Before the Arbitral Tribunal ComprisingMr. Justice A. M. Ahmadi

Presiding ArbitratorMr. Justice S. P. Bharucha

AndMr. Justice R. C. Lahoti

All former Chief Justices of India In the matter of arbitration between:

a) BG Exploration and Production India, Limited (“BGEPIL”) and Gas Authority of India Limited (“GAIL”) pursuant to Clause 9 of the Interim Sales and Purchase Agreement dated June 21, 1997 in respect of Mid and South Tapti Fields.b) Reliance Industries Limited (“RIL”) and GAIL pursuant to Clause 9 of the Interim Sales and Purchase agreement dated June 21, 1997 in respect of the Mid and South Tapti fields.c) BGEPIL and GAIL pursuant to Clause 6 of the Interim Sales and Purchase Agreement dated February 5, 1998 in respect of the Panna and Mukta fields.d) RIL and GAIL pursuant to Clause 6 of the Interim Sales and Purchase Agreement dated February 5, 1998 in respect of Panna and Mukta fields.

Minutes of the meeting held at Hotel Trident in Malabar Room on the Roof Top at Mumbai on 11tth and 12th June 2012.

Appearances

Mr. Pesi Mody, Mr. Rajendra Barot, Advocates 1/b AZB & Partners, Mr. Siddhesh Redkar, Mr. Indranaail Dasgupta and Ms. Shona Waldell of BG and Mr. Kulbarni of Reliance Industries Ltd for Claimant

Mr. Senior Counsel Mr. Atul Rajadhyaksha and Mr. Shiraz Rustomjee alongwith , Crawford Bayley & Co.Mr. Sameer Chitnis and Ms. Neha Jain i/b Crawford Bayley & Co. Mr. P.K. Solanki (Chief Manager Law), Mr. Arshad Kawoosa (Senior Manager Marketing) and officers and Mr. V. N. Datt (General Manager Marketing) of GAIL (India) for Respondent.

This is to remind you that dDuring 4 days sittings fixed for further progress of the

arbitration between BG, Reliance and GAIL the parties declared that they have arrived at

an amicable settlement and the necessary formalities for completing the process to an

award in terms of the settlement was finalized on 11th and 12th June, 2012. The Arbitral

Tribunal signed the awards in terms of the settlement agreements entered into between

the parties and gave copies of the award duly stamped and notarized to the contesting

respective parties. However, it was made clear to the parties that since the arbitrators had

blocked their diaries for 4 days (8 sittings) they will be entitled to the fees for those

sittings as well as the outstanding fees, if any. This was orally indicated to the Ccounsel

for the respective contesting parties and they were asked to do the needful within 2

weeks. However, that has not happened and the fees have yet to be paid. The learned

Ccounsel are requested to instruct their respective parties, to carry out the said directions

at an early date.

Dated: July 26, 2012

(A. M. Ahmadi)Presiding Arbitrator

Copy by e-mail to the Ccounsel for contesting parties.