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Bank of America Merrill Lynch Hires Kaku Nakhate as Country Head India . Kevan Watts plans to retire later this year after transition

Mumbai, March 11, 2010 : Bank of America Merrill Lynch today announced that Kaku Nakhate has been hired to become country head of India. Ms. Nakhate will replace Kevan Watts, who plans to retire later this year after ensuring a smooth transition of the leadership position. She will report to Brian Brille, President, Bank of America Merrill Lynch, Asia Pacific.

"We have an exceptionally strong franchise in India with tremendous opportunities across all of our businesses," said Brian Brille. "Kaku's wide range of experience, in-depth understanding of the business dynamics and past relationship with the bank makes her an ideal person to run the business in India."

Ms. Nakhate joins from JP Morgan where she was Vice Chairman of JP Morgan India. Prior to that, Ms. Nakhate held several senior positions in global markets and equities at DSP Merrill Lynch, where she worked for more than 18 years. Her most recent position was as Head of Global Markets.

"We are very pleased with the appointment and to welcome Kaku back to the bank," said Kevan Watts. "This is a critical milestone for our India plans and is a continuation of our long term commitment to India."

Kevan Watts is retiring later this year after 29 years with the company during which he has served in many senior roles in New York, London, Hong Kong and Mumbai. His previous roles include head of European investment banking, co-head of global investment banking, executive chairman of Asia Pacific, chairman of EMEA and chairman of Merrill Lynch International.


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