April 14, 2015

Asia Society Hong Kong Center

The Hong Kong Jockey Club Former Explosives Magazine 9 Justice Drive, Admiralty, Hong Kong

Lifecycle of India Focused Funds

Supported by

distinctly different

1

INTRODUCTION

The results of the parliamentary elections gave an absolute mandate to the new government. There is lot of optimism from foreign investors towards the India story. As expected, the Budget 2015 and significant reforms were announced on February 28. While the new government is expected to redefine the macroeconomic outlook, the regulators have also been pushing for a more enabling regulatory environment. Please join the team at NDA on April 14, 2015 where we analyze the opportunities and challenges for funds looking to set up/invest in India or those considering an exit. Our team will unravel latest trends in the ever dynamic Indian fund industry and share insights on the impact of the elections, the new Budget and recent liberalization by the Indian government.

On a separate note, we shall also be holding a similar event in NY on Tuesday July 7th, 2015. If you, your colleagues or others who you think would be interested please email to us on NYevent2015@nishithdesai.com

11:30 AM–01.00 PM REGISTRATION

01:00 PM–01:30 PM INTRODUCTION

Arvind Mathur President, IVCA

Nishith Desai Founder & Managing Partner, Nishith Desai Associates

01:30 PM–02:00 PM KEYNOTE

02:00 PM–02:50 PM PANEL I - FUND FORMATION ISSUES FOR INDIA FOCUSED FUNDS

Current environment for raising commitments; Setting up domestic rupee fund; Tax and regulatory optimization strategies; Key issues coming up in LP-GP negotiations; PE / VC / Hedge funds / Fund Governance / Fund economics; Investing through Mauritius / Singapore / Netherlands; Optimum use of instruments: equity / preference shares / debentures; Unified v/s Co-investment Structures; Impact of Budget 2015 on Fund raising; and Q&A

PANELISTS

Kapil Kirpalani Vice President, Legal and Compliance Officer, HarbourVest

Pratibha Jain Partner, Funds and Regulatory practice, Nishith Desai Associates

Rajesh Simhan Head, International Tax Practice, Nishith Desai Associates

Richie Sancheti Head, Fund Formation, Nishith Desai Associates

2

AGENDA

02:50 PM–03:40 PM PANEL II - KEY LEGAL, REGULATORY AND TAX CONSIDERATIONS FOR INDIAN INVESTMENTS AND EVOLVING STRUCTURES FOR EXITS FROM INDIA

Evolving structures for tax optimized entry and exits – new routes for foreign investments into India; Using private debt for investments, and offshore listing of Indian companies; Key negotiation points in documentation like tax indemnity, reps and warranties insurance, FCPA, etc.; Impact of Budget 2015 on Fund investment / exits; and Q&A

PANELISTS

Dhanpal Jhaveri Managing Partner, Private Equity, Everstone

William Hay General Counsel, Baring Private Equity Asia

Vaibhav Parikh Partner, Private Equity and M&A, Nishith Desai Associates

Ruchir Sinha Co-Head Private Equity and M&A, Nishith Desai Associates

03:40 PM–04:00 PM BREAK

04:00 PM–04:50 PM PANEL III - REVISED LANDSCAPE IN INDIA FOR FOREIGN PORTFOLIO INVESTMENTS

General framework of the FPI Regulations; Tax issues impacting FPIs; Participation of non-resident Indians in FPIs; eligibility to deal in offshore derivative instruments; aggregating investment limits for FPIs and swaps (P-notes); Implications of the FPI Regulations on India-focused hedge funds; and Q&A

PANELISTS

Kishore Joshi Head, Regulatory Practice, Nishith Desai Associates

Rajesh Simhan Head, International Tax Practice, Nishith Desai Associates

Richie Sancheti Head, Fund Formation, Nishith Desai Associates

3

04:50 PM–05:40 PM PANEL IV - STUCK IN A BAD INVESTMENT - HOW TO NAVIGATE INDIAN PROMOTERS AND COURTS FOR SMOOTH EXITS

What a Fund Manager and Director must know about Criminal Law in India; Arbitration and Litigation Strategies; Nominee Directors duties and liabilities; Regulatory and tax disputes; and Q&A

PANELISTS

Chris Garvey Executive Director, Legal and Compliance, Morgan Stanley

Deepak Bhawnani Founder and CEO, ALEA Consulting

Vyapak Desai Partner, International Litigation & Dispute Resolution Practice, Nishith Desai Associates

Pratibha Jain Partner, Funds and Regulatory practice, Nishith Desai Associates

Vaibhav Parikh Partner, Private Equity and M&A, Nishith Desai Associates

05:40 PM–05:50 PM ROAD TO THE FUTURE

John Levack Vice Chairman, HKVCA

4

5

ABOUT NISHITH DESAI ASSOCIATES

Nishith Desai Associates (NDA) is a research based international law firm with offices in Mumbai, Bangalore, Silicon Valley, Singapore, Mumbai-BKC, New Delhi and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.

NDA has pioneered some of the international and India based fund structures used for pooling India focused funds. NDA is known for its participation in working with funds industry participants for representation towards policy. NDA has close relationship with IVCA and continues to support it on tax, regulatory and policy initiatives.

NDA’s core practice areas include Fund Formation, Fund Investment, Mergers & Acquisitions, International Tax, International Tax Litigation, International Litigation & Dispute Resolution, Capital Markets, Corporate & Securities Law, Succession & Estate Planning, Employment & HR, Intellectual Property, Competition Law, JVs & Restructuring, General Commercial Law. Our specialized industry niches include financial services, IT and telecom, education, pharma and life sciences, media and entertainment, real estate and infrastructure.

Nishith Desai Associates wins the Financial Times’ most innovative law firm award-2014.

Nishith Desai Associates has been ranked India’s most Innovative Law Firm and also ranked # 2 in the APAC region (including Australia) by the Financial Times in its 2014 study of Innovative Lawyers.

6

Arvind MathurPRESIDENT, IVCA

Mr.Arvind P. Mathur, CFA, FRM, has held a variety of positions, including Head,

Capital Markets at the Asian Development Bank and Senior Adviser, Citi. He is the

President of the Indian Private Equity and Venture Capital Association (IVCA).

Arvind played a role in the creation, structuring and placement of a nearly $ 1 billion

India Infrastructure Fund. In addition Arvind was instrumental in the establishment

of the Asian Infrastructure Fund ( $ 780 million), the Asian Infrastructure Mezzanine

Capital Fund ($ 265 million) , The Asian Equity Infrastructure Fund ( $ 400 million),

Infrastructure Development Finance Company (IDFC), and the AIG Sectoral Equity

Fund ($ 110 million).

He has helped structure, and invested in, over 30 private equity funds, including 5

infrastruc¬ture funds and a number of General Partnerships. While at ADB, Citi and

Standard Chartered Bank, Arvind gained exposure to equity investments, investment

banking, M&A and lending.

He has been a member of Investment Committees and fund boards. Arvind has

promoted the theme of corporate governance in many of these funds, particularly

those involving CalPERS. He has authored a number of articles on corporate

governance.

In his over 30 year experience, Arvind has undergone a variety of training, including

invest¬ment banking at Goldman Sachs & Citi in New York and in capital market

regulation at the US Securities & Exchange Commission.

Arvind has attended short management courses of the Columbia Business School

and that of Cornell University besides an investment management workshop at the

Harvard Business School. Arvind is the non-executive Chairman of Private Equity Pro

Partners

PANELISTS

7

Chris Garvey

EXECUTIVE DIRECTOR, LEGAL AND COMPLIANCE, MORGAN STANLEY

Chris is an Executive Director at Morgan Stanley, and the Asia Head of Legal for

Merchant Banking & Real Estate. Chris joined Morgan Stanley in 2006, and has

provided regional coverage to the private equity businesses since then, covering

Real Estate, Private Equity and Infrastructure investing.

Prior to joining Morgan Stanley Chris worked in private practice.

Chris is qualified to practice in England & Wales and the State of New York.

Deepak Bhawnani

FOUNDER AND CEO, ALEA CONSULTING

Deepak has 28 years of experience in the risk mitigation and corporate

investigations industry. He is founder and CEO of Alea Consulting, a risk mitigation

and consulting firm established in 2003. The firm is a trusted partner in conducting

enhanced due diligence, fraud investigations, litigation support, asset searches,

KYC/AML checks and forensic investigations. Prior to founding Alea, Deepak was

Managing Director at Kroll Associates in Asia. Since 1987, he has worked on a

wide range of corporate investigations and assignments out of London, Hong Kong

and India. Deepak holds a Bachelor’s degree in Economics from Southern New

Hampshire University. He is a member of Association of Certified Fraud Examiners

(ACFE) and the American Society for Industrial Security (ASIS).

Dhanpal Jhaveri

MANAGING PARTNER, PRIVATE EQUITY, EVERSTONE

Dhanpal Jhaveri - An astute deal maker with a profound understanding for business

growth and development, is Managing Partner – Private Equity of Everstone Capital,

an India and South East Asia focused Private Equity and Real Estate investor.

Everstone has over 180 employees across 5 offices with funds under management

of approximately US$3 billion.

Dhanpal’s expertise lies in hand-on leadership supported by over 23 years of

experience in Investments, Strategy, M&A and Investment Banking.

Previously, Dhanpal led the overall development of Future Capital Holdings as

Executive Director. Dhanpal has also worked as Director - Corporate Strategy with

8

Vedanta Resources Plc. His other assignments included, Head - Investment Banking

at ICICI Securities and Partner – Corporate Finance at KPMG.

Outside the boardroom, Dhanpal manages to spend as much time sharing his wealth

of experience among young leaders. He is presently the President of TiE, Mumbai.

He is also actively associated with Avasara Leadership Institute, an educational

institution focused on accelerating academic and leadership outcomes for India’s

brightest girls.

Dhanpal makes time for golf and photography.

Dhanpal holds a degree in Bachelor of Commerce from the University of Mumbai and

an MBA from Babson College, Graduate School of Business, United States.

John Levack

VICE CHAIRMAN, HKVCA

John Levack is Managing Director and a founder of Electra Partners Asia Limited.

The Electra Partners Asia business was established in 1995 (originally in a joint

venture with Jardine Fleming) and has built a pan-Asian portfolio of investments with

capital from Electra Private Equity plc. Prior to establishing the Electra Partners’

Asia business, John worked for 3i plc for 12 years initially in the UK business but

the last 6 years were spent in the International division. During this time he ran 3i’s

Channel Island business and helped set up and advised a 3i start-up joint venture

in Portugal. The final 4 years of his time with 3i were spent in India managing a joint

venture private equity business with ANZ Grindlays Bank. During this time he was

a founding member of the Indian Venture Capital Association. John has a BSc in

Business Administration from Bath University in the UK.

Kapil Kirpalani

VICE PRESIDENT, LEGAL AND COMPLIANCE OFFICER, HARBOURVEST

Kapil Kirpalani is Head of APAC regulatory compliance at HarbourVest and assists

with legal and compliance matters relating to the Firm’s global operations and

products.

He joined HarbourVest from Ortus Capital Management, where he served as Legal

Counsel and was a member of the Management Committee. Kapil’s prior experience

also includes six years as Director of Legal and Chief Compliance Officer at Pacific

Harbor Capital (a Citigroup affiliate).

9

Kapil received an LLB (with honors) from the University of Durham and an LLM

from Nottingham Law School. He holds a post-graduate diploma in International

Corporate Law from the London School of Economics and Political Science and has

completed further studies at the Judge Business School, University of Cambridge.

William Hay

GENERAL COUNSEL, BARING PRIVATE EQUITY ASIA

William Hay, General Counsel, Hong Kong, joined Baring Private Equity in 2010. Mr.

Hay is responsible for all legal matters concerning the firm, including the evaluation,

completion and management of portfolio investments, fund raising and investor

relations, and general legal matters. In his 30 year career, Mr. Hay has been an

equity partner in leading law firms in New York City and Hong Kong and has served

as general counsel of GE Capital Asia Pacific and Colony Capital Asia. Mr. Hay

received a B.A. from the University of California at Berkeley, A.M. in Chinese history

from HarvardUniversity, and J.D. magna cum laude from HarvardLawSchool. He is

a qualified lawyer in New YorkState and in Hong Kong, and has been fluent in both

spoken and written Chinese for more than 30 years.

Kishore Joshi

HEAD, REGULATORY PRACTICE, NISHITH DESAI ASSOCIATES

Kishore Joshi heads the Regulatory Practice at Nishith Desai Associates. He has

over two decades of experience in advising clients on securities and exchange

control laws. He handles matters on various aspects related to foreign portfolio

investors (FPIs) including the broad-based criteria, eligibility to trade P-Notes and

the participation of various investor categories under the FPI route. Kishore has

interacted extensively with SEBI and the RBI, the securities and exchange control

regulators, and has made numerous representations seeking reform in the law.

In addition, he regularly advises clients on fund investments, issues related to

corporate and regulatory laws. He has made several presentations on inbound

and outbound investments. Kishore holds a Bachelor’s degree in law from Mumbai

University and is a member of the Bar Council of Maharashtra & Goa.

10

Rajesh Simhan

HEAD, INTERNATIONAL TAX PRACTICE, NISHITH DESAI ASSOCIATES

Rajesh Simhan heads the international tax practice at Nishith Desai Associates.

He has graduated from the prestigious National Law School of India University,

Bangalore and has done his LL.M in Taxation from the Georgetown University Law

Center, Washington D.C.

Rajesh primarily advises clients on complex cross-border tax and corporate

structuring transactions. He also has extensive tax litigation experience and

has advised / represented clients at various levels, including the High Court

and Supreme Court of India. He has also acted and advised on several cross-

border mergers and acquisitions and has significant experience on private equity

investments. Prior to joining Nishith Desai Associates, he had extensive experience

working with a Big 4 accounting firm. He is often quoted in leading international

publications and is also a regular speaker at various conferences, both in India and

abroad.

Nishith Desai

FOUNDER & MANAGING PARTNER, NISHITH DESAI ASSOCIATES

Nishith Desai is a recognized international tax and corporate law expert, researcher,

published author and lecturer in leading academic institutions around the world. His

practice encompasses an extensive range of tax, corporate and technology matters,

with a strong emphasis on M&As, private equity, venture capital fund formation

and ivestments, and globalization. He won the Financial Times award for being the

Most Innovative Lawyer in Asia-Pacific. He is the recipient of Prof. Yunus ‘Social

Business Pioneer of India’ award. He is also listed in the Lex Witness ‘Hall of fame:

Top 50’ individuals who have helped shape the legal landscape of modern India. He

has been voted ‘External Counsel of the Year 2009’ by Asian Counsel and Pacific

Business Press and the ‘Most In Demand Practitioners’ by Chambers Asia 2009.

He has been ranked no. 28 in a global Top 50 “Gold List” by Tax Business, a UK-

based journal for the international tax community. He holds a special licence from

the State Bar of California, Singa pore and Munich to practice Indian law in those

jurisdictions.

11

Pratibha Jain

PARTNER, FUNDS AND REGULATORY PRACTICE, NISHITH DESAI ASSOCIATES

Pratibha Jain is a Partner and co-heads the Fund Formation practice at Nishith Desai

Associates. She brings with her a breadth of international and Indian experience

having worked in New York, Tokyo, Hong Kong and Mumbai. Prior to joining Nishith

Desai Associates,she served as the Vice President and Counsel for Goldman Sachs

in India. She has earlier worked as an associate with Sullivan & Cromwell LLP in their

New York, Tokyo and Hong Kong offices and with Skadden Arps Slate Meagher and

Flom LLP in their Hong Kong office. Pratibha’s educational qualifications include B.A

(Economics) Hons. and LL.B. degree from Delhi University, a Bachelor of Civil Law

degree from the University of Oxford, where she was a St. Catherine’s College Bursary

Holder; and a LL.M. degree from the Harvard Law School, where she was a Samuel

Morse Lane Fellow. Pratibha has extensive experience in US and Indian securities

laws. Her areas of focus include private equity, mergers and acquisitions, corporate

and regulatory advisory and public policy matters.

Richie Sancheti

HEAD, FUND FORMATION, NISHITH DESAI ASSOCIATES

Richie Sancheti leads the Funds Practice Group at Nishith Desai Associates and

is based in Mumbai. With a strong funds background, Richie advises on optimum

structures for setting up onshore and offshore investment funds. He advises fund

managers in connection with the formation, carry allocation program and governance

of private funds.

Richie specializes in all aspects of the formation and operation of venture capital,

private equity and hedge funds that are focused on investing in India. He has

extensive experience in designing fund structures and advising on “market” terms.

Richie is also a member of the firm’s international tax and private equity investment

practice groups and advises clients on matters including private equity transactions.

Ruchir Sinha

CO-HEAD, PRIVATE EQUITY AND M&A, NISHITH DESAI ASSOCIATES

Ruchir Sinha co-heads Private Equity and M&A at the firm and also leads the Real

Estate Practice Group. Ruchir advises clients on private equity investments, private

debt investments, mergers & acquisitions, fund formation across industries from a

legal, tax and regulatory perspective, with specialism in real estate investments. He

has advised several global funds in formulating, negotiating and implementing

12

optimum tax-efficient structures for foreign investments into India. He was

nominated amongst the top 3 lawyers in India (under 35 category) at IDEX Legal

Awards. He is also the recipient of the Real Estate Section Scholarship of the

International Bar Association for his paper on ‘Funding Real Estate Projects’.

Vaibhav Parikh

PARTNER, PRIVATE EQUITY AND M&A, NISHITH DESAI ASSOCIATES

Mr. Vaibhav Parikh is the Partner in - charge of the Bangalore office of the multi-

skilled, research-based international law firm, Nishith Desai Associates (www.

nishithdesai.com). He is Partner in-charge of the M&A and Private Equity practice

groups. He also heads the Fund Investments practice group. He is a member of

firm’s executive committee.

He has a wide range of experience in corporate and technology transactions. He

has advised several private equity and venture capital funds in their investments,

specifically in e-commerce, technology, media and life sciences industry. He also

has significant experience in M&A transactions including advising on India’s largest

e-commerce transaction till date.

He has been passionately involved in setting up operations and raising finance for several start-up companies. He is actively involved in the Intellectual Property Practice and is in charge of industry focus group for IT, Telecom, and Media. He has advised many leading Indian e-commerce companies in their operations from a legal and regulatory stand point.

He has been nominated as one of Leading Lawyer in Private Equity Practice by IFLR1000 in the year 2013. He has also been nominated as one of the world’s leading practitioners in ‘Who’s Who Legal’ for Regulatory Communications. He is recommended by Legal 500 as an expert in TMT and competition law in 2014. He has been ranked number one for TMT by Chambers and Partners in 2015.

Vaibhav Parikh is regularly sought after for his extensive experience in advising on technology matters, with an emphasis on corporate transactions.

He has authored several papers and lectured at several prestigious gatherings on a worldwide basis. He has also been acknowledged as a ‘Highly Recommended Lawyer’ for Outsourcing, and Telecom and IT and ‘Recommended Lawyer’ for Intellectual Property by the PLC Which Lawyer? 2009. He has represented NASSCOM at a WTO symposium at Geneva for presenting a paper on ‘Movement of Natural Persons’ in 2001. He is a Charter Member of TiE, Bangalore Chapter and is also on the executive council of the Franchising Association of India.

13

Vyapak Desai

PARTNER, INTERNATIONAL LITIGATION & DISPUTE RESOLUTION PRACTICE NISHITH DESAI ASSOCIATES

Vyapak Desai is a Partner & also heads the International Litigation & Dispute Resolution Practice. He is also a Senior Attorney in the Corporate and Securities Practice group at the firm.

Vyapak holds a Bachelors degree in law and a Masters degree in Commercial Laws (Corporate, Labor and Tax) from Gujarat University. He is also a trained Mediator. Vyapak represents clients in a wide-range of services with a special focus on cutting edge cross-border and complex litigations and international commercial arbitrations. He has extensive experience advising clients with creative and pragmatic solutions in order to attain effective dispute resolution strategies.

He is a leading attorney in the advisement and representation of clients involved in financial services, pharmaceuticals, Telecom, media, IT and oil and gas sectors amongst others for pre-litigation strategies, arbitrations and litigation before leading arbitral institutions (ICC, LCIA, SIAC, AAA) and various forums including the Supreme Court, High Courts and Tribunals of India.

14

PARTNERS

The Indian Private Equity and Venture Capital Association (IVCA) is the oldest, most influential and largest member-based national organization of its kind. It represents venture capital and private equity firms to promote the industry within India and over-seas. It seeks to create a more favorable environment for private equity, venture capital investment and entrepreneurship. It is an influential forum representing the industry to governmental bodies and public authorities.

IVCA members include leading venture capital and private equity firms, institutional investors, banks, corporate advisers, accountants, lawyers and other service providers of the venture capital and private equity industry. These firms provide capital for seed ven-tures, early stage companies, later-stage expansion and growth equity for management buyouts/ buy-ins.

IVCA aims to support entrepreneurial activity and innovation as well as the development and maintenance of a private equity and venture capital industry that provides long term equity capital. It helps establish high standards of ethics, business conduct and professional competence. IVCA also serves as a powerful platform for investment funds to interact with each other.

The Association stimulates the promotion, research and analysis of private equity and venture capital in India, and facilitates contact with policy makers, research institutions, universities, trade associations and other relevant organizations. IVCA collects, circulates and disseminates commercial statistics and information related to the private equity & venture capital industry.

The Asian Venture Capital Journal (AVCJ) is a Hong Kong-based media company that focuses on intelligence in private equity, venture capital and other types of alternative investments in Asia. AVCJ offers a wide range of products, from digital publications to industry events, catered to those involved in the Asian private equity industry. The AVCJ Weekly, our flagship publication, is the leading magazine on Asia’s private markets while the Global AVCJ Private Equity & Venture Forum conference series have brought together leading investors from across the globe to the financial centres of Asia for high-level dialogue, debate and networking opportunities. For more details, please visit www.avcj.com

15

The Hong Kong Venture Capital and Private Equity Association was established on November 12, 1987 with the objectives of promoting and protecting the interests of the venture capital industry in Hong Kong. The Association was formed based on a recommendation in the Working Party of the Hong Kong Association of Banks’ study of venture capital and has been incorporated as a company limited by guarantee.

The HKVCA’s mission is to stimulate a vibrant venture capital and the private equity industry in Asia while promoting the role of member firms in value creation, innovation and economic development. HKVCA provides a forum for networking and experience sharing for its members; promotes industry professional ethics, international best practices and standards; and represents the views of its members before governmental and other relevant bodies.

ASIFMA is an independent, regional trade association with over 80 member firms comprising a diverse range of leading financial institutions from both the buy and sell side, including banks, asset managers, law firms and market infrastructure service providers. Together, we harness the shared interests of the financial industry to promote the development of liquid, deep and broad capital markets in Asia. ASIFMA advocates stable, innovative and competitive Asian capital markets that are necessary to support the region’s economic growth. We drive consensus, advocate solutions and effect change around key issues through the collective strength and clarity of one industry voice. Our many initiatives include consultations with regulators and exchanges, development of uniform industry standards, advocacy for enhanced markets through policy papers, and lowering the cost of doing business in the region. Through the GFMA alliance with SIFMA in the United States and AFME in Europe, ASIFMA also provides insights on global best practices and standards to benefit the region.

APREA is a non-profit body that represents the real estate investment industry in the Asia-Pacific.

APREA and its partners help foster a more informed marketplace and encourage greater professionalism by championing best practice.

16

APREA also provides its views to governments in order to help forge a more globally competitive real estate industry.

APREA has chapters in eight regions – China, Japan, India, Australia, Hong Kong, Singapore, the Philippines and Malaysia.

For additional information on APREA, please visit www.aprea.asia

Founded in 1985, the Hong Kong International Arbitration Centre (HKIAC) is one of Asia’s oldest and most prestigious international arbitration institutions, offering efficient and cost effective arbitration administration services, in addition to mediation, adjudication and domain name dispute resolution. According to Global Arbitration Review, “No regional institution has been running so successfully for so long.” With its multinational and multilingual Secretariat consisting of lawyers from around the world and a Panel Arbitrators comprised of leading arbitration experts with wide ranging expertise and experience from over 40 jurisdictions, HKIAC is Asia’s premier arbitration institution. The preeminence of HKIAC as a venue for resolving international and domestic disputes is bolstered by its spacious state-of-the-art hearing facilities in central Hong Kong and is reflected in its diverse caseload, of which more than 75% of disputes were international and featured parties from more than 30 jurisdictions including the People’s Republic of China, the United States of America, the BVIs, the United Kingdom, Korea, the Philippines, the Netherlands, Australia, and Singapore.

ATTENDEES

Sr. No. Name Designation Company

1 A Chow Mediator Mediation

2 Aaron Liebling Chief Operating Officer ii5 Ventures Ltd.

3 Abhishek Kolay Associate Davis Polk & Wardwell

4 Abhishek Krishnan Goodwin Procter

5 Adam C. Furber Partner Simpson Thacher & Bartlett

6 Ajeet Khurana Director ii5 Technologies Pvt. Ltd.

7 Alex Searle Product Development Manager Aberdeen Asset Management PLC

8 Alexander See Partner ii5 Ventures Ltd.

9 Alfred Lam Research Manager HKVCA

10 Allen Lee Publisher Asian Venture Capital Journal (AVCJ)

11 Amit Gupta AVP - Compliance and Risk Ask Investment Managers Pvt. Ltd.

12 Amit Kumar Manager India

13 Amy Chiang Associate GCM Investments Hong Kong Ltd.

14 Ananth Lakshman Goodwin Procter

15 Andrew Dale Partner Ropes & Gray

16 Arman Rizaldy Director Asia Alternatives

17 Arshiya Khullar Staff Writer Private Equity Real Estate (PERE): Asia

18 Arvind Mathur President IVCA

19 Asel Umurzakova Executive Director - Global Real Assets

JP Morgan Asset Management Real Assets (Asia) Ltd.

20 Ashutosh Bishnoi Director Multi Act Equity

21 Ayaz Motiwala Founder Amala Emerging Asia Fund

22 Bala Sundaresan Analyst, Equities Sales Goldman Sachs (Asia) L.L.C

23 Bobby Ladwa Director - Banking Legal Barclays

24 Brendan Blumer CEO ii5 Ventures Ltd.

25 Brian M. McDaniel Partner Goodwin Procter

26 Brinda Dutta Associate Goodwin Procter

27 Charmaine Yip Prime legal JP Morgan

28 Chirstophe Beelaerts CFO BNP Paribas Asia

29 Chris Garvey Executive Director - Legal and Compliance

Morgan Stanley

30 Cindy Wong Chief Legal Officer Invesco

31 D. Brock Williams Principal Neuberger Berman Asia Ltd.

17

32 Damian Jacobs Partner Kirkland & Ellis

33 David Cheng General Counsel Premier Global Advisors

34 David Zeiden Legal Counsel, Asia. Och-Ziff Capital Management HK Ltd.

35 Deepak Bhawnani CEO & Managing Director ALEA Consulting

36 Devraj Singh Chief Corporate Legal Tata Steel

37 Dhanpal Jhaveri Managing Partner - Private Equity

Everstone

38 Dheeraj Singh Investment Manager AMP Capital

39 Doreen Yu Vice President Metropolitan

40 Elad Goz Consulate - Head of Economic & Trade Mission

Consulate General of Israel

41 Eric Johnson Associate Weil, Gotshal & Manges

42 Eric Roose Partner Morrison & Foerster LLP

43 Frank Jiang Strategic Assets

44 Gabe Marshank Director Cairn UK Holding / Greenlight Capital

45 Gary Wong Asia Compliance Manager Bain Capital

46 Gaurang S. Trivedi Consultant, CFA Self

47 Gavin Anderson Counsel Debevoise & Plimpton

48 Guo Sun Lee Senior Associate King & Wood Mallesons

49 Hans Koller MD Monterosa Services (HK) Ltd.

50 Hans Prakash Head Business Development IL&FS Securities Services Ltd.

51 Hermia Ngai Manulife Asset Management Asia

52 Hussain Somji Student The University of Hong Kong

53 Huy Do Partner Kyzen Advisors

54 Isabella Cheung Executive Director - Head of Finance, Global Real Asset - Asian Infrastructure

JP Morgan Asset Management Real Assets (Asia) Ltd.

55 Jacob Samuel Director SSG Capital

56 Jenny Li Vice President Oaktree Capital

57 Jimmy Hai AVP, Regional Equities Com-pliance

JP Morgan

58 John Fadely Partner Weil, Gotshal & Manges

59 Joshua Saldanh Equity Sales Kim Eng Securities (member of Maybank Group)

60 Josiah Adams Advisor ii5 Ventures Ltd.

61 Kapil Kirpalani Vice President - Legal HarbourVest

18

62 Karen K Y IP Senior Legal Counsel The Hongkong and Shanghai Banking Corporation Ltd.

63 Karen Wang Business Development and Strategy

India Capital

64 Karie Kwan Research CBRE Ltd.

65 Kelly Fan Tax Director Asia Sat

66 Kelvin Ng Assistant Managers CBRE Ltd.

67 Ken Yip Associate Hodes Weill & Associates

68 Kirti Hariharan Deputy General Counsel Baring Private Equity Asia

69 Kishore K. Sakhrani Charity The Amber Foundation Ltd.

70 Kokuei Yuan President ii5 Ventures Ltd.

71 Lung-Chi Lee Partner and General Counsel NewQuest Capital Partners

72 Mai T. Shapiro Associate Debevoise & Plimpton

73 Mamtesh Sugla Analyst NewQuest Capital Partners

74 Manoj Jain Head Custody IL&FS Securities

75 Mathew Henricks Aberdeen Asset Management PLC

76 Matthew Lau Associate Morrison & Foerster LLP

77 Melanie Ison Director Nerine Trust Company (Hong Kong) Ltd.

78 Melissa Obegi Asia General Counsel Bain Capital

79 Michael Choi Director - Fund Administration Amicorp Hong Kong Ltd.

80 Miranda Tang Managing Director CLSA Capital Partners

81 Mohammed Abid SA AM

82 Mustafa Hadi Managing Director FTI Consulting

83 Nelson Tang Chief Compliance Officer, North Asia ex-Japan

Manulife Asset Management Asia

84 Nikhil Iyer VP- India Market Access Solutions

Kotak Mahindra (UK) Ltd.

85 Nitin Modi Associate Director TMF Group

86 Noc Support System Administrator Karvy

87 Pankaj Kumar Director – Corporate Clients Asia

Amicorp Singapore Pte. Ltd

88 Parveet Singh Gandoak Associate Debevoise & Plimpton

89 Peter Cairns Chief Operating Officer SSG Capital Management (Hong Kong)

90 Peter Chen Head of Business Development

CPPIB Asia Inc.

91 Ram Seethepalli Head of Hedge Fund Coverage Asia- Pacific Financial Institutions Group

19

92 Ram Vadakke Nomura

93 Raymond Wong Head of Prime Compliance JP Morgan

94 Richard kong Principal TMI

95 Richard Yee Managing Director / General Counsel

SSG Capital Management

96 Robert Rosenberg President SMC

97 Roie Bar Investment Advisor and Counsel

Hinrich Foundation

98 Ron Varma CEO CIO Matrix

99 Rupa Masukar Manager - Legal Quantum Advisors

100 Sam Dixon Director- Asset Manages and Hedge Funds

HSBC

101 Sandhya Mehta Partner Phillips Lytle LLP

102 Sanjay Sethi Managing Director & CEO Signature Agri Ventures Ltd. & Signature Growth Capital Partners

103 Scott Steele Senior Tax Director Kim & Chang (Hong Kong)

104 Ser Kiat Nomura

105 Sharon Ng Executive Director, Assistant General Counsel

JP Morgan

106 Soraya Hashimzai Head of Legal - Product Development

Aberdeen Asset Management PLC

107 Subramanian Natarajan

Senior Legal Counsel The Hongkong and Shanghai Banking Corporation Ltd.

108 Tarini Nair Vice President Morgan Stanley

109 Thilak Business Opportunity Analyst Prestige Estates

110 Tim Woodward Regional Compliance JP Morgan

111 Tony Happell Managing Director and Head Societe Generale Asia Ltd.

112 Victor Kwok Associate General Counsel APG Asset Management Asia

113 Vijay Jacob Director NewQuest Capital Partners

114 Vivek Harlalka Vice President Sales & Relationship Management

BNP Paribas

115 William Hay General Counsel Baring Private Equity Asia

116 Yajnesh Pandey Sr. VP Citibank

117 Yash Rana Partner Goodwin Procter

118 Kamal Kapadia Head, Administration Nishith Desai Associates

119 Kishore Joshi Head, Regulatory Practice Nishith Desai Associates

120 Rajesh Simhan Head, International Tax Practice

Nishith Desai Associates

121 Milind Mundankar Head, Technology Nishith Desai Associates

20

122 Nishith Desai Founder & Managing Partner Nishith Desai Associates

123 Pratibha Jain Partner, Funds and Regulatory practice

Nishith Desai Associates

124 Richie Sancheti Head, Fund Formation Nishith Desai Associates

125 Ruchir Sinha Co-Head, Private Equity and M&A

Nishith Desai Associates

126 Suril Desai Associate + Researcher Nishith Desai Associates

127 Vaibhav Parikh Partner, Private Equity and M&A

Nishith Desai Associates

128 Vyapak Desai Partner, International Litigation & Dispute Resolution Practice

Nishith Desai Associates

21

RESEARCH@NDA

Research is the DNA of NDA. In early 1980s, our firm emerged from an extensive,

and then pioneering, research by Nishith M. Desai on the taxation of cross-border

transactions. The research book written by him provided the foundation for our

international tax practice. Since then, we have relied upon research to be the

cornerstone of our practice development. Today, research is fully ingrained in the

firm’s culture.

Research has offered us the way to create thought leadership in various areas of law

and public policy. Through research, we discover new thinking, approaches, skills,

reflections on jurisprudence, and ultimately deliver superior value to our clients.

Over the years, we have produced some outstanding research papers, reports and

articles. Almost on a daily basis, we analyze and offer our perspective on latest legal

developments through our “Hotlines”. These Hotlines provide immediate awareness

and quick reference, and have been eagerly received. We also provide expanded

commentary on issues through detailed articles for publication in newspapers and

periodicals for dissemination to wider audience. Our NDA Insights dissect and analyze

a published, distinctive legal transaction using multiple lenses and offer various

perspectives, including some even overlooked by the executors of the transaction. We

regularly write extensive research papers and disseminate them through our website.

Although we invest heavily in terms of associates’ time and expenses in our research

activities, we are happy to provide unlimited access to our research to our clients and

the community for greater good.

Our research has also contributed to public policy discourse, helped state and

central governments in drafting statutes, and provided regulators with a much

needed comparative base for rule making. Our ThinkTank discourses on Taxation of

eCommerce, Arbitration, and Direct Tax Code have been widely acknowledged.

As we continue to grow through our research-based approach, we are now in the

second phase of establishing a four-acre, state-of-the-art research center, just a

45-minute ferry ride from Mumbai but in the middle of verdant hills of reclusive

Alibaug-Raigadh district. The center will become the hub for research activities

involving our own associates as well as legal and tax researchers from world over. It

will also provide the platform to internationally renowned professionals to share their

expertise and experience with our associates and select clients.

We would love to hear from you about any suggestions you may have on our research

reports. Please feel free to contact us at research@nishithdesai.com

22

Corporate Social Responsibility

E-Commerce in India

Fund Structuring & Operations

Fund Governance

These research papers and much more are available

on our Knowledge Site: www.nishithdesai.com

Private Equity and Private Debt Investments in India

The Indian Medical Device Industry

M&A Lab Select Case Studies

Life Cycle of an India Focused Fund: Tackling Disputes

Internet of things: The New Era of Convergence

23

Enforcement of Intellectual Property Rights in India

The Curious Case of Indian Gaming Laws

Bitcoin- A Global-Perspective

Investment in Education Sector

Doing Business in India

Wealth & Estate Planning

Dispute Resolution in India

Data Protection in India - Critical Analysis

International Commercial Arbitration

24

distinctly different

Thank you

MUMBAI

93 B, Mittal Court,Nariman Point,

Mumbai 400 021 India

Tel: +91 - 22 - 6669 5000

Fax: +91 - 22 - 6669 5001

SINGAPORE

Level 30,Six Battery Road,

Singapore 049909

Tel: +65 - 6550 9855

Fax: +65 - 6550 9856

MUNICH

Maximilianstraße 13

80539 Munich, Germany

Tel: +49 - 89 - 203006 - 268

Fax: +49 - 89 - 203006 - 450

BANGALORE

Prestige Loka, G01, 7/1 Brunton Rd,

Bangalore 560 025, India

Tel: +91 - 80 - 6693 5000

Fax: +91 - 80 - 6693 5001

NEW DELHI

C-5, Defence Colony

New Delhi - 110024, India

Tel: +91 - 11 - 4906 5000

Fax: +91 - 11- 4906 5001

SILICON VALLEY

220 S California Ave., Suite 201,

Palo Alto, CA 94306, USA

Tel: +1 - 650 - 325 7100

Fax: +1 - 650 - 325 7300

MUMBAI BKC

3, North Avenue, Maker Maxity

Bandra – Kurla Complex,

Mumbai 400 051, India

Tel: +91 - 22 - 6159 5000

Fax: +91 - 22 - 6159 5001