Rajnish Narula appointed Chief Executive of DBS Cholamandalam Asset Management
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Chennai, July 3, 2006: DBS Cholamandalam Asset Management Limited, has announced that Mr Rajnish Narula will be the company's new Chief Executive, effective June 23, 2006

DBS Chola AML, a subsidiary of Cholamandalam DBS Finance Limited, a joint venture between the Murugappa Group and DBS Bank of Singapore, is the investment manager of DBS Chola Mutual Fund.

Mr MA Alagappan, Chairman of the company said, "I am pleased to welcome Mr Rajnish Narula to DBS Cholamandalam. With his rich experience in banking and financial services, I am confident Mr Narula will provide the leadership that will enable the company achieve its plans for accelerated growth."

Mr Narula was earlier the Chief Executive Officer of Alliance Asset Management Limited. He has over two decades of experience in banking with ANZ Grindlays Bank (and, subsequently, Standard Chartered Bank) where he was the Head of Investment Services and Priority Banking.

Mr Narula's appointment follows the secondment of Mr Sashi Krishnan to DBS in Singapore. Mr Krishnan will work closely with the DBS South and Southeast Asia team in the areas of strategic planning and business development.

Extending a warm welcome to Mr Narula, Mr Rajan Raju, Director of DBS Cholamandalam and Managing Director - South and South East Asia, DBS Bank said, "The Asset Management business has immense potential in India. At this time, we are looking to leverage the existing strengths of DBS Chola with the pan-Asian capabilities of DBS in this area. We are delighted to have Mr Narula on board to lead the company's growth."

Mr Rajnish Narula said, "I am very excited about this assignment. DBS Chola represents the coming together of two great institutions, their strengths and their values. I look forward to this opportunity to take DBS Chola Mutual Fund to a position of leadership in the coming years."

About DBS
Headquartered in Singapore, DBS is one of the largest financial services groups in Asia. The largest bank in Singapore and the fifth largest banking group in Hong Kong as measured by assets, DBS has leading positions in consumer banking, treasury and markets, asset management, securities brokerage, equity and debt fund raising. Beyond the anchor markets of Singapore and Hong Kong, DBS serves corporate, institutional and retail customers through its operations in Thailand, Malaysia, Indonesia, India and The Philippines. In China, the Bank has branches and representative offices in Shanghai, Beijing, Guangzhou, Shenzhen, Fuzhou, Tianjin, Dongguan and Hangzhou. The Bank's credit ratings are one of the highest among banks competing in the Asia-Pacific region, and the highest among banks in Singapore. More information about DBS Group Holdings and DBS Bank can be obtained from our website (www.dbs.com).

About DBS Cholamandalam Asset Management Limited
DBS Cholamandalam Asset Management Limited (DCAM) is the asset management company and the investment manager of DBS Chola Mutual Fund, which offers mutual funds to retail, high networth and institutional investors. Established in 1996, the company manages funds in excess of Rs.2750 crore (as on May 31, 2006) across 17 schemes with over 200,000 customer accounts. Known for its prudent and disciplined investment philosophy, DCAM products cover the entire range of cash, debt and equity asset classes. DCAM is present in over 22 locations in the country and also has a strong distribution network.

About Cholamandalam DBS Finance Limited
Cholamandalam DBS Finance Limited (Chola DBS) along with its subsidiaries and affiliates offers individual and institutional customers a range of financial services - automobile finance, personal loans, capital market finance, mutual funds, securities broking and distribution of investment and insurance products. Chola DBS shares are listed on Bombay (BSE) and National (NSE) stock exchanges. (www.cholamandalam.com).

Chola DBS is a joint venture of India's Murugappa Group and DBS Bank of Singapore, the largest bank in South East Asia. The Rs.7300-crore Murugappa Group, is a pioneer and market leader in several fields with over 40 manufacturing operations across 12 states in India, and a strong presence in farm inputs, engineering and cycles, sugar, abrasives, finance, general insurance, sanitary ware, plantations, bio-products and nutraceuticals.

Contact Information

Anu Lakshman
IPAN
Tel: 044-28207005
Email: anu.lakshman@jwt.com

Chandrika Raman
Sr. Manager-Group Corporate Communications
Murugappa Group
Tel: 044 - 25306535 / 98400 71172
Email: ChandrikaR@corp.murugappa.com