ToThe Board of Directors,State Bank of India,State Bank Bhavan,Madame Cama Road,Mumbai- 400021

LIMITED REVIEW REPORT ON UNAUDITED FINANCIAL RESULTS OFSTATE BANK OF INDIA FOR THE PERIOD ENDED 30 TH J(JNE 2011

We, the undersigned Auditors, have reviewed the accompanying statement ofunaudited financial results of State Bank of India for the quarter ended June30, 2011 except for the disclosures regarding 'Public Shareholding' and'Promoter and Promoter Group Shareholding' which have been traced fromdisclosures made by the Management and have not been reviewed by us. Thisstatement is the responsibility of the Bank's Management and has beenapproved by the Board of Directors. Our responsibility is to issue a report on thisfinancial statement based on our review.

We conducted our review in accordance with Standard on ReviewEngagements (SRE) 2410, "Review of Interim Financial Information Performed bythe Independent Auditor of the Entity." A review of interim financial informationconsists of making inquiries, primarily of persons responsible for financial andaccounting matters, and applying analytical and other review procedures. Areview is substantially less in scope than an audit conducted in accordancewith Standards on Auditing and consequently does not enable us to obtainassurance that we would become aware of all significant matters that might beidentified in an audit. Accordingly, we do not express an audit opinion.

3. The financial results incorporate the relevant returns of 42 branches reviewed byus, 80 branches reviewed by other Chartered Accountants as ConcurrentAuditors of the Bank (including 27 Foreign Offices reviewed by local auditorsspecially appointed for this purpose), 426 branches reviewed by Bank's ownofficials acting as Concurrent Auditors, the returns of 236 branches certified byBranch Managers as per instructions of the Bank's Management and un-reviewed returns in respect of 13631 branches and other accounting units. Inthe conduct of our review, in addition to 42 branches reviewed by us, we haverelied on the review reports received from the Bank's Concurrent Auditors, localauditors of Foreign Offices and Branch Managers of domestic branches,aggregating to 742 branches / offices. Apart from these review reports, in theconduct of our review, we have also relied upon various returns received fromthe branches of the Bank. These review reports, including those of 236branches' returns certified by Branch Managers as per instructions of the Bank'sManagement, cover 61.85% of the advances portfolio excluding outstanding ofasset recovery branches and food credit advance of the Bank. Further, thisreview also covers 60.93% of Non Performing Advances (NPAs) as on June 30,2011 including those certified at 236 branches by the Branch Managers as perinstructions of the Bank's Management.

4. Based on our review conducted as above, subject to limitation in scope asmentioned in para 3 above, nothing has come to our attention that causes usto believe that the accompanying statement of unaudited financial resultsprepared in accordance with applicable accounting standards and otherrecognised accounting practices and policies has not disclosed the informationrequired to be disclosed in terms of Clause 41 of the Listing Agreement includingthe manner in which it is to be disclosed, or that it contains any materialmisstatement or that it has not been prepared in accordance with the relevantprudential norms issued by the Reserve Bank of India in respect of incomerecognition, asset classification, provisioning and other related matters.

Kalyaniwalla MistryChartered Accountants

Daraius Z FraserPartner : M.No.42454

Firm Regn. No. 104607 W

EssveeyarChartered Accountants

R VijayaraghavanPartner : M.No. 022442Firm Regn. No.000808 S

K.C.Mehta & Co.Chartered Accountants

Milin MehtaPartner : M.No. 038665

Firm Regn. No.106237 W

Krishnamoorthy& Krishnamoorthy

Chartered Accountants

R VenugopalPartner: M.No. 202632

Firm Regn. No.001488 SRaj Bordia & Co.,

Chartered Accountants

B.M.Chatrath & CoChartered Accountants

A ChatrathPartner : M.No.052975

Firm Regn. No.301011 E

Venugopal & ChenoyChartered Accountants

D V JankinathPartner : M.No.029505

Firm Regn. No.004671 SDagliya & Co.

Chartered Accountants

P. Manohara GuptaPartner : M.No. 016444Firm Regn. No.000671 S

Todi Tulsyan & Co.,Chartered Accountants

Sushil Kumar TulsyanPartner: M.No. 075899Firm Regn. No.002180 C

SBA & Company,Chartered Accountants

K K Soni & Co.,Chartered Accountants

S S SoniPartner : M.No.0094227

Firm Regn. No. 000947 N

K.G.Somani & CoChartered Accountants

B MaheshwariPartner : M.No. 088155Firm Regn. No.006591 N

M.Verma & AssociatesChartered Accountants

M GandhiPartner : M No.088396

Firm Regn. No. 501433 C

R K J K Khanna & Co.,Chartered Accountants

Vipin BaliPartner : M No.083436Firm Regn. No. 000033 N

R S BordiaPartner : M No.081200Firm Regn. No. 003293 C

Place : New DelhiDate : 13th August, 2011

Ashok Kumar JainPartner : M.No.072262Firm Regn. No.004651 C