July 7, 2015

The Pierre, A Taj Hotel, New York

2 E 61St ST, New York, Ny 10065, United States

Lifecycle of India Focused Funds

Supported by

distinctly different

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WELCOME

With the new government focused on increased foreign investment into India, investment opportunities in India are on the rise. The new government has announced several economic reforms whose benefits will be felt in the coming years. While key pro-growth assumptions are yet to pan out, the next three years should see growth ahead for India.

Please join the NDA team on July 7, 2015 as 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 new government, the Budget and recent liberalization by the Indian government.

There is an emerging impact investment market in India for businesses and social ventures that can deliver measurable social impact as well as appropriate financial returns. We have also put together a preconference round table on impact investment to discuss the recent trends and insight into the high impact social businesses in India.

9:00 AM–10.30 AM REGISTRATION FOR PRECONFERENCE ROUND TABLE

10:30 AM–11.30 AM PRECONFERENCE ROUND TABLE: IMPACT INVESTMENT

￭ Attracting. Investment in india and other emerging economies

￭ India’s new CSR regime

￭ Where and what are the opportunities

￭ Experience sharing and connecting the ‘impact world’

￭ Q&A

PANELISTS

Nish Acharya

Director - India Investment Initiative, Calvert Foundation

Giselle Leung

Director, Global Impact Investing Network

Danny Kennedy

Co-founder, Sungevity*‎

Nishith Desai Founder & Managing Partner, Nishith Desai Associates

*(INVITED)

11:30 AM - 12:45 PM REGISTRATION & LUNCH

12: 45 PM - 01.00 PM ASSEMBLE

01: 00 PM - 01.30 PM INTRODUCTION

Nishith Desai Founder & Managing Partner, Nishith Desai Associates

D M Mulay Consul General of India, New York, USA

01: 30 PM - 02.00 PM KEYNOTE

Vandana Radhakrishnan Partner - Private Equity Practice, Bain & Company, Inc.

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AGENDA

02:00 PM - 03:00 PM PANEL I – FUND FORMATION ISSUES FOR INDIA FOCUSED FUNDS

￭ Current environment for raising commitments

￭ Key issues in LP-GP negotiations

￭ Setting up PE / VC / Hedge funds

￭ Fund Governance

￭ Mauritius v. Singapore v. Netherlands

￭ Unified v. Co-investment Structures

￭ Impact of Budget 2015 on Fund raising

￭ Q&A

PANELISTS

Sanjiv Kapur Senior Advisor, EMPEA

Karan Bolaria Head, Godrej Fund Management Pvt. Ltd.

Tim Morris Partner, Proprium Capital Partners

Nishchal Joshipura Partner and Head - Private Equity and M&A, Nishith Desai Associates

Richie Sancheti Head - Fund Formation, Nishith Desai Associates

Mansi Seth Head - US Office, Nishith Desai Associates

O3:00 PM - O3:15 PM KEYNOTE

Jack Hidary Chairman, Hidary Foundation

03:15 PM - 04:10 PM PANEL II – INVESTMENTS, PORTFOLIO GOVERNANCE AND EXITS

￭ Innovative structures for tax optimized investments and exits

￭ Structured debt and equity investments; externalization and offshore listing of Indian companies

￭ Portfolio company governance – key considerations

￭ Tax considerations – GAAR, MAT and indirect transfers etc.

￭ Key negotiation points in documentation like tax indemnity, reps and warranties insurance, FCPA

￭ Impact of Budget 2015

￭ Q&A

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PANELISTS

Matthew Nimetz Advisory Director, General Atlantic

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

Nishchal Joshipura Partner and Head - Private Equity and M&A, Nishith Desai Associates

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

04:10 PM - 04:30 PM BREAK

04.30 PM - 05.30 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)

￭ Has clarity been reached on MAT applicability?

￭ Q&A

PANELISTS

Akshay Gupta Group Executive Head & CEO, Indiabulls Asset Management Company Limited

Arvind Sanger Portfolio Manager and Managing Member, Geosphere Capital

Abhishek Mehta Founder, Blue Lotus Investments

Puneet Shivam Executive Director, Head - US and Co-Head - Business Process Outsourcing Group, Avendus Capital Inc.

Kishore Joshi Head - Regulatory Practice, Nishith Desai Associates

Richie Sancheti Head - Fund Formation, Nishith Desai Associates

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05:30 PM - 06:00 PM SPECIAL ADDRESS: EMERGING STANDARDS OF CORPORATE GOVERNANCE - RECENT ISSUES AND PERSPECTIVE

Kannan Srinivasan

Professor, Carnegie Mellon University’s Tepper School of Business

6:00 PM FT AWARD CELEBRATION

COCKTAILS AND FINANCIAL TIMES “MOST INNOVATIVE INDIAN LAW FIRM 2015” AWARD CELEBRATION

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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 Financial Times award for ‘Most Innovative Indian Law Firm’ for 2014 & 2015

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Abhishek MehtaFOUNDER, BLUE LOTUS INVESTMENTS

Abhishek Mehta is launching Blue Lotus Investments, an India-focused public

equities fund.

Prior to founding Blue Lotus, Abhishek served as investment director at Brandywine

Trust Group, an $8 billion multi-family office, and prior to that, the Rockefeller

Brothers Fund, a $1 billion philanthropic institution.

Akshay Gupta

CEO, INDIABULLS ASSET MANAGEMENT COMPANY LIMITED

Mr. Akshay Gupta has more than 19 years of experience in Banking and capital markets

with last 13 years of experience in the Asset Management Industry in India. Prior to joining

Indiabulls Group, he was associated with Peerless Asset Management as a Managing

Director and Chief Executive Officer for more than 6 years, wherein he led the initiative

to setup a new Asset Management Company and made it one of the fastest growing new

AMCs in India. He worked with ICICI Prudential Asset Management Company from 2002-

2007 and was part of the Senior Management team that made it the largest and most

successful AMC at that time. Prior to joining the AMC industry, Mr. Akshay Gupta was a

Banker having worked in ABN AMRO Bank and HSBC. In his various tenures with AMCs and

Banks, Mr. Akshay Gupta spearheaded Sales, Strategy, Marketing, Wealth Management,

Fund Management and Product Portfolios. Mr. Akshay Gupta holds management degree

in Finance & Marketing from FMS, Delhi and graduated as an engineer from Delhi. He is

presently working with Indiabulls as the Group Executive Head & CEO -Asset Management

and other fee income businesses.

Arvind Sanger

PORTFOLIO MANAGER AND MANAGING MEMBER, GEOSPHERE CAPITAL

Mr. Sanger founded Geosphere Capital, a global long-short equity hedge fund, in

2007. Between 2002 and 2007, Mr. Sanger was a Portfolio Manager at SAC Capital.

Prior to his tenure at SAC, Mr. Sanger had a 15-year career as a top-ranked sell-

side oil services and equipment analyst at a number of firms, including Deutsche

Bank and DLJ, among others. Mr. Sanger graduated from the Indian Institute of

Technology, Bombay, with a B. Tech in 1984 and received his MBA from Tulane

PANELISTS

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University in 1987. Mr. Sanger is a member of the Business School Council at The

A.B. Freeman School of Business at Tulane University, and a member of the board of

Pratham USA, which is affiliated with the largest educational NGO in India.

D M Mulay

CONSUL GENERAL OF INDIA, NEW YORK, USA

Born on November 5, 1958 in Kolhapur District of Maharashtra State (Western

India), Ambassador Dnyaneshwar Manohar Mulay took his primary education at the

village Primary School. Subsequently, he completed Bachelor’s Degree in English

Literature from Shahaji Chhatrapati College at Kolhapur, followed by Master’s Degree

in Personnel Management from Mumbai University. He joined Indian Foreign Service

in 1983 and, besides serving at the Ministry of External Affairs in New Delhi, has

also done postings in Indian Missions in Tokyo, Moscow, and Port Louis. He served

as Minister in Damascus and was High Commissioner of India to Male (Maldives)

from April 2009-March 2013. In New Delhi, he acquired diverse experience during

his assignments at Ministry of Commerce and Industry and Ministry of Finance. He

also served as Advisor in the Cabinet Secretariat. Ambassador Mulay took charge as

Consul General of India in New York on April 23, 2013.

Ambassador Mulay has been an award winning writer in Marathi and Hindi. He has

contributed several books some of which have been translated into Kannada, Arabic,

Urdu and Dhivehi. He has keen interest in Education, Environment (particularly water

security) and socio-economic issues.

Danny Kennedy

CO-FOUNDER, SUNGEVITY*

Danny Kennedy is co-founder of Sungevity, Inc. and leads the company’s global

business development. Kennedy is an internationally recognized opinion leader on

climate and energy issues. He is the author of Rooftop Revolution: How Solar Power

Can Save Our Economy-and-Planet-From Dirty Energy (2012), a book that has been

described as the clean energy manifesto for the next greatest generation. PBS

awarded him the “Innovator of the Year” for moving the Planet Forward in 2011; in

2013 Rolling Stone described him and Andrew Birch as a “Solar Mavericks”.

Kennedy also co-founded the SFUNCUBE, the only incubator and accelerator sup-

porting solar entrepreneurs to succeed. Additionally, Danny serves on the board

of VoteSolar, the Solar Foundation, in Washington DC, and several solar startups

including Powerhive and Sunergise.

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Prior to co-founding Sungevity, he was a campaigns manager with Greenpeace, the

largest independent direct-action environmental organization in the world. Among

his achievements was his management of Greenpeace’s California Clean Energy

Campaign. In 2010 Kennedy spearheaded Sungevity’s “Solar on the White House”

campaign that resulted in a decision by the Obama administration to place solar

panels on the First Family residence. The administration honored this commitment in

August, 2013.

He holds a Bachelor of Science in Earth Sciences from Sydney, Australia Macquarie

University.

Giselle Leung

DIRECTOR, GLOBAL IMPACT INVESTING NETWORK

Giselle Leung serves as Director of Strategic Engagement. In this role, she manages

Investors’ Council programming and services, and also contributes to the GIIN’s field

building work, with an emphasis on identifying and deepening key relationships with

strategic partners.

Prior to joining the GIIN, Giselle was a manager at Enterprise Solutions to Poverty

(ESP), where she worked with leading companies in India, China, Colombia and

Mexico to build inclusive business strategies that engage the poor. At ESP, Giselle

designed and managed programs that incorporated a range of strategic and financial

partners covering areas of agribusiness, microfinance and social enterprise. Giselle

began her career at Cambridge Associates providing investment portfolio analysis

to large non-profit endowments, and was a business strategy consultant at Braun

Consulting. Giselle also served as a Peace Corps volunteer in Panama where she

advised rural artisan groups on business operations, marketing and sales. Giselle

holds an MBA and a Master of International Affairs from Columbia Business School

and The School of International and Public Affairs, and a BA in psychology from

Harvard University.

Jack Hidary

CHAIRMAN, HIDARY FOUNDATION

Jack was born in Brooklyn and raised on Ocean Parkway near Coney Island, where he

lived with his parents and four siblings. His great-grandparents came to Ellis Island

as immigrants and made a home in the tenements of the Lower East Side. His

grandfather and uncle started a business in the garment district, which his family

still runs sixty years later.

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In 1995, Jack followed in his family’s entrepreneurial footsteps and established

EarthWeb a company dedicated to the needs of tech professionals. Jack co-founded

the company with his brother Murray Hidary and friend Nova Spivack. Jack led the

company from its inception through three rounds of investment and then its IPO

on NASDAQ. Under Jack’s leadership, EarthWeb acquired Dice.com, a website that

connects users with jobs, and other sites dedicated to the needs of IT professionals.

As Chairman and CEO of the public company, Jack continued to grow the company

and engage with shareholders, customers and analysts. After running the public

company for more than three years, Jack handed off management to a new CEO. The

team later restructured the company, took it private and then took it public on the

NYSE as Dice Holdings.

After handing off management of the company to a new team, Jack became

active in public service. He got engaged in helping small businesses grow and

championing new models of education. Jack has served as an associate partner at

the Partnership for NYC, a trustee of the Citizens Budget Commission and a member

of the steering committee of ABNY. He has been a board member of Trickle Up which

helps thousands of entrepreneurs start small businesses each year.

In 2005, Jack recognized that most taxis were small businesses owned and

operated by drivers. Jack fought for the use of high-mileage taxicabs with then-City

Council member David Yassky to save drivers money and improve the city. Jack

and David worked on the initiative with drivers, who each save thousands of dollars

yearly using high-MPG cars while improving the quality of our air.

Jack has been recognized for his leadership by organizations such as the World

Economic Forum and the National Committee on US-China Relations. He is a

founding member of the Clinton Global Initiative (CGI), a group created by President

Bill Clinton to bring together government, the private sector and non-profits together

to solve the big problems of our day. Jack has also been a member of YPO.

Jack serves on several boards including the advisory council for the National

Renewable Energy Lab (NREL) and Google X Labs. He is also on the board of the X

Prize Foundation. He studied at Columbia University and was awarded a fellowship

in Clinical Neuroscience at the National Institutes of Health (NIH) to study brain

imaging. Jack remains active in supporting medical research. He and his family

are currently partnered with the MRA in supporting scientific research to fight skin

cancer.

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Matthew Nimetz

ADVISORY DIRECTOR, GENERAL ATLANTIC

Mr. Nimetz was a Managing Director and the Chief Operating Officer of General

Atlantic from 2000 through 2011 and now works with GA as an Advisory Director.

Prior to joining General Atlantic in January 2000, Mr. Nimetz was a Partner (and for-

mer Chair) of the law firm Paul, Weiss, Rifkind, Wharton & Garrison in New York City,

where he concentrated on corporate, securities, financing and international law from

December 1980 through January 2000. He previously practiced law as an associate,

and Partner, of Simpson Thacher & Bartlett between 1969 and 1977.

Nish Acharya

DIRECTOR - INDIA INVESTMENT INITIATIVE, CALVERT FOUNDATION

Nish Acharya is currently leading the India Investment Initiative, a social enterprise

investment fund for the Calvert Foundation, serving as a Senior Fellow at the Center

for American Progress, Gateway House and Forbes.

Nish previously served in the Obama Administration, where he was appointed

by President Obama as the Director of Innovation & Entrepreneurship and

Senior Advisor to the Secretary of Commerce, where he led the President’s

efforts to nurture economic growth through innovation, entrepreneurship and

commercialization.

Nish also served as Executive Director of the Deshpande Foundation, a prominent

American philanthropy focused on innovation, entrepreneurship and scalability

around the world. Nish also served five years as a Presidential Appointee in the

Clinton Administration and has been on the founding team of several startup

organizations.

Nish was previously a Member of the Council on Foreign Relations, the Bretton

Woods Committee, The Indus Entrepreneurs, and the Clinton Global Initiative.

He also served as a Board member of Akshaya Patra USA and the United Way

Worldwide Leadership Global Advisory Council.

Nish has a Master’s in Public Administration from George Washington University;

and a BS in Political Science from Northeastern University and an MIT Sloan School

of Management Executive Program.

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Kannan Srinivasan

PROFESSOR, CARNEGIE MELLON UNIVERSITY’S TEPPER SCHOOL OF BUSINESS

Kannan Srinivasan is Rohet Tolani Distinguished Professor in International Business.

He is also the H.J. Heinz II Professor of Management, Marketing and Information

Systems and worked as a product manager for Proctor & Gamble prior to earning

his Ph.D. at the University of California at Los Angeles. His teaching and research

interests include: entry deterrence; marketing/manufacturing interface; asymmetric

information models of strategic behavior; dynamic brand choice models; purchase

incidence models; and structural models.

Professor Srinivasan has published more than 50 papers in leading business and

statistics academic journals in the areas of marketing and management science. He

will soon be publishing new research dealing with path analysis using click stream

associated with online browsing and an empirical study on how Internet auction com-

panies have developed innovative tools that allow sellers to reveal more information

about their credibility and product quality to avoid the “lemons” problem.

He also serves as associate editor of Management Science, area editor of Marketing

Science, and associate editor of Quantitative Marketing and Economics. He currently

instructs a master’s degree course, Marketing Management, and a Ph.D. course,

Analytical and Structural Marketing Models.

Karan Bolaria

HEAD - GODREJ FUND MANAGEMENT PVT. LTD.

Karan Bolaria heads the Real Estate Funds business for Godrej Properties, which is

amongst the most innovative fund management platforms. Karan has successfully

managed the first property co-investment program with foreign institutional investors

in India and authored multiple papers on managing the LP-GP relationship. Currently

Karan is leading the process for Godrej Real Estate Funds to raise a $200 M

residential property fund.

Puneet Shivam

EXECUTIVE DIRECTOR, HEAD - US AND CO-HEAD - BUSINESS PROCESS OUTSOURCING GROUP, AVENDUS CAPITAL INC.

Puneet heads the US operations and is based out of New York. Puneet is

responsible for building the Avendus brand in North America. He has over twelve

years of experience in Financial Services and Consulting.

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Puneet was Head of Management Consulting at Inductis, a boutique management

consulting firm prior to joining Avendus.

Puneet holds an MBA from the Indian Institute of Management, Ahmedabad, and

MTech in Engineering Management and a BTech in Electrical Engineering from the

Indian Institute of Technology, Kanpur. Puneet is licensed in the US by FINRA with

Series 7, 24, 63 and 66 licenses.

Sanjiv Kapur

SENIOR ADVISOR, EMPEA

Sanjiv was a Partner at Wolfensohn Fund Management and a member of the

Fund’s Investment Committee and WFM’s Valuation Committee. Prior to joining

WFM in 2006, Sanjiv had 20 years of emerging markets private equity investment

experience. From 2002 to 2005, Sanjiv was Senior Partner and Head, Asia Pacific

Private Equity for Henderson Private Capital in Singapore. In this capacity, Sanjiv

managed a successful $210 million Asian private equity fund that invested in

China, India, Korea, Singapore and Thailand. He served as a Director/Observer on

the Boards of HT Media (India), Maginet (Singapore), Jubilant Organosys (India),

and Airmate (China). From 1999 to 2001, Sanjiv was the Chief Investment Officer,

Private Capital for AMP Henderson Global Investors in Sydney, Australia, where he

established the successful India infrastructure fund jointly with UTI that invested in

ports, telecom and gas distribution.

He has served on the investment committees of several private equity funds,

including Capital Z Asia II, AXA-AIG Select Global Fund of Funds I and Asia Equity

Infrastructure Fund. He also headed the $235 million Henderson Global Fund of

Funds investing in the U.S., Europe and Asia. From 1989 to 1999, Sanjiv held

various investment positions at the IFC in Washington including Head of Private

Equity and Head, International Securities Group, and invested in companies and

funds across Asia, Latin America, Central Europe and Africa. He served on the

Boards of Handlowy Heller (Poland) and CIC (Chile). From 1986 to 1989, Sanjiv

worked in New York at HSBC Group (Vice President, Sovereign Risk Management)

and also at AIG (1982-86). From 1981-82, he was at State Bank of India in New

York.

Sanjiv has a B.A. in Economics (Honours) from St. Stephen’s College (Delhi

University) and an M.B.A. with Distinction from the Thunderbird School of Global

Management. He was elected to the Executive Committee of the Singapore Private

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Equity and Venture Capital Association (2003-05). Sanjiv is on the Board of Ujjivan

and was on the Boards of Fabindia and Kalpan Hydro. Sanjiv also serves on the

Board of Fellows of the Thunderbird Private Equity Center in Arizona.

Tim Morris

PARTNER , PROPRIUM CAPITAL PARTNERS

J.Timothy Morris, is a Founder and Partner of Proprium Capital Partners, LLC,

an employee-owned real estate investment advisory firm founded in August of

2012. Proprium’s investment advisory business is principally focused on providing

investment advisory services with respect to opportunistic investments in real

estate and real estate-related operating companies. With offices in London, Hong

Kong, Mumbai, Atlanta and the New York area, Proprium is a global investor with

approximately $3bn of assets under management in over 15 countries.

Prior to launching Proprium Capital Partners, LLC, Tim was a Managing Director

of Morgan Stanley and Chief Investment Officer of Morgan Stanley’s Real Estate

Special Situations Funds.

Tim spent over 24 years working at Morgan Stanley holding various roles for the

Morgan Stanley Real Estate Investing Platform, including Global CFO, Global COO,

Head of Asia (based out of Hong Kong) and Co-Head of Europe (based out of

London). At its peak, the platform had grown to approximately $100 billion of assets

under management in 33 countries and 25 offices around the world with over 800

full time staff. Tim was often the leading acquisition professional asked to evaluate

new markets for Morgan Stanley Real Estate including China, India, Russia, Brazil,

Mexico, Vietnam, The Philippines, Hong Kong, Singapore, Thailand, Japan, Poland,

the Czech Republic, Romania, the Gulf States in the Middle East, Nigeria and North

Africa.

Tim became the Chief Investment Officer for Morgan Stanley Special Situations

Fund I in 1998. Tim has continued in this role for each of the subsequent Special

Situations Funds, including Morgan Stanley Real Estate’s first Euro-denominated

fund with Morgan Stanley Special Situations Fund II, which focused on the Euro-Zone

economies.

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Vandana Radhakrishnan

PARTNER - PRIVATE EQUITY PRACTICE, BAIN & COMPANY, INC.

Vandana Radhakrishnan is a partner at Bain & Company, a global management

consulting firm. At Bain, Vandana works primarily in the private equity group and

retail practices in the New York office.

While at Bain & Company, Ms. Radhakrishnan has evaluated a broad range of

retail assets covering home goods, apparel, accessories and building products for

financial investors. She also spent time in India working for Bain’s private equity

practice. During her time in India, Vandana evaluated assets in consumer products,

financial services, healthcare, and industrials. In addition to leading diligence teams,

she has also worked on portfolio company growth strategy in India and in the US.

Vandana works with retail clients on a range of strategic, organizational and

operational issues including merchant organization design, millennial strategy,

omnichannel retailing opportunities, international expansion and performance

improvement.

Vandana received her BA from Wellesley College and her MBA from The Wharton

School at the University of Pennsylvania.

Nishith Desai

FOUNDER & MANAGING PARTNER, NISHITH DESAI ASSOCIATES

Nishith Desai is the founder of the research-based strategy driven international

law firm, Nishith Desai Associates (www.nishithdesai.com) with offices in Mumbai,

Silicon Valley, Bangalore, Singapore, Mumbai – BKC, New Delhi and Munich.

Nishith himself is a renowned international tax, corporate, IP lawyer researcher,

published author and lecturer in leading academic institutions around the

world. Soon after India opened up its economy to the outside world in 1991, he

established the first five India Focused funds and pioneered the roots of asset

management industry and the firm has now worked for over 900 funds across all

classes of asset.

The Firm recently won an award for being the ‘Most Innovative Indian Law Firm’ for

the 2nd year in a row (2014 & 2015). Financial Times quoted “Nishith Desai...a

constructively contrarian, created his law firm in 1990 using a model and approach

radically different from that of the most international premium law firms”.

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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.

Mansi Seth

HEAD - US OFFICE, NISHITH DESAI ASSOCIATES

Mansi Seth heads the International Tax and Funds practice at the US office

of Nishith Desai Associates. She has advised clients with respect to PE/VC

investments and M&A transactions. She has also advised a number of India-focused

fund clients on fund formation and carried interest structuring. Mansi has completed

her Masters of Laws degree in Taxation at Georgetown University in Washington DC.

She has presented in a number of conferences around the world.

Nishchal Joshipura

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

Nishchal Joshipura is Partner of Mergers & Acquisitions and Private Equity Practice at

Nishith Desai Associates. He is also the Partner in charge of Fund Formation practice at

Nishith Desai Associates. He is a Lawyer, Chartered Accountant and MBA.

He has led several high profile M&A and Private Equity deals and set up multiple

offshore and domestic India focussed funds. He specializes in legal and tax

structuring of complex cross-border transactions. He also advises major MNCs on

Corporate & Securities laws, Transfer Pricing, International Taxation, Globalization,

Structuring of Inbound/ Outbound Investments, Taxation of E-Commerce and

Exchange Control Laws.

He has been highly “Highly Recommended” by various legal directories for legal and

tax advice on M&A, Private Equity and Investment Funds. He has recently been

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nominated as a “Young Achiever” at the Legal Era Awards 2015 based on industry

research, reviews, rating and surveys conducted by Legal Era.

Vaibhav Parikh

PARTNER - TECHNOLOGY, PRIVATE EQUITY PRACTICE 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, specificallyin 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.

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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

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’.

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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 overseas. 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 ventures, 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 American India Foundation is committed to catalyzing social and economic change in India and building a lasting bridge between the United States and India through high-impact interventions in education, livelihoods, public health, and leadership development, with a particular emphasis on empowering girls and women to achieve gender equity. Working closely with local communities, AIF partners with NGOs to develop and test innovative solutions and with governments to create and scale sustainable impact. Founded in 2001 at the initiative of President Bill Clinton following a suggestion from Prime Minister Vajpayee, AIF has impacted the lives of 2.5 million of India’s poor and aims to reach 5 million by 2018-19.

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ANREV is the Asian Association for Investors in Non-listed Real Estate Vehicles Limited. ANREV is a not-for-profit organisation driven by institutional investors in Asian non-listed property funds. Our aim is to serve a platform for investors who guide the association’s strategy.

ANREV’s agenda is driven by its members, in particular institutional investors, and is focused on improving transparency and accessibility through market information, professionalism and best practice. Fund managers, investment banks and advisors provide support in addressing key issues facing the Asian non-listed real estate fund markets. ANREV now has 200 member companies from 17 countries.

The U.S.-India Business Council (USIBC) is the premier business advocacy organization representing America’s top companies investing in India, joined by global Indian companies, with an aim to deepen trade and strengthen commercial ties.

At the behest of the Governments of India and the United States, USIBC was formed in 1975 to enlighten and encourage the private sectors of both countries to enhance investment flows. The Council’s primary mission is to serve as a direct link between business and Government leaders, resulting in increased trade and investment to strengthen ties between the two nations.

Ajay Banga, President & CEO of MasterCard, serves as the current Chairman of USIBC. The Chairman is supported by USIBC’s prestigious Board of Directors, representing decades of experience investing in India and Indian companies.

The Council is headquartered in Washington, D.C. with regional offices in New York, California and New Delhi.

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.

21

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

TiE is a non-profit, global community welcoming entrepreneurs from all over the world. We believe in the power of ideas to change the face of entrepreneurship and growing business through our five pillars; mentoring, networking, education, incubating and funding. TiE was founded in 1992 by a group of successful entrepreneurs and is currently the world’s largest entrepreneurial organization out there. TiE New York was formed in the late 1990s and has since evolved into a broad entrepreneurship platform, bringing together a powerful global network to its membership. TiE members are entrepreneurs and professionals with an interest in entrepreneurship, either in a start-up context or within a corporation.

ATTENDEES

Sr. No. Name Designation Company

1 Abhishek Mehta Founder Blue Lotus Investments

2 Aditya Khanna Director Allen & Company

3 Ajey Mehta Senior Associate Ernst & Young US LLP

4 Akshay Gupta Group Executive Head & CEO India Bulls

5 Ali Hirji Senior Vice President, New Business Development

Citi Commercial Bank

6 Allen Arakal Founder & CEO Shamana Capital Management, LLC

7 Allison Spector Manager Global Impact Investing Network

8 Amit Kataria Counsel Morrison Forrester

9 Amy Benedetto Senior Counsel Proprium | Capital Partners

10 Anil Narang Managing Partner Sustainable Growth Partners

11 Anupam Sachdeva Summer Associate WisdomTree Asset Management

12 Arvind Ahuja Head, South Asia Desk, Americas

Standard Chartered Bank

13 Arvind Sanger Managing Partner Geosphere Capital

14 Arvind Vij Managing Director, Associate General Counsel

JP Morgan Chase & Co.

15 Ashwin Mahabalish-wara

Head - Asian Mena Region DWM Asset Management

16 Bala Venkatesh Financial Services Technology Leader

First Princeton Advisors

17 Basavaraj Sangam Managing Director Dynasty Group

18 Ben Slavin Head of Product and Business Development

WisdomTree Asset Manage-ment, Inc.

19 Breck Hancock General Counsel DSTG Services

20 Brian Guzman General Counsel & Partner Indus Capital Partners, LLC

21 D M Mulay Consul General Consulate General of India, New York USA

22 Danny Kennedy Co-Founder Sungevity

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23 Diane Citron General Counsel and Chief Compliance Officer

Proprium | Capital Partners

24 Dr. Suhas Ketkar Principal Credit Capital Investments

25 Elliot Choi Associate Corporate Department

Friedman Kaplan Seiler & Adelman LLP

26 Eric Aalst President Citco Corporate Services Inc.

27 Ethan Johnson Partner Morgan Lewis

28 Farhad Dalvi Senior Analyst Aksia

29 Gautam Patwa Senior Int'l Financial Advisor Merrill Lynch

30 Gijo Joseph CEO Kotak Mahindra, Inc.

31 Giselle Leung Director Global Impact Investing Network

32 Greg Feldman Counsel Gunderson Dettmer, LLP

33 Haresh Sheth Director Galaxy India Fund

34 Harjit Singh CEO Xurge Capital Partners, LLC

35 Harshad Khurjekar Director McGladrey LLP

36 Helene Altman The Rohatyn Group

37 Hero Choudhary Analyst/PM J Goldman & Co LP

38 Hiren Modi Partner EisnerAmper LLP

39 Ian Correia Managing Director Touchstone Group

40 Ishita Shah Director Citco Fund Services

41 Jack Hidary Chairman Hidary Foundation

42 James Gale Managing Director Healthcare Partners

43 Jay Coyle Chief Operating Officer Credit Capital Investments

44 Jeffrey Rosen Senior Vice President Citco Fund Services

45 Jeffrey Wechselblatt General Counsel Lone Pine Capital

46 John Collura Partner Shepphard Mullin

47 John Bonn Partner Irwin & Hsuan LLP

48 John Irwin Director - Alternative Funds Standard Chartered Bank

49 Jonathan Emery Chair, Corporate and M&A Pactice

Bressler, Amery & Ross, P.C.

50 Jorge Solis Associate Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP

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51 Joseph Riley Partner Willkie Farr & Gallagher LLP

52 Joseph Smith Partner/Private Equity Group Schulte Roth & Zabel LLP

53 Joshua Sterling Partner Morgan Lewis

54 K P Girish Sr. Vice President American Capital Funding

55 Kannan Srinivasan Professor Carnegie Mellon University’s Tepper School of Business

56 Karan Bolaria Head Godrej Fund Management Pvt Ltd

57 Karan Dalal VP, Business Development and Operations

Media.net

58 KK Shetty CEO Dynasty Group

59 Kyle McCollum Managing Partner India Real Estate Fund Partners

60 Maitane Ariztoy Marketing Manager Amicorp Services Ltd.

61 Manas Dowlani Project Officer, Asia Pacific IBA

62 Manish Srivastava Clinical Associate Professor of Real Estate Finance and Investment

NYU

63 Manoj Motta Vice President & Promoter Banyan Resources

64 Margarita Murray Executive Director Standard Chartered

65 Maria Feringa Managing Director Amicorp Services Ltd.

66 Marina Felman Law Practice Professional Point72 Asset Management, L.P.

67 Marissa Smith Econ Officer in the Office of India Affairs

Department of State

68 Mark Enman Executive Director Standard Chartered Bank

69 Mattew Nimetz Advisory Director General Atlantic

70 Mayank Jain Vice President Bank of America Merrill Lynch

71 Michael Sloyer Partner, Corporate Department Friedman Kaplan Seiler & Adelman LLP

72 Michael Gordon Chief Compliance Officer Ruane, Cunniff & Goldfarb Inc.

73 Monica Arora Partner White & Case LLP

74 Nadiya Satyamurthy Senior Director EMPEA

75 Natalie Medlicott Senior Counsel Proprium | Capital Partners

76 Navin Sambtani Managing Director India Debt Management Pvt. Ltd.

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77 Neeraj Karhade Managing Partner India Real Estate Fund Partners

78 Nish Acharya Director - India Investment Initiative

Calvert Foundation

79 Pankaj Jain Partner 500 Startups

80 Paresh Sheth Director Distinct Securities Pvt. Ltd.

81 Philip Berkman Associate The Xander Group LLC

82 Prasad Subramaniam Vice President Kotak Mahindra, Inc

83 Prashant Sarin Partner Bain & Company, Inc.

84 Priam Sen Chairman Monarch Holdings

85 Rajiv Kothari CEO Prestige

86 Ranbir Thukral Manager Ernst & Young

87 Reshma Kalimi Investment Professional Stripes Group

88 Rick Joshi Managing Director GEM Funds

89 Robert Rosenberg Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP

90 Robert Laidley CEO Robert Laidley & Associates, Inc.

91 Robert Hilton President S M C

92 Ron Shah Vice President Stripes Group

93 Sab Kanaujia Managing Director DIAS, LLC

94 Sahadev Shivarthy Managing Director Edelweiss Capital

95 Salil Gandhi Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP

96 Sameer Nadkarni Partner Atlas Technology Group

97 Sanjay Vidyadharan General Counsel Marlabs, Inc.

98 Sanjiv Kapur Partner Wolfensohn

99 Sara Gross London School of Economics

100 Sarah English Investment Management Counsel

WisdomTree Asset Management

101 Satish Mehta Sr. Financial Advisor Joseph P. Lucia & Associates

102 Scott Clark Managing Partner Ohm Capital

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103 Seth Freeman CEO EM Capital Management LLC

104 Sheena Iyengar Professor Columbia University

105 Sherri Pelski CFO & CCO East Bridge Capital Management LP

106 Steve Burnham Vice President Edelweiss Financial Services Inc.

107 Steve Schraibman Law Practice Professional Point72 Asset Management, L.P.

108 Steven Baglio Gunderson Dettmer Stough Velleneuve Franklin, Gachigan, LLP

109 Sumit Nanda Chairman Golden State Capital Pte. Ltd.

110 Sunil Wadhwani CEO IGATE Corporation

111 Surbhi Jain Senior Associate Ernst and Young

112 Ted Doukakos General Manager Citco

113 Thilak Business Opportunity Analyst T Capital

114 Thomas Devaney Partner Shepphard Mullin

115 Thoranath Sukumaran President Oakwood Strategy Consulting, Inc.

116 Tim Morris Partner Proprium Capital Partners

117 Tom Hyland Co-Founder & Partner Aspada Investments

118 Tracy Thomas General Counsel Select Equity Group, L.P.

119 Vandana Radhakrishnan

Partner - Private Equity Practice

Bain & Company, Inc.

120 Varkki Chacko Managing Principal Credit Capital Investments

121 Veronica Westberg Managing Director BNY Mellon

122 Vidushi Yadav Managing Director Promat Logistics Pvt. Ltd.

123 Vikas Sekhri Partner McGladrey LLP

124 Vikram Mehta Mehta Partner & Portfolio Manager J. Goldman & Co.

125 Vin Batra Managing Director Deloitte Corporate Finance

126 Viraj Shah

127 Vivek Rao Foreign Attorney Stahl Cowen

128 Vivek Bajoria Sr. Partner RenYi Management

129 Yogesh Desai

130 Nishith Desai Founder & Managing Partner Nishith Desai Associates

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131 Kamal Kapadia Head - Administration Nishith Desai Associates

132 Mansi Seth Head - US Office Nishith Desai Associates

133 Milind Mundankar Head - Technology Nishith Desai Associates

134 Nishchal Joshipura Partner - Private Equity and M&A

Nishith Desai Associates

135 Priti Patel Manager - US Office Nishith Desai Associates

136 Vaibhav Parikh Partner - Private Equity and M&A

Nishith Desai Associates

137 Kishore Joshi Head – Regulatory Practice Nishith Desai Associates

138 Richie Sancheti Head – Fund Formation Nishith Desai Associates

139 Ruchir Sinha Co-Head - Private Equity and M&A

Nishith Desai Associates

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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

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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

Convergence: Internet of things

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Start-Ups: What You Need to Know

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

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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

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Singapore 049909

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80539 Munich, Germany

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Bangalore 560 025, India

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New Delhi - 110024, India

Tel: +91 - 11 - 4906 5000

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Mumbai 400 051, India

Tel: +91 - 22 - 6159 5000

Fax: +91 - 22 - 6159 5001