Mahindra & Mahindra Financial Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 22, 2008, inter alia, has transacted the following:

1. The Board has recommended a Dividend @ 45 % i.e. 4.50 per Equity Share of the face value of Rs 10 each to the shareholders of the Company for the financial year ended March 31, 2008.

2. Mr. Anand Mahindra has resigned as a Director of the Company. Consequently, he ceases to be a non-executive Chairman of the Company.

3. Mr. Bharat Doshi has been appointed as the Non-Executive Chairman of the Company.

4. Mr. Uday Y Phadke has been appointed as the Non-Executive Vice-Chairman of the Company.