Mumbai, May 27, 2003: DSP Merrill Lynch Limited has been named as the BEST DOMESTIC SECURITIES HOUSE and BEST DOMESTIC INVESTMENT BANK for 2002- 2003 by Asiamoney (May 2003 issue) and The Asset (January 2003 issue) magazine respectively.

Explaining the rationale for the award, Asiamoney magazine states, "DSPML is a multi-faceted securities house that would have been a leading contender for both best domestic institution in both the equity and debt categories. Because of its excellent credentials as a full service investment bank, we decided to award it the overall title of India's best domestic securities house."

Furthermore, The Asset Magazine said: "For the third year in a row, DSPML is The Asset's choice as the best domestic investment bank in India after successfully completing several landmark deals for Indian corporates amid volatile markets."

Commenting on the award Mr. Hemendra Kothari, Chairman, DSP Merrill Lynch Limited said: "The recognition of being the best in the industry in a particularly challenging time, globally as well as in India, is very encouraging." They added that "the award is representative of our leadership position in originating and executing transactions across sectors, as also our strong leadership position in the both the equity and debt capital markets."

DSP Merrill Lynch Limited (DSPML) - One of the leading investment banking and securities companies in India, DSPML is a joint venture with Merrill Lynch & Co., the leading international capital raising, financial management and advisory company. Merrill Lynch has 40% equity ownership in DSPML. DSP Merrill Lynch has been ranked by several highly respected international publications including Euromoney, FinanceAsia & The Asset magazines.