Bank of baroda

The Equity Shares have not been and will not be registered under the US Securities Act of 1933 (“the Securities
Act”) or any state securities laws in the United States and may not be offered or sold within the United States or

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to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the Securities Act), except
pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act. Accordingly, the Equity Shares are only being offered and sold (i) in the United States to “qualified institutional
buyers”, as defined in Rule 144A of the Securities Act in reliance on Rule 144A under the Securities Act, and (ii)
outside the United States to certain Persons in offshore transactions in compliance with Regulation S under the
Securities Act and the applicable laws of the jurisdictions where those offers and sales occur.
Disclaimer Clause of the BSE
As required, a copy of this Red Herring Prospectus will be submitted to BSE. BSE has given vide its letter dated October
17, 2005, permission to the Bank to use BSE’s name in this Red Herring Prospectus as one of the stock exchanges on
which our further securities are proposed to be listed. BSE has scrutinised this Red Herring Prospectus for its limited
internal purpose of deciding on the matter of granting the aforesaid permission to us. BSE does not in any manner:
1.
Warrant, certify or endorse the correctness or completeness of any of the contents of this Red Herring Prospectus;
or
2.
Warrant that this Bank’s securities will be listed or will continue to be listed on BSE; or
3.
Take any responsibility for the financial or other soundness of this Bank, its promoters, its management or any
scheme or project of this Bank;
and it should not for any reason be deemed or construed to mean that this Red Herring Prospectus has been cleared or
approved by BSE. Every Person who desires to apply for or otherwise acquires any securities of this Bank may do so
pursuant to independent inquiry, investigation and analysis and shall not have any claim against BSE whatsoever by
reason of any loss which may be suffered by such Person consequent to or in connection with such subscription/
acquisition whether by reason of anything stated or omitted to be stated herein or for any other reason whatsoever.