Advisor to Motilal Oswal in Raising Private Equity Funding From New Vernon Private Equity and Bessemer Venture Partners.

Mr. Mark Rubin, a nominee of New Vernon, would be appointed on the Board of MOFSL.

MOFSL has plans to take its market share from 4% to 10% by 2010 with the highest ROE in the industry.

MOFSL also would be shortly commencing the business of investment banking services and private equity investments to further consolidate its position in the securities business by leveraging its core strengths in SOLID RESEARCH and THE BIGGEST DISTRIBUTION.

Motilal Oswal Financial Services Limited is the holding company of Motilal Oswal Securities Limited (MOSL), Motilal Oswal Commodities Broker Private Limited (MOCBPL), Motilal Oswal Venture Capital Advisors Private Limited (MOVCAPL) and Motilal Oswal Investment Advisors Private Limited (MOIAPL).

MOSL is a leading research and advisory based stock broking house of India, with a dominant position in both institutional and retail broking. Asia Money Brokers Poll 2005 has ranked MOSL as the best Indian brokerage firm. There are various other categories where the Brokers Poll has rated MOSL as number one - most independent research, sales and service etc.

In March 2006, AQ. Research, a firm based in U. K., that analyses the accuracy of a broker’s research call, declared MOSL the best research house for Indian stocks.

The retail business unit of MOFSL provides equity investment solutions to more than 161,000 clients through more than l000 outlets spanning 375 cities across India. MOFSL provide advice-based broking (equities and derivatives), portfolio management services (PMS), e-Broking, depository services, commodities trading, IPO and mutual fund investment advisory and distribution services. Recently, MOFSL has acquired 3 regional brokerage firms.

New Vernon Private Equity Limited (formerly New Vernon Bharat) is part of New Vernon Capital, a New Jersey, USA based India focused investment fund founded by former Merrill Lynch Global Executive VP Arshad Zakaria. New Vernon Capital is a long-term investor in India across asset classes and has investors from several prestigious investors including university endowments and insurance companies. Since its inception in October 2004, the fund has raised over USD 1.1 billion for the Indian Markets.

Bessemer Venture Partners is the oldest venture capital and private equity firm in the United States, with investments throughout the world. With offices in Silicon Valley, Boston, New York, Shanghai, and Mumbai, the firm manages two billion dollars of venture funds, carrying on a tradition of hands-on, active investing that has continued since 1911. Over 100 Bessemer companies have gone public, including American Superconductor, Ciena, Gartner Group, Ingersoll Rand, International Paper, Maxim, Parametric, Perseptive Biosystems, Staples, VeriSign, Veritas and W.R. Grace. The presence of BVP in India represents the Firm’s first office outside North America in its 95-year history.