Jio Financial Services Ltd

Dear Esteemed Shareholders,

It is with immense pride that I present to you the inaugural Annual Report of Jio Financial Services Limited (JFSL), after its listing. This report marks the beginning of a transformative journey in India's financial services landscape, as we set out to empower every Indian with access to world-class financial solutions.

Our mission is to revolutionise the way financial services are delivered and experienced in India.

At Reliance, our unwavering commitment to creating value for our stakeholders, while contributing to the growth and prosperity of our nation has been the cornerstone of our success. With JFSL, we are proud to extend this vision to the realm of financial services, aiming to democratise access and ensure that every Indian has the financial tools and resources needed to prosper in today's dynamic digital economy.

The robust foundation of JFSL was built on a substantial net worth of ^ 1.2 lakh crore and positioned us as one of the world's highest capitalised financial service platforms at inception.

This, combined with our cutting-edge digital infrastructure and customer-centric approach, provides us with an unparalleled advantage in reaching millions of Indians, especially those in underserved and unbanked segments.

As we embark on this exciting journey, our focus remains firmly on innovation, growth, and fostering financial literacy across the nation. We are expanding our portfolio of services, elevating user experience, and harnessing the power of cutting-edge technology to simplify and personalise financial management for our valued customers.

Our mission is to revolutionise the way financial services are delivered and experienced in India. We have laid a strong foundation by integrating technology with a customer-first approach, resulting in seamless, secure, and innovative financial solutions.

Looking ahead, we will continue to leverage our expertise in technology and deep understanding of the Indian market to develop financial products and services that cater to the unique needs of our customers.

Our journey has just begun, and the road ahead is filled with exciting opportunities and challenges. With the unwavering support of our customers, partners, employees, and shareholders, I am confident that JFSL will lead the way in shaping a prosperous and inclusive financial future for India.

I extend my heartfelt gratitude to each one of you for your trust and support. Together, we are building a legacy of financial empowerment and progress that will benefit generations to come.

Dear Shareholders,

It is a privilege to address you through our inaugural Annual Report for Jio Financial Services Limited (JFSL), after its listing. This report showcases a year of significant achievements and lays the foundation for a future brimming with promise and innovation.

As a Director, I have had the honour of witnessing the dedication and visionary thinking that has propelled our journey thus far. Our mission is unequivocal: to revolutionise financial services, making them accessible, inclusive, and empowering for every Indian. We have made significant strides towards this goal, establishing a robust foundation for sustained success.

Our innovation simplifies financial management, making it intuitive and personalised for our customers, empowering them to take control of their financial lives. Jy

Central to our strategy is the seamless integration of cutting-edge technology to streamline and enhance the user experience. The launch of the JioFinance App exemplifies this approach, offering a unified, user-friendly platform that provides a comprehensive suite of financial services. Our innovation simplifies financial management, making it intuitive and personalised for our customers, empowering them to take control of their financial future.

In addition, we are committed to promoting financial literacy, equipping individuals with the knowledge and tools to make informed decisions and achieve financial well-being. Our focus on innovation ensures that we strive to deliver simple, yet sophisticated products through a seamless digital interface, potentially collaborating with renowned global partners.

As we forge ahead, we are confident about maintaining our momentum, continuously pushing the boundaries of innovation, and expanding our offerings. With the combined expertise and scale of JFSL and its partners, we are strategically positioned to drive the financialisation of India and contribute significantly to the nation's growth.

We are fostering a culture of excellence within our organisation, attracting and nurturing the best talent in the industry.

Our team's diverse expertise and unwavering pledge to our mission are the driving forces behind our success.

I extend my heartfelt gratitude to our customers, partners, employees, and you, our esteemed shareholders, for your continued trust and support. Together, we are shaping a future where financial services serve as a catalyst for empowerment and prosperity for all.

Dear Shareholders,

Amidst the backdrop of uncertain global macroeconomic conditions, the Indian economy has showcased remarkable resilience. India's reset and revival has been commendable, positioning us in a place of strength with a robust financial system and an enhanced adoption of digital technologies. Positioned at the vanguard of the digital revolution, India is poised to emerge as one of the world's fastest-growing digital economies. The proliferation of affordable data and widespread adoption of smart devices are driving societal transformation and inclusive growth. As India progresses towards a US$ 25 trillion economy in the next 25 years, we must recognise that digitalisation serves as the ultimate enabler for change.

The symbiotic relationship between technology and finance is profound. Digitalisation has significantly reshaped financial services, enhancing efficiency, elevating customer experiences, and fostering innovation. Automated processes and advanced analytics streamline operations, reduce costs, and minimise errors. Innovations such as fintech integration, blockchain technology, and mobile banking have introduced secure financial products and services, expanding the reach and inclusivity of financial institutions. Moreover, the decreasing costs of technology, driven by advancements in artificial intelligence and machine learning, have accelerated the development of more efficient and affordable solutions.

At JFSL, we firmly believe that by harnessing the power of technology, we can bridge the gap between aspiration and access, ensuring that the people of India have the necessary tools to thrive in this digital age. Therefore, we are committed to making financial services more accessible, affordable, and user-friendly. Looking ahead, our focus remains on expanding our digital footprint and improving our digital infrastructure to optimise processes and elevate efficiency.

We are dedicated to building a robust digital ecosystem that supports our growth aspirations. Our strategic priorities include deepening customer relationships, strengthening operational efficiencies, and exploring new growth avenues.

We aim to enhance user experience, customer engagement, and spread financial awareness through our unwavering focus on digital transformation, customer-centric solutions, and strategic partnerships to unlock new opportunities and drive sustainable growth. By leveraging cutting-edge technology and fostering innovation, we seek to help shape the future of financial services.

I would like to extend my heartfelt gratitude to our shareholders and stakeholders for your unwavering support. Your trust in our vision has been instrumental in propelling us toward success, and we are committed to continuing this journey of growth and excellence with you.

Dear Esteemed Shareholders,

I am absolutely delighted to have the privilege of presenting this annual report - the first since Jio Financial Services Limited (JFSL) got listed. The ongoing digital transformation led by India Stack-the largest open application programming interface in the world- coupled with the rapid growth of the Indian economy is setting the stage for a truly exhilarating period ahead, creating diverse opportunities for the financial services sector. With a strong foundation, JFSL stands ready to holistically fulfil its customers' needs across Borrowing, Investing, Transacting, and Protecting.

Our ongoing strategic investments in capability-building are meticulously crafted to secure a competitive advantage, harnessing the robust 'Jio' brand and a solid capital structure to nurture a high- growth, risk-conscious business. By harnessing technology and fostering a culture of innovation, JFSL is poised to redefine the financial services landscape for generations to come.

The fiscal 2024 was nothing short of eventful for JFSL. The successful demerger of financial services business from Reliance Industries Limited (RIL) into the Company, with all the necessary regulatory and shareholders approvals, and the subsequent listing of JFSL shares on the BSE and NSE on August 21, 2023, and our ability to partner with marquee global players underscore our commitment to creating holistic value for all our stakeholders.

We have laid down robust foundations across five pivotal areas: First, we have fortified governance structures across JFSL, subsidiaries and associate companies, including customerfacing business entities. This included strengthening the boards, forming governance committees and developing policies aligned with applicable regulations. Second, we have assembled a formidable pool of leaders and operational teams across all the entities, comprising seasoned professionals with extensive experience in regulated financial institutions and fintechs. The guiding principles underlying these appointments emphasise the highest governance standards, a digital-first ethos, diversity, and innovation. These leaders will mentor a cohort of bright young talent, recruited from Tier 1 academic institutions.

Third, we have implemented a modern, bespoke technology stack across each business unit. We have developed a cutting-edge, scalable, cloud-native technology stack, incorporating Artificial Intelligence (AI) and data- driven capabilities to deliver optimal performance and cost efficiency.

Notably, Jio Finance Limited has crafted end-to-end journeys and backend systems for unsecured lending while accelerating the establishment of secured lending frameworks. The technology infrastructure of other customer-facing entities has been augmented to ensure future readiness. Fourth, we have embarked on new business ventures targeting disruptive opportunities with scalable potential. Noteworthy among these is our joint venture with BlackRock Inc., announced in July 2023, to enter into asset management, subsequently expanding into wealth management and broking services. Additionally, under Jio Leasing Services Limited,

JFSL has introduced an operating lease business for home devices.

Wj FSL stands ready to holistically fulfil its customers' needs across Borrowing, Investing, Transacting, and Protecting.

Last but not least, we have placed special emphasis on fostering an organisational culture that champions an owner's mindset. Each of our business units is tasked with upholding our foundational principles, encapsulated in the 4Rs - Reputation above all, Regulatory adherence, Return of Capital, and Return on Capital.

While executing these initiatives and successfully completing several sandbox projects, our management team diligently monitored market trends throughout FY24 to expedite the development of our secured lending products. Additionally, we intensified our focus on managing conduct risk throughout our operations, ensuring alignment with the highest standards of integrity and regulatory compliance.

As we concluded the fiscal year on March 31, 2024, our treasury management activities, among other business endeavours, contributed to our consolidated Profit After Tax (PAT) of ^ 1,605 crore.

Aligned with our vision to enhance affordability, accessibility, and prosperity for our customers by simplifying financial services, we announced the launch of a series of innovative products. To address the borrowing needs of our customers, we have introduced Loan against Mutual Funds and beta launched Home Loans.

Moreover, our Operating Lease business for home devices is already underway. To meet the diverse insurance needs of our customers, we will continue expanding our suite of digital and embedded insurance solutions.

For daily banking and payment requirements, we have rolled out a digital savings account complete with a debit card, UPI, and IMPS capabilities. Enhancing customer convenience further, a unified JioFinance App, providing seamless access to our services has been launched. Products catering to the investment needs of our customers will be introduced upon obtaining necessary regulatory approvals, the processing of which is underway.

On the merchant side, we have piloted a merchant app along with voice box solutions, and embedded UPI 123PAY in Jio Bharat phones to streamline payment processes. Our supply chain financing solutions are designed to meet the working capital needs of businesses, ensuring that they have the financial resources to thrive.

As we look to the future, JFSL's commitment to innovation continues as we plan to further invest in cutting- edge technologies like AI and ML. These investments will enhance JFSL's service offerings, improve process efficiencies, and offer tailored financial solutions to its customers. We are also exploring partnerships with fintech startups to stay at the forefront of technological advancements in the financial sector.

At JFSL, maintaining the highest standards of data security and privacy remains a priority as we expand our technological capabilities. By integrating advanced security measures and stringent compliance protocols, JFSL ensures the protection of its customers' data and maintain their trust.

I conclude by extending my deepest appreciation to you, our esteemed stakeholders, for your steadfast support and unwavering belief in our vision. As we progress on this remarkable journey, we are dedicated to evolving into a formidable financial services group that creates and captures significant value for all our stakeholders.

Thank you for being integral to our continued success.

Best Regards,