The information in this Internet site (the "Site") is provided to you by DSP Merrill Lynch Limited and its affiliates (hereinafter referred to as "DSPML") and is restricted by User ID and password.

Privacy Statement:

Please follow the web-link to read information about DSPML Privacy and Security.

http://www.ml.com/index.asp?id=7695_69068

Intended Users:

The information provided on this Site is not directed at, or intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject DSPML or its affiliates to any registration requirement within such jurisdiction or country.

Online Statements and Reports:

Only accounts held by you with DSPML are eligible for inclusion in the online statements and reports ('reports') provided by this Site. The report is for your information only and is not your official DSPML account statement. The information may differ from your official account statements and from other reports generated in respect of the accounts represented in this report. Any distribution, use or reproduction of this report, without the prior written permission of DSPML is unauthorized and strictly prohibited. If you have received the report in error and are not the intended recipient of the report, please delete or destroy it and notify DSPML without making any copies.

You are informed that the report is a strictly confidential summary prepared at your request and is not to be relied on by you or any other person as if it were an official statement of the account prepared by DSPML for its clients. DSPML does not warrant the accuracy or completeness of the information contained in this report. DSPML and its affiliates accept no responsibility or liability whatsoever for any reliance placed by any person on the report for any purpose whatsoever.

Past performance is not indicative of comparable future results and no projection, representation or warranty is made regarding future performance.

Not an Offer:

Neither the information nor any opinion expressed in the Site constitutes an offer by the DSPML group of companies to buy or sell any securities or financial instruments or provide any investment service.

None of the services, investments, securities or financial instruments referred to in the Site are available, and prospectuses in respect of them will not be distributed to persons resident in any territory where such distribution would be contrary to local law or regulation. The investment services and products mentioned in the Site may not be available in every jurisdiction. The information does not amount to a representation that the investment services and products are available for your specific use or otherwise provided to you.


Risk Warnings:

The contents of this Site do not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may access. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies referred to on this Site and should understand that statements regarding future prospects may not be realized. The value and income of any of the securities or financial instruments mentioned in the Site can fall as well as rise and an investor may get back less than he invested. Foreign-currency denominated securities and financial instruments, if and when permitted, are subject to fluctuations in exchange rates that could have a positive or adverse effect on the value, price or income of such securities and financial instruments. Past performance is not indicative of comparable future results and no projection, representation or warranty is made regarding future performance.

One or more of the DSPML group of companies may at any time be long or short any securities or financial instruments mentioned in the Site or have a material interest in any such securities or related investment, or may be the only market maker in relation to such investments, or provide, or have provided advice, investment banking or other services, to issuers of such investments. The site has been prepared by an entity which may have its own specific interest with respect to the issuer, the financial instruments and/or the transactions which are the subject matter of research featured on the site.

DSPML and/or its affiliates may, to the extent permitted by applicable law and/or regulation, trade for their own accounts as odd-lot dealer, market maker, block positioner, specialist and/or arbitrageur in any securities of the issuer(s) of the securities referred to in this Site or in related investments, and may be on the opposite side of public orders participate or invest in financing transactions with the issuer(s) of the securities referred to in this Site, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest or effect transactions in such securities or options thereon or investments related thereto.

DSPML may, to the extent permitted by applicable law and/or regulation, act upon or use the information or opinions presented on this Site, or the research or analysis on which they are based, before the material is published. DSPML may be providing, or may have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment. Additional information is, subject to duties of confidentiality, available on request. Some investments referred to on this Site will be offered solely by a single entity and in the case of some investments solely by DSPML, or an affiliate or associate of DSPML or DSPML may be the only market maker in such investment.

Tax Consequences:

The investment services and products mentioned in the Site may often have tax consequences; therefore, it is important to bear in mind that DSPML does not provide tax advice. The levels and bases of taxation can change. Investors' tax affairs are their own responsibility and investors should consult their own attorneys or other tax advisors in order to understand tax consequences of any products and services mentioned in the Site. As many of the products and services mentioned in the Site may be offered by members of the DSPML group outside of your country of residence, the regulatory requirements applying to those products and services, including any compensation arrangements, may be different from those of your country of residence.

Information Reliability:

The information presented in the Site (including any market data and real-time price feeds) was obtained from various sources; it is believed to be reliable but is subject to change at any time without notice. DSPML does not guarantee its completeness or accuracy. DSPML and its affiliates accept no responsibility or liability whatsoever for any reliance placed by any person on the report for any purpose whatsoever.


Mutual Fund Information:

None of the mutual funds referred to in this site are available, and no prospectuses in respect of them will be distributed, to persons resident in any territory where such distribution would be contrary to local law or regulation. Please note that these funds are available only to limited types of investors. Prospectuses for all available funds can be obtained by qualifying persons from a DSPML Financial Advisor.


TERMS AND CONDITIONS OF USE OF THE SITE

Terms and Conditions:

The following terms and conditions govern your use of the Site. By accepting and using the Site, you confirm that you are 18 years of age or older and you agree that these terms and conditions supplement, and shall be incorporated into, your existing account agreement with DSPML as though they were fully set out in that agreement which otherwise remains in full force and effect.

Vendor Licenses and Internet Access Services:

The Site is delivered by means of software made available to you by DSPML from unaffiliated vendors, including Netscape Communications Corporation, Microsoft Corporation, Adobe Systems Incorporated, and other vendor companies that may be added to the Site in the future. By accepting and using such software and Internet access services, you accept and agree to comply with the terms and conditions of all such software licenses and service agreements which will appear on screen when you install or sign on to the Site and/or are included with CD ROMs you receive.

No amendment, change or waiver of any such licenses and agreements, or of these terms and conditions, by any DSPML employee or representative is either authorized or permitted. DSPML bears no responsibility for your use of any third party vendor's software or services.

Copyright and Trademark:

All material presented on this Site, unless specifically indicated otherwise, is under copyright to DSPML, its subsidiaries and affiliates. The material is freely downloadable for browsing purposes only. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of DSPML. All trademarks, service marks and logos used on this Site are trademarks or service marks or registered trademarks or service marks of DSPML or one of its affiliates or other entities.

Use of Links:

Should the viewer leave this Site via a link contained herein, and view content that is not provided by DSPML, the viewer does so at its own risk. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed by DSPML. DSPML is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in such site, whether actual, alleged, consequential or punitive. DSPML makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.

Account Data Access:

The Site permits you to view account data for your primary DSPML account and any other accounts that are linked to such primary account for account statement mailing purposes. By accepting and using the Site, you represent on a continuing basis that you are authorized to have viewing access to any account for which you and other linked account parties have requested linking of account statements. DSPML will provide you with a User ID and password when you enroll to ensure the security of your account data and that of any other linked account parties, which you agree to safeguard. DSPML shall not be responsible for any breach of security caused by your failure to maintain the confidentiality of your User ID and password. DSPML reserves the right to change the User ID and password at any time on giving notice to you, and you agree to notify DSPML immediately if your password becomes known to an unauthorized person. All account data is provided as a convenience and for your information, but it is not the official record of your account activity with DSPML; your DSPML account statement remains such official record. Account data provided through the Site is generally updated as of the prior business day's close of business. However, equity prices and certain account activity information, including executed trades, dividends and interest received, completed transfers and deposits of securities or money, may be viewed as updated on an intra-day basis. All account data provided through the Site is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without first confirming its accuracy and completeness with your Financial Advisor. DSPML will not be responsible for any loss or damage that could result from your taking any such action if you do not first contact your Financial Advisor to confirm the accuracy and completeness of your account data. You agree and consent for DSPML to disclose information pertaining to your account, transactions or dealings with DSPML to its associates and affiliates within the Merrill Lynch group wherever situated, as may be necessary for inter-alia generating the reports and for internal data processing and management needs.

Quotes, News, and Research:

Quotes, news and research data provided on the Site are obtained from sources which we believe to be reliable, but we cannot guarantee the accuracy, timeliness or completeness of such information for any particular purpose. Such information and any Research opinions provided do not constitute investment advice, or a solicitation by DSPML for the purchase or sale of any securities or commodities (if and when permissible), or a representation that any securities or commodities are suitable for you. You should always contact your Financial Advisor before deciding to act upon any information you obtain through the Site or to determine whether any securities referenced in this Site are suitable for you.

DSPML is not agreeing to nor required to update research commentary and news stories; therefore that information may not reflect events occurring after the date of publication. DSPML is not responsible for any delays or errors in any information you obtain from the Site. If you download any information from the Site for your personal reference, you agree that you will not remove or obscure any copyright or other notices contained in any such information. Except as provided in the preceding sentence, you agree not to reproduce, modify, sell, distribute, broadcast, publish or use for any commercial or unlawful purpose any quotes, news, research or other information you receive through the Site.

Credit Ratings:

Display of and use of all credit ratings provided by various third party sources (collectively, "Credit Ratings") on the Site are proprietary to the owners thereof and are provided for your use in accordance with these terms and conditions. No proprietary rights are being transferred to you in such materials or in any of the information contained therein. In the event of any misappropriation or misuse, DSPML and/or the respective Credit Ratings licensors, as applicable, shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which they may be entitled.

Credit ratings are also protected by copyright and other intellectual property laws and may only be used for personal and non-commercial use, and not for providing professional investment advice or for providing securities processing services or other similar back office functions. If you download any information from the Site for your personal reference, you agree that you will not remove or obscure any copyright or other notices contained in any such information. Except as provided in the preceding sentence, you agree not to copy, reproduce, modify, sell, distribute, transmit, display, perform, circulate, transfer, broadcast, create derivative works from, publish, or use for any commercial or unlawful purpose any credit ratings you receive through the Site.

Furthermore, Credit Ratings displayed on the Site are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell, or hold any securities. Each Credit Rating or other opinion must be weighted solely as one factor in any investment decision made by or on behalf of you, and you must accordingly make your own study and evaluation of each security and of each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding, or selling. Credit Ratings are obtained from sources believed by DSPML to be accurate and reliable. Because of the possibility of human and mechanical error as well as other factors, however, Credit Ratings are provided "AS IS" without warranty of any kind, and DSPML and the credit rating licensors make no representation or warranty, express or implied, to you or any other person or entity as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any credit ratings.

Under no circumstance shall DSPML or the Credit Rating licensors have any liability to you or any other person or entity for (a) any loss, damage or other injury in whole or in part caused by, resulting from or relating to, any error (negligent or otherwise), or any other circumstance or contingency within or outside the control of DSPML or any of its directors, officers, employees or agents, or licensors, in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any Credit Ratings, or (b) any indirect, special, consequential, incidental or compensatory damages whatsoever (including, without limitation, lost profits), even if DSPML or the licensors shall have been advised in advance of the possibility of such damages, in either case caused by, resulting from or relating to the use of, or inability to use, any credit rating.

If any provision of this section of these terms and conditions is inconsistent with any other provision of these terms and conditions, then the provision contained within this Section shall control.

The status of any Credit Rating provided within the Site may be changed at any time. Credit Ratings are not updated on a real-time basis and you should verify the current status of any Credit Rating before relying on it to make an investment decision. The Credit Rating information shown within the Site does not reflect any "watch" status that may be associated with the Credit Ratings.

Regulatory Information:

The information contained herein is intended to be a general introduction for DSPML's private clients; it is not intended to reflect on any client's particular needs. It is strongly advised that clients obtain independent legal and tax advice before acting upon any information provided herein.

Some products and services may not be available in all jurisdictions or to all clients. DSPML is not authorised to conduct securities business in the United States or any other jurisdiction except India.

It is not intended to be either a specific offer by DSPML to sell or provide, or a specific invitation to apply for, any particular product or service. It does not have regard to the specific investment objectives, financial situation, and particular needs of, and does not represent investment advice or personal recommendation to any person. Clients should seek financial advice regarding the appropriateness of any investments or investment strategies discussed in this document. Investments are subject to risks including loss of principal amount. Past performance is not indicative of future performance. DSPML does not accept any liability whatsoever direct or indirect that may arise from the use of the information herein. Opinions expressed in this document are subject to change without notice.

Securities and Exchange Board of India Registration Nos. Stock Broking: NSE - INB/INF 231259236, BSE - INB/INF 011259232, OTC -INB201259232: Underwriter: INU000000605: Merchant Banker: INM000002236, Portfolio Manager: PM/INP 000000589, Depository Participant: IN-DP-NSDL-223-2001.

Registered Address: DSP Merrill Lynch Limited, 16th Floor, Express Towers, Nariman Point, Mumbai, Maharashtra 400 021. Tel.: (91-22) 6632 8000, Fax: (91-22) 2282 1827

General Terms

Deliberate misuse of any element of the Site including, without limitation, hacking, introduction of viruses or similar code, disruption or excessive use or any use in contravention of applicable law, is expressly prohibited and DSPML reserves the right to withdraw your User ID and password, terminate your access to the Site, and at DSPML's discretion, pass information to the legal authorities.

DSPML reserves the right at any time on giving notice to change or modify these terms and conditions or to impose new conditions in respect of the Site or to change or discontinue any aspect or feature of the Site. DSPML shall be entitled to terminate your access to the Site at any time on giving notice to you and in any event if you commit any breach of these terms and conditions. DSPML shall have no liability to you for such termination. Notices may be served by any reasonable method including posting on the DSPML web site.

You shall indemnify DSPML from and against all actions, claims, proceedings, costs and damages (including any damages or compensation paid by DSPML on the advice of its legal advisors to compromise or settle any claim) and all legal costs or expenses arising out of your use of the Site, and any breach by you of the software licenses and service agreements governing the software made available to you in connection with the Site. By accepting these terms and conditions, you expressly invite DSPML to call you about investments.

Disclaimer of Warranty and Limitation of Liability

NOTHING IN THIS AGREEMENT SHALL LIMIT THE LIABILITY OF DSPML FOR DEATH OR PERSONAL INJURY ARISING OUT OF THIS AGREEMENT CAUSED BY ITS NEGLIGENCE OR THAT OF ITS EMPLOYEES. NO COMPANY IN THE DSPML GROUP OF COMPANIES WARRANTS THAT THE SITE IS FIT FOR ANY PARTICULAR PURPOSE. ALL WARRANTIES REPRESENTATIONS AND CONDITIONS OTHER THAN THOSE SET OUT EXPRESSLY IN THIS AGREEMENT, WHETHER IMPLIED OR EXPRESS, STATUTORY OR OTHERWISE ARE FULLY EXCLUDED TO THE FULLEST EXTENT PERMITTED BY LAW. YOUR USE OF THE SITE IS ENTIRELY AT YOUR OWN RISK AND NEITHER DSPML, NOR ANY OF ITS AFFILIATES, DIRECTORS, OFFICERS OR EMPLOYEES, NOR ANY THIRD PARTY VENDOR WILL BE LIABLE OR HAVE ANY RESPONSIBILITY OF ANY KIND WHETHER IN CONTRACT, TORT OR OTHERWISE FOR ANY LOSS OR DAMAGE THAT YOU OR ANY OF YOUR LINKED ACCOUNT PARTIES INCUR IN THE EVENT OF ANY FAILURE OR INTERRUPTION OF THE SITE, OR INTERCEPTION BY THIRD PARTIES, OR RESULTING FROM THE ACT OR OMISSION OF ANY OTHER PARTY INVOLVED IN MAKING THE SITE AVAILABLE TO YOU, OR FROM ANY OTHER CAUSE RELATING TO YOUR ACCESS TO OR USE OF THE SITE , WHETHER OR NOT THE CIRCUMSTANCES GIVING RISE TO SUCH CAUSE MAY HAVE BEEN WITHIN THE CONTROL OF DSPML OR OF ANY VENDOR PROVIDING SOFTWARE OR SERVICES SUPPORT FOR THE SITE IN NO EVENT WILL DSPML OR ANY SUCH PARTIES BE LIABLE TO YOU IN CONTRACT, TORT OR OTHERWISE FOR ANY LOSS OF REVENUE, GOODWILL, BUSINESS, CONTRACTS, PROFITS, DATA OR FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR INCIDENTAL DAMAGES WHATSOEVER EVEN IF DSPML OR ANY OTHER PARTY HAVE BEEN ADVISED OF THE POSSIBILITY THEREOF. DSPML OR ANY SUCH PARTIES SHALL HAVE NO LIABILITY WHATSOEVER FOR YOUR USE OF ANY THIRD PARTY VENDOR'S PRODUCTS OR SERVICES.

Nothing in this agreement shall limit the duty or liability of DSPML which is owed to its customers which arises under a specific regulatory system applicable to DSPML to the extent that it is not reasonable for DSPML to rely or seek to rely on such an exclusion.

You agree that authorized DSPML employees may access data relating to your account via the Site, to the same extent that they may access such data by other means of communications.

These terms and conditions shall be governed by and interpreted under the laws of India.

Whether or not you actually read these terms and conditions, your use of the Site will be deemed as acceptance of them. The contract entered into upon receipt by DSPML of your acceptance shall be deemed concluded in India.