JM Financial Yearly Consolidated Revenues Soar by 92%, Net Consolidated Profit by 36% Proposes Dividend of 50 % (Rs. 5.00 Per Share)

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