The Financial Express - CLARIFICATION

- Thursday, 22 August, 2002, Edition : Mumbai

"The Financial Express, Mumbai edition issue dated July 5, 2002 had published a news report titled "Blue Dart FedEx May Part Ways, Chairman's Stake on the Block". Blue Dart has clarified that their agreement with FedEx expires on September 30, 2002, and Blue Dart has opted not to renew it for reasons known to the parties concerned, Blue Dart has further clarified that it enjoys the full support of the Chairman, Mr. Tushar Jani and vehemently deny that he intended to divest his stake in Blue Dart.

The contents of the above referred news report appeared inaccurate to the extent stated above."

Blue Dart also clarifies that their decision to end their arrangement with FedEx was an independent and unanimous Board decision and has not had any impact of any of their clients. Blue Dart's client still continue to use Blue Dart services as before.

The contents of the above referred news report appeared inaccurate to the extent stated above."

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Dated : August 12, 2002