IIFL-Auerbach Grayson: Mutual Decision to End Partnership

MUMBAI - After nearly one and a half years of association, IIFL and Auerbach Grayson have mutually decided to part ways. The partnership will terminate with effect from 10th of June, 2009.

In line with the goal to build a direct presence in US, IIFL has recently hired Anindya Chatterjee to head its efforts in the US. Anindya brings more than fifteen years of capital markets experience to IIFL. Prior to joining IIFL, Anindya has held senior roles as Managing Director at Jefferies & Co, where he headed Emerging Asian (China & India) equity research, as Strategist and Economist focused on Non-Japan Asia for Bear Stearns & Company in Hong Kong, IDEA INC. in New York, and NatWest Markets in Singapore. He also was the Head of Research at ANZ Investment Bank in India.

IIFL is the institutional equities division of India Infoline Ltd. In less than two years, IIFL has already won recognition from a number of clients as a house with top-quality, incisive and timely research. IIFL’s client roster includes leading foreign and domestic institutional investors. India Infoline is a listed multi-services financial services company with a market capitalization of about US$1 billion. IIFL currently has offshore offices at New York, Dubai and Singapore.

About IIFL

IIFL is a premier institutional equities house with activities spanning investment banking, equity research and private equity. Headquartered in the financial hub of Mumbai, India; IIFL has overseas offices in Singapore, Dubai and New York. With a team of 25 research analysts, IIFL provides in-depth analysis of India with plans to extend its presence to other Asia Pacific markets.

IIFL is a part of the India Infoline group, comprising the holding company, India Infoline Ltd (NSE: INDIAINFO, BSE: 532636) and it’s subsidiaries, which is one of the leading players in the Indian financial services space. India Infoline offers advice and execution platform for the entire gamut of financial services covering products ranging from Equities and derivatives, Commodities, Wealth management, Asset management, Insurance, Fixed deposits, Loans, Investment Banking, GoI bonds and other small savings instruments. It owns and manages the website, www.indiainfoline.com, which is one of India’s leading online destinations for personal finance, stock markets, economy and business.

India Infoline has recently been awarded the ‘Best Broker, India’ by FinanceAsia and the ‘Most improved brokerage, India’ in the AsiaMoney polls. India Infoline has also won the ‘Fastest Growing Large Broking House’ award by Dun & Bradstreet. A forerunner in the field of equity research, India Infoline’s research is acknowledged by none other than Forbes as ‘Best of the Web’ and ‘…a must read for investors in Asia’. India Infoline’s research is available not just over the Internet but also on international wire services like Bloomberg, Thomson First Call and Internet Securities where it is amongst one of the most read Indian brokers.

A network of 1,361 business locations spread over 428 cities and towns across India facilitates the smooth acquisition and servicing of a large customer base. All our offices are connected with the corporate office in Mumbai with cutting edge networking technology. The group caters to a customer base of about a million customers, over a variety of mediums viz. online, over the phone and at our branches.

India Infoline refers to India Infoline Ltd and its group companies.

For further information, please contact: Anindya Chatterjee, IIFL Inc 28 West, 44th Street, 16th floor, New York - NY 10036 Tel: +1-646-248-0525 Fax: +1-646-429-1495 Email: anindya@iiflcap.com Harshad Apte, India Infoline Ltd. 75, Nirlon Complex, Off: W.E.Highway, Goregaon (East), Mumbai - 400065 Tel: +91-22-4249-9300 Fax: +91-98676-86233 Email: harshad@indiainfoline.com

Source: India Infoline Ltd

For further information, please contact: Anindya Chatterjee, IIFL Inc, 28 West, 44th Street, 16th floor, New York - NY 10036, Tel: +1-646-248-0525, Fax : +1-646-429-1495, Email: anindya at iiflcap.com. Harshad Apte, India Infoline Ltd. 75, Nirlon Complex, Off: W.E.Highway, Goregaon (East), Mumbai - 400065, Tel: +91-22-4249-9300, Fax: +91-98676-86233, Email: harshad at indiainfoline.com