Copal Partners is dealing in financial research and analytics services.

Its 4 practice areas are

investment banking, equity research, credit research and consulting/strategy. Most of its
clients are investment banks, private equity funds, consulting companies, and corporations.
Nearly 90% of its employees are post-graduates and CAs. Qualities that set Copal apart are
focus on financial services, rigor and dedication to quality, Copal team and the auditability of
work.

Copal Partners has many research centers in India well equipped with secure operating
environments and state-of-the-art data centers. It practices confidentiality, information
security, and regulatory compliance by using Information Security Management System
(ISMS).
It has employees with financial and consulting backgrounds. It believes that employees are its
greatest strength.

Employees: Around 550

President: Joel Perlman

CEO: Rishi Khosla

Recruitment Trends: Copal Partners has strict recruiting standards. It is looking for people
with intellect, passion, drive, and energy to make things happen. It is seeking talent and
experience. Preference is given to campus recruitments, especially management post-
graduates and commerce graduates.

Copal Partners is the largest offshore financial analytics & research company and has
approximately 1,000 professionals and over 40 clients, including several global bulge bracket
investment banks, hedge funds, private equity funds, consulting firms and Fortune 500
corporations.

Copal recently was ranked #1 for outsourced Investment Research and Analytics by the
Black Book of Outsourcing 2008.

Copal’s management team includes individuals with experience in companies such as

McKinsey & Co, GE Capital, UBS and Deutsche Bank

Copal’s shareholders include: Merrill Lynch, Deutsche Bank, and Citigroup

For further details, please visit our website: http://www.copalpartners.com

Opportunity

Copal Partners is currently looking for dedicated and motivated individuals who have strong
leadership, organizational and teamwork skills for its Qualitative/Quantitative team based in
Gurgaon.

Activities

* Supporting our clients to develop results-driven strategies, including critical industry or

market analyses, Company profiles, Thematic studies, Pitch books, Capital Structure /
Liquidity Analyses, Modeling, Trading comps, Transaction comps, competitive
benchmarking and opportunity assessments through in depth primary and secondary research
* Other Activities include heavy client interaction, structuring deliverables / teams &
developing new capabilities / new research products
* Conducting Quality control check of the outgoing client deliverables
* Leading multiple projects and manage a team of Research Analysts/ Associates and
Information Professionals to provide external research and analysis
* Demonstrate strength and experience in client relationship building and management

Required Background

o Leading a team and managing full project life cycle of Investment Banking projects:
+ Industry Study/ Thematic
+ Company Profiles
+ Pitch books
+ Modeling – DCF, LBO, Merger modeling etc.
+ Leverage finance (desired)
o Majority of the analysis would be around qualitative work and modeling
o Excellent written and spoken communication skills
o Working knowledge of database like Bloomberg, Thomson, Factset
o Experienced in direct client communication & management
o Prior experience in Investment Banking space is preferred
o Post Graduation in Finance or equivalent qualification

Founded by professionals with executive experience at McKinsey & Co., GE

Capital, and Goldman Sachs, Copal Partners provides its clients with financial
research outsourcing and consulting services through client-specific proprietary
products.

Our clients include leading financial institutions and corporations. Our quality-driven
processes have helped us establish a reputation for being a top tier provider of financial
research, analytics and consulting.

Copal Partners offers dedicated services to its clients using off-site resources based at our
research centers in India, China and Argentina. We also provide on-site teams at our clients’
domestic offices. Typically, our professional executive personnel will be MBA qualified or
chartered accountants, while our client-facing teams will have extensive experience working
with many of the world’s leading financial institutions. We preserve the operational integrity
of our teams through exceptionally strict recruiting standards.

Our approach is multi-lingual, with information sourced and analyzed in over 20 languages.

We recognize that quality is the cornerstone of our work. Copal Partners executes client
research and consulting to the highest possible standards. Our workflow team is available to
clients 24 hours a day seven days a week, allowing our clients constant access to their
research and consulting teams. Factual and data integrity are essential components of our
outputs, and more importantly our reputation.

Our value proposition is to enable our clients to outsource their research, analysis and
knowledge functions, achieving cost reductions, increased flexibility to scale staffing to
market activity, improved processes and analytical consistency, and reduced attrition. We
also provide our clients with high value added consulting services through a flexible and cost
efficient engagement model.

Copal Partners is the largest offshore financial analytics & research company and
has approximately 1,000 professionals and over 40 clients, including several
global bulge bracket investment banks, hedge funds, private equity funds,
consulting firms and Fortune 500 corporations.

The company serves clients from its offices in the US, UK, Argentina, Dubai,
India, and Mauritius. Clients include 6 of the top 10 global bulge bracket
investment banks, and a number of billion + hedge and private equity funds

Copal recently was ranked #1 for outsourced Investment Research and Analytics
by the Black Book of Outsourcing 2008.

Copal’s management team includes individuals with experience in companies

such as McKinsey & Co, GE Capital, UBS and Deutsche Bank

Copal’s shareholders include: Merrill Lynch, Deutsche Bank, and Citigroup

For further details, please visit our website: www.copalpartners.com

Opportunity

Copal provides ample opportunity to display expertise in every field. Copal is

currently offering AVP position in its Qualitative team, based in Gurgaon.

Activities

* Supporting our clients to develop results-driven strategies, including critical

industry or market analyses, Company reports, Capital Structure / Liquidity
Analyses, competitive benchmarking and opportunity assessments.
* Delivering very high quality analysis to the client, ensuing that the data and
language presentation are accurate and relevant
* Interacting with clients on independent basis, understanding their
requirements, negotiating deadlines, and handling project queries
* Demonstrate strength and experience in client/requester relationship
building and management, information/knowledge needs assessment
* Leads a team of Research Analysts and Information Professionals to provide
external research and analysis necessary to help develop and support ongoing
key client business
* Drive team utilization by ensuring all resources are managed in most
advantageous manner
* Training new recruits on products mentioned above and ensuring a fast
learning curve for the team
* Conducting Quality control check of the outgoing reports/packs
* Manage multiple projects and clients simultaneously, ensuring fast paced
timelines are met
Required Background

- Post Graduation in Finance or equivalent qualification

- 4-8 years of experience in business and industry research & analytics, focusing
primarily on qualitative projects
- Qualitative projects include Company Profiles, Industry Studies, Pitch-books,
Newsletters and other ad-hoc research projects
- Adept at handling a team of 15-30 people, experienced in handling team MIS
- Excellent written and spoken communication skills

Our mission is to provide the highest value-added financial research and consulting
services to our clients. Our values consist of five reinforcing elements: quality,
professionalism, client focus, quantifiable value-add, and personal and team
growth.

Quality is the cornerstone of our business. We have built our team's workflow processes to
ensure the highest possible level of data integrity and auditability. All our deliverables adhere
to the same rigorously verified research and analysis.

Our teams are steeped in the culture and ethos of the financial and consulting services sectors,
either through previous experience in the area or through our extensive training process. This
means that our clients have no concerns over issues such as project relevance or
communications skills. In addition, we maintain strict compliance controls so that client
information remains private and confidential.

We can fully customize methodologies and products on demand, and pride ourselves on our
ability to turn our teams into extensions of our client's teams, maximizing their resources and
capabilities.

Our teams thoroughly enjoy seeing our clients achieve success based on our research and
consulting. Our approach recognizes the win-win dynamic at the heart of the research and
consulting practice: outstanding performance on our part will enable clients to unlock more
value in their enterprise and in turn drive further growth for Copal Partners.

Our teams are built around exceptional people who continually aim to be the very best. A key
ethic of Copal Partners is the belief that if our individuals are encouraged to become better
performers, our teams will inevitably benefit. In short, Copal Partners always strives to be a
beacon for the best.

Copal Partners is widely regarded as the leading outsourced research and

consulting provider to financial institutions and corporations worldwide. With
approximately 1,200 employees situated in the world’s major commercial centers,
and investors including Deutsche Bank, Citigroup and Bank of America Merrill
Lynch, the Company is ideally positioned to service the requirements of the
world’s most sophisticated clients.
Key milestones since establishment:

November 2002: Company is founded

January 2003: Delhi research center opens

November 2003: Enters into a vendor trial for Investment Banking services with a bulge
bracket financial institution

June 2004: Becomes sole vendor for the banking division of the aforementioned financial
institution

September 2004: Launches its credit division for credit / distressed debt hedge funds

February 2005: Exceeds 100 employees

June 2005: Andrew J. Melnick, former Head of Research at Merrill Lynch and Global Co-
Head of Research at Goldman Sachs, joins Copal Partners’ advisory board

March 2006: Over 200 dedicated staff to one sole Investment banking client

June 2006: Deutsche Bank becomes a shareholder

October 2006: Citigroup becomes a shareholder

November 2006: Launches equity research division

April 2007: Closes landmark deal with one of the largest brokers in the Middle East to
become their end-to-end provider of equity research

May 2007: Merrill Lynch becomes a shareholder

July 2007: Launches private equity division to provide consultancy, due diligence and
portfolio monitoring services

June 2008: Named #1 Financial Research KPO by the Black Book of Outsourcing

March 2009: Opens offices in Hong Kong

April 2009: Opens research center in Beijing

We provide financial research and analytics to our clients. We work with clients
globally, many of them leaders in their respective sectors.

Learn more about our services and solutions in the following client sections.

Financial
Investment Banking

Investment Research
Private Equity

Hedge Funds

Asset Management

Private Wealth Management

Commercial Banking

Insurance

Non-Financial
Corporate

Consulting

Market Data Services

Rishi Khosla
CEO

Rishi Khosla is the CEO and one of the Founders of Copal Partners. His primary
responsibilities are overseeing the company's global business development activities.

Rishi also advises Lakshmi N. Mittal on his private equity and venture investments. His 1999
tech vintage venture portfolio has realized two billion dollar enterprises – PayPal and
IndiaBulls. Investments included the most successful Indian venture investment to date with a
150x capital return.

Previously he was in the business development team at GE Capital, reporting to the President
of GE Capital Europe. During his tenure he attained approval from Jack Welch to establish an
early stage venture fund for GE Capital, which he co-managed.

Rishi started his career in banking where he wrote one of the first equity research notes on the
third generation of mobile telephony, and participated in a number of advisory transactions,
including an asset swap between GRE and ING and a divestment program for the Polish
government.

Rishi is a Board Member of TiE UK, a charity which promotes entrepreneurship. He is also a
Trustee of New Philanthropy Capital, an organization providing independent research and
tailored advice on the most effective ways to support charities. He is also the Chairman of
Dev Property Development, a London listed Real Estate Development Company.

He holds a Bachelors degree in Economics from the University College London, and a
Masters in Accounting & Finance from London School of Economics where he was awarded
a scholarship by the Economic and Social Research Council.

Joel Perlman
President
Joel Perlman is President and one of the Founders of Copal Partners. He set up the
company’s India research centers and manages the global service delivery activities of the
firm.

Previously, he founded and managed Latin Venture, a marketing firm with operations in the
US and major Latin American markets.

Before that, he was a consultant at McKinsey & Company, where he participated in several
engagements with Fortune 100 companies, with emphasis on business strategy, growth and
process reengineering in the banking industry.

Joel is an advisor to CarullaVivero, the largest food retailer in Colombia with over USD 1
billion in sales, and Zumba, the largest branded fitness program in the US.

He has an undergraduate degree with honours in Finance and Philosophy from Georgetown
University and a Masters in Accounting and Finance from the London School of Economics.

Andrew J. Melnick
Non-Executive Chairman

Andrew J. Melnick is Non-Executive Chairman of Copal Partners.

From 2002-2004, Andrew was Co-Director of the Global Investment Research Division and a
Member of the Executive Committee at Goldman Sachs. Prior to joining Goldman Sachs,
Andrew was Senior Vice President and Director of the Global Securities and Economics
Research Group at Merrill Lynch & Company, during which time he expanded the Research
Group to offices in 26 countries while achieving top rankings in most regions world-wide.

Previously, Andrew served as President of Woolcott & Co., was Director of Research and a
Partner at L.F. Rothschild, Unterberg, Towbin, was an analyst at Drexel Burnham Lambertm
and served as 1st Lieutenant in the U.S. Army.

Andrew is a Chartered Financial Analyst (C.F.A.).

Dr. Sushil Wadhwani, CBE

Non-Executive Director

Dr. Wadhwani is Non-Executive Director of Copal Partners. Dr. Wadhwani is currently the
CEO of Wadhwani Asset Management LLP, a global-macro hedge fund.

Previously, Dr. Wadhwani was a full-time external member of the Bank of England’s
Monetary Policy Committee (MPC), which he joined in 1999. Prior to joining the MPC, Dr.
Wadhwani was a member of the Management Committee and Partner at Tudor. From 1991-
1995, Dr. Wadhwani was Director of Equity Strategy at Goldman Sachs.

Dr. Wadhwani obtained his BSc, MSc and PhD in Economics from the London School of
Economics.

Karan Kumar
Board Member

Karan Kumar is a qualified business and corporate lawyer with more than 15 years industry
experience.
Currently as a Director of Copal Partners, he heads the Middle East and North Africa
Business [MENA]. He is also one of the founding shareholders of the company when it was
established in 2002.

Prior to assuming charge as the head of the MENA business in 2006, Karan worked with a
British owned trading/consulting firm based in Dubai, United Arab Emirates for several years
and was responsible for their business development activities along with the owner, a veteran
British Businessman who has lived and worked in the Middle East Region for more than 40
years.

The company worked in the areas of Oil & Gas, Infrastructure development, Exploration, and
EPC project consultancy to leading international firms.

He is resident in Dubai where he lives with his wife and 2 children.