Contact: Madonna Jarrett
Deloitte Touche Tohmatsu
Global Corporate Communications
+852 9686 1660

Mumbai, August 16, 2004 — An agreement has been reached between AF Ferguson & Co. (Ferguson) and Deloitte subject to the relevant due diligences which will strengthen Deloitte’s leading position in one of the world’s most important developing markets. Ferguson with its 110 year history in India, will give Deloitte even greater capacity to provide services to some of the world’s largest multinationals and India’s most prestigious and well respected businesses.

Ferguson will join the existing Deloitte Haskins & Sells Firms, C.C.Chokshi & Co., Fraser & Ross, P.C.Hansotia & Co. and S.B.Billimoria & Co. in serving Domestic and International entities in India.

Deloitte's Asia Pacific CEO, Manoj Singh said, "Deloitte recognises India as one of the fastest growing economies in the world. India is strategic to Deloitte’s growth plans. Our strength and capability will be boosted by the addition of the well respected and qualified professionals from Ferguson."

He continued, "this transaction includes the oldest accounting firms in India who will be working together. The firms share similar values, respect for tradition and recognition of business needs — key reasons why we at Deloitte believe the proposed arrangements will work for both Deloitte and Ferguson."

Mr Singh said, "Asia Pacific will lead Deloitte’s global growth over the next five years, with India being a key component of that strategy. We need to continue to provide our clients in India and the region with quality service and we need professionals, like those at Ferguson, to make this happen for us."

Under the proposed new arrangements, Messrs. A.K. Mahindra and N.P. Sarda become Non-Executive Co-Chairmen of DH&S India and Messrs. Dileep C. Choksi, Udayan Sen and Mukund S. Dharmadhikari the Joint Managing Partners of DH&S.

About Deloitte Touche Tohmatsu in India and Asia Pacific
Deloitte in Asia Pacific is the fastest growing professional services organisation. We have 21,000 experienced industry and technical professionals and other people located more than 120 cities in 26 countries. Our market stretches from New Zealand to the People's Republic of China, and from Guam to Pakistan. Our offices are strategically placed, and provide our clients with the right combination of international and local expertise.

Our practices have received various awards including: being recognised as the world’s best in securitisation and tax advisory services; a client service excellence award; and recognition for our commitment to Deloitte people — including a caring company ward and recognition as an employer of choice.

About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms, and their respective subsidiaries and affiliates. Deloitte Touche Tohmatsu is an organization of member firms around the world devoted to excellence in providing professional services and advice, focused on client service through a global strategy executed locally in nearly 150 countries. With access to the deep intellectual capital of 120,000 people worldwide, Deloitte delivers services in four professional areas — audit, tax, consulting, and financial advisory services — and serves more than one-half of the world’s largest companies, as well as large national enterprises, public institutions, locally important clients, and successful, fast-growing global growth companies. Services are not provided by the Deloitte Touche Tohmatsu Verein, and, for regulatory and other reasons, certain member firms do not provide services in all four professional areas.

As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other’s acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names "Deloitte," "Deloitte & Touche," "Deloitte Touche Tohmatsu," or other related names.