1. Credit Rating 29 June 2013 Presented by : Jagannadham Thunuguntla, Strategist & Head of Research SMC Global Securities

2. Size of Market: Relevance of Credit Rating Size of Global Debt Market: US$ 100 Tn Size of Global Equity Market: US$ 53 Tn

3. Debt Market Runs on Opinion… Debt Market Runs on an Opinion That Opinion is Credit Rating

4. Opinion Based on Mathematical Models Opinion Based on Mathematical Models Assumptions Check lists

5. Rolls Royce and Sub-way Wall Street is the only place where people ride in a Rolls Royce to get advice from those who take the subway – Warren Buffet

6. IPO Grading Results are Confusing Relevance is Controversial

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