigency
expenses, be it for education, medical or any other such requirements and hence service with speed is
essential. Mahindra Finance has the requisite people and processes to meet such service standards. We
will offer our customers an array of loans including secured small ticket loans, need based loans and loans
against pledge of gold jewellery,” said Mr. Ramesh Iyer, Managing Director, Mahindra & Mahindra
Financial Services Ltd.

Kerala presents strong potential for the Loan against Gold scheme as the state records the highest number
for remittance of funds from overseas, especially the Middle East. However, the consequences of the
global economic slowdown also reached the Middle Eastern market, affecting remittances. Hence, a
scheme such as Loan against Gold is the need of the hour as it provides consumers with liquidity for
contingency expenses.

The Loan against Gold scheme not only presents existing customers with an additional credit alternative
but will also reach out to new customers, as Mahindra Finance extends its reach in semi-urban / rural
areas of the country. With customers too, realizing that this is a logical and smart borrowing option, Loan
against Gold would appear to be at a strategic inflection point and is well poised for accelerated growth in

About Mahindra & Mahindra Financial Services Ltd.

Mahindra & Mahindra Financial Services Ltd (MMFSL), part of the US $ 6.3 billion Mahindra Group, is one
of India’s leading non-banking finance companies with a pan India presence. Focused on the rural and
semi-urban sector, it provides finance for utility vehicles, tractors and cars and has the largest network of
branches covering these areas. MMFSL’s goal is to be the preferred provider for retail financing services in
the rural and semi-urban areas of India, while its strategy is to provide a range of financial products and
services to its customers through its nationwide distribution network. MMFSL currently has the largest
branch network of over 450 branches and total assets under management of around Rs. 9800 crore
Almost all the top mutual funds in the country have reposed their trust in the company and have invested in
it. Mahindra Finance listed on the National Stock Exchange of India Limited and the Bombay Stock
Exchange Ltd. on March 17, 2006.

For further enquiries, please contact:

Ms. Roma Balwani

Senior VP & Head - Corporate Communications

Mahindra & Mahindra Ltd

Phone: (+91-22) 24975176

Fax: (+91-22) 2490 0830

Email: balwani.roma@mahindra.com

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