Depreciation Indicates Depreciation / Amortisation

EPS is Basic & Diluted

1. The above results were taken on record by the Board of Directors at the meeting held on March 06, 2006.

2. (a) Merrill Lynch Holdings (Mauritius) has entered into a Share Purchase Agreement with Hemendra Kothari and his affiliates, pursuant to which Merrill Lynch (Mauritius) Investments Ltd will purchase their 47.73% stake in the Company.

(b) Merrill Lynch Holdings (Mauritius) has also announced its intention to delist the shares of the Company through a Delisting Offer to the public shareholders for purchase of 2.27% stake in terms of the Delisting Guidelines.

3. Segment Results
(a) The Advisory and Transactional services consist of Merchant Banking, Broking and Distribution of Securities, thereby earning transaction based fees. The Trading segment consists of earnings from trading in Securities (including equity/debt derivatives).

(b) Interest expense forms part of segment results, as it is directly attributable to the respective segments.

4. The Board of Directors has recommended a dividend of Rs 10/- per equity share for the year ended December 31, 2005. The dividend will be paid after receipt of necessary approval from the shareholders at the Annual General Meeting.

5. Figures for the previous periods have been regrouped, reclassified and / or recast wherever necessary.

Hemendra Kothari
Chairman