Mumbai, July 31, 2006 : DSP Merrill Lynch today announced the appointment of Patricia McLaughlin to Vice Chairman of India Investment Banking and the appointment of Munesh Khanna as Managing Director and Head of India Investment Banking.

"We welcome Patricia’s promotion to Vice Chairman of Investment Banking and Munesh’s arrival as important additions to the senior management team," said Hemendra Kothari, Chairman of DSP Merrill Lynch.

Ms. McLaughlin has worked with Merrill Lynch since 2001 and has 20 years of experience covering Indian clients at a senior level. She will work closely with Amit Chandra, Head of India Global Markets and Investment Banking, to drive the expansion of the overall franchise in India.

“The combination of Patricia and Munesh will help significantly further our leading investment banking franchise in the country," said Amit Chandra, head of Global Markets & Investment Banking, DSP Merrill Lynch.

Mr. Khanna joins from Enam Financial, a leading Indian investment bank, where he was a Partner and Managing Director. Previously, he was Country Head of Rothschild India for three years, and prior to that he was Head of Corporate Finance in India at Arthur Andersen where he worked for 17 years.

“This underscores our commitment to India,” said Mr. Chunilal, President of Global Markets & Investment Banking, Pacific Rim, Merrill Lynch. “The addition of Patricia and Munesh will strengthen our already impressive management team in India and enable us to better find relevant solutions for our clients.”

DSP Merrill Lynch Limited (DSPML) is one of the leading investment banking and securities companies in India. Merrill Lynch & Co. owns 90% of DSPML, which has consistently been ranked the top investment bank in India.

Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies with offices in 36 countries and territories and total client assets of approximately $1.8 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions, and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. Firmwide, assets under management total $589 billion. For more information on Merrill Lynch, please visit www.ml.com.