PINAKI BASU ICICI prudential life insurance Business planning and corporate finance division (April May 06)

6) Project Brief& Approach To build a new DCF based interactive valuation model for life insurance companies. To do valuation ofICICI prudential life insurance company. Compare with existing EV/NBAP frameworks. Business data for next five years collected and modified to fit in the model, projections made for next tenyears by discussing with teams from Actuary, Investments Corp-Fin and Sales Division. Outcome &Recognition Awarded Best Summer Project among 24 individual projects based on presentation in front of summerproject review panel. Valuation came out to be very close to the figures indicated by professionals. Sensitivity Analysis helped the Company concentrate on the parameters which matter the most.

5KUNALMOKTAN MORGAN STANLEY Inc. - Investment Banking Division (IBD), SINGAPORE (Apr

2006 Jun 06)

Solely made responsible for building the pitch book for a multi million dollar High Yield Convertible Bond offering for a Thai Power Co. Created a Sum-of-the-Parts valuation model for a Singaporean Conglomerate using DCF, Comparables and Book value as proxies Staffed on the IPO execution of a San Francisco based Bunkering and Fuel logistics co. attended Due Diligence meetings, conducted site visits, worked with law firms, coordinated with joint leads, managed documentation and handled road show logistics Attended the Management Road Show and worked with the sales team in the live book building & pricing of a Thai Refinery Co. Part of an M&A team working with client on executing a key acquisition in the Semi Conductorindustry involving running valuation models, debt pay down schedules, industry metrics, balance sheet restructuring, regulatory issues, synergy dynamics and financing arrangements Staffed on the spin-off of a Chartering Co. from a Shipping Liner Co. in order to differentiate risk-return characteristics for stockholders Staffed on the LBO deal of a Singaporean Media Co - worked with Analysts, Associates & VPs in running LBO models

Worked on valuation techniques like comparable companies & transactions, cash flow multiples and credit positioning Trained on the use of financial products & databases like Bloomberg, Factset, Reuters Knowledge, Factiva, BarraBeta&Alacra 5 P Sinha DBS, Investment Banking Division, Singapore ( Communication, Media & Technology Desk ) April 2006 - June 2006 Responsibilities Assisted a team of 26 on deals relating to M&A, Strategic Divestment, Debt Financing and Valuation of firms,through financial modeling, designing pitch books, strategic scenario analysis, industry & company profiling Achievementsand Recognition Received a PRE-PLACEMENT OFFER as an Analyst in the Communication, Media & Technology desk Involved with senior bankers in extensive modelingfor Valuation of a leading Telecommunication player and aleading BPO player using DCF, Comparables and Multiple Based Valuation approaches Successfully implemented a Debt Financing Model for optimizing the capital structure given the financialconstraints, cash flow & funding requirements; model used to structure a deal for a leading DTH player in India 5 Rahul Jain ICRA Management Consulting Services (April - June, 2006) ICRA Limited is an associate of Moodys Investors Service. Received Pre-Placement Offer (PPO) Successfully completed two projects which are now being used as standard models for analytics. Credit derivatives: Pricing and regulatory capital requirements in accordance with Basel II norms. Swap price calculator: Spreadsheet based tool for pricing interest rate and currency swaps. 5 R Chandra SUMMER INTERNSHIP Ernst and Young, India Associate Consultant Intern, Transaction Advisory Services Project: To Identify Private Equity Opportunities in the Infrastructure Sector in India Worked on designing the intial pitch for financing a $5 billion project of a major Indian MNC Identified 7 companies for private equity investment based on profitability, business model and capital requirements Performed valuation for three of the companies by estimating price multiples from market data Based on the valuation identified potential private equity investments ranging from $5 million to $10 million Initiated discussion for private equity investment with a $3 billion group based out of Dubai

Underwent a training on using Takeout Financing as a unique tool to restructure distressed assets

INTERNATIONAL FINANCE CORPORATION (WORLD BANK GROUP) Duration: 2

Months
PROJECT/ROLE Devised an entry strategy for IFC investment in Herbal Cosmetics Sector in India Performed a detailed study of prospective investment opportunities in this sector Executed Valuation for a Castor Oil & Derivative company for an investment of US$20 million Performed a feasibility study on the expansion project and due-diligence on the company ACHIEVEMENT Initiated contact and carried out preliminary investment discussions with 2 prospective clients

Tina Sekharan SUMMER INTERNSHIP MERRILL LYNCH, NEW YORK April-June 06 ROTATION DESCRIPTION Corporate Derivatives Solutions Analysed Client Financials through thorough analysis of 10Qs, news articlesand created Risk Report Cards tofacilitate preliminary meetings with clients. Created lists of potential targets for sales pitches for all Directors and VPs in their area of expertise. Strategic Investment Group constructed a Model to observe the relationship between Implied Volatility and Realized Volatility 30 days beforeand after Earnings Announcement. Presented to Portfolio Managers recommendations on companies undergoing the process of Merger & Acquisition. Correlation Trading Priced and Rated tranches of synthetic CDOs as per the proprietary models of Moodys and Standards & Poors. Fielded sales and client inquiries and underwent a training program in Bloomberg. 9_5 AdityaSinha Goldman Sachs, Hong Kong (Apr 2006 - June 2006) Received a PRE PLACEMENT OFFER (PPO) to join the Equities Division in Hong Kong

(The only intern out of five from IIM A Tasks and Deliverables to get a PPO from the Markets side of Goldman this year) Desks Equity Trading Modified and implemented (Cash) hitherto unused proprietary software used to give order updates to clients. This effort was highly appreciated. Worked with the MD and several VPs on a presentation for a potential client. Created a comprehensive spread sheet to help document all critical client information. Worked on operationalizing convenient ways to send IOIs to better advertise trade flows. Equity Derivatives Trading Shadowed everybody on the desk to gain a good understanding of the overall business. Suggested and implemented improvements in the spread sheets used for derivative pricing. Created a master coverage spread sheetwhich facilitated each trader to look up its respective sales person for a specific client. Witnessed an index rebalancing of the HKSE during my internship. Regularly interacted with traders during expiry week and developed a good understanding of the overall

Program Trading

Got from my Managing Director the best review he has ever given AkshaySinha: ICICI Bank, Mumbai, April 06-June 06

Interned with ICICI Banks Global Markets Group created a new learning module on advanced derivatives for the bank Gained insights into various regulatory issues concerning derivative trading in India through discussions as well as readings learnt how to use various pricing software and calculators Gained a first-hand view of the AmanSinghal: Job Description Interned with the Transaction Bank Department of Wholesale Banking Division Responsible for designing and structuring a new product (Import Factoring) not yet launched in India Execution and Impact Conducted detailed feasibility study on introducing Import Factoring in India Met with representatives of multiple banks to gauge volume of factoring activity in these banks Interacted with corporates (including Reliance Industries Ltd and Tata Steel Ltd) in order to incorporate their feedback on pricing and risk mitigation aspects of the product and short-listed a set of potential clients Relationship Managers are using the structure and action plan suggested to follow up with the potential clients Designed a detailed process-flow diagram for Buyers Credit that is currently being used by the BDMs

Amit G: Prudential ICICI Asset Management Co. Ltd. (Largest private sector AMC in India) Apr 2006 June 2006 Summer Analyst, Equity Research Team, Investments division, Mumbai. India oAnalyzedPharmaceutical Sector from Contract Research and Manufacturing Services potential perspective. oAnalyzed the Modern retail Industry in India and did a fundamental analysis on the top Indian retail companies from an investment perspective. Work involved meeting company management, analysts, doing market surveys.

Ankan S: Investment Analyst, Roulac Global Places LLC, Apr 2006 Jun 2006 Roulac Global Places LLC is a California based Real Estate Research Company. The companys flagship fund Roulac Global Places

Fund does strategic global top-down research with disciplined micro bottom-up analysis. Recognition Awardeda PRE-PLACEMENT OFFER (PPO) for exceptional performance during internship Awardedthe MBA intern of the month for my contribution to Roulac Global Places

(out of 8 internsfrom IIM Ahmedabad, Bangalore and Calcutta)

Sector Analysis Developeda long term investment strategy for Toll Road Sector in China Sector Analysis of the Global Steel Industry :Quantitative and qualitative analysis to shortlist top 5companies across the globe based on Roulac investment strategy EquityResearch Fundamental Valuation and Investment Strategy for the following stocks: Hovnanian Enterprises Inc.: 5 th largest homebuilder in United States Gerdau S. A. :Largest producer of long steel in South America Luzhou Bio-Chem Technology Ltd :Singapore-based corn refiner principally engaged in the production and distribution of sweeteners

Ankit G Organization: Standard Chartered Bank, Mumbai (April June05) Project: Study the Liquidity management (LM) products offered by banks globally and identify opportunities in India for introduction of newer products in LM Recommendation: Developed 8 customized products best suited for Indian market giving an edge over the competition Identified quantifiable benefit to be achieved by the LM products by developing a Calculator

Achievements Received Pre Placement Interview (PPI) as an acknowledgement of the work done in
summers. Two Products already inPipeline

Goldman Sachs, London, European Special Situations Group Apr06 Jun06 Job Responsibility

Undertook due diligence of new investment opportunities involving company research, industry analysis, valuation and analysis of legal frameworks Built forward looking financial models for evaluation of project feasibility - used to evaluate deals currently in progress Monitored and reported relevant developments in distressed bonds and other credit instruments with pan-European coverage Attended and analysed company Investor Meets, Analyst Presentations and reported relevant details to senior management

Key Projects Undertaken

Evaluatedinvestment opportunities and prepared detailed investment memos for investment in one of the biggest non-food

retail major in Netherlands and in the largest player in the Italian lottery and gaming industry Independentlyevaluated and presented before senior management an investment memo for an investment in bonds of a distressed French company GAL, the ancillaries supplier of Renault

Arabind D: Summer Analyst - Investment Banking, Citigroup Global Capital Markets, New York, USA (Apr 2006 Jun 2006) Enhanced and maintained Citigroups HPD Model for the forecasting of default of corporate bonds of varying maturities Automated the generation of Global Relative Value Reports released to clients worldwide indicating cheap and rich bonds Automatedthe process of updating and maintaining CLO portfolio for private European clients Enhancedthe client portal by preparing and embedding a navigation/usage manual for the HPD model on the website Participated in the weekly seminars organized to aquaint myself with the different desks and product classes offered by the bank(CDO/CMBS/ABS/Global Risk Management/Corporate Bonds/Treasuries & Agencies/Quantitative Credit Analytics)

Arjit Pal ICICI Bank (Corporate Risk Management Group), Mumbai April 2006 June 2006 Developed risk profile of different industry sectors to identify target clients for corporate financing Performed a business cycle analysis of financial and real estate markets to identify temporal opportunities The report assisted ICICI Bank in developing their risk management strategy in the short term through its sectoral outlook

ArjunBalan Citigroup Global Markets Limited, London April-June 2006 Awarded a PRE-PLACEMENT OFFER to join the Fixed Income Division, London as a Senior Analyst for exceptional performance in the internship Desk Rotation Tasks and Deliverables Derivatives Trading

Duration: 5 Weeks

Designed and developed a basis point(BP) Volatility Spread calculator for at-the-money Swaptions of currency pairs to track movement of cross-currency BP Volatility spreads,real time and use them for trading

 Designed and developed a carry cost calculator for bonds for accurate determination of financing costs of bonds in the Repo market to be used for Profit and Loss generation for the desk Exposure to the application - Bloomberg for extracting and comprehending live market data FX Short Term Interest Rates Trading

Duration: 4 Weeks

Designed and developed a cross-currency basis spreads calculator to track and study basis spread movements with time for effective hedging of forwards using Overnight Index Swaps Exposure to the application - Reuters for extraction of market data of the forex markets ArjunSanyal: Summer Internship: Wholesale Banking, Standard Chartered Bank, Mumbai Recognition Received a PRE-PLACEMENT OFFER. (Only 3 of 11 IIM-A Interns received such offers.) Objectives (i) To analyze the portfolio of Transaction Banking products having Country Risk (ii) To study the Country Limits approval procedure and suggest improvements (iii) To understand the relationship between Commercial Banking and Global Markets divisions Results (i) Studied allocation and utilization of Country Risk limits across 11 products and suggested optimal allocation (ii) Automated the approval procedure through a Visual Basic module. Drafted functional specifications for an ideal system (iii) Studied data across Transaction Banking and Global Markets products, and suggested means to improve cross selling for products showing high correlation

ICICI Prudential Life Insurance, Mumbai April Recommended for FULL-TIME EMPLOYMENT based on 2006June 2006 performance in Summers subject to confirmation after Recognition interviews Recommendations Introduction of an innovative concept of non-traditional FMCG route for distributing an insurance product Adoption of cash flow structure used by mobile operators premium payment through SMS To devise Sales & Distribution structure and Marketing Strategy for a new life insurance product

Project Brief

Project Methodology

Developed distribution structure of regular life insurance product Analyzed existing distribution network and found inherent constraints on volume (1.5 lakhs policies in 1 yr with expected growth rate of 110% per yr), commission structure and cash flow Quantitatively analyzed the markets to be penetrated according to their potential Explored new distribution structure which would overcome these disadvantages
st

Special Initiatives

Detailed financial planning of sales and distribution model along with product features Test market planning setting up contacts with distributors & retailers

Arun Kumar Meena ICRA Management Consulting Services Limited (iMaCS) Banking and Financial Services Division

iMaCS is the advisory division of ICRA Limited, a leading credit rating agency and an associate of Moodys Investor Services Pricing and regulatory capital requirements of derivatives (Apr 2006-June 2006)

Studied different types of credit derivatives, and analyzed the opportunities for their growth in India. Analyzed how these can help banks reduce the regulatory capital requirements in conformation with Basel II norms Implemented Monte - Carlo simulation in Excel to price multi-name credit derivatives like CDOs and basket default swaps usingcopula functions, and developed a tool for pricing Interest Rate Swaps and Currency Swaps

Arvind Chandrasekhar Lehman Brothers, London, Senior Summer Analyst April-June 2006 Desk Equity Volatility Product Development/Sales Tasks and Impact Developed a automated tool to significantly reduce the time and complexity of generating portfolio position reports for clients, incorporating market movements and corporate action Presented a newly structured equity product to sales representatives across 5 cities

 Analysed, designed and backtested a series of new products based on European, Japanese and BRIC markets Desk Interest Rate Derivatives Structuring/Trading Tasks and Impact Developed an efficient spreadsheet based tool to generate customized and automated reports based on multi-parameter searches run on the database of interest rate derivative products Priced a swaption basket for an auction that Lehman eventually won. Regularly priced instruments for traders Performed a detailed study and analysis of Swaps &Swaptions, Caplets, and Islamic Banking products Recognition Received a PRE-PLACEMENT INTERVIEW (PPI) offer on the basis of performance during the internship

AshishDaga Citigroup Corporate And Investment Banking Group, Hong Kong - Asia Pacific EquityManagement Received a PRE-PLACEMENT OFFER (PPO) by Citigroup Corporate and Investment Banking Group in Hong Kong. DESKS TASKS AND DELIVERABLES Structuring Createda Correlations spreadsheetto determine the impact of the same on the valuation of portfolio of options. Tracked the performance of Dow Jones Tiger Titans 50 for 6 weeks and advised on the dividends to be paid out. Analyzed the impact of correlations on the Greeks and incorporated the same in the models for option pricing. Facilitated in the creation of a new portfolio of stocks and options in Oil, Gas and related sectors for the Asian countries. Tracked the performance of 3 CPPI structures floated by Citigroup and was instrumental in the evaluation of the same. Trading Completed training in derivatives trading involving technical and legal issues. Maintained the dividend data for over 2000 stocks in major MSCI indices. Created and maintained portfolios on Bloomberg in order to track the dividends. Tracked the warrant details of stocks on the Indian Stock Exchange to assess the impact of these on the option prices. Created models to allocate weights dynamically to stocks in various indices based on the daily market prices. Ashutosh K Investment Bank DSP Merrill Lynch*, Global Private Client (GPC) Division, Mumbai April

2006 May 2006 Job Description Part of a five member Task Force constituted for implementing Futures
Trading in the GPC Division Responsibilities Studied the futures market in India and DSPML GPCs strengths and weaknesses in offering futures trading to its clients

 Analyzed the financial consequences, risks, competitive response and technology related issues in starting the trading and studied to some extent the front-end and back-end systems for taking and clearing orders Prepared a Futures Trading Strategy document to be presented to the top management Prepared a Business Case for introducing Futures Trading for the High Net-worth clients of Merrill Lynch, India. The Business Case was critical as it was to be sent to Merrill Lynch headquarters for getting the go ahead in starting the offering Analyzed one of the vendors software and suggested customizations it needs to make to serve specific trading needs of Merrill Lynch Studied several Equity-linked Structured Products in the Indian Market and prepared an overview document for the management

AshwinBalasubramaniam STANDARD CHARTERED, Mumbai Summer Intern April 2006 - June 2006

Project Description

Developed & successfully implemented process re-engineering of supply chain finance product Analyzed the viability and efficiency of the supply chain financing team Worked in a 8 member team to improve profitability and performance of the Supply Chain Financing product Introduced incentive structure for third party vendors and sales personnel

Impact

Turnaround time of converting customers reduced from 30 working days to 21 working days Suggested and implemented incentive structure for sales personnel and third party vendors Suggestions on reduction in staff size and optimal vendor selection based on findings, were implemented

Recognition

Recommended for fulltime employment based on commendable feedback received from project guide and was Awarded a Pre Placement Interview

Atul Kumar SUMMERINTERNSHIP

Edelweiss Capital Pvt. Ltd., Mumbai (Apr 05 Jun05)

Edelweiss is a Mumbai based leading Indian full services investment bank and institutional broking house Interned on Proprietary Trading Desk and completed the following two projects Structured Derivative products

Developed frameworks to price the equity linked derivative structures like Capital guaranteed bonds, Bull bear notes, Range accrual notes and exotic options like Binary options, Asian options and Barrier options Devised the dynamic hedging, static hedging and risk management strategies specific to the structure developed based on historical data and simulation Back tested and evaluated the performance of the structures under different scenarios using historical Nifty data. Volatility Arbitrage Analyzed the volatility arbitrage and dynamic Hedging as carried out at Edelweiss Researched and delivered a presentation to the team explaining the various risks parameters and variation of P&L under different market conditions (trending or range-bound) Developed and implemented a VB module to generate the delta and gamma surface corresponding to a portfolio of options. This module is now being used by traders on various desks. Received a PRE PLACEMENT OFFER to join, as Manager, the desk of my choice RITOBAN BANERJEE THE BOSTON CONSULTING GROUP, Mumbai, India May 2006 June 2006 Objective Worked independently on the variant formulation and pricing strategy of a new product line (that was going to be launched in the near future) for a leading Indian consumer goods company. Execution Developed a comprehensive customer profile in terms of brand, feature and price preferences (through mystery shopping, dealer interactions and analysis of historical sales data). Analyzedthe feature costs and variant-manufacturing complexity sustainable by the client. Impact Final recommendations were incorporated into launch strategy after presentation to Senior BCG Management. R.DEEPAK MAHADEVAN SUMMER INTERNSHIP - ROULAC GLOBAL FUNDS Hedge Fund Division, Investment Analyst, Equity Research Equity Research Submitted Equity Research Reports of four stocks from different markets New Zealand, Brazil, USA and Israel Conducted a Global Sector Study of Real Estate Information Service Providers and shortlisted 30 stocks Developed a Risk Discounted Cash Flow Template for fundamental stock value determination (added to the Roulac Equity Report Template), Extensively used Bloomberg and recommended Stocks to the Roulac Global Hedge Fund Portfolio New Research Models Conceptualized and implemented a Patent Based Stock Picking Model to shortlist firms for further analysis

 Worked on developing the RoulacRisk Assessment Model to compute country wise georaphic and political risk indices Own Initiatives Studied Global REIT Markets and assessed potential for introduction of REITs in India Studied Real Estate Derivatives and analyzed the newly launched S&P CME Housing Futures and Options

HanozKalwachwala MERRILL LYNCH JAPAN SECURITIES CO., LTD., TOKYO (APRIL 2006 JUNE 2006) Interned with the Fixed Income Team with rotations in trading, structuring and sales Received a Pre-Placement Offer (PPO) from the Credit Derivatives Team at Merrill Lynch, New York Developed a model to estimate the Overnight Index Swap rate (TONAR) for the Tokyo market, which was used for trading by the OIS desk Developed an Integrated Curve sheet for pricing and trading spreads on OIS, Japanese Government Bonds, Forex and Swaps Worked on structuring Complex Interest Rates Options (CIRO) and Complex FX Options (CFXO)

HITESHU.LODHA Merrill Lynch (Tokyo, Japan) (Summer Analyst, April-June 2006) Proprietary Cash Equity Trading Desk o Created a database for analysing the performance of the TOPIX 500 companies in the JanMar 06 quarter o Wrote a program in Java to retrieve the intraday price-volume data for the Tokyo Stock Exchange, process it and store it in a SyBase database. This project was the foundation of a larger project to use the information thereby obtained to develop day trading strategies o Developed and tested Excel models for predicting index and individual stock price movements Took the initiative to meet the teams at the Stock Lending, Equity Sales, Agency Trading and Equity Derivative desks, and assisted them with some small projects o Automated the system for searching the most profitable opportunities for the Stock Lending desk using Visual Basic o Processed Reuters data on Nikkei index options trading as part of a larger modeling project for the Equity Derivatives desk Awarded a Pre-Placement Offer to join the Proprietary Cash Equity Trading Desk in Tokyo as a 3rd year Analyst

IRA JAIN SUMMER INTERNSHIP Merrill Lynch, Global Markets and Investment Banking, Hong Kong Apr 2006 Jun 2006 Interned with the Credit Structuring Desk, working on synthetic CDOs Researched and prepared a report on Asian-biased CDOs and the improving credit environment in Asia, used for a pitchbook. Examined default rates, risk of leveraged buyouts, correlations and the macroeconomic environment Created bond pricing models and charting tools for the credit trading desk Worked on pitchbooksand interacted with senior management at Merrill Lynch, including the Heads of credit Structuring, fixed income research, forex trading and equity structuring JOYDEEP MANDAL SUMMER INTERNSHIP UTI Bank, Mumbai Competitive Analysis of the Loan products offered by Business Banking (Assets) group and identification of measures to target these products towards the existing Small Enterprise clientele of UTI Bank. Segmentation of Existing UTI Bank relationships into Manufacturers/Suppliers and End Users who will be the Target Customers for the Banks products. Analysis of Competitor Offerings within this segment Recommendations on product features and enhancements and distribution channels. Identify potential to cross sell UTI Bank products to targeted user segment. Identify similar measures to tap existing clients for other bank products. KARTHIK SRINIVASAN STANDARD CHARTERED BANK, MUMBAI Summer Intern - Transaction Banking Desk April 2005 - June 2005 Achievement Awarded a PRE-PLACEMENT OFFER to join the International Graduate program Project Description _ Estimated the risks and opportunities of Forfaiting, an export financing product for the bank _ Identified potential clients and selected a diverse test market involving 5 global corporates, 4 mid-market companies and 2 local corporates including Reliance industries ltd, Bharat Forge, Tata motors ltd _ Developed a Dummies guide outlining the process followed in issuing a Letter of credit or Forfaiting service KARTHIK VIJAYKUMAR SUMMER INTERNSHIP

Equity Analyst, Prudential ICICI Mutual Fund April 2006 June 2006 Project Identify the investment opportunities in companies within the construction sector Execution Carried out a profile study of the management systems and quality control processes in detail for 6 companies Independently interacted with CEOs, CFOs of companies in the sector, especially based out of Hyderabad Attended several investors meet like GMR Infrastructure IPO Meet to better understand the industry Analyzedthe correlation between real estate stock prices and interest rates across different countries Results Identified 3 companies for investment based on the robustness of internal management and processes Could establish a strong correlation in case of mature markets like Australia, Europe KHETAN ANURAG SUMMER INTERNSHIP PRICEWATERHOUSE COOPERS April 2006 June 2006 PricewaterHouse Coopers is a leading global tax, audit and advisory firm, present in 149 countries Worked on a Live Assignment with for a client looking to win mandate from government under the Ultra Mega Power Policy Built a financial model evaluating the power project proposal for the client to arrive at a possible financial bid Assisted the team in putting together an Request for Proposal for an opportunity from a private power producer KOMALSHARAN

MERRILL LYNCH ASIA PACIFIC, HONG KONG Summer Analyst Apr 2006 Jun 2006 Interned on the Forex and Local Currency Trading Desk (FX/LCT) Undertook additiona responsibility of the Fixed Income Structuring Desk upon my own initiative Forex and Loca Currency Conducted a comprehensive study of the ECB/FCCB issuance by Indian companies Understood structuring and pricing of Structured Notes to assess possible opportunities in the Indian markets Conducted a correlation analysis to back test mean reversion in rates of varying maturities for Korean Markets

Fixed Income Structuring Structured a US$ 10 milion Basket Note for a leading South Asian Life Insurance Company. Prepared a pitch book for the Basket Note and coached the sales team to better position the produc Developed a tool for automating the MTM calculations of several structured products. This tool facilitated the sales team to pitch better by enabling scenario analysis, a feature included for the first time in the pitch books

Recommended to the Fixed Income Structuring Desk, London and Hedge Fund Sales Desk

Tokyo for fulltime employment based on commendable feedback, subject to openings

KUMARGAURAV MALE, 25 YRS SUMMER INTERNSHIP CitiGroup Global Markets Inc., NY in Global Capital Markets division: Equity Derivatives desk (Quant Research & Trading) Pre-Placement Offer as 2nd yr Analyst in Fixed Income Strategy & Analytics Division Developed an application for equity-portfolio traders to track the performance of portfolios: o This application could compare the returns & volatilities of individual stocks, marketindices, custom baskets, etc. o It helped quickly locate opportunities like correlation trading, volatility trading, cheap index proxying, etc. o It could calculate various statistical metrics for performance tracking Developed a volatility forecasting algorithm for the purpose of empirical pricing of derivative securities: o Used k-Nearest Neighborhoodresampling strategy for forecasting the future movements of a physical quantity o It modeled volatility clustering, as observed in practical markets, more accurately than prevalent theories o It would not break-down near inflection points like market crashes or merger/acquisition events o It honors the auto-correlation of the physical quantity which is being modeled, as well as the cross-correlation among the underlying fundamental factors on which the movement of this physical quantity depends

KUNALMOKTAN MORGAN STANLEY Inc. - Investment Banking Division (IBD), SINGAPORE (Apr

2006 Jun 06)

Solely made responsible for building the pitch book for a multi million dollar convertible bond offering for a Thai Power co. Created a Sum-of-the-Parts valuation model for a Singaporean conglomerate using DCF, Comparables and Book value as proxies Staffed on the IPO execution of a bunkering and fuel logistics co. - attended due diligence meetings, conducted site visits, worked with law firms, coordinated with joint leads, managed documentation and handled road show logistics Attendedthe management road show and worked with the sales team in the live book building and pricing of a Thai Refinery Co Part of an M&A team working with client on executing a key acquisition in the semi conductor industry involving running valuation models, industry metrics, balance sheet restructuring, regulatory issues, synergy dynamics and financing arrangements

Staffed on the spin-off of a chartering co. from a shipping liner co. in order to differentiate risk-return characteristics for stockholders Staffed on the LBO deal of a media co - worked with Analysts & Associates in running LBO models with debt pay down schedules Worked on valuation techniques like comparable companies & transactions, credit positioning & capital market updates Trained on the use of financial products & databases like Bloomberg, Factset, Reuters Knowledge, Factiva, BarraBeta&Alacra KUSHAGRA KUMAR Bank of America NA, Summer Associate, Client Management Group (Mumbai) Apr-June 2006 Worked with the Investment Banking team to assess the financing capability of a leading Indian coffee company during its bid to acquire a target in the US. Prepared a comprehensive report on M&A in India and its outlook for the next 3 year. Suggested specific internal verticals to focus and specific companies which the relationship management group should target in near future for M&A financing and advisory. Prepared snapshot reports on the financial health of major Indian clients of the bank. KUSHAGRA PANT Analyst, Kotak Investment Bank, Mergers and Acquisitions Division, Mumbai May 2006Jul 2006 (Indias premier Investment Bank with consistently top ranking in league tables) Buy-side Acquisition Deal ets in the cement industry for client -listed companies Banking Industry Research summary note on relevant regulations from the perspective of M&A Industry Analysis potential merger opportunities trategic and financial aspects and prepared pitch books for deals in the domain of Banking, Infrastructure Finance, and Retail

JATIN MAMTANI Summer Senior Analyst, Lehman Brothers, New York April-June 2006 Received a PRE-PLACEMENT OFFER (PPO) to join as a full-time Senior Analyst with Lehman Brothers FX Strategy (Fixed Income) 4 1/2 weeks

Built an Exchange Rate Forecasting model that used the Markov Switching concept to determine direction of the market Impact: The model worked profitably for low frequency trades, indicating possible use for consistently profitable trading Quantitative Research and Trading (Equity) 4 1/2 weeks Built an ARMA model for prediction of daily traded volumes of S&P 500 stocks, based on historical data Impact: The model was used to determine daily trading efficiency, in order to ensure optimum execution of trades NILESH LONARE UTI Bank Corporate Office Mumbai Division:Corporate Credit Identifying credit opportunities in offshore banking The task was to identify credit products that could be offered from the Singapore offshore banking unit. The maiden offshore branch was on the lookout for revenue generating opportunities. Objective: -To identify potential clients capable of providing offshore business opportunities. Recommendations: Potential target clients for acquisition funding and External Commercial Borrowings. Products in trade finance included merchanting trade and buyers credit. Credit Default Swaps for sectors with large reference assets. Assessed and suggested improvements on the structuring of a credit linked note. Entry strategy for UTI bank to enter into stressed assets market in India The task was to conduct primary and secondary market research to assess the nonperforming assets market in India. Analyzed the regulatory measures under the Securitization Act and evaluating the major players in the market. Task involvedinterviewing executives from the asset reconstruction market. Objective: -To identify means of entering into the non-performing assets market. Recommendations: Potential target NPA sectors for the bank to enter into stressed assets market Probable roadblocks that could be encountered in building a portfolio of stressed assets NILESH SHAHAPURKAR Credit and Rates Markets, JP Morgan, Hong Kong April - June 2006 Awarded a PRE-PLACEMENT OFFER to join JP Morgans Structuring Solutions Group, Hong Kong. Pricing of structured products on FX/interest rates using proprietary pricing tools Modification of general pricing tools in VBA to customize them for specific products Analysis of Greeks and other risk management issues for various structured products Pricing of structured credit products using proprietary pricing tools Analysis of tranche ratings sensitivity to upgrades/downgrades/defaults on the underlying Back-testing of prospective structured products and analysis of their returns OMKAR JHOSI SUMMER INTERNSHIP

GOLDMAN SACHS, Hong Kong Apr 2006 Jun 2006 Interned with the Asian Special Situations Group, an investment arm which employs proprietary Goldman Sachs funds to invest across the capital structure in high yielding opportunities in Asia. Exposed to a number of live deals primarily in India, mostly Private Equity transactions, across multiple sectors ranging from hotels, non-banking financial companies, stock exchanges, airlines, power to oil rigs. Responsibilities comprised: o Developing valuation models of targets using various methods such as Discounted Cash Flows, Multiples Analysis, o Conducting preliminary due diligence/research (including discussions with equity research analysts), o Reviewing of business plans and liaising with senior management of targets and o Preparing investment theses for proposals. Referred to and CURRENTLY INTERVIEWING with the Goldman Sachs India office in Mumbai.

OMKAR BIRADAR SUMMER INTERNSHIP FEEDBACK VENTURES PRIVATE LIMITED (Indias leading integrated infrastructure development company) Project 1: Feasibility Study 6 weeks Objective: To help the client understand the shopping malls business and aid the go or no go decision on entering this business Title: A feasibility study on setting up of shopping malls in India Studied different formats of malls, presented a few case studies on successful malls (both domestic and international) Primary and secondary research on the demographic profiling of all major Tier I and Tier II cities o Developed shopping mall attractiveness index Financial Analysis: Projected revenues and costs, using DCF arrived at the project NPV Suggestions on mall format, locations details in a city, composition of malls are now being incorporated by the client Parthasarathi INTERNSHIP AND PROFESSIONAL EXPERIENCE DBS, Investment Banking Division, Singapore ( Communication, Media & Technology Desk ) April 2006 - June 2006 Responsibilities Assisting a team of 26 on deals relating to M&A, Strategic Divestment, Debt Financing and Valuation of firms, by making financial modeling; designing pitch books; strategic scenario analysis; industry & company profiling Achievements and

Recognition Reviewed the business models for some of largest Technology, Telecommunications, Consumer Goods, BPO and Media Companies for preparing client pitches Involved with senior bankers in extensive modeling for calculating the Valuation of a leading Telecommunication player and a leading BPO player using DCF, Comparables and Multiple Based Valuation approaches Successfully implemented a Debt Financing Model for optimizing the capital structure given the financial constraints, cash flow projections & funding requirements; which was used to structure a deal for a leading DTH player in India Involved in client meetings at various stages of deal-making, and in preparation of pitch-books PARTHASARATHY BASU SUMMER INTERNSHIP Temasek Holdings Pte, Singapore April 2006 June 2006 Received a Pre-Placement Offer as International Investment Associate joining at Singapore Worked with the Energy and Mineral Resources Division on the valuation of an on-going project for potential investment in the Bio-Diesel sector and prevalent opportunities in Europe. Did a detailed study of the European motor-fuel market along with the taxation structures. Worked on the valuation of a pre-IPO offer of an overseas upstream oil company. Involved detailed study of the local oil industry and government regulations. Was a part of a 3 member central team doing a comprehensive study and analysis of the Global Shipping and Ports Industry. As a part of the study, was involved in field visits and interviews with senior industry people and equity research analysts. Was appreciated for the work by the Team Leader (Director Investments). PARUL MITTAL INTERNSHIP - MERRILL LYNCH (GLOBAL MARKETS), LONDON APRIL 2006 JUNE 2006 PRE PLACEMENT OFFER AWARDED BY BOTH DESKS

Liquidity Cash Trading Desk, Debt

Undertook live trades on Euro Bund (10 year) futures (through supervisors account) by taking views based on analysis of macroeconomic data releases, daily news analysis, market sentiment and technical analysis Understood how futures and swaps are used to take on positions in duration management, hedging and exploitation of arbitrage opportunities against underlying bonds

Rates Structuring Desk, Debt

Researched and presented work on Macroeconomic Outlook on Global Interest Rates by studying impact of global growth imbalances, interest rate hiking cycles of different countries, and correlation between interest rate differential and currency movements for different economies Assisted in writing a VB code to automate pricing of different interest rate structured products like swaps, swaptions, caps and floors, binary options, quanto, etc.

PRANAY GUPTA MALE, 24 YRS INTERNSHIP Lehman Brothers, London (Global Markets) May-July 2006 Received a PRE-PLACEMENT OFFER to join as Senior Analyst Interest Rates Derivatives (FID): Implemented a simulation of Delta Hedging for swaption on live market data Program Trades (Equities) Desks : Worked on a model to predict profitable trades on the basis of Index Changes Developed an automated system to calculate and send updated portfolios to clients. Got an opportunity to visit a client Fachhoschule, Duesseldorf, Germany (Media & Communication Institute) May-July 2004 Worked with an international team to design and implement a solution for enabling online transactions Completed the project within 8 weeks, an 83% reduction in benchmark time for such a project P R A S A N NA S A N T H A N A M HSBC INVESTMENT BANKING & MARKETS, London, Interest Rates (IR) Trading Desk

April - June 2006

Recognition Received a PRE-PLACEMENT OFFER (PPO) to join the IR Desk directly and the Global Rotation Program Rated overall as having achieved outstanding results and delivered genuine contribution to the Rates desk Project Part of a new 6 member team constituted for developing the Inflation Indexed Derivatives business at the bank Worked on 2 live deals (GBP 500 mn) and built & fully implemented a new set of Tools for modeling Inflation Was exposed to all facets of markets & regularly made presentations to Clients &Global MDs of Rates & Credit RAGHURAMVADLAMANI MALE, 2 3 YEARS

Summer Internship April-June 2006 Company: UTI Bank, Corporate Office, Mumbai Division: Capital Markets UTI Bank is India's one of the largest private banks in India with total assets of about Rs 4973.1 billion as on March 31, 2006. I interned with the Issue Management Team, Capital Markets Division. Project: Performance analysis of the Equity Markets in Developed and Emerging Economies Framework Short-listed indices of various economies for the purpose of analysis, based on underlying macroeconomic conditions and the evolutionary stage of their financial markets Clustered the short-listed indices based on the geographic proximity of the markets and the similarity of the economic environment Observations (May 05- May 06) Observed correlated intra-group index movements in the geographic clusters Also observed inter-group correlations in the movements of stock indices of different economies Research and report Analyzed the underlying macroeconomic factors contributing to the investment climate which lead to the movements inthe stock indices Researched and identified the causes for the trends exhibited by the indices in the period under consideration RAHUL SHETH INTERNSHIPS Fixed Income Capital Markets Group Citigroup, India (Apr.2006-June 2006) Developed an automated model to capture the effects on financial parameters of corporates and banks through the issue of hybrid debt instrumentfor varying financial needs. Compared the effect on the same parameters with issue of equity and vanilla debt. Researched extensively on the relevance of the instrument in the Indian context and gained knowledge on ECB Guidelines, RBI Master Circulars, IAS 32, Tax opinions, Basel II norms and Credit rating rationale of S&P and Moodys Structured the instrument and conceptualized a pitch book for the Indian subsidiary of an International cement major. Recognition - Awarded a Pre-Placement Offer (PPO) to join as full time employee

RAJARAM RENGANATHAN Fixed Income Trading Division, Citigroup Treasury, Mumbai April 2006-June 2006 Awarded a PRE PLACEMENT INTERVIEW by Citigroup, Mumbai Concept Worked with the Fixed Income Trading Team to develop a Management Information System (MIS) to measure interest rate risks across asset classes, identify best historical hedges for individual asset classes and spread trading opportunities. Execution Studied the Daily Trade recording and Book Building Procedure in place at the desk

 Developed a Management Information System with functionalities like Dynamic risk Calculator across asset classes and across buckets, Historical spread analytics tool with spread probabilities, Portfolio Profit/Loss calculator, Dynamic implied Forward Curve generator, Best Hedge generator and estimator of extent of rate movements in a specific direction given a one sigma or two sigma move in the rates Trained the Fixed Income Trading Team on how to use the tool effectively Impact The tool was rolled out in Citigroup Mumbai and is currently in Active use to identify spread trading opportunities Presented the tool to Head, Fixed Income Group, Asia region based out of Singapore. There are plans to introduce the tool to other Citigroup offices in the region after modifying and adapting the tool to the local market requirements

ROHIT DHUNDELE Corporate and Investment Banking (CIB) Division, Citigroup, Mumbai- April-June06 Pre-Placement Interview (PPI) for exceptional performance during the internship. and Accounts services for corporate houses, BrokerDealers and Mutual Funds. Performed the following analysis, to help the sales team identify potential where focused energy can be directed, so that the team can have a strategy around the suggested company names: o Wallet Sizing o Market Share Analysis o Cross Sell Analysis o Zoning Analysis and internal systems, this wasacheived through a robust VBA code in Excel, which can serve as a standard application platform easily reusable for similar future exercises. ROHIT PAREEK MALE, 22 YRS INTERNSHIPS Kotak Investment Bank ( Mergers and Acquisitions Division ) April 2006 June

2006

An erstwhile joint-venture between Kotak Mahindra Bank Limited and Goldman Sachs Group, Kotak Investment Bank is a leading investment bank in India. It was ranked first in Indian M&A Advisory by Bloomberg and Indata League Tables for the year 2005 Responsibilities Selected potential acquisition targets for a large-cap MNC client by short-listing 80 Asian companies and conducting extensive financial and strategic fit analysis on each

Prepared industry-comparablesand deal-multiples for automotive sector in India Achievements / Recognition Company research and related pitch books appreciated by the team and presented to the client Received a Pre Placement Interview Offer based on performance during internship