Mumbai,February 15, 2015: JM Financial Foundation, the philanthropic arm of JM Financial Group today successfully organised its annual charity event “Walkathon 2015”. The walk began at 07:30 am from opposite NCPA Apt, Nariman Point and was flagged off by Mr. Nimesh Kampani, Chairman, JM Financial Group.

The six-km walk along Marine Drive, held under the JM Financial Foundation, had ‘Walk for a better future’ as the theme and it raised contributions from participants to fund the philanthropic activities of the Foundation, apart from stressing the power of walk as an exercise and step towards progress.

The Walkathon has been instrumental in improving the lives of many ever since its inception. The campaign was extended for the first time this year to online platforms such as Facebook (www.facebook.com/JMFFWalkathon) and Twitter(www.twitter.com/JMFFWalkathon)). This has helped amplify the message and reach out to a wider audience, especially the youth. This initiative also successfully opened up a dialogue on important issues such as rights of the girl child, youth empowerment and healthcare among others.

Another first was that the registration process this year included a minimum charity contribution of Rs. 500, 100% of which was donated to the charity of choice of the person registering. JM Financial Foundation did not take any fee towards organizing the event.

Speaking on the occasion, Mr. Nimesh Kampani, Chairman JM Financial group said: "The simple act of walking can help change lives! This year we have taken the next step towards including many more people in the movement by taking the conversation online. We would like to thank all members of the JM Financial family, clients, our NGO partners and many others who joined us this year to make a positive difference to the lives of the lessprivileged”.

About JM Financial Foundation

JM Financial Group has actively adopted Social Responsibility as a key component of its corporate citizenship and have supported various philanthropic initiatives over three decades. JM Financial Foundation supports the causes of strengthening and uplifting the lesser privileged communities by enabling them to be self - reliant by supporting a wide range of socio-economic, educational and health initiatives.

For more details:

Manali Pilankar, Corporate Communications, JM Financial

Mobile -9702292446 / Email –manali.pilankar@jmfl.com

Mumbai, January 28, 2015: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter and nine months ended December 31, 2014.

Consolidated Results – Key Highlights:

FY 15 – Q3 compared to FY 14 – Q3

• Total income increased by 65% to Rs. 366.56 crore from Rs. 221.93 crore
• Profit before tax increased by 123% to Rs. 137.33 crore from Rs. 61.65 crore
• Net profit after tax, minority interest and share of associates increased by 97% to Rs. 87.03 crore from Rs. 44.16 crore

FY 15 – 9 months compared to FY 14 – 9 months

• Total income increased by 34% to Rs. 1,010.18 crore from Rs. 751.51 crore
• Profit before tax increased by 72% to Rs. 358.46 crore from Rs. 209.00 crore
• Net profit after tax, minority interest and share of associates increased by 58% to Rs. 237.57 crore from Rs. 150.10 crore

The Earnings per share and Diluted Earnings per share, for the nine months ended December 31, 2014 is Rs. 3.10 and Rs. 3.06 respectively (not annualised).

The Board of Directors has declared an interim dividend of Re. 0.55 per share of the face value of Re. 1 each, which will result in cash outflow of Rs. 45.38 crore, including dividend distribution tax.

Commenting on the quarterly results, Mr. Nimesh Kampani, Chairman, JM Financial Group,stated,

“During the quarter, we continued to drive profitability and revenue growth, with continuous efforts at strengthening all our businesses which remains the central focus of our endeavors. The group’s fund based activities and Mutual Fund Asset management businesses have done well during the quarter. Our focus on asset quality and net interest margin provides a solid foundation to our growth in the fund based business. During the quarter, JM Financial was awarded the “Best M&A House in India” for 2014 by The Asset Magazine as part of its Triple A Country Awards.

By cutting the key policy rates, the Reserve Bank of India has set the tone for the broader fiscal consolidation efforts of the government. Going forward, we expect the momentum to pick up and foresee increase in the economic activity in 2015.”

Business Update

Investment banking and securities business:

During the quarter under review our Investment banking business executed the following deals:

• Acted as managers to Qualified Institutional Placement by Ceat Ltd – Rs. 400 crore.
• Acted as managers to Future Group on investment by Premji Invest of Rs.175 crore.
• Acted as managers for the Open Offer to the shareholders of Network 18 Group – Rs.2,295 crore.

The pipeline of our investment banking business continues to remain healthy with several mandated transactions under execution.

The Institutional Equities Business has seen an improvement in traction with clients both overseas as well as on the domestic markets with active interaction by its research and sales divisions.

We held our India conference in Mumbai in the month of November 2014 which was well received by both investors and corporates alike. A total of 79 corporates & 110 funds attended the conference which was held over 2 days.

In the wealth management business, the assets under management stood at approximately Rs.20,188 Crore as on December 31, 2014.

In the distribution business, we have a large network of approximately 7,400 active Independent Financial Distributors (IFDs) who distribute various financial products across the country. We have presence in 256 locations spread across 111 cities through a network of branches and franchisees. During the quarter, we mobilized more than Rs.850 Crore in fixed deposit schemes and fixed income products of various companies.

Fund based activities:

We continued lending activities in the areas of loan against securities and loan against commercial real estate / properties. Loan against securities include products like Loan against shares, Sponsor Funding, Margin Funding, ESOP funding and IPO funding. We announced the infusion of funds in our real estate lending company through investment of Rs.540 crore from a Global Fund led by Mr. Vikram Pandit and the infusion of Rs.360 crore by JM Financial Limited to this business. The overall funding book stood at Rs. 4,856 Crore as on December 31, 2014. The treasury book as on December 31, 2014 for the fixed income securities stood at Rs. 643 Crore. We raised funds through various money market instruments, other medium to long term instrument and secured credit facilities from Banks.

Post the introduction of revised regulations by Reserve Bank of India, the asset acquisition activity by the asset reconstruction companies has seen a sharp decline. During the quarter, Banks continued to announce auctions for sale of non-performing assets. However, deal closure was low. We closed a few deals including acquisition of a fresh non-performing asset portfolio. During the quarter, we made recoveries from already acquired accounts majorly backed by recovery from sale of assets and restructured accounts.

The Indian banking system has a high level of non-performing and restructured assets. There is a continuous regulatory push on Banks from Reserve Bank of India to sell their non-performing assets to asset reconstruction companies. The following quarter is also the last quarter when Banks can take advantage of spreading the loss on sale of non-performing assets over a period of 2 years in terms of RBI’s facilitation. Considering this, it is expected that the sale of non-performing assets will see an increase in the near term.

Alternative Asset Management:

At the end of the quarter, the combined AUM/AUA of the private equity fund and real estate fund stood at around Rs.975 crore.

JM Financial India Fund (the Fund), our private equity fund partly exited one of its investments during this quarter. The Fund is working closely with its portfolio companies in helping them grow their businesses as well as to seek exit opportunities.

JM Financial Property Fund continues to focus on exploring exit opportunities from the residual investments. JM Financial Property Fund I exited investment and distributed the proceeds received from the same during the quarter. With this distribution, the scheme has made gross distributions of Rs 108.6 Crore, representing 50.5% of the capital contribution.

Asset Management:

The AUM of the Asset Management Business continued to grow during the quarter. The average AUM in our Mutual Fund as on December 31, 2014 stood at Rs. 14,240 crore. The average AUM under Equity schemes was at Rs. 7,128 crore and under the Debt Schemes was at Rs. 7,112 crore.

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Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, November 20, 2014: JM Financial announced today that it has received a significant capital investment in its real estate lending subsidiary company, FICS Consultancy Services Limited (FICS). The capital investment of Rs. 540 crore comes from a Global Fund led by Mr. Vikram Pandit.

JM Financial Limited has provided additional capital of Rs. 360 crore to this business bringing the total capital commitment to Rs. 900 crore. The additional capital will enhance the real estate lending and financing business of JM Financial.

Vikram Pandit has joined the Board of Directors of FICS as non-executive Chairman. Vishal Kampani and Hari Aiyar have joined the Board as non-executive vice Chairmen. V P Shetty continues to be a director on the Board of FICS.

Welcoming the investment, Mr. Nimesh Kampani, Chairman, JM Financial Group, stated, "We are extremely happy to welcome Vikram Pandit as Chairman on the Board of FICS and are confident that his expertise in global financial services will guide the team while leveraging his knowledge of best global practices. The Capital injection is an important milestone which will open up new growth opportunities in a promising market. The investment in JM Financial Group underscores Vikram Pandit’s belief in the Group’s ability to identify growth opportunities and create significant value for its stakeholders through its product offering"

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Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, November 04, 2014: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter and half year ended September 30, 2014. JM Financial H1FY15 consolidated revenue at Rs.644 crore up by 22% and consolidated profit up by 42% to Rs.151crore.

Consolidated Results – Key Highlights:

FY 15 – Q2 compared to FY 14 – Q2

• Total income increased by 52% to Rs. 377.23 crore from Rs. 247.67 crore
• Profit before tax increased by 101% to Rs. 137.34 crore from Rs. 68.26 crore
• Net profit after tax, minority interest and share of associates increased by 83% to Rs. 92.19 crore from Rs. 50.40 crore

FY 15 – H1 compared to FY 14 – H1

• Total income increased by 22% to Rs. 643.62 crore from Rs. 529.58 crore
• Profit before tax increased by 50% to Rs. 221.13 crore from Rs. 147.35 crore
• Net profit after tax, minority interest and share of associates increased by 42% to Rs. 150.54 crore from Rs. 105.94 crore

The Earnings per share and Diluted Earnings per share, for the half year ended September 30, 2014 is Rs. 1.98 and Rs. 1.95 respectively (not annualised).

Commenting on the quarterly results, Mr. Nimesh Kampani, Chairman, JM Financial Group, stated,

“Our financial performance stands testimony to our commitment to deliver long term value to our stakeholders. While all our businesses have done well during the quarter, our fee based business has been a significant contributor to our growth. Our fund based business has been very selective and we continue to remain focus on the asset quality and net interest margin. Inspite of our low leverage, we have been able to garner higher returns.

The economic growth is expected to pick up pace progressively due to greater economic momentum backed by reforms initiative from the government. Our markets are also getting support of global liquidity.

Looking ahead, we continue to remain optimistic about the group’s opportunities and potential profit avenues in the financial services sector. We however, would closely watch the impact of domestic policies on economy as well as the global geo political situation for any unexpected shocks.”

Business Update

Investment banking and securities business:

During the quarter under consideration our Investment banking division executed the following deals:

• Acted as advisors to Qualified Institutional Placement by IDFC Ltd – Rs. 1,000 crore.
• Acted as advisors to Qualified Institutional Placement by Karur Vysya Bank Ltd – Rs. 625 crore.
• Acted as financial advisor to Financial Technologies (India) Limited for divestment of stake held in Multi Commodity Exchange of India Limited
• Acted as manager to the Rights issue of Indian Hotels Company Limited of Rs.1,000 crore.
• Acted as financial advisor to the preferential issue in equity shares by Future Lifestyle Fashions Limited of Rs.125 crore.
• Managed the public issue of Non Convertible Debentures of Shriram Transport Finance Company Limited for Rs.1,975 crore
• Worked as the financial advisor to Diageo and acted as the manager to their tender offer to the shareholders of United spirit limited (USL) for acquiring 26% stake in USL for a total consideration of Rs 11,449 crores.

The pipeline of our investment banking business continues to remain healthy with several mandated transactions under execution.

The Institutional Equities Business is seeing increased traction on the back of positive sentiment following establishment of new government, policy announcement from the new government, expectation of economic revival in the country, global liquidity easing and consequent positive flow of funds from foreign institutional investors as well as net-inflows in domestic mutual fund industry.

We held our Asia conference in Singapore and Hong Kong in the month of August which was well received by both investors and corporates alike. A total of 16 corporates & a large number of investors attended the conference which was held over 2 days.

In the wealth management business, the assets under management stood at approximately Rs.19,600 Crore as on September 30, 2014.

In the distribution business, we have a large network of approximately 7,800 active Independent Financial Distributors (IFDs) who distribute various financial products across the country. We have presence in 255 locations spread across 113 cities through a network of branches and franchisees. During the quarter, we mobilized more than Rs.700 Crore in fixed deposit schemes and fixed income products of various companies.

Fund based activities:

We continued funding activities in the areas of loan against securities and loan against commercial real estate properties. Loan against securities include products like Loan against shares, Sponsor Funding, Margin Funding, ESOP funding and IPO funding.The overall funding book stood at Rs. 4,067 Crore as on September 30, 2014. The treasury book as on September 30, 2014 for the fixed income securities stood at Rs. 625 Crore. We continued with our activities of debt-raising through various money market instruments, other medium to long term instruments and secured credit facilities from Banks.

During the quarter, the asset reconstruction business has been a low contributor to the segment’s profitability. On account of higher interest on borrowing done to acquire receivables of Hotel Leela, corresponding income will be booked on resolution of these acquisitions. Banks continued to announce auctions for NPA portfolios. However, deal closure was a challenge due to mismatch in price expectations of Banks and ARCs. We managed to close a few deals as part of debt aggregation efforts. The recoveries remained steady during the quarter due to settlement with Borrowers and already restructured accounts. Our focus continues to remain on cash acquisitions. Since large accounts constitute a major chunk of NPAs in the banking system, sale of accounts by Banks as consortium is the need of the hour. This will facilitate debt aggregation in a short time and enable ARCs to formulate and implement the resolution process without any delays.

With persistent high level of NPAs in the Indian banking system and positive regulatory measures, the outlook for the business remains promising.

Alternative Asset Management:

At the end of the quarter, the combined AUM/AUA of the private equity fund and real estate fund stood at around Rs.1,005 crore.

JM Financial India Fund (the Fund), a private equity fund has partly exited one of its investments during this quarter. The Fund is working closely with its portfolio companies in helping them grow their businesses as well as to seek exit opportunities.

JM Financial Property Fund has also exited one of its investments and continues to focus on working closely with the management of the portfolio companies to develop high quality real estate projects and seeking exit opportunities.

Asset Management:

The AUM of the Asset Management Business has seen significant growth during the quarter, which in turn has supported in contributing to the growth of the business. The average AUM in our Mutual Fund as on September 30, 2014 stood at Rs. 11,976 crore. The average AUM under Equity schemes was at Rs. 4,596 crore and under the Debt Schemes was at Rs. 7,380 crore.

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Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, July 31, 2014: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter ended June 30, 2014.

Consolidated Results – Key Highlights:

FY 15 – Q1 compared to FY 14 – Q1 (YoY)

• Total income at Rs. 266.40 crore compared to Rs. 281.91 crore
• The profit before tax at Rs. 83.79 crore compared to Rs. 79.08 crore
• Net profit after tax, minority interest and share of associates at Rs. 58.35 crore compared to Rs. 55.54 crore
• Rating of ICRA AA with stable outlook assigned for long term borrowings

The Earnings per share and Diluted Earnings per share, for the quarter ended June 30, 2014 is Re. 0.77 and Re. 0.74 respectively (not annualised).

Commenting on the quarterly results, Mr. Nimesh Kampani, Chairman, JM Financial Group, stated,“Backed by the strong mandate of clear majority, the new Government presented its maiden Union Budget setting the tone for revival in economic growth, fiscal consolidation and a positive investment climate.

Our strategies remain the same, investing for the long run and managing our business prudently in the short term. We expect the policies of the Government to have sustainable impact over long term. The expected economic upswing and our mix of businesses coupled with our deep understanding of industry and products will enable us to deliver long term value to our strong franchise.

During the quarter, our profitability depicts sustained financial performance. We continue to remain optimistic about the group’s opportunities and potential profit avenues in the financial services sector.”

Business Update

Investment banking and securities business:

During the quarter under consideration our Investment banking division executed the following deals:

• Acted as advisors to Qualified Institutional Placement by Yes Bank Ltd – Rs. 2,942 crore.
• Acted as sole financial advisor to Trans union LLC in acquiring majority ownership in Credit Information Bureau (India) Limited
• Worked as the financial advisor to Diageo and acted as the joint manager to their tender offer to the shareholders of United spirit limited (USL) for acquiring 26% stake in USL for a total consideration of Rs 11,449 crores. The deal got concluded in the month of July, 2014.

The pipe line of our investment banking business continues to remain healthy with several mandated transactions under execution.

Our Singapore subsidiary continued to generate traction and during the quarter we acted as an advisor for sale of minority stake in a Thailand listed IT services Company.

The Institutional Equities Business gained further momentum buoyed by the positive economic sentiment.

In the wealth management business, the assets under management stood at approximately Rs.15,000 Crore as on June 30, 2014.

In the distribution business, we have a large network of approximately 8,500 active Independent Financial Distributors (IFDs) who distribute various financial products across the country. We have presence in 259 locations spread across 116 cities through a network of branches and franchisees. During the quarter, we mobilized more than Rs.750 Crore in fixed deposit schemes and fixed income products of various companies.

Fund based activities:

We continued funding activities in the areas of loan against securities and loan against commercial real estate properties. The overall funding book stood at Rs. 3,816 Crore as on June 30, 2014, which includes episodic book of around Rs.530 crore. We witnessed a 28% growth in the lending book during the quarter ended June 30, 2014 as compared to the previous quarter. The treasury book as on June 30, 2014 for the fixed income securities stood at Rs. 632 Crore. We continued with our activities of debt-raising through various money market instruments, other medium to long term instruments and secured credit facilities from Banks.

During the Quarter, our Asset Reconstruction Business saw continued momentum in acquisition activity. Many Banks came out with portfolio auctions and several deals were closed. It was a good quarter for us on the acquisition front. We acquired a large single credit account from a consortium of Banks during the quarter. Recovery from already acquired assets remained steady owing to restructuring of accounts and settlement with Borrowers.

Alternative Asset Management:

At the end of the quarter, the combined AUM/AUA of the private equity fund and real estate fund stood at around Rs. 1,040 crore.

JM Financial India Fund (the Fund), a private equity fund has exited one of its investments. The Fund is working closely with its portfolio companies in helping them grow their businesses as well as to seek exit opportunities.

JM Financial Property Fund distributed Rs. 24.5 crore to its investors realised from an investment which was exited earlier at multiple of 3.3x on the invested amount. The Real Estate Fund continues to focus on working closely with the management of the portfolio companies to develop high quality real estate projects and seeking exit opportunities.

Asset Management:

The average AUM in our Mutual Fund for the quarter ended June 30, 2014 stood at Rs. 6,957 crore. The average AUM under Equity schemes was at Rs. 603 crore and under the Debt Schemes was at Rs. 6,354 crore.

Credit Rating:

The Rating Committee of ICRA, after due consideration, has assigned the rating “[ICRA] AA” with stable outlook in respect of our long term bond Programme. The grade of rating indicates such instruments carries very low credit risk. The Rating Committee of ICRA, after due consideration, has also assigned the rating “[ICRA] A1+” in respect of our short term debt instruments. The grade of rating is the highest Rating issued by ICRA for short term debt instruments and indicates lowest credit risk.

Awards and Recognition:

One of the subsidiaries of the group has been recognized as the “Best performing National Financial Advisor- Institutional” at the ‘UTI MF and CNBC TV-18 Financial Advisor Awards 2013-14’.

Two subsidiaries have also been recognized as one of the Best places to work in the ‘Great Places to Wor 2014 Survey’, featuring amongst “India’s Top 100 Companies to work for 2014”.

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Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, May 06, 2014: The Board of Directors of JM Financial Limited at their meeting held today considered and approved the audited financial results for the year ended March 31, 2014. The Board also recommended a final dividend of Re. 0.55 per share of the face value of Re. 1/- each. The final dividend, if declared at the ensuing Annual General Meeting, will result in cash outflow of Rs. 41.61 crore. Considering the payment of an interim dividend of Re 0.45 per share in February 2014, the total dividend for the financial year 2013-14 would be Re. 1.00 per share.

Consolidated Results – Key Highlights:

FY 14 – Q4 compared to FY 13 – Q4

• Total income at Rs. 255.16 crore compared to Rs. 278.35 crore.
• The profit before tax at Rs. 71.16 crore compared to Rs. 77.96 crore
• Net profit after tax, minority interest and share of associates at Rs. 59.43 crore compared to Rs. 69.76 crore.

FY 14 compared to FY 13

• Total income at Rs. 1,006.67 crore compared to Rs. 1,042.23 crore.
• The profit before tax at Rs. 280.16 crore compared to Rs. 253.93 crore.
• Net profit after tax, minority interest and share of associates at Rs. 209.53 crore compared to Rs. 182.92 crore.

The Earnings Per Share and Diluted Earnings Per Share, for the year ended March 31, 2014 is Rs. 2.78 and Rs. 2.72 respectively.

Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “The eyes of the whole world are on the outcome of the Indian elections currently underway. Market participants are counting on a stable government at the Centre and this has been the cause of the euphoria that has taken our indices to lifetime highs. The new government has its task cut out and reviving overall growth, job creation and curtailing inflation will be at the top of its agenda. While geopolitical concerns remain at a global level, we believe that they may not majorly affect the improvement in economic conditions that is being witnessed.

We kept our focus on converting opportunities even as business conditions continued to remain challenging and on active risk management which helped us post growth in performance. The group’s Investment banking and Asset Reconstruction businesses have done particularly well during the quarter. Given the improving growth prospects for India, we believe we are well positioned to take benefit of the same and continue with our growth trajectory.

Business Update

Investment banking and securities business:

During the quarter, we acted as book running managers to the Rs. 1,993 Crore Tata Power rights issue. We were also appointed as one of the team members for Rs. 5,449 Crore block trade for a partial exit by SUUTI (Specified Undertaking of the Unit Trust of India) in Axis Bank. The Monetary Authority of Singapore (MAS) has issued the Capital Markets Services (CMS) licence to JM Financial Singapore Pte Ltd. in January 2014. Our Singapore subsidiary continues to generate traction and during the quarter JM Financial Singapore acted as the financial advisor to Boston based Foliage Inc on its sale to French company Altran SA.

The Institutional Equity Business continues to gain traction with investors being optimistic about growth prospects given the positive political outlook. We held our India Conference in New York during March 2014, which was well received by clients and corporates. Participants from 50 funds and 15 corporates attended the conference.

In the non-institutional equity brokerage business, the major focus was on advisory based services where we offer advisory for multiple products. We have presence in 248 locations spread across 116 cities through a network of branches and franchisees.

In the wealth management business, we retained our focus on providing complete financial and custody solutions to high net worth families and advising large corporate treasuries for their investments and fund raising requirements. The assets under advice of our wealth management business stand at approximately Rs.13,500 Crore as on March 31, 2014. During the quarter, the focus for corporate clients was on mobilization of Fixed Income investments through various products like Short Term Funds, Income Funds, Structured Fixed Maturity Plans, Corporate Fixed Deposits, Commercial Papers, Certificate of Deposits, Non-Convertible Debentures and Bonds. For High Net worth clients, the focus was on mobilization of investments in Structured Products, Tax Free Bonds, Debt Funds, Equity Advisory Assets, Non-Discretionary PMS Assets and Managed PMS Assets.

In the distribution business, we continued our focus on mobilization of mutual funds, public issues, fixed deposits and corporate bonds. We have a large network of over 8,500 active Independent Financial Distributors (IFDs) who distribute various financial products across the country. During the quarter, we mobilized more than Rs.1,300 Crore in fixed deposit schemes and fixed income products of various companies.

Fund based activities:

We continued funding activities in the areas of loan against securities and loan against commercial real estate properties. Loan against securities include products like Loan against shares, Margin Funding, ESOP Financing, Sponsor financing and IPO funding. The overall funding book stood at Rs. 2,978 Crore as on March 31, 2014. We witnessed a 15% growth in the steady state lending book during the quarter ended March 31, 2014. The treasury book as on March 31, 2014 for the fixed income securities stood at Rs. 534 Crore. We continued with our activities of debt-raising through various money market instruments, other medium to long term instrument and secured credit facilities from Banks.

The Asset Reconstruction Business saw a surge in acquisition activity during the last quarter of FY 2014. As expected, Banks announced several portfolio auctions and a number of deals were closed. We closed a substantial number of transactions during the Quarter. The Quarter also saw an increase in recoveries from acquired accounts owing to multiple strategies initiated across assets. With high level of NPAs and restructured assets in the banking system and an increased thrust by Reserve Bank of India for controlling NPAs, the future outlook for the business looks promising.

Alternative Asset Management:

At the end of the quarter, the combined AUM/ AUA of the Private Equity Fund and Real Estate Fund stood at around Rs.1,188 crore. During the quarter, the Private Equity Fund distributed monies from sale of one of its investments. The RE Fund realized Rs. 14.97 crores from its portfolio companies at a multiple of 3.24x during the quarter.

The Private Equity Fund and the Real Estate Fund have enhanced their focus on working closely with portfolio companies in helping them grow their businesses as well as in seeking exit opportunities.

Asset Management:

The Mutual Fund’s average AUM as on March 31, 2014 stood at Rs. 6,046 crore. The average AUM under Equity schemes was at Rs. 458 crore and under the Debt Schemes was at Rs. 5,588 crore.

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Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, January 29, 2014: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter and nine months ended December 31, 2013.

Consolidated Results – Key Highlights:

FY 14 – Q3 compared to FY 13 – Q3

• Total income at Rs. 221.93 crore compared to Rs. 268.38 crore.
• The profit before tax stood at Rs. 61.65 crore compared to Rs. 62.97 crore
• Net profit after tax, minority interest and share of associates stood at Rs. 44.16 crore compared to Rs. 44.13 crore.
• The Earnings per share and Diluted Earnings per share, for the quarter ended December 31, 2013 is Re. 0.59 and 0.57 respectively (not annualised).

FY 14 – 9 months compared to FY 13 – 9 months

• Total income at Rs. 751.51 crore compared to Rs. 763.88 crore.
• The profit before tax stood at Rs. 209.00 crore compared to Rs. 175.97 crore
• Net profit after tax, minority interest and share of associates stood at Rs. 150.10 crore compared to Rs. 113.16 crore.

The Earnings per share and Diluted Earnings per share, for the nine months ended December 31, 2013 is Re. 1.99 and 1.95 respectively (not annualised).
The Board of Directors has declared an interim dividend of Re. 0.45 per share of the face value of Re. 1 each, which will result in cash outflow of Rs. 33.99 crore

Commenting on the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “India witnessed one of the most challenging quarters for economic activity. The uncertainity on domestic political front, continuing adverse process coupled with changing global dynamics are contributing to a near flux situation for domestic business.

Our third quarter performance is more or less in line with last quarter on Y on Y and Q on Q basis despite the significant challenges barring in relation to non-institutional equity business. The impact of uncertainty in economic front had a rub-off effect on retail investors activity leading to extremely low level of participation in equity markets including IPO’s. We remain focused on building a diverse set of businesses that will help moderate the impact of volatile market conditions and achieve long term growth.”

Business Update

Investment banking and securities business:

During the quarter, we were awarded the ‘Investment Bank of the Year’ as well as the ‘India Deal of the Year (Large Markets)’ at the recently conducted M&A Atlas Awards. The India Deal of the Year award was received for the de-merger of the Pantaloons format business from Pantaloon Retail (India) Limited and acquisition of controlling stake by the Aditya Birla Group.

The Institutional Equity Business has gained further traction in a challenging scenario. We held our India Conference in Mumbai during November 2013, which was well received by clients and corporates. Participants from 98 funds and 69 corporates attended the conference. Our Singapore entity viz., JM Financial Singapore Pte. Ltd received capital market services license from Monetary Authority of Singapore (MAS).

In non institutional equity brokerage business the major focus was on advisory based services where we offer multiple products advisory. We have presence in 257 locations spread across 114 cities through a network of branches and franchisees.

In the wealth management business, we retained our focus on providing complete financial and custody solutions to high net worth families and advising large corporate treasuries for their investments and fund raising requirements. Our wealth management business assets under advice stand over Rs.17,500 crore as on December 31, 2013. During the quarter, focus for corporate clients was on mobilization of Fixed Income investments through various products like Short Term Funds, Income Funds, Structured Fixed Maturity Plans, Corporate Fixed Deposits, Commercial Papers, Certificate of Deposits, Non-Convertible Debentures and Bonds. For High Net worth clients focus was on mobilization of investments in Structured Products, Tax Free Bonds, Debt Funds, Equity Advisory Assets, Non-Discretionary PMS Assets and Managed PMS Assets.

In the distribution business, we continued our focus on mobilization of mutual funds, public issues, fixed deposits and corporate bonds. We have a large network of over 8,000 active Independent Financial Distributors (IFDs) who distribute various financial products across the country. During the quarter, we mobilised more than Rs.1,400 crore in fixed deposit schemes and fixed income products of various companies.

Fund based activities:

We continued our business activities of offering loan against capital market instruments which includes products like IPO funding, Loan against shares, Margin funding, ESOP financing, Sponsor financing and Loans against properties. Compared to previous quarter there was a relative ease with regards to the availability of funds, however the long term money lenders were very few and selective in lending. The short term money was available but was being bid at higher rates. During the quarter, there was funding demand in few large public issues of equity, tax free bonds and Non-convertible debentures. We provided financing to our clients to subscribe in these issues. Our overall funding book stood at Rs. 2,642 crore including Rs. 1,686 crore in wholesale funding as at the end of quarter. The treasury book as on December 31, 2013 for the fixed income securities stood at Rs. 272 crore. We have been also able to maintain our revenue spread during the quarter.

In relation to our asset reconstruction business, we saw continuation of mounting pressure on banks to off-load NPAs during the quarter. Many banks came up with a number of portfolio auctions and the quarter saw an increased activity within the industry. We closed a couple of deals. In the backdrop of increased activity by the Banks and improving industry dynamics, the outlook for the business looks promising. Recovery during the quarter improved owing to collections from restructured accounts.

Alternative Asset Management:

The combined AUM / AUA of the Private Equity Fund and Real Estate Fund stood at around Rs. 1,250 crore at the end of the quarter. We exited investments of ~ Rs. 45 crore at 1.4x in Real Estate fund during the quarter.

The Private Equity Fund and the Real Estate Fund work closely with their portfolio companies to help them grow their businesses as well as to seek exit opportunities.

Asset Management:

Average AUM of JM Financial Mutual Fund for the quarter ended December 31, 2013 stood at Rs. 7,191.57 crore. The average AUM under Equity schemes was at Rs. 446.55 crore and under the Debt schemes was at Rs. 6,745.02 crore.

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Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, October 29, 2013: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter and half year ended September 30, 2013.

Consolidated Results – Key Highlights:

FY 14 – Q2 compared to FY 13 – Q2

• Total income increased by 1.07 % to Rs. 247.67 crore from Rs. 245.03 crore.
• The profit before tax increased by 23.67 % to Rs. 68.26 crore from Rs. 55.20 crore
• Net profit after tax, minority interest and share of associates rose by 49.47 % to Rs. 50.40 crore from Rs. 33.72 crore.

The Earnings per share and Diluted Earnings per share, for the quarter ended September 30, 2013 is Re. 0.67and 0.66 respectively (not annualised).

FY 14 – H1 compared to FY 13 – H1

• Total income increased by 6.88 % to Rs. 529.58 crore from Rs. 495.50 crore.
• The profit before tax increased by 30.40 % to Rs. 147.35 crore from Rs. 113.00 crore
• Net profit after tax, minority interest and share of associates rose by 53.47 % to Rs. 105.94 crore from Rs. 69.03 crore.

The Earnings per share and Diluted Earnings per share, for the half year ended September 30, 2013 is Re. 1.40 and 1.38 respectively (not annualised).

Commenting on the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said,“The uncertain economic environment has put a lot of stress on the financial sector. The Indian markets have been caught in the headwinds of global uncertainty like the impending tapering of easy liquidity by US Fed and increasing political uncertainty on the domestic front. The new Governor of the RBI, Dr Raghuram Rajan, has begun taking steps in line with his stated objective of controlling inflation by maintaining a tight monetary policy. He has also emphasised the need to boost financial savings.

We maintained the pace of overall business but were extremely focused on asset quality. The falling volumes in secondary markets and increasing skew towards F & O segments put pressure on broking business. The NSEL episode further dampened the business mood among non-institutional investors.”

Business Update

Investment banking and securities business:

During the quarter, the Investment banking business closed the public issue of Non-Convertible Debentures of Shriram Transport Finance Co. Ltd. for Rs. 736 crore.We also announced the open offer by Diageo and United Spirits to public shareholders of Pioneer Distilleries, where we acted as Manager to the open offer. Transactions announced earlier such as tender offer by Aditya Birla Nuvo Limited to public shareholders of Pantaloons Fashions & Retail Limited as part of the scheme of demerger of Pantaloon format business from Future Retail Limited, where we acted as advisors to Aditya Birla Nuvo, closed during the quarter.

The Institutional Equities business continues to focus on greater client servicing. We held our Asia conference in August which was attended by 60 investors and 15 corporates and was well received by investors and corporates alike.

In equity brokerage business, the major focus was on advisory based services where brokerage yields are higher. We have a presence in 263 locations spread across 114 cities through a network of branches and franchisees.

In the wealth management business, we retained our focus on providing complete financial and custody solutions to high net worth families and advising large corporate treasuries for their investments and fund raising requirements. Our wealth management business assets under advice stand at around Rs. 18,700 crore as on September 30, 2013. During the quarter, focus for corporate clients was on mobilization of Fixed Income investments through various products like Short Term Funds, Income Funds, Structured Fixed Maturity Plans, Commercial Papers, Certificate of Deposits and Bonds. For High Net worth clients focus was on mobilization of Equity Advisory Assets, Real Estate and related products.

In the distribution business, we continued our focus on mobilization of mutual funds, public issues, fixed deposits and corporate bonds. We have a large network of over 8,500 active IFAs who are distributing various financial products across the country. During the quarter we have mobilised more than Rs. 800 crore in fixed deposit schemes and fixed income products of various companies.

Fund based activities:

The quarter ended September 2013 was one of the most challenging quarters. The pressure created due to monetary policies adopted by the RBI was clearly evident as the rates shot up overnight in short term money market which further resulted into pressure on liquidity. Overall funding book stood at Rs. 2,486 crore. The treasury book for the fixed income securities stood at Rs. 303 crore. The margin earned on assets funded has improved on quarter on quarter basis due to increase in the lending rate.

The Indian Banking sector is grappling with a high level of NPAs. With the expectation that a sizeable proportion of restructured assets will slip into NPAs in the coming years, the distressed assets market should provide more opportunities. The Quarter saw a high level of activity from Banks, announcing a number of portfolio auctions. However, deal closure for stressed asset acquisition remained a challenge and we could only close one deal. Resolution was steady owing to multiple strategies initiated across assets.

Alternative Asset Management:

The combined AUM / AUA of the Private Equity Fund and Real Estate Fund stood at around Rs.1,300 crore at the end of the quarter.

The Private Equity Fund and the Real Estate Fund continue to work closely with portfolio companies in helping them grow their businesses as well as in seeking exit opportunities.

Asset Management:

The average AUM of JM Financial Mutual Fund for the quarter ended September 30, 2013 stood at Rs. 6,235 crore. The average AUM under Equity schemes was at Rs. 443 crore and under Debt Schemes was at Rs. 5,792 crore.

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Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, July 31, 2013: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter ended June 30, 2013.

Consolidated Results – Key Highlights:

FY 14 – Q1 compared to FY 13 – Q1 (YoY)

• Total income increased by 12.56 % to Rs. 281.91 crore from Rs. 250.46 crore.
• The profit before tax increased by 36.83 % to Rs. 79.08 crore from Rs. 57.80 crore
• Net profit after tax, minority interest and share of associates rose by 57.30 % to Rs. 55.53 crore from Rs. 35.31 crore.

The Earnings per share and Diluted Earnings per share, for the quarter ended June 30, 2013 is Re. 0.74 and 0.72 respectively (not annualised).

Commenting on the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “The economic environment continues to be under stress. While certain policy announcements have been made by the Government in recent times, the results will take time to show subject to effective implementation of the policy decisions.

Concerned with the domestic indicators such as widening Current Account Deficit, depreciating currency increasing inflation and slow policy actions, Reserve Bank of India continued with tight liquidity measures.

In this background, fund raising activity is almost at standstill. M & A activity is also slow given the uncertainty in the environment and increased cost of funds coupled with tight liquidity in the system. . Broking activity is continuously under pressure with reduced volume on the stock exchanges and continued skew of activity in favor of Future and Options trades and against cash trades.

Lending business continues to be the major contributor in the revenue. We have taken a very careful stance on asset quality and monitoring of loans.

Given the challenging business environment, we are pleased to have maintained profitability on consolidated basis. We will continue to put in strong efforts in coming months to improve value for shareholders.”

Business Update

Investment banking and securities business:

During the quarter, the Investment banking business closed the QIP issue of ING Vysya Bank for Rs.881 crore. We also announced investment by ChrysCapital Management Company into Cavinkare, wherein we acted as financial advisor to Cavinkare. We also acted as the advisor to Aditya Birla Nuvo Limited for the tender offer to public shareholders of Pantaloons Fashions & Retail Limited as part of the scheme of demerger of Pantaloon format business from Future Retail Limited. During the quarter, we also closed certain important transactions announced earlier such as acquisition of stake in United Spirits Limited by Diagio Plc., demerger of non-IT business of Wipro, RHI AG's open offer for Orient Refractories and structuring of 'Trust Mechanism' for meeting the minimum public shareholding requirements in Wipro.

The Institutional Equities business continues to work towards its goals in a constantly challenging scenario. We continue to focus on the needs of the clients and have increased research coverage and corporate access.

In equity brokerage business the major focus was on advisory based services where brokerage yields are higher. We have a presence in 268 locations spread across 116 cities through a network of branches and franchisees.

In the wealth management business, we retained our focus on providing complete financial and custody solutions to high net worth families and advising large corporate treasuries for their investments and fund raising requirements. Our wealth management business assets under advice stand at around Rs.19,500 crore as on June 30, 2013. During the quarter, focus for corporate clients was on mobilization of Fixed Income investments through various products like Short Term Funds, Income Funds, Structured Fixed Maturity Plans, Commercial Papers, Certificate of Deposits and Bonds. For High Net worth clients focus was on mobilization of Equity Advisory Assets, Real Estate and related products.

In the distribution business, we continued our focus on mobilization of mutual funds, public issues, fixed deposits and corporate bonds. We have a large network of over 8,000 active IFAs who are distributing various financial products across the country. During the quarter we have mobilised more than Rs.800 crore in fixed deposit schemes and fixed income products of various companies. Fund based activities:

The level of fund based activities in the quarter ended June 30, 2013 was subdued as compared to the previous quarter typically representing a slow start to the year. Our funding book stood at Rs. 2,780 Crore. The treasury book for the fixed income securities stood at Rs. 473 Crore. During the period, RBI reduced Repo rate and Reverse Repo rate by 25 bps to 7.25% & 6.25% respectively, and kept Cash Reserve Ratio stable at 4.00%. The margin earned on assets funded has improved on QoQ basis due to a lower borrowing rate. The Company continued its business activities in the form of offering loan against capital market instruments which includes products like IPO Funding, Loan against Shares (LAS), Margin Funding, ESOP Financing and Sponsor Financing and Loans against commercial real estate.

Indian banks continued to face multiple challenges on the NPA front. Most Indian banks saw an increase in NPA levels along with an increase in restructured assets. As expected, during the quarter, the Asset Reconstruction business saw an increase in the year-on-year acquisition activity. Resolution strategies initiated for majority of assets in the portfolio led to increased recoveries. With increased thrust on controlling the rising level of NPAs in the banking industry, the outlook for the Asset Reconstruction business looks better going forward.

Alternative Asset Management:

The combined AUM/ AUA of the Private Equity Fund and Real Estate Fund stood at around Rs.1,300 crore at the end of the quarter.

The Private Equity Fund and the Real Estate Fund continue to work closely with portfolio companies in helping them grow their businesses as well as in seeking exit opportunities.

Asset Management:

The average AUM of JM Financial Mutual Fund for the quarter ended June 30, 2013 stood at Rs. 6,755 crore. The average AUM under Equity schemes was at Rs. 488 crore and under Debt Schemes was at Rs. 6,267 crore.

Application for new bank license:

The group has submitted its application to RBI for seeking new bank license.

Awards and Accolades

At the ‘India’s Best Companies To Work For’ 2013 awards by the Great Places to Work® in India in partnership with The Economic Times, team JM Financial had a strong showing with a number of group companies winning accolades:

• JM Financial Limited (representing the Institutional Securities Business, the Asset Reconstruction business and the Private Equity business) featured amongst the Top 100 ‘India’s Best Companies To Work For’
• JM Financial Services Limited was recognised among the Top 50 ‘India’s Best Companies To Work For’
• JM Financial Asset Management Private Limited ranked among the Top 100 in ‘India’s Best Companies to Work For’ and also among the best in the industry (Financial Services) in the same awards.

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Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, May 30, 2013: The Board of Directors of JM Financial Limited has considered and approved the audited financial results for the year ended March 31, 2013. The Board has also recommended a final dividend of Re. 0.50 per share of the face value of Re. 1/- each. The final dividend, if declared at the ensuing Annual General Meeting, will result in cash outflow of Rs 37.71 crore. Considering the payment of an interim dividend of Re 0.40 per share in February 2013, the total dividend for the financial year 2012-13 would be Re. 0.90 per share.

Consolidated Results – Key Highlights:

FY 13 – Q4 compared to FY 12 – Q4

• Total income increased by 6.98 % to Rs. 278.35 crore from Rs. 260.19 crore.
• The profit before tax increased by 33.78 % to Rs. 77.96 crore from Rs. 58.27 crore
• Net profit after tax, minority interest and share of associates rose by 71.07 % to Rs. 69.76 crore from Rs. 40.78 crore.

FY 13 compared to FY 12

• Total income increased by 19.25 % to Rs. 1042.23 crore from Rs. 873.97 crore,
• The profit before tax increased by 38.98 % to Rs. 253.93 crore from Rs. 182.71 crore,
• Net profit after tax, minority interest and share of associates rose by 50.96 % to Rs. 182.92 crore from Rs. 121.17 crore.

The Earnings Per Share and Diluted Earnings Per Share, for the year ended March 31, 2013 is Rs. 2.44 and Rs. 2.43 respectively.

Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “While the global environment continues to have moments of fragility, India has witnessed some encouraging cues. Inflation has come off its peak and the RBI too has announced a rate cut. Softening prices of crude and other commodities have also helped the Indian economy.

Our performance has been encouraging and we are pleased with the growth momentum. The group’s fund based business has done particularly well during the quarter. For the year ended March, 31 2013, the company crossed the Rs.1,000 crore mark for total revenue on a consolidated basis for the first time.

Looking ahead, we see encouraging long term growth prospects for India and are well positioned to take benefit of the same.”

Business Update

Investment banking and securities business:

During the quarter, the Investment banking business closed four deals. These include public issue of Repco Home Finance Limited of Rs.270 crore, rights issue of Bajaj Finance Ltd of Rs.744 crore, QIP by Cholamandalam Investment & Finance Company Limited for Rs.300 crore and OFS of Kennametal India Limited for Rs. 148 crore.

We acted as the exclusive financial advisor to Pantaloon Retail in relation to divestment of Pantaloon’s retail business to Aditya Birla Group and also to Carlyle for their stake sale in Repco Home Finance Limited to Creador Capital. We also acted as the Managers to the open offer by GSPC Group for the acquisition of Gujarat Gas Company Limited.

The Institutional Equities Business continues to face a challenging capital market environment. During the quarter it held its US Conference in New York which was well received by the corporates and investors.

Our investment advisory and distribution business offers a bouquet of products and services to our customers. The major focus was on advisory based services where brokerage yields are higher. We have a presence in 265 locations spread across 117 cities through a network of branches and franchisees. In the distribution business, we continued our focus on mobilization of mutual funds, public issues, fixed deposits and corporate bonds. We have a large network of active IFAs who are distributing various financial products across the country. In the wealth management business, we retained our focus on providing complete financial and custody solutions to high net worth families. We also advise large corporate treasuries for their investments and fund raising requirements.

Fund based activities:

Our fund based business continued offering loan against securities which includes products like IPO Funding, Loan against Shares (LAS), Margin Funding, ESOP Financing and Sponsor Financing. Further, our portfolio also includes loans against commercial real estate which has seen good momentum in the past year. In order to diversify the product portfolio, we commenced offering loan against commodities, on a small scale. We are also exploring new product opportunities to further expand our business reach and add them to the bouquets of services offered. During the quarter, we diversified our avenues of borrowing by including borrowing from banks for specific purposes. The margin earned on assets funded has improved on QoQ basis due to a lower borrowing rate. The lending book size at the end of the quarter was Rs. 3,042 crore. The treasury book for fixed income securities stood at Rs. 598 crore.

During the quarter, the Asset Reconstruction business saw an increase in the acquisition activity. Many banks came out with portfolio auctions in the last quarter of the financial year. The quarter also saw incremental recoveries from acquired portfolios. With expectation that the banking and financial institutions will keep offloading non performing accounts, the near term outlook for the business looks promising.

Alternative Asset Management:

At the end of the quarter, the combined AUM/ AUA of the Private Equity Fund and Real Estate Fund stood at around Rs.1,300 crore.

The Private Equity Fund and the Real Estate Fund have enhanced their focus on working closely with portfolio companies in helping them grow their businesses as well as in seeking exit opportunities.

Asset Management:

The Mutual Fund’s average AUM as on March 31, 2013 stood at Rs. 7,411 crore. The average AUM under Equity schemes was at Rs. 506 crore and under the Debt Schemes was at Rs. 6,905 crore.

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Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, May 16, 2013: JM Financial announced today that Vikram Pandit will make a strategic investment in JM Financial with potential additional investments in its NBFC, proposed bank and a joint distressed asset fund.

The JM Financial Group Chairman Nimesh Kampani said: JM Financial and Vikram Pandit have known and worked with each other extensively for many years since the early days of the growth of financial services in India. We share similar values and are confident that the proposed association will create strong domestic financial services businesses with global best practices and reach. We are very excited to have Vikram as a strategic investor.

The Board of Directors of JM Financial Limited at its meeting held in Mumbai today approved the following:

1. Making an application for Banking License by JM Financial group in accordance with the terms of the Regulations and Guidelines issued by the Reserve Bank of India.
2. JM Financial will nominate Vikram Pandit as the non-executive chairman of the proposed bank. Vikram and Hari Aiyar will have the right to purchase shares upto the amount prescribed by the RBI in this entity.
3. Expansion of the lending and financing businesses of JM Financial by issuance of US $100 million of capital to Global Funds raised and managed by a firm led by Vikram Pandit. JM Financial will nominate Vikram as the non-executive chairman of the NBFC.
4. Formation of a distressed asset fund to be set up jointly by JM Financial and Vikram Pandit’s firm with an initial target capitalization of US$100 million, and
5. Strategic Investment of 3% equity stake by Vikram Pandit and Hari Aiyar in JM Financial Limited through issue of warrants.

Vikram Pandit said:
I continue to believe in the long term growth prospects of India. I have known Nimesh and JM Financial for over two decades and believe that, given the opportunity, JM Financial can provide the banking and financial services that the country needs.

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Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, February 7, 2013: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter and nine months ended December 31, 2012.

Consolidated Results – Key Highlights:

FY 13 – Q3 compared to FY 12 – Q3

• Total income increased by 40.90% to Rs. 268.38 crore from Rs. 190.47 crore.
• Net profit before tax increased by 41.61% to Rs. 62.97 crore from Rs. 44.47 crore
• Net profit after tax, minority interest and share of associates increased by 53.83% to Rs. 44.13 crore from Rs. 28.69 crore.

FY 13 – 9 months compared to FY 12 – 9 months

• Total income increased by 24.50% to Rs. 763.88 crore from Rs. 613.78 crore,
• Net profit before tax increased by 41.41% to Rs. 175.97 crore from Rs. 124.44 crore,
• Net profit after tax, minority interest and share of associates increased by 40.76% to Rs. 113.16 crore from Rs. 80.39 crore.

The Earnings Per Share and Diluted Earnings Per Share, for the nine months ended December 31, 2012 is Rs. 1.51 and Rs.1.50 (both not annualized) respectively.

The Board of Directors has declared an interim dividend of Re.0.40 per share of the face value of Re. 1 each, which will result in cash outflow of Rs. 30.06 crore.

Announcing the quarterly results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, "The economic environment both, within India and globally has shown signs of improvement during the quarter. With an eye on reigning in the spiralling fiscal deficit, the Government of India has made several reformist announcements. The recent rate cut announced by the Reserve Bank of India will assist in boosting investment sentiment. Going by the recent initiatives taken by the Government, it appears that many more reforms would be announced over the next quarter to boost the economy. The Group’s third quarter and nine months performance has been better as compared to the quarter and nine months during the previous Financial Year.

Looking ahead, we remain sanguine about the overall economic environment and are well positioned to capitalise on the opportunities arising out of the same.

Business Update

Investment banking and securities business:

Investment Banking:

During the quarter, our Investment banking business closed Rs. 2,001 crore QIP of Indusind Bank Limited, which was the largest for CY2012. We also closed the Rs.867 crore QIP of Mahindra & Mahindra Financial Services Limited, which was awarded 'Deal of the year' at the 'India's Best Dealmakers 2012' awards held by Business World. We were also the Sole Lead Manager to Rs.744 crore rights issue of Bajaj Finance Limited which is expected to close shortly. We were ranked as no. 1 in managing QIP offerings during CY 2012 as per Prime Database and Bloomberg.

During the quarter, we acted as the Lead Financial advisor to Diageo plc for their proposed strategic acquisition of a majority stake in United Spirits Limited, which was the largest inbound M&A transaction of CY2012. We are also acting as the Manager to the Open Offer by Diageo plc to the public shareholders of United Spirits Limited. We were also the Sole Financial Advisor to Wipro Limited in the demerger of its consumer care, infrastructure & medical products and services business into a separate unlisted entity; Wipro Enterprises Limited. The de-merger was the first of its kind in India and provided an innovative and unique structure to meet the stakeholders’ needs. We also acted as a Lead Financial Advisor to the Future Group for restructuring their various businesses. We are also acting as the Manager to the Open Offer by Gujarat State Petroleum Corporation Limited to the public shareholders of Gujarat Gas Company Limited.

Institutional Equities:

The Institutional Equities Business continues to retain its objective of focussing on client needs. During the quarter, it held its Annual India Conference in November 2012 which was attended by 79 corporates and 301 investors in Mumbai. The Conference was held over 2 days and was well received by both investors and corporates.

Investment Advisory and Distribution:

Our Investment Advisory and Distribution business offers a bouquet of products and services to our customers. In the secondary business, the major focus was on advisory based services where brokerage yields are higher. We have presence in 254 locations spread across 113 cities through network of branches and franchisees. In the distribution business focus was on mobilization of mutual funds, public issues, fixed deposits and corporate bonds. We have network of over 10,000 active IFAs who are distributing various financial products across the country. In the wealth management business, focus was on providing complete financial and custody solutions to high net worth families and to advise large corporate treasuries on their investments and fund raising requirements.

Fund based activities:

NBFC:

Our fund based business has constantly endeavored to maintain its net interest margin and has been successful in doing the same by focusing on wholesale lending and also by lending to high net worth individual investors where the margin is usually higher. The book size at the end of the quarter increased to Rs. 2,846 Crore representing 15% increase over the previous quarter. The margin funding book continues to remain stable. The treasury book for fixed income securities stood at Rs.756 crore. Indications of improvement in the overall economic scenario backed by government policies and stabilizing of global economy will encourage the investors to look at leveraging the equity markets.

IPO financing activity remained tepid during the quarter except for a couple of IPOs.

Asset Reconstruction:

During the quarter, the Asset Reconstruction business saw an expected increment in the acquisition activity. Many public sector banks came out with portfolio auctions. We also closed few acquisition deals in the quarter. The quarter also saw an increment in recoveries from restructuring of corporate and retail accounts. With the expectation that the banking and financial institutions will continue with the trend of offloading non-performing assets, particularly in the last quarter, the outlook for the next quarter looks good.

Alternative Asset Management:

Private Equity Fund and Real Estate Fund:

At the end of the quarter, the combined AUM/ AUA of the private equity fund and real estate fund stood at around Rs.1,300 crore.

The Private Equity Fund is fully invested and presently working closely with its portfolio companies in helping them grow their businesses as well as seek exit opportunities.

The real estate fund has received further returns from partial exits in some of the investments and would make additional distribution to the investors during the current quarter. The fund has further negotiated a phase wise sale of its investments in couple of other portfolio companies, and aims to make continuous distributions to its investors during the remaining tenure.

Asset Management:

Mutual Fund:

The Mutual Fund average AUM for the quarter ended December 31, 2012 stood at Rs. 7,467 crore. The average AUM under Equity schemes was at Rs. 569 crore and under the Debt Schemes was at Rs. 6,898 crore.

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Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, October 30, 2012: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter and half year ended September 30, 2012.

Consolidated Results – Key Highlights:

FY 13 – Q2 compared to FY 12 – Q2

• Total income increased by 13.87% to Rs. 245.03 crore from Rs. 215.19 crore.
• Net profit before tax increased by 24.90% to Rs. 55.20 crore from Rs. 44.20 crore
• Net profit after tax, minority interest and share of associates increased by 23.58% to Rs. 33.72 crore from Rs. 27.29 crore.

The Earnings Per Share (EPS) and Diluted Earnings Per Share (DEPS), for the quarter ended September 30, 2012 is Re. 0.45 (not annualised).

FY 13 – H 1 compared to FY 12 – H 1

• Total income increased by 17.05% to Rs. 495.50 crore from Rs. 423.31 crore,
• Net profit before tax increased by 41.29% to Rs. 113.00 crore from Rs. 79.98 crore,
• Net profit after tax, minority interest and share of associates increased by 33.51% to Rs. 69.03 crore from Rs. 51.70 crore.

The EPS for the half year ended September 30, 2012 is Re. 0.92 (not annualised) and DEPS for the said half year is Re. 0.91 (not annualised).

Announcing the quarterly results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, "The economic environment has improved during the last quarter due to several measures taken by the Government; this is getting reflected in the steady rise in the capital market activities; however, there still remains some ground to cover in terms of regaining confidence about the economy. The Group’s second quarter and half year’s performance has been better as compared to the quarter and half year during the previous Financial Year. Our NBFC arm continues to post improved performance and has been a significant contributor to our growth.

Looking ahead, we remain optimistic and hope to see encouraging economic environment, both globally and domestically and are well positioned to capitalise on the available opportunities arising out of improved economic scenario."

Business Update

Investment banking and securities business:

Our Investment banking business closed the Rights issue of Bajaj Finserv Limited for Rs.940 crore and QIP by South Indian Bank Limited for Rs. 442 crore. We also closed three public issues of Non Convertible Debentures: Shriram Transport Finance Limited for Rs 600 crore, Shriram City Union Finance Limited for Rs.434 crore and by Religare Finvest Limited for Rs.332 crore. We were also involved in placement of a block deal of Shriram City Union Finance Ltd by two private equity investors.

Our mergers and acquisitions pipeline continues to remain healthy with several mandated transactions across buy side, sell side (including cross border transactions) and corporate restructuring. However, uncertainty prevails on the timing of closing of these transactions.

The Institutional Equity Business has gained further traction in a challenging scenario. Our focus continues to remain on catering to the needs of the clients in a fiercely competitive environment and adding clients

Our Investment Advisory and Distribution business has continued to focus on offering wide range of products and services to our customers. Besides equities and derivatives, the focus has been to offer commodities, currencies and fixed income products. During the quarter, we focused on advisory based brokerage services where the brokerage yields are higher. In the distribution business focus was on mobilization of fixed deposits and corporate bonds.

Fund based activities:

The business continued its activity of capital market funding, catering to IPO Funding, Security Backed Financing, Loan against shares (LAS)/ Margin funding, Mutual fund financing, ESOP financing and Sponsor financing. We also continued providing the funding to corporates for their general requirements including towards their commercial real estate activities against moveable/immovable properties. Despite pressure on our Net interest margin, we have done well in the financing business. We continue to nurture this business with a dedicated management of the book and margin on lending. We are confident of maintaining a strong footprint in this segment, concurrently keeping an eye on the risk element. The overall funding book stood at Rs. 2,485 crore as on September 30, 2012. The treasury book for fixed income securities was at Rs. 770 crore.

During the quarter, the Asset Reconstruction business saw incremental recoveries from restructuring of corporate and retail accounts while acquisition activity was almost negligible. The rising corporate debt restructurings were the highlight of the season on the backdrop of a difficult operating environment. With expectation that the banking and financial institutions will off-load few restructured accounts, the near term outlook looks promising. However, deal closure may be a concern going forward as well, primarily due to price expectation mis-match between the Banks and us.

Alternative Asset Management:

At the end of the quarter, the combined AUM/ AUA of the private equity fund and real estate fund stood at around Rs.1,325 crore.

The Private Equity Fund is fully invested/ committed and the focus continues to remain on nurturing its investments so as to maximize value for opportune exits at the appropriate time.

JM Financial Property Fund's Offshore and Onshore schemes have invested its corpus fully in real estate development assets comprising largely of residential projects. The portfolio also includes commercial, retail and hospitality assets. These investments are in Tier I and in certain prominent Tier II cities.

Some of the projects have been completed while others are at different stages of development. The Fund has initiated the process of making investment realizations by actively working with its portfolio companies in exiting from operational assets. The Fund has commenced distribution to its investors and is focused on realizing all its investments within the term of the respective schemes.

Asset Management:

The Mutual Fund average AUM for the quarter ended September 30, 2012 stood at Rs. 5,624 crore. The average AUM under Equity schemes was at Rs. 564 crore and under the Debt Schemes was at Rs. 5,060 crore.

Appointment of Independent Director

Mr. Keki Dadiseth has been appointed on the Board of Directors of JM Financial Limited as an independent director.

Mr. Dadiseth has to his credit an illustrious career of 27 years at Hindustan Lever Limited between 1973 to 2000, during which term he was the Chairman of the Board between 1996 to 2000. He was also associated with the Unilever Group as Director between 2000 and 2005.

Mr. Dadiseth serves as independent director on the boards of Britannia Industries Limited, Piramal Healthcare Limited, Siemens Limited, The Indian Hotels Company Limited and Godrej Properties Limited. He is also on the boards of ICICI Prudential Life Insurance, ICIC Prudential Asset Management Trust and Prudential Plc, UK. He is the non-executive chairman of Omnicom India, a member of International Advisory Board of Fleishman-Hillard Inc, International Advisors Board of Goldman Sachs and a member of Strategic Advisory Board of Atos India Private Limited. Mr. Dadiseth serves as Chairman of Sony India Pvt Ltd and Senior Advisor to Sony Group in India.

Mr. Dadiseth has been closely associated with various industry, educational, management and medical bodies. He serves as a Trustee of the Ratan Tata Trust and is the Chairman of the Managing Committee of Breach Candy Hospital Trust. He also serves as a Member of Governing Board of Indian School of Business.

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Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, August 13, 2012: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter ended June 30, 2012.

Consolidated Results – Key Highlights:

FY 13 – Q1 compared to FY 12 – Q1 (YoY)

• Total income increased to Rs. 245.43 crore from Rs. 206.94 crore, an increase of 18.60%
• Net profit before tax increased to Rs. 57.80 crore from Rs. 35.78 crore, an increase of 61.54%
• Net profit after tax, minority interest and share of associates increased to Rs. 35.31 crore from Rs. 24.42 crore an increase of 44.59%.

The Earnings per share and Diluted Earnings per share, for the quarter ended June 30, 2012 is Re. 0.47 (not annualised).

Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “The sluggish pace of activity in the Indian economy continued to remain a major cause of concern. Sky-scraping inflation, weaker-than-normal monsoon, supply bottlenecks & slowing global demand has caused considerable stress in the financial system. We focused on the lending business during the quarter considering the opportunities available.

Looking ahead, we remain focused on meeting our clients' needs and believe that our mix of businesses gives us significant room for revenue growth. We will continue to focus on building our Institution in the years ahead.”

Business Update

Investment banking and securities business:

The Investment banking business was at very low ebb during the quarter. The firm acted as the exclusive financial advisor to KKR for their investment of Rs.242 crore in TVS Logistic Services.

While the mergers and acquisitions pipeline continues to remain healthy with several mandated transactions across buy side, sell side (including cross border transactions) and corporate restructuring, uncertainty continued on the timing of these transactions.

The Institutional equities business continued to deliver in a challenging business environment. During the quarter the Institutional Equities Business hosted the London Conference which was attended by 50 investors and 12 corporates over 2 days in May 2012 and was well received by both investors and corporates.

Our plans of establishing global footprints are progressing. Our Singapore office is operational. We are in the process of getting licenses in Indonesia & USA.

The investment advisory and distribution business has continued to focus on offering wide range of products and services to its customers. Besides equities and derivatives, the focus has been to offer commodities, currencies and fixed income products. During the quarter we focused on advisory based brokerage where the brokerage yields are higher. In the distribution business, we witnessed a lot of interest in fixed income products. Hence the focus was on mobilization of fixed deposits and corporate bonds.

Fund based activities:

The business continued its activity of capital market funding, catering to IPO Funding, Security Backed Financing, Loan against shares (LAS)/ Margin funding, Mutual fund financing, ESOP financing and Sponsor financing. Despite pressure on our Net interest margin caused by high interest rates, we have done well in the financing business. We continue to nurture this business with a dedicated management of the book and margin on lending. We are confident of maintaining a strong footprint in this segment, concurrently keeping an eye on the risk element. The overall funding book stood at Rs. 2,196 crore as on June 30, 2012. The treasury book for fixed income securities was at Rs. 515 crore.

During the quarter, the Asset Reconstruction saw increased recoveries from the corporate and retail portfolios. Majority of the Banks which declared their annual results, showed an increase in the amount of NPAs and restructured accounts. With expectation that sizeable proportion of loans restructured by Banks will also slip into NPAs, the distressed assets market should offer more opportunities. However, deal closure will not increase proportionately, primarily due to price expectation mis-match between the Banks and the ARCs.

Alternative Asset Management:

At the end of the quarter, the combined AUM/ AUA of the private equity fund and real estate fund stood at around Rs.1,320 crore.

The Private Equity Fund has fully deployed its corpus and is working with its portfolio companies in helping them grow their businesses.

JM Financial Property Fund made couple of investments in the last quarter and has now fully deployed both its domestic and offshore schemes. The investment by the fund is largely in the residential sector but the portfolio also includes commercial, retail and hospitality development assets. The investment management team is focused on actively monitoring the development projects and monetising its investments within the term of the respective schemes.

Asset Management:

The Mutual Fund average AUM for the quarter ended June 30, 2012 stood at Rs. 6,276 crore. The average AUM under Equity schemes was at Rs. 554 crore and under the Debt Schemes was at Rs. 5,722 crore.

-ends-

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, May 31, 2012: JM Financial, India’s leading integrated financial services group, today announced the appointment of Mr. Amitava Guharoy as the Chief Executive Officer - Investment Banking, Asia Pacific Ex-India. He will be responsible for Investment Banking business in Asia Pacific Ex-India and will be based at Singapore.

Prior to joining JM Financial, Mr. Guharoy was head of Advisory Businesses at PricewaterhouseCoopers (PwC) Singapore. He specialises in M&A and Private Equity transactions and has successfully completed transactions aggregating approximately S$ 8bn in value, many of which involve listed companies and multiple geographies.

Announcing the appointment, Mr. Vishal Kampani, Head - Institutional Securities Business, said, “I welcome Amitava to the JM Financial Group. His rich experience and expertise will further strengthen our team and I am confident, he will provide holistic leadership which will help us establish our footprint in the Asia Pacific market.”

Mr. Guharoy has done his BSC (Econ Hons) and was ranked 1st in the final examination of Chartered Accountancy in India. He is an accomplished Chartered Management Accountant, UK wherein he was a prize winner in taxation. He also has a certificate course in Marketing, Open University London to his credit.

-ends-

For further information, please contact:

Mr. Harshad Apte

Corporate Communications
Tel.: +91 22 6630 3477
Email: harshad.apte@jmfinancial.in

Mumbai, May 24, 2012: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the audited financial results for the year ended March 31, 2012. The Board has also recommended a dividend of Re. 0.60 per share of the face value of Re. 1/- each as against the dividend of Re. 0.60 per share paid during the previous year.

Consolidated Results – Key Highlights:

FY 12 compared to FY 11

• Total income was Rs. 873.97 crore as compared to Rs. 895.92 crore
• Net operating profit before tax stood at Rs. 182.71 crore as compared to Rs. 227.87 crore
• Net profit after tax, minority interest and share of associates stood at Rs. 121.17 crore as compared to Rs. 174.56 crore.

The Earnings per share for the year ended March 31, 2012 is Rs.1.62 and Diluted Earnings per share, for the year ended March 31, 2012 is Rs. 1.61

Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “The Indian capital market continues to face headwinds in the form of macro-economic concerns and global pressures which impacted investor sentiment thereby adversely affecting our financial performance.

However, the group’s NBFC arm continues to do well and has been a significant contributor to our growth. During the quarter, we consolidated some of our businesses/ entities into one entity through amalgamation route to have better synergies and get a benefit of scale.

Looking ahead, we believe that our diverse portfolio will help us better navigate the challenging environment even as we remain committed to delivering value to our stakeholders."

Business Update

Investment banking and securities business:

The Investment banking business closed five capital market deals including one QIP deal during the quarter. These include two public issues of long term infrastructure bonds of Infrastructure Development Finance Company Limited (Tranche II & III) aggregating Rs. 855 crore, and of L & T Infrastructure Finance Company Limited for Rs. 479 crore and a bond issue of Muthoot Finance Limited for Rs. 260 crore. The issue size of QIP by Trent Limited was Rs. 250 crore.

The Institutional Equities business continued to gain more traction. In the quarter, the Institutional Equities Business hosted the New York Conference which got an overwhelming response from both corporates as well as the investors who attended the 2 day event in March 2012.

The investment advisory and distribution business has continued its focus on the distribution of Equity and Fixed Income products. It continued to expand its franchisee network by adding 20 new franchisees during the quarter. With this, it has increased its presence to 143 cities across the country. During the quarter, our investment advisory team was recognized as the Best Performing National Financial Advisor – Institutional at the UTI MF & CNBC TV 18 Financial Advisor Awards 2012.

Fund based activities:

Our NBFC arm undertakes capital market funding, IPO Funding, Security Backed Financing, Loan against shares/Margin Funding (LAS), Mutual Fund financing, ESOP financing and Sponsor Financing. Despite the difficult environment, the Fund based business has done reasonably well during the last quarter.

The loan book stood at approximately Rs. 2,000 crore and the treasury book for fixed income securities was at Rs. 571 crore as on March 31, 2012.

During the quarter, the Asset Reconstruction business made acquisitions in the corporate and retail space and continued to resolve the assets already acquired. With expectation of sizeable proportion of loans restructured by Banks slipping into NPAs combined with incremental NPAs, the distressed assets market will offer interesting opportunities. However, the acquisitions are expected to increase less than proportionately primarily due to potential price-expectation mis-match between the Banks and the ARCs.

Alternative Asset Management:

At the end of the quarter, the combined AUM / AUA of the private equity fund and the real estate fund stood at around Rs.1,325 crore.

During the quarter, the domestic scheme of the Real Estate Fund made its first distribution to the investors since the scheme exited from couple of its portfolio investments.

The Private Equity and Real Estate Funds have enhanced their focus on management of their existing investments.

Asset Management:

The total AUM as on May 22, 2012 stood at around Rs. 6,729 crore. This comprises AUM under Equity schemes at Rs. 543 crore and under Debt Schemes at Rs. 6,186 crore.

-ends-

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, February 7, 2012: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter and nine months ended December 31, 2011.

Consolidated Results – Key Highlights:

FY 12 – Q3 compared to FY 12 – Q2

• Total income was Rs. 190.67 crore as compared to Rs. 215.19 crore
• Net operating profit before tax stood at Rs. 44.47 crore as compared to Rs. 44.20 crore
• Net profit after tax, minority interest and share of associates stood at Rs. 28.69 crore as compared to Rs. 27.29 crore.

FY 12 – Q3 compared to FY 11 – Q3

• Total income was Rs. 190.67 crore as compared to Rs. 276.37 crore
• Net operating profit before tax stood at Rs. 44.47 crore as compared to Rs. 81.05 crore
• Net profit after tax, minority interest and share of associates stood at Rs. 28.69 crore as compared to Rs. 59.50 crore.

FY 12 – 9 months compared to FY 11 – 9 months

• Total income stood at Rs. 613.98 crore as compared to Rs. 702.20 crore
• Net operating profit before tax stood at Rs. 124.44 crore as compared to Rs. 193.33 crore
• Net profit after tax, minority interest and share of associates stood at Rs. 80.39 crore as compared to Rs. 146.48 crore.

The Earnings per share and Diluted Earnings per share, for the nine months ended December 31, 2011 is Rs. 1.07 (not annualised)

Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “There has been substantial decrease in revenues from Investment Banking and securities business on account of Global uncertainty and domestic tight monetary policy measures caused by high inflation. The fund raising activity remained muted on account of negative investor sentiments. FIIs continued to remain net sellers due to global market scenario. Due to these factors, the volume, both in the secondary and primary markets dropped substantially. As a result, our financial performance during the third quarter was adversely affected. We have however been able to maintain the same level of profitability in our fixed income division.

We remain optimistic about the long term growth prospects of the Indian economy and believe that once the capital market is stabilised, the group will capture the opportunities that come up its way.”

Business Update

Investment banking and securities business:

The Investment banking business closed two capital market deals and one merger & acquisition transaction during the quarter. These include public issues of long term infrastructure bonds of Infrastructure Development Finance Company Limited (Tranche I) for Rs.533 crore and L & T Infrastructure Finance Company Limited (Tranche I) for Rs.529 crore. We were the financial advisor to Omnicom Group for acquisition of Mudra Group from Reliance ADAG.

The Institutional Equities business continues to add new clients. During the quarter, the Institutional Equities Business hosted JM Financial India Conference in two cities, Mumbai & Delhi, which saw participation by 83 corporates and 315 investors.

The investment advisory and distribution business has continued to focus on the distribution of Equity and Fixed Income products. It continued to expand its franchisee network by adding 26 new franchisees during the quarter. With this, it has increased its presence to 150 cities across the country.

Fund based activities:

Our loan financing book (other than IPO financing) has been stable. The IPO financing business was very low during the quarter ended December 31, 2011 as there were no IPOs to finance.

The overall funding book stood at Rs. 2,136 crore as on December 31, 2011.

The treasury book for fixed income securities as on December 31, 2011 was at Rs. 457 crore.

During the quarter, the Asset Reconstruction business continued to resolve the assets acquired. With expectation of sizeable proportion of loans restructured by Banks slipping into NPAs combined with incremental NPAs, the distressed assets market will offer interesting opportunities. However, primarily due to price expectation mis-match between the Banks and the ARCs, the acquisitions are expected to increase less than proportionately. We hope to achieve a significant market share in the ARC segment and consolidate our leadership position.

Alternative Asset Management:

At the end of the quarter, the combined AUM / AUA of the private equity fund, real estate fund and special situations group stood at around Rs.1,575 crore.

The Private Equity Fund and Real Estate Fund have been focusing on management of its existing investments.

Asset Management:

The Mutual Fund Average AUM for the quarter ended December 31, 2011 stood at Rs. 6,915 crore The average AUM under Equity schemes was at Rs. 646 crore and under the Debt Schemes was at Rs. 6,269 crore.

-ends-

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, October 24, 2011: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter and half year ended September 30, 2011.

Consolidated Results – Key Highlights:

FY 12 – Q2 compared to FY 11 – Q2

• Total income stood at Rs. 215.19 crore as compared to Rs. 232.80 crore
• Net operating profit before tax stood at Rs. 44.20 crore as compared to Rs. 71.75 crore
• Net profit after tax, minority interest and share of associates stood at Rs. 27.29 crore as compared to Rs. 57.51 crore.

The Earnings per Share (EPS) and the Diluted Earnings per share (DPS), for the quarter ended September 30, 2011 is Re 0.36 (not annualised).

FY 12 – H1 compared to FY 11 – H1

• Total income stood at Rs. 423.31 crore as compared to Rs. 425.83 crore
• Net operating profit before tax stood at Rs. 79.97 crore as compared to Rs. 112.28 crore
• Net profit after tax, minority interest and share of associates stood at Rs. 51.70 crore as compared to Rs. 86.98 crore.

The EPS, for the half year ended September 30, 2011 is Re. 0.69 (not annualised) and DPS, for the said half year ended is Re.0.68 (not annualized).

Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “The continuing stress and uncertainty in the global financial system combined with the domestic issues have contributed to a near standstill of the domestic financial markets. The trading volume in the secondary market has reduced substantially. Primary Market issuances have also been very few. Persisting high inflation has become the topmost priority for the policy makers and as a result, growth may be slow to pick up. Uncertainty prevails over the interest rate and exchange rate scenario. Given the state of prevailing market conditions, investors have decided to stay away from the equities and have moved to low risk investments such as bank deposits and fixed income securities. As a risk containment measure, we have decided not to increase our book size in several of our businesses. As a Group, we are following a strategy of “cost containment rather than maximizing Profits” . At the same time, we remain committed to our focus on both fee based and fund based activities. We will very carefully watch the opportunities as they emerge.”

Business Update

Investment banking and securities business:

The Investment banking business closed two deals during the quarter. These include initial public issues of L & T Finance Holdings Limited for Rs.1,245 crore and Tree House Education & Accessories Limited for Rs.112 crore.

The investment advisory and distribution business has continued to focus on the distribution of Equity and Fixed Income products. It continued to expand its franchisee network and 15 new franchisees were added during the quarter. With this, it has increased its presence to 144 cities across the country.

The Institutional Equities Business continues to work towards greater research coverage along with client additions.

Fund based activities:

In spite of increasing interest rates, we have been able to maintain our margins but at the same time, we have been selective in growing our loan portfolio. Our focus is to maintain loan book by managing credit risk of the portfolio.

The overall funding book stood at Rs. 1,969 crore as on September 30, 2011.

The treasury book for fixed income securities as on September 30, 2011 was at Rs. 306 crore.

During the quarter, the Asset Reconstruction business acquired new assets in the corporate as well as the retail space and continued to resolve the assets acquired. The NPAs in the banking system are expected to increase significantly considering the economic stress. However, primarily due to price expectation mis-match between the Banks and the ARCs, the acquisitions are expected to increase less than proportionately. We hope to achieve a significant market share in the ARC segment and consolidate our leadership position.

Alternative Asset Management:

At the end of the quarter, the combined AUM / AUA of the private equity fund, real estate fund and special situations group stands at around Rs.1,550 crore. As the Private Equity Fund has fully deployed its corpus, the fund will be seeking to maximize value for opportune exits at the appropriate time.

Asset Management:

The Mutual Fund AUM stood at Rs. 6296 crore as on September 30, 2011. The AUM under Equity schemes was at Rs. 687 crore and under the Debt Schemes was at Rs. 5,609 crore as on September 30, 2011.

-ends-

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, July 28, 2011: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter ended June 30, 2011.

Consolidated Results – Key Highlights:

FY 12 – Q1 compared to FY 11 – Q1

• Total income increased to Rs. 208.12 crore as compared to Rs. 193.03 crore
• Net operating profit before tax stood at Rs. 35.78 crore as compared to Rs. 40.54 crore
• Net profit after tax, minority interest and share of associates stood at Rs. 24.42 crore as compared to Rs. 29.47 crore.

The Earnings per Share (EPS), for the quarter ended June 30, 2011 is Re 0.33 (not annualised) and the Diluted Earnings per share (DPS), for the said quarter is Re.0.32 (not annualized).

Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “Inflationary pressures and rising interest rates in India, coupled with uncertainty in the global markets over the economic stress in the Eurozone and the United States of America have exerted pressure on the capital markets worldwide. We saw a challenging first quarter. The fee based businesses as well as funds based business are under very strong pressure, reducing margins. Looking ahead, while the near term outlook for the capital markets remains somewhat uncertain, over the long term we maintain a positive outlook on the growth prospects for the Indian economy. ”

Business Update

Investment banking and securities business:

The Investment banking business closed seven deals during the quarter across equity fund raising, debt fund raising and mergers and acquisition.

The secondary markets have continued to see dominance of Options and Futures in the total volumes. Delivery based cash segment volumes have continued to drop consistently leading to huge pressure on the brokerage earnings across the industry.

The investment advisory and distribution business has continued to focus on the distribution of Equity and Fixed Income products. It continued to expand its franchisee network and 41 new franchisees were added during the quarter. With this, it has increased its presence to 139 cities across the country.

In Institutional Equities Business focus continues to be on increasing research coverage and client additions.

Securities funding and fund based activities:

Given the tighter liquidity and increased interest rates, the margins in this business are under pressure.

The overall funding book increased to Rs. 2,113 Crore as on June 30, 2011 from Rs. 1,987 Crore as on March 31, 2011.

Anticipating a further increase in the Repo and reverse Repo rates, we kept our trading and investment book for fixed income securities light. The total book size as on June 30, 2011 was at around Rs. 141 crore.

During the quarter, the Asset Reconstruction business acquired new assets including retail portfolio and continued to resolve the assets acquired. We expect this business to have many more opportunities when the current high interest rate environment will inevitably lead to higher NPAs in the banking system.

Alternative Asset Management:

At the end of the quarter, the combined AUM / AUA of the private equity fund, real estate fund and special situations fund stands at around Rs.1,550 crore. The Private Equity Fund has completed an investment in the infrastructure domain and with this investment, the Fund has fully deployed its corpus.

The first investment for the newly launched Real Estate Yield Fund was made by acquiring the Multiplex unit at Phoenix Mills, Lower Parel, Mumbai. The Fund has received commitments from certain investors and is targeting to achieve its first closure soon.

Asset Management:

The Mutual Fund AUM stood at Rs. 5,301 crore as on June 30, 2011. The AUM under Equity schemes was at Rs. 838 crore and under the Debt Schemes it was at Rs. 4,463 crore as on June 30, 2011.

-ends-

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, May 25, 2011: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the audited financial results for the year ended March 31, 2011.

Consolidated Financial Results – Key Highlights:

FY 11 compared to FY 10

• Total income increased to Rs. 895.13 crore as compared to Rs. 628.79 crore
• Net operating profit before tax increased to Rs. 227.87 crore as compared to Rs. 201.45 crore
• Net profit after tax, minority interest and share of associates rose to Rs. 174.56 crore as compared to Rs. 151.66 crore.

The Earnings per Share (EPS), for the year ended March 31, 2011 is Rs. 2.33.

The Board of Directors has recommended a dividend of Re. 0.60 per share, which if declared at the Annual General Meeting will result in cash outflow of Rs. 44.99 crore.
The consolidated net worth stands at Rs.1,814 crore as at March 31, 2011. The aggregate debt component as at that date is Rs. 3,264 crore, implying a leverage of 1.80x.

Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “We have witnessed yet another year of impressive financial performance. Almost all our businesses have registered steady growth and posted higher revenues. The investment banking and securities business and securities funding business have been significant contributors to our overall growth.

He said that the Capital Markets intermediaries are reeling under pressure on account of wafer thin margins caused by very strong competition and overbanked markets. Despite these pressures, we are pleased to have posted growth and will continue to focus on increased footprint and better retention of margins. There is an increased activity on the funding and asset restructuring side and we target to grow these businesses with a close watch on asset quality. We continue to carry a healthy provision for standard assets. He also mentioned that we are keenly watching the mutual fund segment for policy initiatives to recalibrate growth plans.”

Business Update

Investment banking and securities business:

The Investment banking business had three major deal closures during the quarter. The deals include; public issue of equity shares aggregating Rs. 433 crore by PTC India Financial Services Limited and the QIPs by Mahindra & Mahindra Financial Services Limited and Canara Bank for Rs.426 crore and Rs.1,993 crore respectively. We also closed two tranches of infrastructure Bonds by IDFC Ltd.

The investment advisory and distribution business continued to gather momentum. It continued to expand its franchisee network and 45 new franchisees were added during the quarter. With this, it has increased its presence to 135 cities across the country. The company enhanced its mobilizations of fixed income products and also increased its AUMs in debt & liquid mutual funds. The number of secondary market client services by the company are in excess of 50,000 and primary market client services are in excess of 350,000.

The Institutional Equities Business continues to grow with new client additions and stocks under research coverage. During the quarter, we focussed on increasing our corporate access and research coverage. Our conferences continued to generate interest both from Investors and Corporates.

Securities funding and fund based activities:

The overall funding book increased to Rs. 1,987 Crore as on March 31, 2011 from Rs. 1,869 Crore as on December 31, 2010.

Our fixed income operations continued to gain momentum. The total book size as on March 31, 2011 was at around Rs. 747 crore.

With upward revision in the provisioning requirement for NPAs, Banks will have additional pressure to reduce their NPA book resulting in incremental business for the Asset Reconstruction Companies. During the 4th quarter, the Asset Reconstruction business made multiple acquisitions and also ventured into the Retail segment of the distressed debt market. Resolution strategies were initiated for majority of the assets acquired.

Alternative Asset Management:

At the end of the quarter, the combined AUM / AUA of the private equity fund, real estate fund and special situations fund stood at around Rs.1,725 crore.

Infinite India, the investment manager to the real estate fund sponsored by JM Financial Group, has launched its new real estate domestic fund for investments in income generating assets called JM Financial Real Estate Income Fund, registered with SEBI as a Domestic Venture Capital Fund. The investment manager, for its existing fund, is at an advanced stage of closing a new investment in Bangalore in a residential development project.

Asset Management:

The latest average Mutual Fund AUM stood at Rs. 6,083.55 crore, as against Rs. 6,208.99 crore as on December 31, 2010. The latest average AUM under Equity schemes was at Rs. 836.60 crore and under the Debt Schemes it was at Rs. 5,246.95 crore.

-ends-

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events. This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, February 06, 2011: JM Financial, India’s leading integrated financial services group, as part of its Corporate Social Responsibility initiative, today successfully organised its annual fund raising event “Walkathon 2011”. The walk began at 07:45 am from opposite The Oberoi Hotel, Marine Drive and was flagged off by Mr. Nimesh Kampani, Chairman, JM Financial Group.

Initiated in the year 2002, JM Financial Walkathon is a 6 km walk along the picturesque Marine Drive sea front in Mumbai. In the past, the Walkathon has helped raise funds for various deserving causes. This year the event saw enthusiastic response from over 400 people.

Speaking on the occasion, Mr. Nimesh Kampani, Chairman, JM Financial Group, said, “We would like to thank everyone from our clients to employees for their support and active participation. Such initiatives give us an opportunity to come together and reach out to make a difference to the lives of the under privileged. We will continue to strengthen our resolve to contribute time, resources and funds and make the Walkathon a bigger event with every passing year.”

JM Financial has actively adopted Corporate Social Responsibility as a key component of its corporate citizenship and have supported various philanthropic initiatives from time to time. JM Financial Foundation is one of the entities through which the CSR activities are undertaken. The main areas of focus include relief for victims of natural calamities, supporting education initiatives and participation in health promotion projects.

Mumbai, January 31, 2011: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter and nine months ended December 31, 2010

Consolidated Results – Key Highlights:

FY 11 – Q3 compared to FY 10 – Q3

• Total income increased to Rs. 276.37 crore as compared to Rs. 161.68 crore
• Net operating profit before tax increased to Rs. 81.05 crore as compared to Rs. 47.00 crore
• Net profit after tax, minority interest and share of associates rose to Rs. 59.50 crore as compared to Rs. 36.18 crore.

The Earnings per Share (EPS), for the quarter ended December 31, 2010 is Re 0.79 (not annualised).

FY 11 – 9 months compared to FY 10 – 9 months

• Total income increased to Rs. 702.20 crore as compared to Rs. 459.10 crore
• Net operating profit before tax increased to Rs. 193.33 crore as compared to Rs. 168.52 crore.
• Net profit after tax, minority interest and share of associates increased to Rs. 146.48 crore as compared to Rs. 124.31 crore.

The Earnings per Share (EPS), for the nine months ended December 31, 2010 is Rs 1.95 (not annualised).

Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “Our Q3 performance has been encouraging and our growth momentum is continuing. The group’s Investment Banking and Securities businesses have done well during the quarter. The Institutional broking business is also growing with increasing volumes and client empanelment. While the environment remains challenging, we will continue to have a strong financial services franchise catering to our large client network. We are committed to providing quality advice and returns to all our stakeholders.”

Business Update

Investment banking and securities:

The Investment banking business had three deal closures during the quarter. This includes public issues of BS Transcomm Limited of Rs. 190 crore and Claris Lifesciences Ltd of Rs. 300 crore and an advisory transaction for investment of USD 125 million in JSW Infrastructure Ltd.

The investment advisory and distribution business continued gathering momentum in the distribution of equity and fixed income products. The Company continued to expand its franchisee network. The distribution business has done reasonably well on account of surge in the IPO mobilisations. The investment advisory and distribution business is now present at 389 locations covering 134 cities.

The Institutional Equities Business continues to grow with addition of new clients. Research coverage has enhanced to total of 150 stocks under coverage. We held a flagship India Conference in Mumbai in November 2010. A total of 82 corporates and 12 eminent speakers attended the Conference hosted by us. A total of 94 funds and 277 investors also attended the 3 day conference.

Securities funding and fund based activities:

17 IPOs / FPOs hit the market during the quarter ended December 31, 2010. Response from investors for investment in Initial Public Offerings (IPO) & Follow on Public Offers (FPO) has been extremely good.

There has been an increase in the margin funding book size over the previous quarter. The overall margin financing book size has increased approximately by 14% to Rs. 1,869 Crore as on December 31, 2010 from Rs. 1,604 Crore as on September 30, 2010. The average book for the quarter ended December 31, 2010 was at Rs. 1,784 Crore.

Our fixed income operations continued to gain momentum. The total book size as on December 31, 2010 was at around Rs 574 crore.

With expectation of sizeable proportion of loans restructured by Banks slipping into NPAs in the next 2 years coupled with incremental NPAs, the distressed assets business continues to offer interesting opportunities. During the 3rd quarter, the Asset Reconstruction business made good progress and acquired more non performing assets. The quarter also saw enhancement in revenue and profitability due to resolution of assets by the said business.

Alternative Asset Management:

At the end of the quarter, the combined AUM / AUA of the private equity fund, real estate fund and special situations fund stands at around Rs.1,725 crore. The private equity fund is in its advanced stage of closing an investment transaction and with this, the funds will get fully deployed.

The real estate fund has executed term sheets for two new investments which are subject to final due diligence and documentations. The investments when made will complete the investment program of the domestic scheme. Further, Infinite India, the investment manager to the real estate fund sponsored by JM Financial Group, has finalized plans to launch a new real estate domestic fund for investments in income generating assets. In principle approval from SEBI for registration as Venture Capital Fund has been obtained.

Asset Management:

The Mutual fund business environment continues to be under stress. The average AUM as on December 31, 2010 stood at around Rs. 6,209 crore, as against Rs. 6,525 crore as on September 30, 2010. The average AUM as on December 31, 2010 under Equity schemes was Rs.1,287 crore and under Debt Schemes was Rs. 4,922 crore.

-ends-

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, October 21, 2010: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter and half year ended September 30, 2010

Consolidated Results – Key Highlights:

FY 11 – Q2 compared to FY 10 – Q2

• Total income increased to Rs. 232.80 crore as compared to Rs. 174.67 crore
• Net operating profit before tax stood at Rs. 71.75 crore as compared to Rs. 78.57 crore
• Net profit after tax, minority interest and share of associates is marginally higher at Rs. 57.51 crore as compared to Rs. 56.93 crore.

The Earnings per Share (EPS), for the quarter ended September 30, 2010 is Re 0.77 (not annualised).

FY 11 – H1compared to FY 10 – H1

• Total income increased to Rs. 425.83 crore as compared to Rs. 297.41 crore
• Net operating profit before tax stood at Rs. 112.28 crore as compared to Rs. 121.52 crore.
• Net profit after tax, minority interest and share of associates at Rs. 86.98 crore as compared to Rs. 88.13 crore.

The Earnings per Share (EPS), for the half year ended September 30, 2010 is Rs 1.16 (not annualised).

Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “With sustained improvement in the economy and market buoyancy, 2nd quarter saw increased momentum resulting in greater business activities. While our topline has increased by 33% as compared to Q2 of FY 10 despite intense competition in the industry, the bottomline is more or less in line with Q2 of FY 10, mainly on account of increase in provision of employee compensation.

Looking ahead, our long term view on the markets remains cautiously optimistic and we are confident of consolidating our position as India’s domestic premier financial services group. JM Financial, with its complete bouquet of products is committed to deliver quality services that bring value to our stakeholders.”

Business Update

Investment banking and securities:

The Investment banking business had five deal closures during the quarter. These include public issues of Orient Green Power Company Limited for Rs. 900 crore, Career Point Infosystems Limited for Rs. 115 crore, QIPs of Indusind Bank for Rs.1,173 crore, Dhanlakhsmi Bank for Rs. 381 crore and a right issue of Trent Limited for Rs. 490 crore.

The investment advisory and distribution business has also gathered momentum in the distribution of Equity and debt products. With the increase in number of corporates accessing primary market, the distribution business has done reasonably well. However, mutual fund distribution remain subdued.

The Institutional Equities Business picked up further momentum on addition of new clients taking the count of clients to 116. Research coverage has also been increased to 139 stocks.

Securities funding and fund based activities:

23 IPO’s hit the market during the 2nd quarter of FY 11. Response from investors for investment in Initial

Public Offerings (IPO) has been overwhelming in the month of August 10 & September 10. Good participation across various classes of investors was witnessed. The secondary markets have been on the rise and as a result margin financing book size is up at around Rs. 1,600 crore as on September 30, 2010.

Our fixed income operations continued to grow. The total book size as on September 30, 2010 was at around Rs 700 crore.

With expectation of sizeable proportion of loans restructured by Banks slipping into NPAs in the next 2 years coupled with incremental NPAs, the distressed assets business will offer interesting opportunities. During the 2nd quarter, our distressed assets business made good progress and saw enhancement in revenue and profitability due to resolution of assets. We also acquired some more distressed assets during the quarter.

Alternative Asset Management:

At the end of the quarter, the combined AUM / AUA of the private equity fund, real estate fund, and special situations fund stands at around Rs.1,725 crore. During the quarter, the private equity fund made a new investment in an integrated steel manufacturing company.

The real estate fund has made a new investment during the quarter in a residential project in Pune and has also invested further capital in one of its existing investments. The Fund has also initiated monetization process from some of its investments and hopes to complete the exit from these investments during the year.

Asset Management:

The Average AUM as on September 30, 2010 stood at around Rs. 6,524 crore. The AUM under Equity schemes was at Rs.1,643 crore and under Debt Schemes at Rs.4,881 crore.

-ends-

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, July 28, 2010:The Board of Directors of JM Financial Limited, at its meeting held today, has considered and approved the unaudited financial results for the quarter ended June 30, 2010

Consolidated Results – Key Highlights:

FY 11 – Q1 compared to FY 10 – Q1

• Total income at Rs.193.03 crore as compared to Rs. 122.74 crore
• Net operating profit before tax stood at Rs. 40.54 crore as compared to Rs.42.94 crore.
• Net profit after tax, minority interest and share of associates at Rs.29.47 crore as compared to Rs. 31.20 crore.

The Earnings Per Share (EPS), for the quarter ended June 30, 2010 is Re 0.39 (not annualised).

Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “Our first quarter performance is more or less in line with last quarter on Y on Y and Q on Q basis. The Group’s Fund based business and special situation fund have done reasonably well during the quarter. Securities business is currently passing through severe competition leading to pressure on margins and sustained high levels of people cost.

Given the positive and encouraging trend, we are poised to capture various opportunities that come up and look forward to continuing the growth momentum over the next quarter to further strengthen our position as India’s premier financial services Group.”

Business Update

Investment banking and securities:

The Investment banking business had six deal closures during the quarter. These include IDR of Standard Chartered Bank aggregating Rs.2,456 crore, public issues of Jaypee Infratech Limited for Rs. 2,262 crore, SJVN Limited for Rs.1,063 crore, Nitesh Estates Limited for Rs. 405 crore and Shriram Transport Finance Company Limited for Rs. 500 crore, and a QIP of Deewan Housing Finance Corporation Limited for Rs. 375 crore.

The Institutional Equities business has added new clients and increased the number of companies under its research coverage to 132.

Securities funding and fund based activities:

Investors continue to remain cautious but the demand for margin financing has been slowly gaining momentum resulting in an increase in the book size over the previous quarter. Interest spreads continue to be stretched on account of increased competition and premium customers demanding finer rates. The focus on the trading in fixed income securities has been enhanced. The peak trading position was at Rs 604 crore during the quarter and the book size was around Rs. 448 crore as on June 30, 2010.

With the development in the distressed assets market, the business will continue to offer interesting opportunities.

Alternative Asset Management:

At the end of the quarter, the combined AUM / AUA of the private equity fund, real estate fund, and special situations fund stands at around Rs.1,725 crore. During the quarter, the private equity fund made a new investment in the financial services space. Further investments are being evaluated in the real estate sector as the Fund witnessed a number of quality investment opportunities. The funds hope to complete its investment program soon and focus its attention on asset management and investment monetization.

Asset Management:

The total AUM as on June 30, 2010 stood at around Rs. 5,201 crore, as against Rs. 5,888 crore as on March 31, 2010. The AUM under Equity schemes was at Rs.1,857 crore and under Debt Schemes, it was at Rs. 3,344 crore.

-ends-

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

To provide cross-border M&A advisory services to Indian and African corporates

Mumbai, June 3, 2010: Rand Merchant Bank (“RMB”), a division of FirstRand Limited (“FirstRand”) and JM Financial Consultants Private Limited (“JM Financial”) today agreed to enter into a strategic co-operation to provide M&A advisory services to Indian and African corporates for their activities in the Indo-Africa corridor.

South African President Jacob Zuma is currently on an official state visit to India accompanied by a trade delegation of leading South African business people. Mr. Nimesh Kampani, Chairman, JM Financial Group and Mr. Sizwe Nxasana, CEO, FirstRand signed this landmark MoU during the conference organised in Mumbai as part of this state visit.

Trade and investment between Africa and India is significantly on the rise, with India set to become one of Africa’s major trading and investment partners over the next decade. The bilateral trade between India and Africa is likely to grow by an estimated 22 percent in the next two years from the current levels of close to US$45 billion to US$55 billion in 2012.

Both economies offer tremendous growth potential given their large consumer base. The MoU signed between RMB and JM Financial will enable corporates at both destinations to explore and leverage opportunities in the economies of India and Africa.

According to the MoU, JM Financial and RMB will jointly provide M&A advisory services to: Indian clients seeking to make investments into entities or transactions in Africa; and South African and African clients seeking to make investments in entities or transactions in India.

Mr. Sizwe Nxasana, CEO, FirstRand, commented: "A partnership between RMB and JM Financial will unlock significant value for both parties by leveraging their individual expertise and sharing distinctive local market knowledge for the benefit of clients and shareholders. In addition RMB’s parent, FirstRand, is one of the largest financial services groups in Africa, and will provide JM Financial with opportunities to enhance its service to its domestic customers seeking to do business in Africa. FirstRand also brings significant balance sheet capability to support future investment flows in the Indo-African corridor. This co-operation represents a significant step in furthering both RMB’s and the Group’s strategy to grow in the Indo-Africa corridor.”

Mr. Nimesh Kampani, Chairman, JM Financial Group, said, “In recent years, several Indian companies have shown interest in Africa. Both, Africa and India, are vibrant emerging economies, each with a rich resource base, a vast talent pool and low cost business models, offering immense business opportunities to investors, and thereby being a favourite investment destination world over. JM Financial’s strong advisory and execution capabilities along with RMB’s market knowledge and expertise will enable both parties to provide its clients with valuable advice and service. We are delighted to partner with RMB and FirstRand.”

-ends-

Background information on JM Financial and FirstRand Limited

JM Financial Group

JM Financial Consultants Private Limited is the investment banking division of JM Financial Group. JM Financial Group is an integrated Indian financial services group, offering a wide range of services to corporations, financial institutions, high net-worth individuals and retail investors. The Group has interests in investment banking, institutional equity sales, trading, research and broking, private and corporate wealth management, equity broking, portfolio management, asset management, commodity broking, Non Banking Finance Company (NBFC) activities, private equity and asset reconstruction. For further information, please refer to www.jmfinancial.in.

FirstRand Limited

FirstRand is one of Africa’s largest financial services groups with a current market capitalisation of US$14 billion. Listed on the Johannesburg Securities Exchange, FirstRand offers retail, commercial and investment banking products and services in South Africa and Africa. The Group’s investment bank, RMB is the South African market leader in M&A, private equity and infrastructure finance. RMB has completed transactions in 39 African countries. For further information, please refer to www.rmb.co.za.

Mumbai, May 25, 2010: The Board of Directors of JM Financial Limited today approved the audited financial results for the year ended March 31, 2010.

Consolidated Financial Results – Key Highlights:

FY 10 compared to FY 09

• Total income at Rs. 598.81 crore compared to Rs.464.92 crore.
• Net operating profit before tax at Rs. 201.45 crore compared to loss of Rs.78.49 crore. (including reversal of provision of Rs. 40.51 crore in current year and provision of Rs. 153.90 crore, in the previous year)
• Net consolidated profit at Rs.151.66 crore compared to loss of Rs. 105.22 crore.

The Earnings Per Share (EPS), for the year ended March 31, 2010 is Rs. 2.02.

The Board of Directors has recommended a normal dividend of Re.0.25 per share and a “silver jubilee special dividend” of Re 0.25 per share on account of this year being the twenty-fifth year of the Company. The dividend as recommended by the Board, if declared at the Annual General Meeting will entail payment of Rs. 37.49 crore (excluding dividend distribution tax)

The group net worth stands at Rs. 1,702 crore. The aggregate debt component as on 31st March, 2010 is Rs.1,842 crore, implying a leverage of 1.08x.

Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “During the year, almost all the businesses in the group have grown and posted higher revenues as compared to the last year. The institutional equities division continues to grow steadily providing quality research and analysis-based broking services to both domestic and offshore institutional clients. Our distressed assets business has also made considerable progress in terms of assets acquired and resolved. Given the increased confidence in the business outlook, the NBFC arm has stepped up its lending/trading activity which is reflected in the increased level of borrowing and lending. During the year the Company enhanced focus on the fixed income products business and recruited a team of senior people with extensive experience in this business.

While the Company saw continuing benefits of cost optimization efforts implemented during the aftermath of the global financial crisis, the employee cost across businesses increased in line with the market trends on executive compensation. The total employee strength on March 31, 2010 stood at 1,064 against 1,067 on March 31, 2009.

Given the robust growth prospects, JM Financial seeks to further consolidate its position as one of the premier financial services groups in India. We remain committed to delivering value to all our stakeholders."

Business Update

Investment banking and securities:

The Investment banking business closed four deal closures during the quarter. These include public issues of Rural Electrification Corporation Limited of Rs. 3,530 crore and IL&FS Transportation Networks Limited of Rs.700 crore, QIP for JSL Limited of Rs.247 crore, and Rights issue for Swaraj Mazda Limited of Rs. 80 crore.

The Institutional Equities business forges ahead on good momentum with enhanced focus on clients and increase in research under coverage.

The Investment Advisory arm focused on enhancing its reach through sub-broker/franchisee network to 92 cities from 44 cities during the year. The AUM in wealth management business stood at over Rs. 23,000 crore.

Securities funding and fund based activities:

Financing activity in the last quarter gained momentum. The margin funding book has grown more than double as compared to last year in line with enhanced business opportunities. The company actively traded in corporate bonds and government securities, the position of which peaked at around Rs. 560 crore during the quarter and was around Rs. 450 crore as on March 31, 2010.

With RBI focusing on development of the distressed assets market and reducing the overall NPAs in the banking system, the prospects of the Asset Reconstruction Business looks promising.

Alternative Asset Management:

At the end of the quarter, the combined AUM and AUA of the private equity fund, real estate fund, and special situations group stands at around Rs.1,700 crore. The private equity fund has been fully drawndown. During the quarter, the private equity fund made a new investment in the financial services space. The real estate sector is showing signs of revival. The domestic scheme of the real estate fund is fully drawndown whereas the international scheme is drawndown to the extent of 40%.The real estate fund has been evaluating new investment opportunities which may materialize over the next quarter.

Asset Management:

The total AUM as on May 25, 2010 stood at around Rs. 8,734 crore. This comprises AUM under Equity schemes at Rs. 2,001crore and under Debt Schemes at Rs. 6,733 crore.

-ends-

The audited financial results are attached. Both, the press release and audited financial results are available on our website - www.jmfinancial.in

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries, joint ventures and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, March 19, 2010: The Board of Directors of JM Financial Limited today announced that it has appointed Dr. Vijay Kelkar, former Finance Secretary to the Government of India, as an Independent Director on the Board of the Company.

Dr. Vijay Kelkar has held many senior level positions in the Government of India including the most recent position as the Chairman of the Finance Commission; Advisor to Minister of Finance; Finance Secretary, Government of India; Secretary of Ministry of Petroleum & Natural Gas and Chairman of the Tariff Commission. He has also served in several key posts in international organistions such as Director and Coordinator of International Trade Division, UNCTAD, Switzerland and Executive Director for India, Sri Lanka, Bangladesh and Bhutan at the International Monetary Fund, USA

Dr. Vijay Kelkar holds a doctorate in development economics from the University of California at Berkeley. He is currently the Chairman of India Development Foundation, India & Chairman, Forum of Federations, Canada. He is also on the board of several reputed public limited companies.

Mumbai, January 27, 2010: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter and nine months ended December 31, 2009.

Consolidated Results – Key Highlights:

FY 10 – Q3 compared to FY 09 – Q3

• Total income at Rs. 157.10 crore compared to Rs. 110.43 crore.
• Net operating profit before tax stood at Rs. 47.00 crore as against a loss of Rs. 226.81 crore.
• Net profit after tax, minority interest and share of associates, at Rs. 36.18 crore, as against a Net loss after tax, minority interest and share of associates at Rs 230.04 crore.

The Earnings Per Share (EPS), for the quarter ended December 31, 2009 is Re 0.48 (not annualised).

FY 10 – 9 months compared to FY 09 – 9 months

• Total income at Rs. 427.30 crore compared to Rs. 388.80 crore
• Net operating profit before tax stood at Rs. 168.52 crore as against a loss of Rs. 174.52 crore.
• Net profit after tax, minority interest and share of associates, at Rs. 124.31 crore, as against a Net loss after tax, minority interest and share of associates at Rs 190.81 crore.

The Earnings Per Share (EPS), for the nine months ended December 31, 2009 is Rs1.66 (not annualised).

Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “During the quarter, our NBFC has done well in the margin funding business as well as fixed income business seeing good momentum. The Institutional Equities division has also grown steadily focusing on providing quality research and analyses. We believe that the distressed assets business will continue to sustain and provide good investment opportunities. While the environment remains challenging, we will continue to have a strong financial services franchise catering to our large client network. JM Financial Group remains committed to providing quality advice and returns to all its clients and shareholders.”

Business Update

Investment banking and securities:

The Investment banking business had two deal closures during the quarter. These include public issue of JSW Energy Limited of Rs.2,700 crore and QIP for HCL Infosystems Limited of Rs.473 crore.

The Institutional equity business continues to grow at a steady pace with its focus on greater client and research coverage.

Securities funding and fund based activities:

IPO financing business was lackluster on account of reduced client interest in borrowing for IPOs. On the other hand, margin funding business maintained the momentum during the quarter. Revenues from trading activities in fixed income segment continued to build up.

The distressed assets business continues to offer interesting opportunities.

Alternative Asset Management:

At the end of the quarter, the combined AUM / AUA of the private equity fund, real estate fund, and special situations group stands at around Rs. 2,750 crore. During the quarter, the private equity fund and the real estate fund have not made any fresh investments and they remained focused on its existing investments.

Asset Management:

The total AUM as on December 31, 2009 stood at around Rs. 6,605 crore, down from Rs.6,724 crore as of September 30, 2009. This comprises AUM under Equity schemes at Rs. 2,565 crore and under Debt Schemes at Rs. 4,040 crore.

-ends-

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries, joint ventures and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, October 29, 2009: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter and half year ended September 30, 2009.

Consolidated Results – Key Highlights:

FY 10 – Q2 compared to FY 09 – Q2

• Total income at Rs. 165.07 crore compared to Rs. 135.36 crore
• Net operating profit before tax at Rs. 78.57 crore compared to Rs. 20.18 crore.
• Net profit after tax, minority interest and share of associates, at Rs. 56.93 crore (after reversal of provision of Rs. 9.60 crore for mark-to-market loss on securities held as a result of underwriting and other long term investments) compared to Rs 20.89 crore.

Earnings Per Share (EPS) for the quarter ended September 30, 2009 is Re. 0.76 (not annualised).

FY 10 – H1 compared to FY 09 – H1

• Total income at Rs. 270.20 crore compared to Rs. 278.36 crore
• Net operating profit before tax at Rs. 121.52 crore compared to Rs. 52.29 crore.
• Net profit after tax, minority interest and share of associates, at Rs. 88.13 crore (after reversal of provision of Rs. 27.22 crore for mark-to-market loss on securities held as a result of underwriting and other long term investment) compared to Rs 39.23 crore.

Earnings Per Share (EPS) for the half year ended September 30, 2009 is Rs. 1.18 (not annualised).

Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, "The last quarter has shown increased momentum resulting in greater business activity. The surge in the capital markets activity has resulted in improved performance in investment banking and broking business, both, retail and institutional. If the capital markets activity sustains at higher level the performance of Asset Management businesses is also expected to pick up pace. With a positive outlook on market developments, JM Financial Group remains committed to identifying suitable opportunities that will help create value for all its stakeholders."

Business Update

Investment banking and securities:

On the back of steady inflows from the institutional investors and opening up of credit markets, both capital markets and merger & acquisitions activity have seen an increase in volumes.
The Institutional equity business also continues to see good momentum in the equity business in line with the markets.

Securities funding and fund based activities:

Fund-based activities gained momentum with a pick up in the issues in primary market and volumes in secondary market. Competitive borrowing rates also contributed to increase in revenue. Revenues from trading activities in debt segment increased and are expected to maintain momentum in the coming quarter.

The distressed asset business continues to examine and invest in interesting opportunities for acquisition of non-performing assets and their subsequent resolution.

Alternative Asset Management:

During the quarter, the private equity fund made a new investment in the healthcare space. The real estate fund has been focusing on portfolio management in its existing investments. No new investments have been made during the last quarter. However with the gradual recovery in the real estate sector, the fund is looking at making further investments.

Asset Management:

The asset management (mutual fund) business has done reasonably well during the quarter. The total AUM as on September 30, 2009 stood at around Rs. 6,724 crore, up from Rs. 6,365 crore as of June 30, 2009. This comprises AUM under Equity schemes at Rs. 2,672 crore and under Debt Schemes at Rs. 4,052 crore against Rs. 2,569 crore and Rs. 3,796 crore respectively as on June 30, 2009

-ends-

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries, joint ventures and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, July 29, 2009: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter ended June 30, 2009.

Consolidated Results – Key Highlights:

FY 10 – Q1 compared to FY 09 – Q1

• Total income at Rs. 105.13 crore compared to Rs. 143.00 crore
• Net operating profit before tax stood at Rs. 42.94 crore compared to Rs. 32.11 crore.
• Net profit after tax, minority interest and share of associates, at Rs. 31.20 crore, after reversal of provision of Rs.15.78 crore for mark-to-market loss on securities held as a result of underwriting compared to Net profit after tax, minority interest and share of associates at Rs 18.34 crore.

The Earnings Per Share (EPS), on weighted average number of shares, for the quarter ended June 30, 2009 is Rs. 0.42 (not annualised).

Business Update

Investment banking and securities:

Capital market activities have started to pick-up pace. Overall, there have been 16 equity issuances, majority of which were QIPs. The investment banking business is also showing signs of improvement.

The Institutional equity business is growing at a steady pace with its focus on research. More than 100 companies involving 18 sectors are currently under coverage. The business is now contributing to the bottom line of the consolidated results of the Company.

Securities funding and fund based activities:

IPO financing is expected to rise with the increase in equity issuances thereby enabling the NBFC business to expand its securities funding activity further. The margin funding business is also expected to grow with the revival seen in the secondary market.

The NBFC has not made any provision on standard assets during the quarter as the aggregate provision made till March 31, 2009 is adequate. Although the economy is revitalising, we believe that the distressed assets business will continue to offer interesting opportunities.

Alternative Asset Management:

At the end of the quarter, the combined AUM / AUA of the private equity fund, real estate fund, and special situations group stands at around Rs. 3,300 crore. During the quarter, the private equity fund has exited one investment in financial services and infused further capital into two of its existing portfolio companies. The real estate fund has been focusing on portfolio management in its existing investments. No realisations have been made from any of the investments as all projects are in the planning or development phase. No new investments have been made during the last quarter.

Asset Management:

With 59 branches all over India, the Asset Management (Mutual Fund) business has done reasonably well during the quarter.

The total AUM as on June 30, 2009 stood at around Rs. 6,365 crore, up from Rs.4,787.56 crore as of March 31, 2009. This comprises AUM under Equity schemes at Rs. 2,569 crore and under Debt Schemes at Rs. 3,796 crore.

-ends-

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries, joint ventures and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, June 29, 2009: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the audited financial results for the year ended March 31, 2009.

Consolidated Results – Key Highlights:

FY 09 – Q4 compared to FY 08 – Q4

• Total income at Rs. ­­ 75.42 crore compared to Rs. 209.19 crore
• Net operating profit before tax stood at Rs. 96.03 crore compared to Rs. 124.11 crore.
• Net profit after tax, minority interest and share of associates, at Rs. 85.59 crore, after net provision of Rs. 136.72 crore (provision for quarter of December 2008 Rs. 221.90 crore less reversal in this quarter of Rs. 85.18 crore) for the diminution in the value of listed shares, compared to Net profit after tax, minority interest and share of associates at Rs 100.07 crore.

FY 09 compared to FY 08

• Total income at Rs. 425.83 crore compared to Rs. 742.29 crore.
• Net operating loss before tax stood at Rs. 78.49 crore (after net provision of Rs. 136.72 crore for diminution in the value of investments) compared to profit of Rs. 1,789.75 crore .
• Net loss after tax, minority interest and share of associates, at Rs. 105.21crore, as compared to Net profit after tax, minority interest and share of associates at Rs. 1307.07 crore.

The Board of Directors of the Company has recommended a dividend of Re. 0.20 per share subject to the approval of the shareholders. This will entail a payment of Rupees fifteen crore (exclusive of dividend tax).

The global financial crisis severely impacted the Indian economy resulting in volatile markets and the disruption of international capital inflows. The continued market meltdown has also impacted the Company and its businesses.

However, with a strong, stable and reform–oriented government power in place and relatively strong GDP growth at 6.2% for FY 08, one can expect better opportunities for growth in the economy. With a thrust on infrastructure spending, high domestic consumption and continued competitiveness of Indian companies globally, the Indian capital markets have begun to bounce back and stabilize recently.

As a result of a substantial upturn in the stock markets since early 2009, the Company and its subsidiaries have reduced the provision for diminution in the value of investments to the extent by Rs. 85.18 crore during the quarter and hence the net provision outstanding as at March 31, 2009 is Rs.136.72 crore.

Business Update

Investment banking and securities:

Capital market activities remained adversely impacted due to steep correction in the global and Indian equity markets during the year.

The mergers and acquisitions pipeline continues to remain strong with several mandated transactions. However, given the state of equity capital market, uncertainty continued on timing of the transactions.

Securities funding and fund based activities:

The activity of IPO financing was adversely impacted due to the absence of the primary market issuances. Despite great amount of adversity in the markets, our margin funding book as well as net interest income of NBFC has grown during the year.

Continuing our conservative approach the NBFC has made provision on standard assets although the loans have been serviced regularly.
While financing continues to be a challenge, we believe that distressed assets will offer several interesting opportunities in our asset reconstruction business.

Alternative Asset Management:

The combined AUM / AUA of the private equity fund, real estate fund, and special situations group stands at around Rs. 3,300 crore. The private equity fund made two new investments in offshore supply services and financial services during FY09. The real estate funds have been cautious about the pricing and uptake of various asset classes primarily due to the excess supply of undifferentiated projects and the potential slowdown in speculative demand. Given the cautions outlook, the real estate fund has not made any fresh investment commitment or disbursals during FY09.

Asset Management:

JM Financial Asset Management (AMC), which is the Asset Management Company of JM Financial Mutual Fund now has 81 branches all over India. The performance of the schemes of JM Financial Mutual Fund has been affected due to the fall in the markets.

The AUM as on June 27, 2009 stood at Rs. 6,819.56 crore, comprising of AUM under Equity schemes at Rs. 2,614.06 crore and under Debt Schemes at Rs. 4,205.50 crore.

-ends-

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries, joint ventures and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, January 30, 2009: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter and nine months ended December 31, 2008.

Consolidated Results – Key Highlights:

FY 09 – Q3 compared to FY 08 – Q3

• Total income at Rs. 98.91crore compared to Rs. 216.06 crore.
• Net operating profit before provisions at Rs. 11.97 crore compared to Rs. 60.94 crore.
• Net loss after tax, minority interest and share of associates, at Rs. 230.04 crore, which is after considering a provision of Rs. 221.90 for the diminution in the value of shares in listed companies in the long term investment portfolio, compared to Net profit after tax, minority interest and share of associates at Rs 1,143.05 crore.

FY 09 – 9 months compared to FY 08 – 9 months

• Total income at Rs. 350.41crore compared to Rs. 533.11crore.
• Net operating profit before provisions at Rs. 78.60 crore compared to Rs. 194.48 crore.
• Net loss after tax, minority interest and share of associates, at Rs. 190.81 crore, which is after considering a provision of Rs. 221.90 for the diminution in the value of shares in listed companies in the long term investment portfolio, as compared to Net profit after tax, minority interest and share of associates at Rs. 1,207.00 crore.

The global financial crisis has led to economic slowdown across the globe. This has adversely impacted the emerging economies including India. The continued market meltdown has impacted majority of the corporates and JM Financial is no exception to this. The volume of business has decreased substantially on account of the unfavourable market conditions and as a result the corresponding revenues have also declined.

With a view that the Indian market shall continue to remain bearish for a longer period on account of the global financial meltdown, the Company, as a matter of abundant caution, thought it appropriate to provide for the diminution in the value of shares in listed companies in the long term investment amounting to Rs.221.90 crore as on December 31, 2008.

Business Update

Investment banking and securities:

Capital market activities continue to remain adversely impacted due to steep correction in the global and Indian equity markets during the year.

Indian Capital Market saw fourteen equity issuances covering one IPO, one QIP and 12 Right Issues. Out of the said transactions JM Financial Consultants Private Limited managed three issues covering 1 QIP and 2 Right Issues.
The mergers and acquisitions pipeline continues to remain strong with several mandated transactions. However, given the current state of equity capital market, there is an uncertainty on timing of the transactions.

During the quarter, income from the equity brokerage business continued a declining trend. However, the investment advisory and distribution business continues to focus on growing its franchise by creating a centralised team to service its new franchisees. Once the market stablises, these investments will enable the Group to expand its business and clientele.

The Institutional equity business which is still in its nascent stage, is rapidly expanding its client base as well as its market share. We expect the contribution from this business to be more visible once the markets stabilise.

Securities funding and fund based activities:

During the quarter, NBFC industry faced a severe liquidity crunch, which has not only made borrowing costly but also posed a threat of refinancing the borrowings on maturity of the borrowing. The NBFC has slowed down on various lending initiatives.

Continuing our conservative approach the NBFC has made provision on standard assets although the loans have been serviced regularly.

While financing continues to be a challenge, we believe that distressed assets will offer several interesting opportunities in our asset reconstruction business.

Alternative Asset Management:

The combined AUM / AUA of the private equity fund, real estate fund, and special situations group stands at around Rs. 3,300 crore. No deal was concluded during the quarter in view of the bearish capital market and high valuation expectation by the promoters in case of private equity as well as real estate funds.

Asset Management:

In line with our strategy of expanding the geographical presence, the asset management company (AMC) of JM Financial Mutual Fund now has 86 branches all over India. AMC completed signing of the definitive agreements with the investors who have invested Rs. 63.86 crore in the company for 8 % equity stake in the company. The performance of the schemes of JM Financial Mutual Fund has been affected due to the fall in the markets. The AUM as on December 31, 2008 stood at Rs. 5,857.22 crore, comprising of AUM under Equity schemes Rs.1,664.86 crore and AUM under Debt Schemes Rs.4,192.36.

Mumbai, October 27, 2008: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter and half year ended September 30, 2008.

Consolidated Results – Key Highlights:

FY 09 – Q2 compared to FY 08 – Q2

• Total income at Rs. 121.68 crore compared to Rs. 191.24 crore.
• Net profit before tax at Rs. 20.18 crore compared to Rs. 87.24 crore.
• Net profit after tax, minority interest and share of associates, at Rs. 20.89 crore compared to Rs 44.80 crore.

FY 09 – H1 compared to FY 08 – H1

• Total income at Rs. 251.50 crore compared to Rs. 317.05 crore.
• Net profit before tax at Rs. 52.29 crore compared to Rs. 133.37 crore.
• Net profit after tax, minority interest and share of associates, at Rs. 39.23 crore compared to Rs. 63.95 crore.

Post the effect of sub-division and issue of bonus shares, the company’s paid up share capital has increased to Rs. 74.97 crore from Rs. 29.98 crore. On a consolidated basis, the adjusted Earnings Per Share (EPS), on weighted average number of shares, for the quarter ended September 30, 2008 is Re. 0.28 (not annualised).

In view of the strain on money markets and capital markets due to the aftermath of the global financial crisis, volumes in all our businesses are under pressure. Despite adverse market conditions, the company has achieved a consolidated profit of Rs. 20.89 crore for FY09 – Q2 (Rs. 18.34 crore in FY09- Q1). The volumes have decreased substantially on account of unfavourable market conditions and as a result the corresponding profits have also declined. The company has carried out certain cost cutting measures owing to weak market conditions.

Mr. Nimesh Kampani, Chairman and Managing Director, JM Financial said, "India is experiencing some very difficult times. Global markets have been going through a major turmoil and the repercussions have been felt far and wide. Emerging economies such as India, have also taken a beating despite strong fundamentals.” He added, “JM Financial now offers a complete bouquet of products in financial services, with various businesses set up and acquired by the company. Our Asset Reconstruction Company has recently received the necessary approval from the Reserve Bank of India and recent developments in the financial markets are likely to present interesting opportunities for acquisition of distressed assets for this business.

Business Update

Investment banking and securities:

Capital market activities continue to remain adversely impacted due to steep corrections in the global and Indian equity markets during the year. In CY2007, India was the 2nd best performing market globally, but in CY 2008 to date, India (ê 47.4%) has been the 3rd worst performing market, behind the Russian RTSI indices (ê 68%) and the Shanghai Composite (ê 62.8%).
The investment banking pipeline continues to remain strong with several mandated transactions. However, given the crash in the equity capital market there is a serious concern on the timing of the transactions. In view of the difficult market conditions for capital raising, we continue to focus on mergers & acquisitions and private equity syndication.

During the quarter, income from the equity brokerage business has also declined. However, the investment advisory and distribution business will continue to focus on growing its franchise by creating a centralised team to service its new franchisees. Once the market stablises, these investments will enable the Group to expand its business and clientele.

The Institutional equity business is still in its early stages and is rapidly expanding its client base. The contribution from this business will be more visible in stable market scenario.

Securities funding and fund based activities:

During the quarter, NBFC industry faced a severe liquidity crunch, which has not only made borrowing costly but also posed a threat of refinancing the maturities of the borrowing. As a cautionary measure, the NBFC slowed down on various lending practices such as IPO financing, margin financing.

As a conservative approach in this business, we have made a provision on standard assets although our loans have been serviced regularly. Such a provision on standard assets made during the quarter is Rs. 11.48 crore, which includes Rs. 7.38 crore on account of revision in the rate of provisioning.

Asset reconstruction business has received the formal Certificate of Registration from the RBI. The existing pipeline deals are being pursued actively for conducting detailed evaluation and due diligence prior to acquisition. Give the turmoil in the markets; we believe that we will have several interesting distressed assets purchase and restructuring opportunities in the ARC business.

Alternative Asset Management:

The combined AUM / AUA of the private equity fund, real estate fund, and special situations group stands at around Rs. 3,300 crore. There was no deal concluded during the quarter in view of the bearish capital market and high valuation expectation by the promoters in case of private equity as well as real estate funds.

Asset Management:

In line with our strategy of expanding the geographical presence, asset management company (AMC) now has 82 branches all over India. AMC is in the process of completing formalities with the new investors who have agreed to take up 12% of equity capital in the company. The performance of the schemes of JM Financial Mutual Fund has been affected due to falling markets and the AUM as on September 30, 2008 was Rs.9,085 crore.

-ends-

The unaudited financial results are attached. Both, the press release and unaudited financial results, are available on our website - www.jmfinancial.in

About JM Financial

JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients. The Group’s businesses include investment banking, institutional equity sales, trading, research and broking, private and corporate wealth management, equity broking, portfolio management, asset management, commodity broking, fixed income broking, non-banking finance products, private equity and asset reconstruction. For more information, log on to www.jmfinancial.in.

For further information, please contact:

Nandini Goswami

Corporate Communications
Tel.: +91 22 6630 3529
Email: nandini.goswami@jmfinancial.in

Manish Sheth

Chief Financial Officer
Tel.: +91 22 6630 3460
Email: manish.sheth@jmfinancial.in

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries, joint ventures and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Vizag, September 8, 2008: JM Financial Group, India’s leading integrated financial services organisation, now has a presence in Vizag, the port city of Andhra Pradesh. The Group’s investment advisory business, JM Financial Services, has opened a full fledged branch at Vizag.

The new branch is located at 201, Nandan Nirman, First floor, CBM Compound, Near Rama Talkies Junction. The office number is 0891 3983800 (Board) Fax: 3983737

The branch, which is the Group’s first in the city and third in the state, will offer an array of services including Equity Broking, Portfolio Management and Wealth Management services.
The new branch will also provide services through Independent Financial Advisors, thereby adding to the Group’s strong network of more than 25,000 Independent Financial Advisors.

JM Financial Services is among the largest distributors of third party products including mutual funds and provides comprehensive financial planning, research-based investment consulting services and execution capabilities. With the addition of the new branch, JM Financial has further expanded its foot print with a presence in 49 locations across the country.

About JM Financial

JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients. The Group’s businesses include investment banking, institutional equity sales, trading, research and broking, private and corporate wealth management, equity broking, portfolio management, asset management, commodity broking, non-banking finance products, private equity and asset reconstruction. For more information, log on to www.jmfinancial.in.

SEBI REGN NO.: NSE - Capital Market INB 231054835 BSE - Cash Market INB 011054831 F&O Segment INF 231054835 F&O Segment INF 011054831
Depository Services - NSDL DP: IN-DP-NSDL-241-2004 - CDSL DP: IN-DP-CDSL-236-2004 PMS- INP000000621

Mumbai, July 25, 2008: The Board of Directors of JM Financial Limited, at its meeting held today, considered and approved the unaudited financial results for the quarter ended June 30, 2008.

Consolidated Results – Key Highlights:

FY 09 – Q1 compared to FY 08 – Q1

• Total income higher at Rs. 129.82 crore compared to Rs. 125.81 crore
• Net profit before tax lower at Rs. 32.11 crore compared to Rs. 46.13 crore
• Net profit after tax, minority interest and share of associates, lower at Rs. 18.34 crore compared to Rs 19.15 crore

The Earnings Per Share (EPS), on weighted average number of shares, for the quarter ended June 30, 2008 is Rs. 6.11 (not annualised).

Given the difficult market scenario and the nature of the Company’s capital market linked businesses, profit margins have come under pressure. However, despite the market turbulence and growing inflation, the employees’ share of profits and benefits as well as other overhead fixed costs continue to remain constant, thereby impacting the Company’s share of profits. In addition, to support the Company’s new business ventures, the number of employees across the Group has also increased by 25% from 800 employees in Q1 - FY 08 to more than 1000 employees in Q1 – FY 09.

Mr. Nimesh Kampani, Chairman and Managing Director, JM Financial said, "JM Financial Group is in the growth phase with its established businesses expanding and new ventures evolving steadily. Recently, we acquired the entire capital in the institutional securities business; we have expanded our presence in mutual fund, equity brokerage and private wealth management businesses, to service our clients better. We have also strengthened our talent pool by increasing the number of employees in our team. All these measures have been adopted with the objective of building long-term business, expanding our bouquet of services and solidifying our team. Such efforts require significant investments resulting in increased costs in the near term. However, we maintain a positive view on the Indian economy and the capital markets. We believe that even these adverse market conditions present several hidden opportunities and given our diverse line of businesses we will continue to identify and take advantage from these opportunities, thereby generating value for our shareholders."

Business Update

Investment banking and securities:

The Investment Banking (IB) business outlook continues to remain strong with several mandated transactions in the pipeline. However, as of now, these transactions have been put on hold, due to the current volatility of the capital markets and weak investor sentiments.

During the quarter, income from the equity brokerage business declined owing to substantially reduced volumes in both the primary and secondary markets. However, the investment advisory and distribution business will continue to focus on growing its franchise by creating a centralised team to service its new franchisees. Once the market stablises, these investments will enable the Group to expand its business and clientele.

Further, there is also increased focus on loan syndication and debt related products.

With the Institutional Equity (IE) business now completely under the JM Financial fold, the focus is on increasing volumes and market share. To strengthen this business, the Company has invested significant capital in creating infrastructure and building a talented team of experts who will enhance our research capabilities. The IE business is still under the consolidation phase and hence is yet to contribute to the bottom line of the consolidated results of the Company.

Securities funding and fund based activities :

The securities funding business has a margin funding loan book size of over Rs 1,100 crore, which has been almost stagnant during the last quarter given the market scenario. We have not yet financed investors for any major IPO during the quarter under review. Apart from IPO and margin funding, the focus is also on developing the business of corporate funding against securities.

In the present volatile market, the NBFC subsidiary, as a cautionary measure, has slowed down its lending activity relating to margin financing as well as loan against shares. As per the provisioning policy adopted, the NBFC subsidiary has also made a provision (though not a mandatory requirement) of Rs. 2.86 crore on standard assets, which are good assets. No such provision was made for Q1 - FY 08.

The application for asset reconstruction business has been submitted to the RBI and we are awaiting necessary approvals.

Alternative Asset Management:

The combined AUM / AUA of the private equity fund, real estate fund, and special situations group stands at around Rs. 3,300 crore with around 50% of the capital committed towards investment.

Asset Management:

The focus of the mutual fund business has been on expanding its presence further by setting up new branches and by actively promoting its schemes. The AUM has stabilised at around Rs.11,000 crore due to bearish markets and lower levels of investor activity.

The asset management company has identified three institutional investors namely, Valiant Capital Partners, Blue Ridge Capital and Eton Park, who propose to participate in the equity capital of the company to the extent of 4% each in the equity, at a premium, on a fully diluted equity capital of the business. The investors would be contributing Rs. 111.7 crore giving a total post money valuation of Rs. 931 crore which works out to 7.32% of the current assets under management. The investors have signed the non-binding term sheet with the asset management company. The said transaction is subject to signing of the definitive agreements and satisfactory receipt of all the regulatory and other approvals as may be required.

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries, joint ventures and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.

Mumbai, May 28, 2008: The Board of Directors of JM Financial Limited, at its meeting held today, has considered and taken on record the audited financial results for the quarter and year ended March 31, 2008.

Consolidated Results – Key Highlights:

Q4 – FY 07-08 compared to Q4-FY 06-07 (before considering exceptional items (net of tax))

• Total income increased to Rs.209.19 crore from Rs.123.51crore, up by 69 %
• Net profit before tax increased to Rs.85.84 crore from Rs. 73.31crore, up by 17 %
• Net profit after tax, minority interest and share in associates, increased to Rs.45.77 crore from Rs 33.03 crore, up by 39 %

FY 07-08 compared to FY 06-07 (before considering exceptional items (net of tax))

• Total income increased to Rs.742.29 crore from Rs.444.05 crore, up by 67 %
• Net profit before tax increased to Rs.280.15 crore from Rs 182.92 crore, up by 53 %
• Net profit after tax, minority interest and share in associates, increased to Rs.150.11 crore from Rs.90.86 crore, up by 65 %

Q4 – FY 07-08 compared to Q4-FY 06-07 (after considering exceptional items (net of tax))

• Total income increased to Rs. 209.19 crore from Rs. 123.51 crore
• Net profit before tax increased to Rs.85.84 crore from Rs 73.30 crore
• Net profit after tax, minority interest and share in associates, increased to Rs. 100.06 crore from Rs 33.02 crore

FY 07-08 compared to FY 06-07 (after considering exceptional items)

• Total income increased to Rs.742.29 crore from Rs. 444.05 crore, up by 67 %
• Net profit before tax increased to Rs.1,789.75 crore from Rs. 182. 91 crore
• Net profit after tax, minority interest and share in associates, increased to Rs.1,307.06 crore from Rs 90.85 crore

The Earning per share (EPS) (before exceptional items) on weighted average number of shares and number of shares outstanding at the year end, for the quarter ended March 31, 2008 is Rs.15.26 (not annualised) and that for the year ended March 31, 2008 is Rs. 50.04 (not annualised).

The Earning per share (EPS) (after exceptional items )on weighted average number of shares and number of shares outstanding at the year end, for the quarter ended March 31, 2008 is Rs. 33.35 (not annualised) and that for the year ended March 31, 2008 is Rs. 435.69 (not annualised).

On March 31, 2008, the total shareholders’ funds stood at Rs.1762.64 crore of which equity capital is Rs.30.00 crore. The book value per share was Rs.587.54 as on March 31, 2008. The equity shares of JM Financial are currently listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE).

The Board of Directors has recommended a dividend of Rs. 5 per share (50 %) (previous year 50%) and a special dividend of Rs. 20 per share (200%). The Board of Directors also decided to declare Bonus shares in the ratio of 3 new shares for every 2 shares held by the shareholders and to split the face value of the shares of the Company to Re.1 per share from existing Rs.10 per share. Both the above corporate actions will be effected in relation to shares held by shareholders on the “Record date” to be determined by the Board.

The Board has appointed Mr. Nimesh Kampani as the Managing Director of the Company effective May 28, 2008. Thus Mr. Nimesh Kampani will be the Chairman and Managing Director of the Company.

Mr. Nimesh Kampani said, “We had a very successful year in 2007 – 08. We proved our strength in the Investment Banking and Securities Business as a standalone Indian entity, maintaining leadership during the year, while we have re-established our institutional equities desk. We consolidated our Asset Management business – both for Mutual Fund and Alternative Assets. We have capitalised and strengthened our securities financing business further and are awaiting RBI approval to begin our Asset Reconstruction business. We have also crossed the significant 1000 - employee milestone during the year, thus building a stronger professional team. We are proud of our achievements and will continue to focus on building our Institution in the years ahead.”

About JM Financial

JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients. The Group’s businesses include investment banking, institutional equity sales, trading, research and broking, private and corporate wealth management, equity broking, portfolio management, asset management, commodity broking, non-banking finance products, private equity and asset reconstruction. For more information, log on to www.jmfinancial.in.

Mumbai, March 31, 2008 : JM Financial Consultants Private Limited (a wholly-owned subsidiary of JM Financial Limited, a listed company) in its Board Meeting, approved to increase its equity stake in its Institutional Equity Sales, Trading & Research business - JM Financial ASK Securities Private Limited - from the current 60% to 100%, subject to necessary regulatory approvals. The name of the company, which presently is JM Financial ASK Securities Pvt. Ltd., will be changed after closing of the transaction and subject to necessary regulatory approvals.

Early last year, JM Financial Limited sold its 49% equity stake in its Institutional Equity business to Morgan Stanley for USD 445 million (approx. Rs.1,767 crore).

In October 2007, JM Financial Consultants Private Limited entered into a joint venture with ASK Group by acquiring a 60% stake in ASK Securities. With the proposed acquisition of the remaining stake, JM Financial Consultants Private Limited will now own 100% in the Institutional Equities business for a total consideration of Rs. 139.14 crore.

Mr. Nimesh Kampani, Chairman JM Financial Group said, "This acquisition is part of our on-going strategy to provide our clients the entire bouquet of financial services and to continue to strengthen the JM Financial brand as a leading financial services organisation. It is an important milestone for our Group and we believe this acquisition will help integrate our capital markets business further. This acquisition reflects and reiterates our determination to act in the best interest of our clients, our shareholders, our employees and our other stakeholders."

Post the commencement of the joint venture in the institutional equity business, JM Financial has added a team of talented professionals with frontline experience in sales and research to this business headed by Mr. Sameer Lumba. The institutional equity business will continue to focus on providing superior research-based broking services to institutional clients, both domestic and offshore.

About JM Financial Group

JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients. The Group has business interests in investment banking, institutional equity sales and broking, private and corporate wealth management, research, equity broking, portfolio management, asset management, commodity broking, NBFC activities and private equity. For more information, log on to www.jmfinancial.in.

Mumbai, January 29, 2008: The Board of Directors of JM Financial Limited, at their meeting held today, have considered and taken on record the unaudited financial results for the quarter and nine months’ ended December 31, 2007.

Key Highlights

On a consolidated basis: (before considering exceptional items)

Third Quarter of FY 08 compared with Third Quarter of FY 07

Total income increased to Rs.216.06 crore from Rs. 137.02 crore, up by 57.69 %.

Net profit before tax increased to Rs 60.94 crore from Rs. 21.46 crore, up by 183.97 %.

Net consolidated profit after tax, minority interest and share in associates, increased to Rs. 40.39 crore from Rs.16.62 crore, up by 143.02 %.

First Nine Months of FY 08 compared with First Nine Months of FY 07

Total income increased to Rs.533.11crore from Rs. 320.53 crore, up by 66.32 %.

Net profit before tax increased to Rs 194.31crore from Rs. 109.62 crore, up by 77.26 %.

Net consolidated profit after tax, minority interest and share in associates, increased to Rs. 104.34 crore from Rs.57.84 crore, up by 80.39 %.

On a consolidated basis: (after considering exceptional items)

Third Quarter of FY 08 compared with Third Quarter of FY 07

Total income increased to Rs.1,848.49 crore from Rs. 137.02crore.

Net profit before tax increased to Rs 1,532.27 crore from Rs. 21.46 crore.

Net consolidated profit after tax, minority interest and share in associates, increased to Rs. 1,143.05 crore from Rs.16.62 crore.

First Nine Months of FY 08 compared with First Nine Months of FY 07

Total income increased to Rs.2,165.54 crore from Rs. 320.53 crore.

Net profit before tax increased to Rs 1,665.64 crore from Rs. 109.62 crore.

Net consolidated profit after tax, minority interest and share in associates, increased to Rs. 1,207.00 crore from Rs.57.84 crore.

The Earning per share (EPS) on weighted average number of shares, before exceptional items, for the quarter ended December 31, 2007 is Rs. 13.46 (not annualized) whereas EPS for the nine months period ended December 31, 2007 is Rs. 34.78 (not annualized).

During the quarter there was one time income of Rs. 1757.54 crore in the form of Capital Gain on sale of shares in the joint venture company, Morgan Stanley India Company Private Limited.

On December 31, 2007, the total shareholders’ funds stood at Rs. 1,909.07 crore of which equity capital is Rs. 30.00 crore. The book value per share was Rs. 636.36 as on December 31, 2007. The equity shares of JM Financial are currently listed on The Bombay Stock Exchange Limited (BSE) and The National Stock Exchange of India Limited (NSE).

Mr. Nimesh Kampani, Chairman, JM Financial said,. We have witnessed a very good quarter. All the businesses have shown good momentum and growth. Business activity has picked up in the retail as well as institutional markets. Our market share in key business areas is also rising steadily. With a focussed and talented professional team, we are committed to grow the business further and continue to build shareholder value.”

The unaudited financial results are attached. Both the press release and unaudited financial results are available online at www.jmfinancial.in

Mumbai, January 21, 2008: JM Financial India Fund, a US$ 225 million corporate private equity fund, sponsored by JM Financial Limited and Old Lane Partners LP, will invest Rs. 72 crore in PreMedia Global, a leading Knowledge Process Outsourcing company specialising in the publishing field with a presence in India and the United States.

PreMedia Global provides its clients with content services for books and journals, focusing on US schools and colleges. The company has developed a full-service model providing a range of services from content development to content production, with integrated on-shore and off-shore services. The company’s customers include leading international publishing and media houses such as Thomson, Houghton-Mifflin and Pearson. PreMedia Global has approximately 500 employees located across two facilities in USA and one facility in Chennai.

The investment by JM Financial India Fund will be used by PreMedia Global to pursue growth opportunities, both, organically and through acquisitions in the US and other international markets.

Announcing the investment, Mr. Dilip Kothari, the founding Managing Director of JM Financial Investment Managers Limited, said, "We are delighted to partner with PreMedia Global. We believe that the company is well positioned to expand its clientele through acquisitions in the US as well as strengthen its operating presence in India. The company has already demonstrated its ability to successfully acquire and integrate companies in the past and has the potential to complete further overseas acquisitions in the next few months."

Mr. Kapil Viswanathan, Co-CEO of PreMedia said, "As we are growing through a period of steady growth, we look forward to working with JM Financial by leveraging the group’s expertise and relationships to help source and close acquisitions in the domestic and international markets."

JM Financial Quarterly Consolidated Revenues Soar by 121.44 %, Net Profit by 181.54% Six Months Consolidated Revenues Soar by 72.76 %, Net Profit by 55.12 %

Mumbai, October 29, 2007: The Board of Directors of JM Financial Limited, at their meeting held today, has considered and taken on record the unaudited financial results for the quarter and six months’ ended September 30, 2007.

Key Highlights On a consolidated basis: Second Quarter of FY 08 compared with Second Quarter of FY 07

• Total income increased to Rs. 191.24 crore from Rs. 86.36 crore, up by 121.44 %
• Net profit before tax is Rs. 87.24 crore as compared to Rs. 40.73 crore
• Net consolidated profit is up by 181.54 % to Rs. 44.80 crore from Rs. 15.91 crore

First Six Months of FY 08 compared with First Six Months of FY 07

• Total income up 72.76 % to Rs. 317.05 crore from Rs. 183.52 crore
• Net profit before tax up 51.30 % to Rs. 133.37 crore from Rs. 88.15 crore
• Net consolidated profit up 55.12 % to Rs. 63.95 crore from Rs. 41.22 crore

The Earning per share (EPS) on weighted average number of shares for the quarter ended September 30, 2007 is Rs. 14.93 (not annualized) whereas EPS for the six months period ended September 30, 2007 was Rs. 21.32 (not annualized). On September 30, 2007, the total shareholders’ funds stood at Rs. 651 crore comprising equity capital of Rs. 30.00 crore. The book value per share was Rs. 217 as on September 30, 2007. The equity shares of JM Financial are currently listed on The Bombay Stock Exchange Limited (BSE) and The National Stock Exchange of India Limited (NSE). Mr. Nimesh Kampani, Chairman, JM Financial group said, “The group has seen a very good quarter. We are very pleased with the momentum with which we are building our businesses. Recently, we have acquired a 60% stake in institutional equity broking company “ASK Securities India Private Limited”. More so, we have also successfully completed the sale and purchase of shares with Morgan Stanley. We have also engaged several talented industry professionals across our businesses. We remain focussed on the cornerstones of our business of serving the full scope of our client requirements, capturing opportunities at the right time and nurturing the talent of our people. As we continue to execute our growth strategies and strengthen our franchise, we will continue to generate superior long-term returns to all our shareholders.” The unaudited financial results are attached. Both the press release and unaudited financial results are available online at www.jmfinancial.in

About JM Financial

JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients. The Group has business interests in investment banking, institutional equity sales and broking, private and corporate wealth management, research, equity broking, portfolio management, asset management, commodity broking, NBFC activities and private equity. For more information, log on to www.jmfinancial.in.

Mumbai, October 3, 2007: JM Financial has announced the appointment of Mr. Ranganath Char as Executive Director and Head - Capital Market Products for its Investment Banking business – JM Financial Consultants Private Limited.

Mr. Char is an industry veteran and has largely been in the area of designing, developing and delivering capital market solutions to corporates and their businesses. His expertise spans a wide range of financial products including issue management, corporate advisory, disinvestment and loan syndication.

Announcing the appointment, Mr. Nimesh Kampani, Group Chairman said, “Ranganath has been with JM Financial earlier and we are delighted to have him back. JM Financial has always been driven by excellence in execution and innovation and with Ranganath’s experience and expertise we will endeavour to further strengthen our focus.”

Speaking on his joining JM Financial Group, Mr. Ranganath Char said, “JM Financial, with a proud history of innovation, outstanding talent and enviable client relationships, is fast growing into a financial powerhouse. The Group is extremely focused on the financial services business. It's a great honour to join its leadership team and have the opportunity to build on its success. I hope to take the Group’s success to a new high.”

JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients. The Group has business interests in investment banking, institutional equity sales and broking, private and corporate wealth management, research, equity broking, portfolio management, asset management, commodity broking, NBFC activities and private equity.

Salient Features of Triple AAAce Scheme Ø India’s First Portfolio Management Scheme (PMS) with a credit opinion equivalent to AAA(so) from CRISIL Ø India’s First Capital Protection Oriented PMS using DPI methodology Ø India’s First Capital Protection Oriented PMS with both Growth and Payout Option Ø India’s First DPI Scheme with Portfolio Value Lock-in Feature Ø India’s First Capital Protection Oriented Scheme where Societe Generale Asset Management Alternative Investment (SGAM AI), France will act as Consultant

Mumbai, August 16, 2007: JM Financial Services Private Limited (JM Financial Services) has launched a unique Portfolio Management Scheme that aims to offer 100% capital protection as well as potential capital appreciation. Christened Triple AAAce, the Scheme is India’s first capital protection oriented portfolio management scheme based on the Dynamic Portfolio Insurance (DPI) methodology.

Triple AAAce has been assigned a credit opinion equivalent to AAA(so) by credit rating agency CRISIL, thereby making it India’s first and only CRISIL rated Portfolio Management Scheme.

Globally acknowledged leader in structured products, Societe Generale Asset Management Alternative Investment (SGAM AI), France will act as a consultant and give recommendations and advice based on the DPI methodology.

Triple AAAce aims to provide investors an opportunity to get an optimal exposure to a basket of leading diversified equity mutual fund schemes while simultaneously aiming to achieve 100% Capital Protection. The Scheme is targeted at resident Indians and has a 5-year tenure with a facility to withdraw the invested amount at anytime during this 5-year period. It provides investors both, Growth as well as Payout option, with each option independently securing a AAA(so) credit opinion from CRISIL. While Growth option attempts to lock-in 85% of the Maximum Portfolio Value (Lock-in Feature) reached anytime during the 5-year tenure, the Payout option provides the Lock-in Feature in year 4 and year 5 of the Scheme. The Payout option, additionally, attempts to pay annually upto 7% of the Initial Corpus for the first 3 years of the Scheme.

Mr. Rajeev Chitrabhanu, CEO of JM Financial Services, said, “The Indian equity markets have delivered a higher rate of return compared to most asset classes. However, the global influence has lead to volatility in our equity markets. We therefore recommend allocating a meaningful part of the portfolio to a product such as the Triple AAAce. The Triple AAAce is a unique investment opportunity that allows the investor to capture the upside of the equity markets yet, reducing the risk & volatility of it. This feature makes the product suitable for individual investors as well as corporate investors”

Mr. Subodh Shinkar, COO of JM Financial Services, said, “Triple AAAce is India’s first Capital Protection Oriented PMS which uses DPI methodology to achieve dynamic rebalancing of the portfolio. The allocation between equity mutual fund schemes and debt securities is actively managed with a view to optimise expected return while simultaneously targeting 100% Capital Protection at maturity. Also, the investor has an option to withdraw the corpus anytime during the scheme tenure.” He adds, “Triple AAAce is also the first and only CRISIL rated PMS and has received a AAA(so) credit opinion which indicates the highest degree of certainty with regard to timely payment of the amount deployed by investors on maturity. Triple AAAce has been structured to cater to diverse set of investors with aggressive as well as conservative investment strategies.”

About JM Financial Services

JM Financial Services is a full service wealth management and equity brokerage arm of the JM Financial Group with a focus on capital markets. It is focused on research based investment advisory and equity trading services to corporates, institutions, high net-worth investors, Individual Investors and NRIs.

About JM Financial Group

JM Financial Group is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients. The Group has business interests in investment banking, institutional equity sales and broking, private and corporate wealth management, research, equity broking, portfolio management, asset management, commodity broking, NBFC activities and private equity. For more information, log on to www.jmfinancial.in.

Note: Investors are advised to carefully go through the Risk Factors and Disclaimers before deploying their funds in Triple AAAce Capital Protection Oriented Scheme.

Mumbai, July 30, 2007: The Board of Directors of JM Financial Limited, at their meeting held today, have considered and taken on record the unaudited financial results for the quarter ended June 30, 2007.

Key Highlights: On a consolidated basis:

First Quarter of FY 08 compared with First Quarter of FY 07

• Total income at Rs.125.81 crore as compared to Rs. 97.15 crore
• Net profit after tax, before minority interest and share of loss from associates at Rs. 31.48 crore as compared to 31.72 crore
• Net consolidated profit at Rs.19.14 crore as compared to Rs. 25.31 crore. While the revenue has increased by 29%, profit after tax is lower on account of increase in the employee cost (an increase of 94%) and launch expenses for new fund launches by the Mutual Fund

The Earning per Share (EPS) on weighted average number of shares for the quarter ended June 30, 2007 is Rs. 6.38 (Not annualised).

On June 30, 2007, the total Shareholders Funds stood at Rs. 606.84 crore on total equity capital of Rs. 30.00 crore. The book value per share was Rs. 202.28 as on June 30, 2007. The equity shares of JM Financial are currently listed on The Bombay Stock Exchange Limited (BSE) and The National Stock Exchange of India Limited (NSE).

FIPB approval in relation to the agreement for separation of joint venture with Morgan Stanley has been received by Morgan Stanley. The transaction will be consummated on receipt of the RBI approval. The Company has since signed the agreements for acquisition of 60% equity stake in the institutional stock broking and research company, ASK Securities India Private Limited.

JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients. The Group has business interests in investment banking, institutional equity sales and broking, private and corporate wealth management, research, equity broking, portfolio management, asset management, commodity broking, NBFC activities and private equity. For more information log on to www.jmfinancial.in

Mumbai, July 09, 2007: JM Financial India Fund, a US$ 225 million corporate private equity fund, sponsored by JM Financial Limited and Old Lane Partners LP, will invest Rs. 40 crore (approx. US$10 million) in Spandana, a leading microfinance organisation (MFI) in India.

Spandana caters primarily to the lower income borrowers located in rural and urban areas. The Company operates in India through its 300 plus branch network in Andhra Pradesh, Karnataka, Maharashtra, Orissa and Tamil Nadu, with a client base in excess of 1 million.

The investment by JM Financial India Fund will be used to expand Spandana’s branch network and pursue growth opportunities both organically and through acquisitions.

Dilip Kothari, the founding Managing Director of JM Financial India Fund, said, “We look forward to working together with Spandana to create the premier microfinance organisation in the country. We believe that the company is well placed to benefit from its unique positioning in the niche microfinance sector and the multitude of untapped opportunities that can be customised to meet the needs of the semi-urban and rural masses.”

While announcing the investment, Mrs. Padmaja Reddy, Managing Director of Spandana said, “We are extremely pleased to partner with the JM Financial India fund, given its domain expertise in the Financial Services sector. We look forward to working with JM Financial’s team and leveraging their expertise to expand our customer base, grow our distribution network, and enhance our service offerings.”

Since its inception in 1998, Spandana has set industry benchmarks on several parameters and disproved several myths about MFIs. The company surpassed all records by breaking-even within the first year of operations. With an eye on cost-consciousness and productivity, the company challenged all previously held beliefs about the growth an MFI can experience in terms of profitability and number of clients in such a short span of time. Spandana was among the first to illustrate that an MFI can not only be socially uplifting but also commercially viable for all its stakeholders, thus paving the way for entities that are balancing social objectives with more tangible returns to enter the MFI space as lenders.

The company is consistently ranked amongst the best organisations in the country by rating agencies such as CRISIL and M-Cril. Microfinance Information Exchange (USA) in a study has ranked Spandana as being the most efficient MFI in South Asia, and among the top ten most productive MFIs in South Asia. Spandana has the unique ability to generate the highest profits with the lowest operating cost in South Asia.

About JM Financial India Fund

The JM Financial India Fund (the “Fund”) is a US$ 225 million private equity fund making growth capital investments in Indian companies. The Fund is a broad based, multi-sector fund that aims to tap the India growth story by investing in companies that are leaders or potential leaders in their respective industries. The JM Financial India Fund has already made three investments to date in Genesis Colors Pvt. Ltd., a high-end fashion lifestyle company that owns the brand Satya Paul; the Sona Group, a leading player in the auto-ancillary space; and International Tractors Ltd., a leading tractor manufacturer in India operating under the brand name Sonalika.

JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients. The Group has business interests in investment banking, institutional equity sales and broking, private and corporate wealth management, research, equity broking, portfolio management, asset management, commodity broking, NBFC activities and private equity. For more information, log on to www.jmfinancial.in

About Spandana

Spandana is committed to strengthening the socio economic status of poor women in rural and urban areas by providing technical and financial services on a continued basis for establishing their identity and self-image. It constantly endeavors to deliver efficient services to its members and remunerative returns to its investors by adopting cost-effective methods and by creating a culture of competence and excellence.

Mumbai, July 04, 2007: JM Financial announced today that it has entered into a joint venture with leading broking firm, ASK Securities Pvt. Ltd. by agreeing to acquire a 60% stake in the company. The joint venture will focus on Equity Research and Institutional Sales & Trading.

The transaction is expected to close by the second quarter of Financial Year 2007-08, subject to necessary regulatory approvals.

Commenting on the joint venture, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “We are very happy to partner with ASK Securities in this joint venture. With our strong investment banking franchise and our deep-rooted institutional relations, this joint venture will now complete the bouquet of financial services we offer. This joint venture is yet another step towards our long-term growth strategy of building a financial institution with global reach.” .

Mr. Asit Koticha, Chairman, ASK Securities added, “We are very happy to partner with the JM Financial Group. With our strong research and sales capabilities for servicing institutional clients, this joint venture will help scale up our Institutional Broking business substantially.”

About JM Financial

JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients. The Group has business interests in investment banking, institutional equity sales and broking, private and corporate wealth management, research, equity broking, portfolio management, asset management, commodity broking, NBFC activities and private equity. For more information, log on to www.jmfinancial.in

About ASK Securities

ASK Securities is a premier institutional equities broking firm in India offering research-based broking services to both domestic and offshore clients. It is a part of the ASK group which is a leading financial services group with a heritage dating back to 1983. The group is renowned for its strong research based investment advice and has had an active presence in the capital markets for over two decades. The group is headquartered in Mumbai and has its offices in Delhi, Kolkata, Bangalore, Dubai and Bahrain. ASK Securities is a corporate member of both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) and caters to Institutional clients.

Mumbai, June 29, 2007: The Board of Directors of JM Financial Limited, at their meeting held today, have considered and adopted the audited financial results for the quarter and year ended March 31, 2007.

Key Highlights

On a consolidated basis:

Fourth Quarter of FY 07 compared to Fourth Quarter of FY 06

• Total income at Rs. 123.51 crore as compared to Rs. 140.36 crore
• Net consolidated profit at Rs. 33.03 crore as compared to Rs. 35.43 crore

Financial year 06-07 compared to Financial Year 05-06

• Total income at Rs. 444.05 crore as compared to Rs. 231.11 crore, up by 92%
• Net profit before tax at Rs. 182.92 crore as compared to Rs. 135.85 crore, up by 35%
• Net consolidated profit (after minority interest and share in Profit/(Loss) of Associates)at Rs. 90.87 crore compared to Rs. 66.81 crore, up by 36%

The Earning per Share (EPS) on weighted average number of shares for the quarter ended March 31, 2007 is Rs. 11.01 whereas EPS for the year ended March 31, 2007 is Rs. 30.99.

On March 31, 2007, the total Shareholders’ Funds stood at Rs. 605.25 crore comprising equity capital of Rs. 30.00 crore and balance in the reserves. The book value per share was Rs. 201.75 as on March 31, 2007. The equity shares of JM Financial Limited are currently listed on The Bombay Stock Exchange Limited (BSE) and The National Stock Exchange of India Limited (NSE).

The Board of Directors has proposed a dividend of Rs 5.00 per share (50 %).

Mr. Nimesh Kampani, Chairman, JM Financial said, “We have generated strong momentum with revenues rising by 92% and net consolidated profit rising by 36% as compared to last year. During the last quarter, JM Financial separated from Morgan Stanley in its joint venture in Investment Banking and Securities Broking businesses. With our strong investment banking franchise and our institutional relations, we will soon build our own institutional desk to complete the bouquet of financial services. As we look forward, we will continue to invest to grow and integrate all our businesses, take actions to improve efficiency and continue to expand our distribution, thereby creating more value for all our stakeholders.”

The audited financial results are attached. Both, the press release and audited financial results are available online at www.jmfinancial.in

Mumbai, June 15, 2007, JM Financial has announced the appointment of Mr. Atul Mehra and Mr. Adi Patel, Managing Directors as the new Joint Heads and Co–CEOs of the Firm’s Investment Banking business; Ms. Dipti Neelakanatan will join the Board of Directors of the Investment Banking business in addition to taking over as Chief Operating Officer for the JM Financial Group.

Both, Atul Mehra and Adi Patel have frontline experience in investment banking and have been with the JM Financial Group for more than 15 years. Dipti Neelakanatan has been with the Group for over two decades. They have been instrumental in building the organisation with their strong relationships and product knowledge. In their new roles, Atul Mehra and Adi Patel, will continue to strengthen and build capacity in the investment banking business and Dipti Neelakantan will oversee all Firm Management activities.

Mr. Nimesh Kampani, Chairman, JM Financial Group said, “I am pleased to announce the new appointments. Adi and Atul are both well-regarded, talented capital market professionals with a successful marquee of domestic and cross border transactions to their credit. Dipti has proved her leadership abilities time and again and has deep understanding of the financial services spectrum. Their experience and client relationships will further strengthen our position in this intensely competitive market place.

Meanwhile, post the separation of the joint venture with Morgan Stanley, the names of the companies in the JM Financial Group, have been changed and are as follows:

• Investment Banking business - JM Morgan Stanley Private Limited, will now be known as JM Financial Consultants Private Limited
• Investment Advisory business, JM Morgan Stanley Financial Services Private Limited, will now be known as JM Financial Services Private Limited
• Fixed Income business, JM Morgan Stanley Fixed Income Securities Private Limited will now be known asJM Financial Securities Private Limited

JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients. The Group has business interests in investment banking, institutional equity sales and broking, private and corporate wealth management, research, equity broking, portfolio management, asset management, commodity broking, NBFC activities and private equity.

Mumbai, 22 February 2007: JM Financial today announced in principal decision to separate from Morgan Stanley in the joint venture in Investment Banking and Securities Broking business, subject to necessary regulatory and other approvals as may be required and signing of definitive agreements.

The joint venture, which was inked in 1997 and formalized in 1999, has established a pre-eminent Investment Bank as well as Equity Broking, Research, Wealth Management and Advisory and Securities Distribution operations in India during the decade long relationship.

JM Financial Group, established in 1973 and a pre-eminent Indian Investment Bank by itself prior to the joint venture with Morgan Stanley, will acquire the 49% holding of Morgan Stanley in JM Morgan Stanley Private Limited (JMMS), the investment banking company together with its subsidiaries engaged in fixed income, equity broking, wealth management, advisory and distribution businesses of the joint venture at around book value for USD 20 mn equivalent to Rs.88.5 crore at the current exchange rate. JM Financial will simultaneously sell to Morgan Stanley, their 49% holding in JM Morgan Stanley Securities Private Limited (JMSPL), the institutional equity broking company for USD 445 mn equivalent to approx. Rs.1,970 crore at the current exchange rate.

The transaction is expected to close by the first quarter of Financial Year 2007-08. JM Financial Group and Morgan Stanley have agreed that all existing mandated transactions will be executed by the current joint venture and the partners in the manner currently in practice in a seamless way keeping the clients’ interest as utmost priority.

JM Financial Group has recently ramped up their asset management business with the addition of a private equity fund and a real estate fund to the existing mutual fund business. The group has also forayed into securitized assets and special situations investing activities. Besides these, the group runs a Non Banking Financial Company and a Commodities Research and Broking business.

Commenting on this transaction, Mr. Nimesh Kampani, Chairman of JM Financial Group said, “The rapidly growing Indian economy is opening up new vistas for growth in the financial services business. The time is ripe for Indian businesses of JM Financial’s stature to build Indian institutions of global standards and reach. JM Financial is focused on expanding their area of operations and grow all businesses in a synergistic rapid pace. The separation will allow the JM Financial Group to capture these opportunities on the foundation of their Firm values of long term business focus backed by strong relationship with the clients. JM Financial Group will immediately build up their own institutional equity broking and research business. The group already has the relationships and expertise for these businesses and will enhance the infrastructure needed to add these to their current portfolio.”

Commenting on the employee strength of the group, Mr. Kampani said that post separation, JM Financial Group will have over 600 employees, including some of the best and most experienced people in the industry. He said that all businesses in the group have strong management teams led by experienced and well respected professionals. With continued focus on retention, nurturing, empowerment of talented individuals, JM Financial Group is poised to enter the new phase of growth.

Udwadia & Udeshi as well as Amarchand Mangaldas and Suresh A Shroff & Co. acted as legal advisors to JM Financial for this transaction. PP Shah & Co. acted as tax advisors to JM Financial for this transaction.

JM Financial is an integrated diversified financial services group offering a broad range of financial products and services including investment banking, securities, wealth management, investment management and equity financing to its Indian and international clients.

Mumbai, January 31, 2007: The Board of Directors of JM Financial Limited, at their meeting held today, have considered and taken on record the unaudited financial results for the quarter and nine months’ ended December 31, 2006.

Key Highlights

On a consolidated basis:

Third Quarter of FY 07 compared with Third Quarter of FY 06

• Total income at Rs.137.02 crore as compared to Rs. 89.61 crore, up by 53 %
• Net consolidated profit at Rs.16.61 crore as compared to Rs.14.57 crore, up by 14%

First Nine Months of FY 07 compared with First Nine Months of FY 06

• Total income at Rs.320.53 crore as compared to Rs.194.65 crore, up by 65 %
• Net profit before tax at Rs.109.62 crore as compared to Rs.79.19 crore, up by 38%
• Net consolidated profit at Rs.57.84 crore compared to Rs.38.45 crore, up by 50%

The Earning per Share (EPS) on weighted average number of shares for the quarter ended December 31, 2006 is Rs. 5.54 (not annualized) whereas EPS for the nine months period ended December 31, 2006 is Rs. 19.88 (not annualized).

On December 31, 2006, the total Shareholders’ Funds stood at Rs. 574.04 crore comprising equity capital of Rs. 30.00 crore. The book value per share was Rs. 191.35 as on December 31, 2006. The equity shares of JM Financial are currently listed on The Bombay Stock Exchange Limited (BSE) and The National Stock Exchange of India Limited (NSE).

Number of professional employees grew to 634 as on 31st December 2006 from 471 as on 31st December 2005 and 597 as on 30th September, 2006. Correspondingly, the employee compensation grew for the period. The employees of the Company, its’ Subsidiaries, Joint Ventures and Associates are generally paid the annual performance linked discretionary bonus in the month of December / January every year, which forms significant portion of the employees’ total compensation. The operating companies have taken a substantial expense in employee compensation, an increase of 111% over the corresponding quarter previous year, on account of start of new businesses, increase in strength of employees and larger compensation in light of the competitive market conditions and retention strategy.

Mr. Nimesh Kampani, Chairman, JM Financial said, “We’ve had another quarter of robust and consistent performance, credit for which goes to the entire JM Financial Group’s team. As India plays an ever important role in contributing towards global growth, we see vast opportunities for India’s corporate sector. This, coupled with a favourable demographic profile, will provide a lot of business opportunities, which JM Financial, as a diversified financial services company, is ready to tap going forward. Our new businesses such as private equity funds management have gone on stream last quarter and the results reflect positive contribution from this business. We have and will continue to invest in people and new opportunities such as investment management of real estate, securitization, distressed debt and special situations funds.”

JM Financial is an integrated diversified financial services group offering a broad range of financial products and services including investment banking, securities, wealth management, investment management and equity financing to its Indian and international clients.

The unaudited financial results are attached. Both the press release and unaudited financial results are available online at www.jmfinancial.in

Mumbai, October 16, 2006: The Board of Directors of JM Financial Limited, at their meeting held today, have considered and taken on record the unaudited financial results for the quarter and half year ended September 30, 2006.

On a consolidated basis:

For the quarter ended September 30, 2006, the company has reported the total income of Rs.86.36 crores, Net profit before tax of Rs. 40.73 crores and a net profit after tax, share of minority interest and share of associates of Rs.15.91 crores.

For the half year ended September 30, 2006, the total income has increased by 75%, which is Rs.183.52 crores as against Rs.105.04 crores for the corresponding period previous year. The net profit before tax has also gone up by 74%, which is Rs. 88.15 crores as compared to Rs. 50.44 crores for the corresponding period previous year. Similarly, the net profit after tax, share of minority interest and share of associates has gone up by 73%, which is Rs.41.22 crores as compared to Rs.23.88 crores for the corresponding period of the previous year.

The earning per share (EPS) for the quarter ended September 30, 2006 is Rs. 5.30 whereas EPS for the half year ended September 30, 2006 is Rs. 13.74

On a standalone basis:

For the quarter ended September 30, 2006, the company has reported a turnover of Rs.4.57 crores against Rs.2.68 crores for the corresponding period previous year, profit before tax is Rs. 3.92 crores as against Rs.2.59 crores for the corresponding period previous year and net profit after tax of Rs.3.59 crores as against net profit of Rs.2.58 crores or the corresponding period previous year.

For the six months ended September 30, 2006, the company has reported a turnover Rs. 13.78 crores as against Rs.2.95 crores for the corresponding period previous year, net profit before tax of Rs. 12.87 crores as against Rs. 2.78 crores for the corresponding period previous year and net profit after tax of Rs. 12.22 crores as against Rs. 2.74 crores for the corresponding period previous year.

The earnings per share (EPS) for the quarter stand at Rs.1.20 as against Rs. 2.28 for the corresponding period previous year whereas EPS for the half year is Rs. 4.07 as against Rs. 2.42 for corresponding period previous year.

In addition to the existing listing on Bombay Stock Exchange Limited, the shares of the company have been listed on National Stock Exchange (NSE) on October 10, 2006.

Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial said, “JM Financial has tremendous strengths as a financial services firm which has enabled it to generate significant momentum with clients and thereby deliver a robust growth. As we progress, establishing ourselves in a fast-moving and extremely competitive market, we will continue to focus on improving our growth and profits; and most importantly providing value to our shareholders.”

The unaudited financial results are attached. JM Financial is an integrated financial services group offering a board range of financial products and services to is clients.

Mumbai, August 9, 2006: JM Financial Group is launching a corporate private equity fund, JM Financial India Fund, with US-based Old Lane Partners, LP, being the lead investor/co-sponsor to the Fund. The initial corpus of the Fund will be USD 150-175 million and will be investing in Indian companies. Monies are being raised from domestic investors and overseas investors, subject to necessary approvals.

JM Financial India Fund has announced its First Close on July 31, 2006. The Fund has already received commitments of over Rs. 415 crore (approx USD 90 million) since its launch a few months ago.

Mr. Nimesh Kampani, Chairman JM Financial Group said, “We are pleased to announce the setting up of our corporate private equity fund. This is in line with the expansion plans for the group. This fund is JM Financial Group’s first private equity fund and we are pleased to have Old Lane as our lead investor. The Indian private equity market is at the threshold of its most exciting phase. The India growth story, strong emerging companies backed by new age entrepreneurs offers tremendous opportunity for the JM Financial Group to invest private equity capital in building businesses in such high growth companies.”

Mr. Vikram Pandit (Founder) of Old Lane said, “Given my long standing relationship with Nimesh and the credentials of the JM Financial Group, we are pleased to partner in this Indian corporate private equity fund with them. In the best traditions of global collaborations, the Fund will benefit from JM Financial’s unparalleled access and Old Lane’s wealth of international investment expertise and processes. ”

Mr. Vishal Kampani of JM Financial adds, “The launch of this Fund marks the beginning of JM Financial’s intended focus in the alternative investment space in India.”

Mr. Dilip Kothari, Founding MD, Private Equity Fund said, “The Fund intends to pursue high growth companies across sectors such as business process outsourcing, manufacturing, healthcare, media, hospitality, financial services and retail sectors.” Mr Kothari, former managing director of Olympus Capital Holdings Asia who brings with him 20 years of experience in the financial services globally adds, “The Fund shall identify opportunities within these sectors which have attractive risk/return profiles and substantial value creation potential for our investors. We plan to invest on a value added basis in companies that have a good brand name, critical mass, distribution network and high growth potential”.

About Old Lane

Old Lane Partners, LP is a private investment firm providing investment management and other financial services. Old Lane manages several billion dollars across multiple strategies and multiple asset classes globally. Old Lane was established by a group of senior executives, many of whom previously worked together at Morgan Stanley, including its former President, Mr. Vikram Pandit. Old Lane is headquartered in New York, and has a global presence with offices in three continents. Hari Aiyar is Chairman and CEO of Old Lane India which has offices in Mumbai and Chennai.

About JM Financial

The JM FINANCIAL Group is an integrated financial services group offering a broad range of financial products and services to its corporate and individual clients.

Mumbai, July 27, 2006: The Board of Directors of JM Financial Limited, at their meeting held today, has considered and taken on record the unaudited financial results for the quarter ended June 30, 2006. The Company reported a net profit of Rs.862.27 lakhs on a standalone basis during the said quarter as compared to Rs.16.24 lakhs reported in the corresponding quarter for the previous year. The consolidated net profit reported by the Company is Rs.2531.26 lakhs after tax, share of minority interest and share in Associates.

The earnings per share (EPS) for the quarter stands at Rs.3.07 on a standalone basis and Rs.9.02 on a consolidated basis.

Additionally, the Board of Directors have decided to issue up to 3,00,000 equity shares to the employees/ directors of the Company and its subsidiaries under Equity Stock Option Scheme subject to necessary consents/ approvals/ sanctions as maybe required in this regard; and for which a resolution is being included in the Notice convening the forthcoming Annual General Meeting.

The unaudited financial results are attached.

JM Financial Group is an integrated financial services group offering a broad range of financial products and services to its clients.

Mumbai, June 29, 2006: The Board of Directors of JM Financial Limited, at their meeting held today, have approved the audited statement of accounts for the year ended March 31, 2006 and have recommended a dividend of 25% for the said year. The said dividend of Rs. 2.50 per share has been provided on the equity capital of Rs.30 crore on a fully diluted basis, considering the impending completion of the recent preferential allotment. The amount of dividend including dividend tax thereon as provided is Rs. 855.19 lakhs as against Rs. 322.83 lakhs in the previous year.

Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial Limited, said, “The Indian economy continues to demonstrate strength even providing for the inflationary influence of rising oil prices and interest rates. JM Financial has established a strong franchise and customer base across the country. Our ongoing businesses have demonstrated a strong performance and the new ventures are progressing satisfactorily. We have identified various interesting opportunities which we are confident will further add value for shareholders.”

Key Financial Highlights

Consolidated Basis

For the year ended March 31, 2006, JM Financial recorded, on a consolidated basis, net profit after tax and reduction of minority interest and share of profit in associate companies of Rs. 6680.90 lakhs on the Gross Income of Rs. 23111.19 lakhs as on March 31, 2006. The earning per share stands at Rs. 37.65 on 1,77,44,105 shares on weighted average basis and Rs.23.95 on 2,78,98,333 shares at the year-end and the book value per share stands at Rs.221.93 on 1,77,44,105 shares on weighted average basis and at Rs. 217.01 on 2,78,98,333 shares at year-end.

Standalone Basis

On a standalone basis, JM Financial recorded a 61.13% growth in profit after tax to Rs. 1526.87 lakhs for the year ended March 31, 2006 from Rs. 947.59 lakhs reported for the previous year.

Recently, JM Financial has allotted 875,000 equity shares to Mr. Azim Hasham Premji, which were issued to him on a preferential basis. The Company will allot 1,226,667 equity shares to Blue Ridge on receipt of regulatory approvals including FIPB approval.

The financial summary is attached.

JM Financial Group is an integrated financial services group offering a broad range of financial products and services to its clients.

Mumbai, May 4, 2006.Preferential Allotment:

JM Financial Limited has agreed to issue and allot 21,01,667 equity shares of the face value of Rs. 10/- each at a price of Rs. 639/- per share to the following investors, who have agreed to subscribe to the same:

The aforesaid issue and allotment would be subject to the satisfactory receipt of all the statutory, regulatory, corporate and other approvals including the approval of FIPB, RBI, Shareholders, SEBI, Stock Exchange(s), etc., as may be required and completion of regulatory formalities by the Company and the Investors. In case any investor is not able to subscribe to the shares on account of non-completion of required formalities, the Company may issue and allot such shares to any of the other investors mentioned above. The Issued & Subscribed Equity Capital of the Company would be Rs. 30 crore after the proposed preferential issue as above.

The Extraordinary General Meeting of the shareholders of the Company has been convened on June 1, 2006 for the purpose of passing the special resolution pursuant to Section 81 (1A) of the Companies Act, 1956 approving the aforesaid preferential issue of equity shares and enabling the Board to allot the same.

Brief about the Investors:

Blue Ridge

Blue Ridge Limited Partnership and Blue Ridge Offshore Master Limited Partnership are investment funds managed by Blue Ridge Capital, a New York based investment firm founded in 1996. Blue Ridge invests in the securities of both domestic and foreign issuers. Blue Ridge's principal investment objective is to achieve exceptional risk-adjusted capital growth primarily through investments in equity securities and other equity related instruments. Blue Ridge's portfolio generally will include positions in securities of companies which, in its view, have characteristics such as an outstanding management team, a track record of successful capital allocation and a reasonable valuation relative to the company's growth rate or intrinsic value.

Tiger Global Management

Tiger Global Management, LLC is a New York based investment firm. The Firm has extensive experience investing in public and private transactions in global markets, including India. Tiger Global seeks to identify talented management teams with a proven track record of allocating capital effectively and enhancing long-term shareholder value

Mr. Azim H Premji

Mr. Azim H. Premji, an Indian businessman, is the Chairman and Managing Director of Wipro Limited, one of India's leading software exporters. A graduate in Electrical Engineering from Stanford University, USA, his assets include 81% holding in Wipro Limited. Forbes magazine reckons that his net worth exceeds US$ 13 billion, and it places him at No. 25 in its most recent ranking of the world's richest people. In April 2004, he was rated among the 100 most influential people in the world by Time Magazine.

Mumbai, April 21, 2006: The Honorable High Court at Mumbai has, at the hearing held on March 31, 2006, sanctioned the scheme of amalgamation of J.M. Securities Private Limited with JM Financial Limited under Sections 391 and 394 of the Companies Act, 1956. JM Financial Ltd has applied for a certified copy of the order of the court, which is awaited. As and when the order is received the allotment of shares will be made to the shareholders of J.M. Securities Private Limited taking the total paid up capital to 27.89 crore.

The Board of Directors, at their meeting held today, have considered and taken on record the Un-audited Financial Results (Provisional) for the fourth quarter ended March 31, 2006, which are being published separately in the local newspapers. The following additional information, though not statutorily required to be given, with respect to the Un-audited Financial Results prepared on a consolidated basis for the said quarter is given below for the information of the shareholders and investors:

The aforesaid financials includes quarterly un-audited consolidated financials of J. M. Securities Private Limited, which is being merged with JM Financial Ltd. However, since the Appointed Date fixed for the said merger is November 1, 2005, the consolidated profit of J. M. Securities Pvt Ltd. for seven months ending on October 31, 2005 will get added to the reserves of JM Financial Ltd. The additional information provided hereinabove is based on the presumption that had the merger been effective, how the financial results on a consolidated basis would have looked.

The financial performance on a consolidated basis during the Quarter under reference reflects the market buoyancy and the performance of the underlying companies.

The aforesaid financials are subject to adjustments arising on consolidation post the proposed merger.

Place: Mumbai Date: April 21, 2006

Mumbai, Jan 23, 2006: The Board of Directors of JM Financial Limited and J. M. Securities Private Limited had approved the proposal for merger of J. M. Securities Private Limited with JM Financial Limited at their respective meetings held on September 16, 2005 subject to satisfactory receipt of various statutory and other approvals that may be required from the authorities including the High Court, Mumbai. The Share Swap ratio for the proposed merger as recommended by the independent valuer was approved by the respective Boards on October 6, 2005. The Appointed date fixed for the purpose of proposed merger is November 1, 2005.

The following additional information, though not statutorily required to be given, with respect to the un-audited financials prepared on a consolidated basis for the nine months period ended December 31, 2005 is given below for the information of the shareholders and investors:

The aforesaid financials includes consolidated nine monthly un-audited financials of J. M. Securities Private Limited, which will not get incorporated in the consolidated profit and loss account of JM Financial Limited in its totality but the profits upto October 31, 2005 will get merge with the reserves of the company, since the appointed date for the proposed merger is November 1, 2005. The information provided hereinabove is only on the presumption that had the merger been effective at an earlier date, how the financial results on a consolidated basis would have looked.

The aforesaid financials are subject to adjustments arising on consolidation post the proposed merger.

Place: Mumbai Date: January 23, 2006

Mumbai, Oct 6, 2005: The Board of Directors of JM Financial Limited and J. M. Securities Private Limited had approved the proposal for merger of J. M. Securities Private Limited with JM Financial Limited at their respective meetings held on September 16, 2005 subject to satisfactory receipt of various statutory and other approvals that may be required from the authorities including the High Court, Mumbai. The Share Swap ratio for the proposed merger as recommended by the independent valuer was approved by the respective Boards on October 6, 2005. The Appointed date fixed for the purpose of proposed merger is November 1, 2005.

The following additional information, though not statutorily required to be given, with respect to the un-audited financials prepared on a consolidated basis for the six months period ended September 30, 2005 is given below for the information of the shareholders and investors.

The aforesaid financials includes consolidated six monthly un-audited financials of J. M. Securities Private Limited, which will not get incorporated in the consolidated profit and loss account of JM Financial Limited, since the appointed date for the proposed merger is November 1, 2005. The information provided hereinabove is only on the presumption that had the merger been effective at an earlier date, how the financial results on a consolidated basis would have looked.

The aforesaid financials are subject to adjustments arising on consolidation post the proposed merger.

JM Financial to be the Flagship Holding Company

Mumbai, September 16, 2005: The Board of Directors of JM Financial Ltd. ("JM Financial") and J.VI. Securities Private Limited ("J.M. Securities"), in separate meetings held on September 16. 2005 in Mumbai, have decided in- principle to merge their operations under the JM Financial umbrella.

The Board of JM Financial has appointed M. P. Chitale & Associates. Chartered Accountants to recommend a fair share swap ratio for the merger which will be considered by the Board at its meeting to be convened at a later date. The merger of J.M. .Securities with JM Financial shall be subject to satisfactory receipt of all the statutory, regulatory, corporate and other approvals as may be required, including, but not limited to. the approvals of the relevant High Court, the Reserve Bank of India, the Stock Exchange(s), Securities & Exchange Board of India, the respective Boards and Shareholders and also subject to a fair share swap ratio. J.M. Securities currently holds, inter-alia. investments in Investment Banking, Retail Broking & Fixed Income Broking businesses (which are part of the joint venture between JM Financial Group and Morgan Stanley) and will hold investments in Asset Management and Equity Financing Services.

Commenting on the proposed restructuring and merger. Mr. Nimesh Kampani. Chairman of JM Financial, said "Our objective is to bring all our business interests under one common umbrella. With this restructuring. JM Financial will be the holding company of JM Financial Group and will be a diversified player having business interests in investment banking, asset management, retail and institutional equity broking and fixed income broking."

Mr. Vishal Kampani. Director of J.M. Securities, said "Over the next few years, we not only want to consolidate our existing market position but also intend to expand in areas such as commodities, private equity and equity financing services. This restructuring and proposed diversifications will go a long way in derisking and synergizing our businesses."

Mumbai, May 29, 2015: The Board of Directors of JM Financial Limited at its meeting held today considered and approved the audited financial results for the year ended March 31, 2015. The Board also recommended a final dividend of Re. 0.80 for each equity share of the face value of Re. 1/- each. The total dividend for the financial year 2014-15 would be Rs. 1.35 per share including the interim dividend of Re 0.55 paid by the Company.

Consolidated Results – Key Highlights:

FY 15 – Q4 compared to FY 14 – Q4

• Total income increased by 54% to Rs. 392.86 crore from Rs. 255.16 crore.
• Profit before tax increased by 123% to Rs. 158.45 crore from Rs. 71.16 crore
• Net consolidated profit after tax increased by 56% to Rs. 92.96 crore from Rs. 59.43 crore.

FY 15 compared to FY 14

• Total income increased by 39% to Rs. 1,403.04 crore from Rs. 1,006.67 crore.
• Profit before tax increased by 85% to Rs. 516.91 crore from Rs. 280.16 crore
• Net consolidated profit after tax increased by 58% to Rs. 330.52 crore from Rs. 209.53 crore.

  Earnings Per Share and Diluted Earnings Per Share, for FY 15 is Rs. 4.32 and Rs. 4.25 respectively.

  Announcing the results, Mr. Nimesh Kampani, Chairman, JM Financial Group said, “JM Financial has posted strong financial performance and has continued its trend of delivering sustained growth. Our focus on advisory business and lending in specific segments has helped increase the revenue and profits.

The operating environment for Indian corporate sector has improved during FY 15 with signs of stability in the macro-economic scenario. However, to facilitate rapid economic growth, it is imperative to see greater Government focus to revive stalled projects, enhance infrastructure spending, big tickets structural reforms, with major support of fiscal and monetary policy on the demand side. Considering the very high percentage of infrastructure projects in the NPAs in banking sector and the fact that these projects are at various stages of stalled activity, there is a pressing need for the authorities to work on a long term solution to resolution of these bad loans even as they focus on creating the much needed infrastructure.

Going forward, we expect the trends to remain positive in our businesses. Looking ahead, we continue to remain optimistic about the group’s opportunities and earning potential in the financial services sector.”

Business Update

Investment banking & securities business:

During the last quarter our Investment banking division executed following transactions:

• Acted as managers to Qualified Institutional Placement by HDFC Bank Ltd – Rs. 2,000 crore.
• Acted as selling broker to the Offer for Sale by Coal India Limited – Rs.22,528 crore.
• Acted as lead financial and transactional advisor to Adani Enterprises on a composite scheme of arrangement involving demerger of its ports, power and transmission undertakings;
• Provided fairness opinion in relation to UltraTech Cement’s acquisition of business units from Jaiprakash Associates pursuant to a Scheme -Rs.5,325 crore.
• Provided fairness opinion relating to the merger of Aditya Birla Chemicals (India) limited with Grasim Industries - Rs.561 crore.
• Acted as managers to the rights issue of Future Retail Limited – Rs.1,589 crore.

The pipeline of our investment banking business continues to remain healthy with several mandated transactions under execution. We shall continue to increase our focus on M&A and Private Equity advisory business.

Our Institutional Equities Business saw good momentum with addition of new clients during the quarter.

We hosted the New York Conference in the month of March which got an overwhelming response from both, the corporates and institutional investors, who attended the series of events spanning over 2 days.

In our wealth management business, the assets under management stood at approximately Rs.17,383 Crore as on March 31, 2015. Our focus on client centric solutions is bearing fruits.

In the distribution business, we have a large network of approximately 7,200 active Independent Financial Distributors (IFDs) who distribute various financial products across the country. We have presence in 256 locations spread across 110 cities through a network of branches and franchisees. During the quarter, we mobilized more than Rs.1,050 Crore in fixed deposit schemes and fixed income products of various companies.

Fund based activities:

We continued funding activities in the areas of loan against commercial real estate / properties and loan against securities. During the current year we will increase the book further with increased borrowing on the back of the increased capital. Loan against securities include products like Loan against shares, Sponsor Funding, Margin Funding, ESOP funding and IPO funding. The overall funding book stood at Rs. 5,388 Crore as on March 31, 2015. The treasury book for the fixed income securities stood at Rs.359 Crore. We expanded our sources of borrowing covering various money market instruments, other medium to long term instruments and secured credit facilities from Banks.

During the Quarter, Banks continued to auction NPA portfolios. Unlike previous years, the acquisition activity by Asset Reconstruction Companies (ARCs) during the March quarter was subdued. Deal closure was a challenge due to mismatch in price expectations of Banks and ARCs. We closed a few deals during the quarter including acquisition of fresh accounts as well as aggregation of debt in previously acquired accounts. The quarter was good for us in terms of recoveries from already acquired accounts backed by recovery from restructured accounts and settlement with borrowers. With Reserve Bank of India’s continuous thrust on controlling the high level of stressed assets in the banking industry, it is expected that Banks will continue to offload non-performing assets to ARCs.

Alternative Asset Management:

At the end of the quarter, the combined AUM/ AUA of the Private Equity Fund and Real Estate Fund stood at around Rs.940 crore. The reduction in the revenues from this segment is on account of reduced management fees attributable to the exits made by the Funds. This trend will continue except in case there is earning in the nature of carry on completion of all exits.

Our private equity fund completed exit from one of its investments during this quarter. The Fund is working closely with its portfolio companies in helping them grow their businesses as well as to seek exit opportunities.”

Our Real Estate Fund continues to focus on working closely with the management of the portfolio companies in seeking exit opportunities. Significant progress has been made towards realizing exits from some of the Fund’s investments. As of March 31, 2015, the domestic scheme of the Fund has returned an aggregate 50% of the capital contribution received by it and the offshore scheme made its first distribution aggregating 13% of its capital contribution in Indian Rupee terms.

Asset Management:

The Mutual Fund’s average AUM as on March 31, 2015 stood at Rs. 12,231 crore. The average AUM under Equity schemes was at Rs. 5,168 crore and under the Debt Schemes was at Rs. 7,063 crore.

Awards and Recognition:

Our investment banking arm has been recognized as the “M & A Deal Maker of the Year” at the ‘BW Business World Magna Awards 2015’.

Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.