ICRA Online Mutual Fund Rankings for the quarter ended March 2008

Ranking Methodology: The rank is an outcome of an objective and comparative analysis against various parameters, including: risk adjusted return, fund size, company concentration, portfolio turnover and liquidity. The ranking methodology did not take into account entry and exit loads imposed by the Fund. DSP Merrill Lynch India T.I.G.E.R. Fund has been ranked as a Five Star Fund in the category of ´Open Ended Diversified Equity - Aggressive´ schemes for its 3 year performance till March 31, 2008. There were 30 schemes considered in ´Open Ended Diversified Equity - Aggressive´ category for the ranking exercise. DSP Merrill Lynch Technology.com Fund has been ranked as a Five Star Fund in the category of ´Open Ended Sectoral - Technology´ schemes for its 3 year performance till March 31, 2008. There were 7 schemes considered in ´Open Ended Sectoral - Technology´ category for the ranking exercise. DSP Merrill Lynch Technology.com Fund has been ranked as a Seven Star Fund in the category of ´Open Ended Sectoral - Technology´ schemes for its 1 year performance till March 31, 2008. There were 7 schemes considered in ´Open Ended Sectoral - Technology´ category for the ranking exercise. DSP Merrill Lynch Tax Saver Fund has been ranked as a Seven Star Fund in the category of ´Open Ended ELSS´ schemes for its 1 year performance till March 31, 2008. There were 20 schemes considered in ´Open Ended ELSS´ category for the ranking exercise. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of DSP Merrill Lynch India T.I.G.E.R. Fund, DSP Merrill Lynch Technology.com Fund and DSP Merrill Lynch Tax Saver Fund.
Ranking Source & Publisher: ICRA Online Limited.

Statutory Details: DSP Merrill Lynch Mutual Fund was set up as a Trust by the settlors, DSP Merrill Lynch Ltd. (DSPML) and Merrill Lynch Investment Managers LP, USA. Sponsors: DSPML, DSP HMK Holdings Pvt. Ltd. and DSP ADIKO Holdings Pvt. Ltd. (collectively) (Liability restricted to Rs. 1 lakh). Trustee: DSP Merrill Lynch Trustee Company Pvt. Ltd. Investment Manager: DSP Merrill Lynch Fund Managers Ltd.

DSP Merrill Lynch India T.I.G.E.R Fund (The Infrastructure Growth and Economic Reforms Fund) (DSPMLITF) is an open ended diversified equity scheme, seeking to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of corporates, which could benefit from structural changes brought about by continuing liberalization in economic policies by the Government and/or from continuing investments in infrastructure, both by the public and private sector. Asset Allocation: Equity   equity related securities: 90%-100%; Debt, securitised debt   money market securities 0%-10%; ADR, GDR   foreign securities: 0%-25%. DSP Merrill Lynch Technology.com Fund (DSPMLTF) is an open ended growth scheme, seeking to generate long term capital appreciation, and whose secondary objective is income generation and the distribution of dividend from a portfolio constituted of equity and equity related securities concentrating on the Investment Focus of the Scheme. Asset Allocation: Equity   equity related securities: 80%-100%; Fixed income securities (Debt   money market securities): 0%-20% (Debt securities/instruments are deemed to include securitised debts). DSP Merrill Lynch Tax Saver Fund (DSPMLTSF) is an open ended equity linked savings scheme, whose primary investment objective is to seek to generate medium to long-term capital appreciation from a diversified portfolio that is substantially constituted of equity and equity related securities of corporates, and to enable investors avail of a deduction from total income, as permitted under the Income Tax Act, 1961 from time to time. Asset Allocation: Equity and equity related securities: 80% to 100%; (investments in ADRs, GDRs and foreign equity securities: 0% to 20%); Debt, securitised debt and money market securities: 0% to 20% (Exposure to Securitised debt will not exceed 10% of the net assets of the Scheme).

Common Features: SIP, STP, SWP (only in Regular Plan of scheme(s) that offer a Regular and an Institutional Plan), Nomination   Direct Deposit application facilities available, subject to applicable conditions as per the Offer Document. Declaration of NAV on all Business Days. Sale and Redemption of Units on all Business Days at Purchase Price and Redemption Price respectively. Specific Features: DSPMLITF   DSPMLTF: Minimum investment: Rs. 5,000/- and Rs 1,000/- thereafter (Reg. Plan)/Rs. 5 crore and Rs. 5 lakh thereafter (Inst. Plan), Entry load: NIL for direct investments, (Regular Investments): Reg. Plan - 2.25% for investments < Rs. 5 crore. NIL for investments >= Rs. 5 crore, Inst Plan - NIL, (SIP Investments in Regular Plan) - 1.00%; Exit load (Regular Investments in Regular Plan): Holding Period < 6 months: 1%, Holding Period >= 6 months but < 12 months: 0.50%, Holding period >= 12 months: NIL; Inst. Plan - NIL, SIP - 1.25%, for holding period less than 2 years. DSPMLTSF: Minimum investment – Rs. 500/- and Rs. 500/- thereafter. Entry load: 2.25% for investments < Rs. 5 crore. NIL for investments >= Rs. 5 crore; SIP – 1.00%;.Exit load : N.A.

Risk Factors: Mutual funds, like securities investments, are subject to market and other risks and there can be no assurance that the schemes' objectives will be achieved. As with any investment in securities, the NAV of Units issued under the schemes can go up or down depending on the factors and forces affecting capital markets. Past performance of the sponsor/AMC/mutual fund does not indicate the future performance of the schemes. Investors in the schemes are not being offered a guaranteed or assured rate of return. Each Scheme is required to have (i) minimum 20 investors and (ii) no single investor holding>25% of corpus. If the aforesaid point (i) is not fulfilled within the prescribed time, the Scheme will be wound up and in case of breach of the aforesaid point (ii) at the end of the prescribed period, the investor's holding in excess of 25% of the corpus will be redeemed as per SEBI guidelines. DSPMLITF, DSPMLTF and DSPMLTSF are the names of the Schemes and do not in any manner indicate the quality of the Schemes, their future prospects or returns. For risk factors related to trading in derivatives and overseas investments, and other scheme specific risk factors, please refer the relevant Standard Offer Document. For more details, please refer to the Key Information Memorandum cum Application Form, which is available at the ISC/Distributor. Please read the Offer Document before investing.