global ib scenario

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www.morganmarkets.com Global Equity Research 13 March 2012 Global Investment Banks IB landscape changes across the globe – the path to an acceptable ROE for Tier I and II players See page 229 for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Global Banks Kian Abouhossein AC (44-20) 7325-1523 [email protected] J.P. Morgan Securities Ltd. Amit Ranjan (44-20) 7325-4780 [email protected] J.P. Morgan Securities Ltd. Alex Kantarovich, CFA AC (7-495) 967-3172 [email protected] J.P. Morgan Bank International LLC Delphine Lee AC (33-1) 40 15 49 28 [email protected] J.P. Morgan Securities Ltd. Eugenio M Cicconetti AC (44-20) 7325-8215 [email protected] J.P. Morgan Securities Ltd. Joseph Leung AC (852) 2800-8517 [email protected] J.P. Morgan Securities (Asia Pacific) Limited Mervin Naidoo AC (27-11) 507-0716 [email protected] J.P. Morgan Equities Ltd. Naresh Bilandani AC (971) 4428-1763 [email protected] JPMorgan Chase Bank, N.A., Dubai Branch Natsumu Tsujino, CFA AC (81-3) 6736-8618 [email protected] JPMorgan Securities Japan Co., Ltd. Raul Sinha AC (44-20) 7742-2190 [email protected] J.P. Morgan Securities Ltd. Saul Martinez AC (1-212) 622-3602 [email protected] J.P. Morgan Securities LLC Scott Manning AC (61-2) 9220-1803 [email protected] J.P. Morgan Securities Australia Limited Seshadri K Sen, CFA AC (91-22) 6157-3575 [email protected] J.P. Morgan India Private Limited Sofie Peterzens AC (44-20) 7777-9063 [email protected] J.P. Morgan Securities Ltd. Vivek Juneja AC (1-212) 622-6465 [email protected] J.P. Morgan Securities LLC This document is being provided for the exclusive use of Rathiesh Chandran at PREMJI INVEST.

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www.morganmarkets.comGlobal Equity Research13 March 2012Global Investment BanksIB landscape changes across the globe the path to an acceptable ROE for Tier I and II playersSee page 229 for analyst certification and important disclosures, including non-US analyst disclosures.J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.Global BanksKian Abouhossein AC(44-20) [email protected]. Morgan Securities Ltd.Amit Ranjan(44-20) [email protected]. Morgan Securities Ltd.Alex Kantarovich, CFAAC(7-495) [email protected]. Morgan Bank International LLCDelphine LeeAC(33-1) 40 15 49 [email protected]. Morgan Securities Ltd.Eugenio M CicconettiAC(44-20) [email protected]. Morgan Securities Ltd.Joseph LeungAC(852) [email protected]. Morgan Securities (Asia Pacific) LimitedMervin NaidooAC(27-11) [email protected]. Morgan Equities Ltd.Naresh BilandaniAC(971) [email protected] Chase Bank, N.A., Dubai BranchNatsumu Tsujino, CFAAC(81-3) [email protected] Securities Japan Co., Ltd.Raul SinhaAC(44-20) [email protected]. Morgan Securities Ltd.Saul MartinezAC(1-212) [email protected]. Morgan Securities LLCScott ManningAC(61-2) [email protected]. Morgan Securities Australia LimitedSeshadri K Sen, CFAAC(91-22) [email protected]. Morgan India Private LimitedSofie PeterzensAC(44-20) [email protected]. Morgan Securities Ltd.Vivek JunejaAC(1-212) [email protected]. Morgan Securities LLCThis document is being provided for the exclusive use of Rathiesh Chandran at PREMJI INVEST.{[{\krso}r*Mrkxn|kx*|krso}rJz|owtssx!o}8myw*