Deutsche Bank Announces the Establishment of A Rule 144A Global Depositary Receipt Program and Secondary Offering of Regulation S Global Depositary Receipts for Indiabulls Financial Services Limited

Indiabulls is a diversified financial services company whichprovides brokerage activities in equities, derivatives and fixedincome securities. The company also provides depositary services forlisted shares, equity research services, insurance distribution andother non-banking financial services.*

Akbar Poonawala, Head of Global Equity Services at Deutsche Banksaid, "We are pleased to be working with Indiabulls on their new issueof Rule 144A GDRs and secondary offering of Regulation S GDRs. We willcontinue to support the company in maintaining its profile with theinternational investor community."

Mr Sameer Gehlaut, Chairman and Chief Executive Officer ofIndiabulls said, "We are happy to be working again with Deutsche Bankon these new GDR programs and look forward to continuing our strongrelationship with the bank."

About Deutsche Bank

With Euro 964 billion in assets and 63,652 employees, DeutscheBank offers unparalleled financial services in 74 countries throughoutthe world. Deutsche Bank competes to be the leading global provider offinancial solutions for demanding clients creating exceptional valuefor its shareholders and people.

Deutsche Bank ranks among the global leaders in corporate bankingand securities, transaction banking, asset management, and privatewealth management, and has a significant private and business bankingfranchise in Germany and other selected countries in ContinentalEurope.

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Deutsche Bank, through its Trust & Securities Services business,is one of the leading depositary banks for American DepositaryReceipts (ADRs) and GDRs and a pioneer in the processing of GlobalRegistered Shares. It currently administers over 150 programs forissuers in more than 35 countries. Trust & Securities Services atDeutsche Bank is also a leader in supporting complex debt structures.Through a fully integrated network of specialist offices worldwide,the group provides domestic custody in 26 securities markets as wellas trustee, agency, depositary, SPV management and related servicesfor all types of financing including bonds, medium term note andcommercial paper programs, asset backed and mortgage backedsecurities, CDOs, SIVs, project financings, escrows and syndicatedloans.

This announcement appears as a matter of record only. Thisannouncement has been approved and/or communicated by Deutsche Bank AGLondon.

*Source: Indiabulls Financial Services Limited (August 2005)

The Depositary Receipts have not been registered pursuant to theUS Securities Act of 1933 (the "Act") and were sold pursuant to anexemption therefrom. Such Depositary Receipts may not be sold in theUnited States absent registration or applicable exemption from theregistration requirements of the Act. The investment or investmentservice which is the subject of this announcement is not available toprivate customers as defined by the UK Financial Services Authority.This announcement has been approved and/or communicated by DeutscheBank AG London. The services described in this notice are provided byDeutsche Bank Trust Company Americas (Deutsche Bank) or by itssubsidiaries and/or affiliates in accordance with appropriate localregistration and regulation. Deutsche Bank is providing the attachednotice strictly for information purposes and makes no claims orstatement, nor does it warrant or in any way represent, as to theaccuracy or completeness of the details contained herein or therein.Neither this announcement nor the information contained hereinconstitutes an offer or solicitation by Deutsche Bank or any otherissuer or entity for the purchase or sale of any securities nor doesit constitute a solicitation to any person in any jurisdiction wheresolicitation would be unlawful. No part of this announcement may becopied or reproduced in any way without the prior written consent ofDeutsche Bank. Past results are not an indication of futureperformance.