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ABOUT AXIS BANK

Axis Bank is the third largest private sector bank in India. Axis Bank offers a vast spectrum of services encompassing Large and Mid-

Corporate Banking, SME Banking, Agri-Business Banking, Retail Bankingand International Banking.

Axis Bank has a network of over 1100 branches and 4900 ATMs. Thebranches, spread across more than 650 cities and towns.

It caters to both the retail and the corporate segment.

The Bank was promoted jointly by UTI, LIC and GIC and other four PSUinsurance cos, i.e. National Insurance Co. Ltd., The New India AssuranceCo. Ltd., The Oriental Insurance Co. Ltd. and United India Insurance Co.Ltd.

Axis Bank has the largest EDC network, the third largest ATM network inIndia and also has the fourth largest base of debit cards in the country.

Axis Bank has a customer base of over 150 Lakhs.

The market capitalisation of the Bank as on November 16, 2010 (dealdate) is Rs. 61,420 crores (NSE) which makes the Bank the fourth largest interms of market cap in India.

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ABOUT ENAM SECURITIES

Enam is one of the leading investment banking and securities firmsin India with 450 employees and offices in 12 cities.

It has deep relationships with a marquee list of companies andinstitutional investors as well as a dominant retail distributionfranchise.

Enam Investment Banking is a leader in the Indian Equity Capitalmarkets and has been a lead manager by value in India over the lastdecade.

It has brought to market more than 75 companies in the last fiveyears alone.

Enam Institutional Equities is one of the leading institutionalbrokers with over 200 active clients across the world. It is wellregarded for its insightful research and global reach.

It leads in QIB mobilisation with an approximate 20% share of allinstitutional demand across all public offerings.

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DEAL-HIGHLIGHTS

According to the proposed scheme Enam would transfer its investment banking,retail andinstitutional equities, corporate advisory and stock broking businesses toAxis Bank while it isunderstood that the asset management and insurance businessof Enam is not a part of thetransaction. All the Demerged activities will be vestedinto the whole subsidiary of Axis (Axis securities andsales limited (ASSL)). Thetransaction involves the merger of Enams investment banking subsidiary withAxisSecurities and Sales Limited under a scheme of arrangement that would entitleEnamshareholders to receive 5.7 Axis Banks shares against 1 share held inEnam. The promoters of Enam willhold a 3.7 per cent stakein Axis Bank asconsideration postdemerger. The deal works out to be a perfect strategic fit forAxis Bank as it gives the bank an entry intothe equity capital market relatedbusinesses, where the bank is virtually absent.

Through this transaction, AxisBank will get Enam's investment banking, institutional equities,retail equities, andrelated businesses such as distribution of financial products, NBFC, etc, along with

400 Enam employees. Enams Vallabh Bhanshali will get an Axis board seat - andManishChokhaniwill be the MD and CEO of the newly formed entity