Mumbai, February 26, 2008: DSP Merrill Lynch today announced it has appointed Kevan Watts as president of DSP Merrill Lynch Limited. Kevan will work closely with Hemendra Kothari, chairman of DSP Merrill Lynch, and the well-established DSP Merrill Lynch senior management team to provide further impetus to the firm's momentum in India.

“Merrill Lynch has an exceptionally strong franchise in India, with tremendous opportunities across our Global Markets and Investment Banking, private wealth and principal platforms,” said Greg Fleming, president of Merrill Lynch. “India is a critical growth market for us and appointing Kevan as president of DSP Merrill Lynch confirms its importance. This appointment will help deliver the firm’s global resources to our Indian clients and will help drive synergies between our different businesses.”

Kevan Watts’ career at Merrill Lynch has spanned 27 years during which he has worked in New York, London and Hong Kong. His previous roles include head of European investment banking, co-head of global investment banking, chairman of Asia Pacific, chairman of EMEA and chairman of Merrill Lynch International.

“I am very pleased with the appointment. I have known Kevan for more than 15 years now and he will bring the added dimension of his global experience within Merrill Lynch to the leadership team at DSP Merrill Lynch. The expansion of the local management team will enable us to consolidate our leading position in the Indian market," said Hemendra Kothari, chairman of DSP Merrill Lynch.

Kevan has been an active member of the Board at DSP Merrill Lynch since 1997 and has been a constant visitor to India throughout his career. He knows Indian clients well, understands the market and is closely acquainted with the India business.

”Kevan’s appointment reflects our continued commitment to India and the importance we attach to the long term growth potential for the Indian markets," said Jason Brand, president of Merrill Lynch Pacific Rim.

About DSP Merrill Lynch Limited

DSP Merrill Lynch Limited is one of the leading wealth management, capital markets and advisory companies in India. Merrill Lynch holds 90% of DSP Merrill Lynch Limited. DSP Merrill Lynch has consistently won leading awards from international publications including Euromoney, FinanceAsia and The Asset.

Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, with offices in 40 countries and territories and total client assets of almost $2 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. Merrill Lynch owns approximately half of BlackRock, one of the world's largest publicly traded investment management companies, with more than $1 trillion in assets under management. For more information on Merrill Lynch, please visit www.ml.com.