Mumbai, Dec 17, 2003:

CRISIL, India's leading Ratings, Financial News, Risk and Policy Advisory company, announced today that its Board has approved the acquisition of 100% of the equity of London based EconoMatters Ltd. (EconoMatters) and its subsidiary companies. EconoMatters and its subsidiary companies are the leading providers of business advice and information services to the energy and gas industry, serving global majors, multi-laterals and leading international banks.

R. Ravimohan, Managing Director and Chief Executive Officer of CRISIL Ltd, said, "This acquisition represents CRISIL's first major international foray. We have worked with the company in the past and are impressed with the depth of knowledge and expertise of James Ball and the team. CRISIL hopes to propel and to participate in the greater global spread and growth of EconoMatters. Together, our natural footprint of activity is greater, as is our ability to serve it. Acquiring the international exposure will also be tremendous added value for CRISIL's already significant client base and talent pool."

Over a period of time, CRISIL has built significant consulting capabilities in India and other Asian and southern countries. It has a large pool of talent and resources to support growth initiatives. Hemant Joshi, Executive Director and COO, CRISIL added: "Our strategy will be to grow the business of EconoMatters and its subsidiaries Gas Strategies Consulting Limited, Alphatania Limited, Gas Matters Limited and Overview Conferences Limited by synergising their strengths with the capabilities of CRISIL. We will attempt to capture the emerging opportunities in the gas business across the world. Our aspirations are to be a global leader in this business, and we believe that with EconoMatters' expertise and support we will succeed."

Ms Clare Spottiswoode, who was the first gas regulator in the world to fully open a gas market to competition and who will be the Chairman of EconoMatters said, "This is a good deal – for all stakeholders, particularly our customers. Our global expertise, blended with CRISIL's depth of talent and financial resources, should propel this combine to a position of global leadership."

Mr James Ball, co-founder of EconoMatters and an acknowledged global gas guru, stated, "Gas, in particular LNG, is the fastest growing mainstream energy and provides a vital bridge to the sustainable future so many hope for. Our newly resourced company is ideally placed to serve the varied regional needs of genuinely diverse globalism. The synergy of cultures, outlooks and experience mean that we can serve existing customers better and keep pace with new geopolitical business models as they emerge. I am excited at the tremendous prospects that arise from joining of our company's strengths with CRISIL's."

"The gas sector in India is on the threshold of major transformation," said Hemant Joshi, "especially with significant recent new reserve discoveries and the imminent start-up of LNG imports. We are positioned to play an important role in this transformation, with deep Indian expertise and good international awareness. Acquisition of EOM will increase the quality and level of both attributes and stand us in very good stead indeed."

The transaction is subject to relevant statutory approvals. The deal size is competitive for EOM's shareholders and is around 15% of CRISIL's networth. The entire payment will be met out of CRISIL's internally generated resources. The combined revenues of CRISIL and EconoMatters were over US$ 22 million last year. Following the acquisition, the Board of EconoMatters will be reconstituted. Three of the present EconoMatters board members will join the new company. Ms. Clare Spottiswoode will be the Chairman, James Ball will serve as President and Chief Mentor, and David Ledesma will be Managing Director and Chief Executive. R Ravimohan, Managing Director and CEO, CRISIL, Hemant Joshi, Executive Director and COO, CRISIL and Roopa Kudva, Executive Director and CRO, CRISIL will join the EconoMatters Board. The best of the existing culture, style and functioning of the organisation that built its current reputation will continue.

Upon conclusion of the deal, integration efforts will begin in earnest. In Q1 2004, the management teams of CRISIL and EconoMatters will begin working closely together to lay out a business strategy and implementation plan. "Our aim," said James Ball, "is to be more, much more, than the sum of our parts."

EconoMatters is the holding company of Gas Strategies Consulting Limited, Alphatania Limited, Overview Conferences Limited and Gas Matters Limited.

A leading global consulting firm in the business domain of natural gas and liquefied natural gas (LNG), Gas Strategies focuses on market studies, project finance due diligence, regulation and liberalisation of markets, pipeline financial and demand studies, pricing and contracts. Gas Strategies' data provision service GasStrategiesOnline provides gas pricing and supply/demand data, and an LNG database to companies worldwide. Alphatania is a-one-of-a-kind training system, which, through simulated case studies, lecture and staff access, builds institutional capabilities in organisations in the gas business globally. Overview Conferences hosts and provides input to high quality conferences in the gas business. And Gas Matters is a well-regarded monthly journal on the global gas business. Together with its electronic daily version, Gas Matters Today, and its online service and archive, GasMattersOnline, this journal is a must-read for professionals, policy makers and regulators globally.

Clients of the EconoMatters group span global leaders in the energy and gas industry such as, BP, Shell, ExxonMobil, Total, BG, ChevronTexaco, RWE, Petronas, Statoil, ConocoPhillips, Gasunie, Gaz de France, NationalGridTransco, Sasol, and many others, including companies from gas-producing countries in Middle East, Africa, Europe and Asia. Gas Strategies also has an impressive record as a gas project finance advisor to international banks, such as RBS, ABN AMRO, Société Générale, HSBC and Citigroup; and Export Credit Agencies such as JBIC, SACE, ECGD and US Exim; along with multilaterals such as the World Bank and EBRD. Gas Strategies has a substantial and respected resource base of associates with well over 100 years of consulting experience.

CRISIL is a widely held company, originally promoted by leading Indian financial institutions and Asian Development Bank. It has a strategic tie-up with Standard and Poor's, the world's leading rating agency.

CRISIL has considerable experience in the policy and risk advisory business. CRISIL's Infrastructure Advisory is a leading consultant in the gas and energy domain in India where it has played a major role in LNG import schemes. EconoMatters will add international skills to CRISIL, just as CRISIL will add new reach to EconoMatters.

For further information please contact:
For CRISIL:

Hemant Joshi
Executive Director and Chief Operating Officer
+91 22 66913443
hjoshi@crisil.com

R. Ravimohan
Managing Director and Chief Executive Officer
+91 22 66913333
ravimohan@crisil.com

CRISIL website: www.CRISIL.com

James Ball
+44 (0)20 7650 1450
j.ball@gas-strategies.com

David Ledesma
+44 (0)20 7650 1455
d.ledesma@gas-strategies.com

Attached please find material with a short description of each business of EconoMatters including website addresses and a short description on CRISIL's businesses.