DSPML Ranked No. 1 Underwriter for Indian IPO

Highest market share at 17.4%

Mumbai, 03, January 2007 DSP Merrill Lynch Limited (DSPML), India’s leading investment bank and broking firm has been ranked as the No. 1 Underwriter for Indian IPOs in CY2006 as per the Bloomberg 2006 India Capital Markets League Tables. DSP Merrill Lynch had the highest market share of 17.4%, from eight deals including US$1.3 billion Cairn India Limited IPO, US$255.3 million WNS Holdings Limited IPO and US $172.5 million GMR Infrastructure Limited IPO.

Commenting on the leadership position in the IPO segment, Hemendra Kothari, Chairman, DSP Merrill Lynch, said:

“This leadership rank reflects DSPML’s strong franchise across individual and institutional investors as well as distribution strengths in both local and global markets.”

“It is recognition of the value that we endeavor to bring to clients.”

“2006 has been significant in terms of size and complexity of deals which indicates a maturing of the IPO landscape in India.”

About DSP Merrill Lynch:

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 90% equity ownership in DSPML. DSP Merrill Lynch has been ranked by several highly respected international publications including Asiamoney, Institutional Investor & Financeasia magazine.

Underwriter League Tables

INDIA IPO

2006
FIRM RANK MARKET SHARE VOLUME(INR Bln)
DSP Merrill Lynch & Co 1 17.4 43.66
ENAM Financial Consultants Private Ltd 2 12.8 32.13
JM Morgan Stanley 3 11.5 28.74
ABN Amro Rothschild 4 11 27.45
ICICI Securities Ltd 5 8.6 21.55
Kotak Mahindra Capital Co 6 5.5 13.87
SBI Capital Markets 7 5.3 13.37
HSBC 8 4.1 10.24
Citigroup 9 3.9 9.85
Deutsche Bank AG 10 3.6 9
UBS 10 3.6 9
IL&FS Investsmart Ltd 12 2.6 6.46
Kotak Mahindra Capital Co/Goldman Sachs & Co 13 1.8 4.52
Karvy Investor Services Ltd 14 1.1 2.66
Centrum Capital Ltd 15 1 2.46
Anand Rathi Securities Pvt Ltd 16 0.9 2.29
Edelw eiss Capital Ltd 17 0.9 2.18
UTI Securities 18 0.9 2.15
SSKI Corporate Finance Ltd 19 0.8 2
Keynote Corporate Services 20 0.8 1.91
TOTAL 100.00% INR 251

Includes all eligible initial public offerings from Indian issuers denominated in INR. Volume in INR billions. Total volume is on a pro rata share basis
*Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
**Kotak Mahindra Capital Co. and Goldman Sachs were a joint venture till March 31, 2006. Kotak Mahindra Capital Co. has a combined deal count of 7 with 7.2% of IPO underwritting market share in 2006.
Source: Bloomberg league tables