DSP Merrill Lynch Fund Managers sign distribution agreement with Oriental Bank of Commerce

January 31, 2008: DSP Merrill Lynch Fund Managers today signed a distribution agreement with Oriental Bank of Commerce as part of their strategy to increase their retail presence. Oriental Bank of Commerce will distribute DSP Merrill Lynch Mutual Fund schemes through its network of branches spread across the country.

Mr. Alok K. Misra – Chairman and Managing Director, Oriental Bank of Commerce and Mr. S. Naganath - President and Chief Investment Officer, DSP Merrill Lynch Fund Managers made this joint announcement at function held in New Delhi.

This initiative is in line with the strategy adopted by DSP Merrill Lynch Fund Managers to expand their retail investor base. Mr. S. Naganath, President & Chief Investment Officer, DSP Merrill Lynch Fund Managers said "Mutual Funds, as an investment avenue are becoming increasingly popular with the retail investor. Offering advice on mutual fund investments is an extension of the value added services that are offered by banks. We see Oriental Bank of Commerce as an important partner for providing asset management products to Indian investors and are very happy to embark on this long standing relationship.

DSP Merrill Lynch Fund Managers, one of the premier asset management companies in India. DSP Merrill Lynch Fund Managers began operations in 1997 and currently has assets under management, including advisory and offshore funds, of Rs. 34,083.7 crore as at December 31, 2007. DSP Merrill Lynch Mutual Fund has a distinguished track record in the mutual fund industry and is committed to the highest quality of service, integrity and seeks to provide superior performance, value and benefit to the investment community. Merrill Lynch is one of the world's leading wealth management & capital markets company and owns just under half of BlackRock, one of the world’s largest publicly traded investment management companies, with approximately $1.3 trillion in assets under management.

Speaking to the media, Mr. Alok K. Misra – Chairman and Managing Director, Oriental Bank of Commerce said tie-up with DSP Merrill Lynch Mutual Fund is one of the many initiatives taken by the bank to provide its customers a combination of financial services & investment options under one roof. The tie-up is beneficial not only to the customers in terms of an investment opportunity but also to the bank in terms of the fee base income & the mutual fund in terms of access to a huge customer base wide a large branch network.

Both Oriental Bank of Commerce and DSP Merrill Lynch Mutual Fund Managers are leading institutions in their respective fields and this joint initiative will result in pooling of synergies for mutual benefit.

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. 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 of the mutual fund. Investors in the Schemes are not being offered a guaranteed or assured rate of return or dividend. Please read the Offer Document and KIM (available at www.dspmlmutualfund.com/ ISCs / distributors) of the Schemes carefully before investing.