Mumbai, September 24, 2002: DSP Merrill Lynch Limited (DSPML) has decided to induct Rajeev Gupta and Amit Chandra, as directors on its Board. Rajeev and Amit, currently joint-heads Investment Banking, Mergers & Acquisitions will continue to manage the firm's investment banking and M&A business.

Commenting on the move, Mr. Shitin Desai, Vice Chairman and Managing Director, DSP Merrill Lynch Limited, said, "The decision to elect these executives to the Board is aimed at broadening and strengthening DSPML's very top level of leadership."

He added, "We believe that as Members of the Board, Rajeev and Amit will be able to enhance the significant contribution that they have made to the firm as business heads and employees over the past many years."

DSP Merrill Lynch Limited is one of India's leading investment bank and securities firm and is an affiliate of Merrill Lynch & Co. , one of the world's leading capital raising, financial management and advisory companies. Among the top institutional brokers in India, DSP Merrill Lynch has been rated highly for its investment banking, broking, and research capabilities by leading international publications such as Institutional Investor, Asiamoney and Financeasia. For more information, please visit www.dspml.com.

Profile of Rajeev Gupta

Rajeev Gupta, 44, serves as Executive Vice President and joint-head of Investment Banking and M&A at DSPML. He has been with the firm for 10 years and in 1996 set up its M&A practice, which he has built it to a leadership position.

He has successfully concluded landmark M&A deals across industries for large Indian industrial groups and for MNC's and is recognised as one of India's leading M&A bankers. Several transactions done by DSPML under his leadership have been pioneering M&A deals for India, such as the nation's first private bank merger (Bank of Madura), the first Internet portal deal (IndiaWorld), the first wireline telecom deal (Hughes Tele), the first MNC cement acquisition ( Lafarge - Tisco), and the first cable systems acquisition (Newscorp).

Prior to his current position, he was Head of M&A, and earlier was Head of Corporate Finance. He spent the previous 10 years working in the industrial sector, including five years as President & CEO of a listed Indian electronics parts manufacturing company.

Rajeev holds a BTech in engineering from IIT and an MBA from IIM Ahmedabad. He has also attended executive courses on corporate strategy and corporate finance at the University of Pennsylvania's Wharton School. Rajeev has served on banking committees of the Confederation of Indian Industry and the Bombay Chamber of Commerce & Industry.

Profile of Amit Chandra

Amit Chandra, 34, serves as Executive Vice President, responsible jointly for Investment Banking, Mergers & Acquisitions at DSPML. He is also responsible for Corporate Strategy & Planning at the firm and has been a member of the firm's Executive Management Committee for over two years.

He has nearly 12 years experience in investment banking and industry. DSPML has been his first full time investment banking job. However, he worked briefly as a consultant in 1993-94, and before his MBA, he worked for Larsen and Toubro, India's largest engineering and construction corporation.

Amit has worked closely with some of the firm's most important relationships. He has been responsible for the origination and completion of some of the largest and most prestigious financing and advisory transactions, domestic as well as cross border. He was formerly Co-Head of Investment Banking and previously was Head of International Corporate Finance.

Amit received his MBA in Finance and Strategy from Boston College and holds a Bachelors Degree Engineering (Electrical), from VJTI (University of Bombay).