February, 2005 :DSP Merrill Lynch Limited, India's leading investment banking and securities firm has been named "Best Private Bank" in India, according to Euromoney magazine's private banking poll released in January 2005.

DSP Merrill Lynch has also been named as the Best Private Bank in all relevant categories,notably:

• Best Private Bank
• Best Private Bank for High Net Worth Category : $1million- $10million
• Best Private Bank for High Net Worth Category: $10 million-$ 30 million
• Best Private Bank for High Net Worth Category: Ultra High Net Worth ( $30 million +)

DSP Merrill Lynch Limited provides securities broking, distribution of securities including mutual fund schemes and depository participant services to high net worth individuals and their associated entities.

"It is an honour to receive the award and we would like to thank our clients who have the confidence in our services. DSP Merrill Lynch's strength is its ability to understand the client's investment needs, analyze their investment objectives and risk profile and recommend and deliver appropriate investment solutions" said Mr. Shitin Desai, Executive Vice Chairman, DSP Merrill Lynch. "The award reflects our commitment to building long term relationships with our clients."

Mr. Pradeep Dokania, head of Global Private Client Group, said: "DSP Merrill Lynch's Top ranking by Euromoney underlines the strength of our firm's franchise and is recognition of the value that we bring to our clients. The year 2004 has been significant in terms of investors becoming increasingly aware of the asset allocation requirement in a highly volatile market and clearly value-added investment decisions for our investors is appreciated."

DSP Merrill Lynch Limited (DSPML) is among India's leading investment banking and securities companies in India and 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.