JM Financial Announcements Atul Mehra & Adi Patel – Joint heads and Co-CEOS, Investment Banking Business Dipti Neelankantan– COO, JM Financial Group, Joins the Board of Directors

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.