Hedge Fund Sample Pack

TABLE OF CONTENTS

Investment Teasers
Investor Profiles
Opportunity Sector Studies

Corporate Actions, Industry Updates and Impact Analysis

Macro-economic Updates
Upcoming Industry Events
Market Data Reconciliation

Customized Stock Screens based on Fundamental Parameters

Buy or Sell Signals
Share Price Target And Recommendations
Financial Benchmarking and Comparable Analysis
 TABLE OF CONTENTS

Equity Modeling
Valuation and Sensitivity Analysis
Credit Modeling and Research
Modeling for Corporate Actions / Industry Events
Management Questionnaires
Industry Primers
Detailed Investment Memos

Model Updates and Maintenance Support

Earnings Calendars and Call Summaries
Periodic Portfolio Valuation
Portfolio Attribution Analytics
Fund Performance and Benchmarking
Database Management and Library Services
Part A – Fund Raising
 INVESTMENT TEASERS

• The investment universe for the Fund comprises individual equities and
equity-related instruments of companies in global developed markets,
including the U.S.
• Long-term strategic exposure to global equity markets is obtained using a
basket of futures that targets a beta of 0.5 to the MSCI World Index
• The Adviser uses a variety of indicators to tactically shift the Fund’s beta
exposure to global equity markets in a range of 0.3 to 0.7 around its long-
term strategic target of 0.5
• The long-short component of the portfolio targets a beta to equity
markets of zero
• The resulting portfolio is the sum of three sources of return: equity market
exposure (pure beta), the return from tactically varying exposure (tactical
• Launched in early 20XX, the fund seeks to provide higher risk-adjusted beta changes), and long-short stock selection (pure alpha)
returns with lower volatility compared to global equity markets
• The fund’s approach seeks to explicitly separate the return of market
exposure (“beta”) from the true “alpha” of long and short stock selection
• Uses value, momentum, and other economic indicators to take long and
short positions in industries, sectors, and companies that are attractive on
either a relative or absolute basis, targeting beta of 0 to equity markets
INVESTOR PROFILES(1/2)
BRIEF INVESTOR PROFILE

Hedge fund portfolio has grown 13% in past year, reversing dip in prior year. Favors
long/short equity, fixed-income, and special-situations vehicles. Has invested with AQR
Capital, Brevan Howard Asset Management, and Pershing Square Capital.

Has leapt past Texas Teachers, Maryland State Retirement and New Jersey State
Investment Council to claim the lead among U.S. public pensions investing in hedge
funds. Named Richard Shafer chief investment officer in September 2015, replacing John
Lane. Around same time, redeemed $115 million from Och-Ziff Capital and invested
$150 million with Kepos Capital. Now slightly exceeds 14% allocation target.

Allocates 32% of overall assets to hedge funds, the highest allocation among the Top 20
investors. Hedge fund assets up 14% in past year. Since 1997, has used hedge funds to
seek equity-like returns with bond-like volatility. Has worked with Baupost Group,
Centerbridge Partners, Eton Park Capital and Viking Global

xxx

Has held top spot for three years running, with hedge fund assets up from $47 billion in
2013. Maintains 5-10% allocation target for hedge funds and commodity-trading
advisors. In November 2015, shut down its only satellite office, in London, but said
move didn’t signal a shift in focus

Hedge fund assets up 15% in the past year, consistent with overall holdings. Has been
investing in hedge funds only since 2009, but quickly ramped up the portfolio. Has
invested with Blackstone, Capula Investment, Morgan Stanley, and Oaktree Capital

xxx
INVESTOR PROFILES(2/2)
DETAILED INVESTOR PROFILE

1997

Hedge fund portfolio has grown 13.0% in past year, reversing dip in prior year. Favors long/short equity, fixed-
income and special-situations vehicles. Has invested with AQR Capital, Brevan Howard Asset Management and
Pershing Square Capital

Total assets were US$ 255.4 million and Hedge Fund Assets were US$ 12.7 million

Toronto, New York, Sao Paulo, London, Luxembourg, Mumbai, and Hong Kong

Antares Capital, Petco, Enstar, Wolf Infrastructure, Entertainment one,

Yes

Public Equity, Fixed Income, Private Equity, Real Estate and Infrastructure Projects, Energy and Natural
Resources, and Alternative Markets
• To maximize long-term investment returns without undue risk, taking into account factors that may affect
the funding of the Canada Pension Plan and its ability to meet its financial obligations
• To develop, execute, and enhance the investment strategy that balances prospective risk and reward in order
to ensure the long-term sustainability

• Since its creation, CPPIB has created $118.9 billion in cumulative net investment to the CPP fund
• CPP FUNF as of March 31, 2016 was $211.9 billion with a 10 year annualized rate of return (net – nominal)
of 6.8%
• Committed $10.9 billion in Investment Partnerships, including acquisition of 20.0% stake in Homeplus,
$15.7 billion in Private Investment, including acquisition of Antarers Capital, and $6.7 billion in real estate,
including joint acquisition of University House Community Group
OPPORTUNITY SECTOR STUDIES(1/3)
LOGISTICS SECTOR IN
INDIA – OVERVIEW
OPPORTUNITY SECTOR STUDIES(2/3)
OPPORTUNITY ANALYSIS –
INDIAN LOGISTICS SUB-SEGMENTS
 OPPORTUNITY SECTOR STUDIES(3/3)
IMPROVED GROWTH VS. MARGIN, ON AVERAGE,
CORRESPONDS TO GREATER VALUATION LEVELS

6.6x 11.3x 5.8x 11.7x 6.0x 13.2x

2.7x 9.9x 4.3x 12.1x 4.5x 13.8x

1.3x 8.1x 1.8x 9.7x 2.6x 14.0x

Part B – Pre Ideation
 CORPORATE ACTIONS–NEWSLETTERS
• Centrica selects Cognizant to drive digital
assurance as-a-service (10/31/2016)
• Cognizant helps KeyBank reimagine banking
through digital banking platform (10/27/2016)
• Allscripts to extend population health
management platform (10/20/2016)
• athenahealth and Tandigm Health partner on
population health initiatives (10/20/2016)
• Midland Health to implement Cerner's health IT
system (10/20/2016)
• Baylor Scott & White Health utilizes Allscripts
dbMotion Solution (10/13/2016)
EXL DEEPENS INVESTMENT IN ANALYTICS BY ACQUIRING
DATA MANAGEMENT COMPANY DATASOURCE CONSULTING
October 27, 2016
NEW YORK, Oct. 27, 2016 (GLOBE NEWSWIRE) -- EXL
(NASDAQ:EXLS), a leading Operations Management and Analytics
company, today announced that it has acquired Datasource Consulting, LLC, a
Denver-based company specializing in Enterprise Data
Management and Business Intelligence. The acquisition
enhances EXL's capabilities to advise clients on
data management and governance strategies, architect and implement their data
infrastructures, and manage their data assets on an ongoing basis.
CENTRICA SELECTS COGNIZANT TO DRIVE DIGITAL
ASSURANCE AS-A-SERVICE TO IMPROVE EFFICIENCY AND
RELIABILITY OF ITS APPLICATIONS AND SMART DEVICES
October 31, 2016
LONDON, Oct. 31, 2016 /PRNewswire/ -- Cognizant (NASDAQ: CTSH)
today announced that it has been selected by Centrica, an international energy
and services company, as a strategic partner to deliver
end-to-end digital assurance as-a-service across
Centrica's technology landscape and enhance
the efficiency, reliability and user experience of
Centrica's web and digital applications and smart devices.
• EXL acquires Datasource Consulting, a data
management company (10/27/2016)
• Akamai acquires Soha Systems (10/4/2016)
.
• Cognizant buys Frontica Business Solutions from
Akastor for $126 million (10/4/2016)
• Goldman Sachs joins $10 million nanoPay funding
round (10/26/2016)
• Coins raises $5 million for blockchain-based
financial inclusion push in SE Asia (10/24/2016)
• French bank mobile payment apps Wa! and
Fivory merge (10/20/2016)
INDUSTRY UPDATES & IMPACT ANALYSIS
Mar 02, 2015: India amended an insurance law to raise the cap
on foreign investment into Indian insurance companies to 49%
from the 26% – a step that has been discussed for nearly a
decade. The amendment also allowed global reinsurance
companies to set up branches in India, something that wasn’t
allowed before
Jul 09, 2015: India and the US signed a tax agreement under the
Foreign Account Tax Compliance Act (FATCA) that will enable
automatic exchange of financial information between the two
nations about tax evaders from September 30. The rules define
various terms such as financial asset, financial account, excluded
accounts, participating and non-participating financial
institutions, among others
Oct 04, 2015: World Bank slashed East Asia growth forecast.
The bank downgraded its 2015, 2016, and 2017 growth
projections for developing East Asia-Pacific to 6.5, 6.4, and
6.3%, respectively
• In ABC Corp, XYZ plans to hike the stake from 26% to 49%, while it
would increase its holding in ABC Asset Management Company from
35% to 49%
• The PQR Corporation is likely to sell a 9% stake in PQR insurance to its
British JV partner MNO Life for a little over $1.7 billion
• $10 billion is likely to flow in the insurance sector within a year, and $40-
50 billion is expected to flow in the next 8-10 years
• FATCA is likely to impact a wide range of non-US financial institutions:
banks, hedge funds, private equity funds, broker-dealers, clearing
organizations, trust companies and insurance companies, as they will
now have to collect specified details from US persons and/ or withhold
tax on qualifying payments
• Indian tax authorities, on the other hand, would get access to details of
American assets of Indians that may not have been reported here, which
would also better equip them to tackle the black money menace
• XYZ Brands Inc. slashed its earnings outlook for 2015, following a recent
cut in outlook of China
• S&P trimmed outlook on DD Land Rover owner PQR Auto motors
following the Chinese economic slowdown
• Crisil downgraded PPP’s corporate bonds, driving down investor
sentiment
 MACROECONOMIC UPDATES
INDICATORS (1/2)

Average Average Average

1-Year $49 1-Yea r $1,158 1-Year $3.76
3-Year $80 3-Yea r $1,275 3-Year $4.55
5-Year $86 5-Yea r $1,414 5-Year $5.48

Average Average Average

￥
1-Year € 0.87 1-Yea r ¥121.04 1-Yea r ￥6.29
3-Year € 0.79 3-Yea r ¥108.39 3-Yea r ￥6.20
5-Year € 0.77 5-Yea r ¥96.96 5-Yea r ￥6.27
10-Year € 0.76 10-Yea r ¥100.30 10-Yea r ￥6.75
￥

￥
MACROECONOMIC UPDATES
INDICATORS (2/2)
UPCOMING INDUSTRY EVENTS

The conference will present various topics in order to tackle

NCDs, including role of IT and building of healthcare
practitioners in NCDs

The conference will cover areas such as Digitizing Medical

Records with pharma and healthcare companies combining
years of R&D data in electronic databases and a new era of
open information in healthcare is underway

The conference will address current issues across a broad

range of topics with a special focus on Cardiology,
Respiratory, Nephrology, Neurology, Infectious Diseases,
Endocrinology, Hematology, and Rheumatology

The conference will cover areas such as Social And

Economic Dimensions of Health, Political Economy of
Health and Social Development, Rural to Urban Migration
and Urban Infrastructure, including access to drinking water,
sanitation, housing, roads, transport, electricity and
communication, and evidence-based public health policy

Six Forums have been established for WISH 2015

WISH 2015’s Forums are: Communicating complex health
messages, Delivering affordable cancer care, Diabetes,
Mental Health and Well-being in Young People and others
 MARKET DATA RECONCILIATION
DATA USED FOR TRADING SIGNALS (ALPHA)
Part C – Ideation
 CUSTOMIZED STOCK SCREENS BASED
ON FUNDAMENTAL PARAMETERS

1
3

NOTE:
(1) PROFITABILITY (2) OPERATIONS (3) SOLVENCY (4) VALUATION
– REVENUE CAGR – CAPEX MARGIN – DEBT/ EQUITY – PE RATIO
– EBITDA MARGIN – FCF MARGIN – NET DEBT/EBITDA – EV/EBITDA
 BUY OR SELL SIGNALS
MULTIPLES -BASED VALUATION MODEL
SHARE PRICE TARGET AND
RECOMMENDATIONS

• Aug 05, 2015 (J.P. Morgan) – Upgraded to $ 67 per share in anticipation

of improving margins, resulting from cost savings and increasing cereal
sales growth

• Jan 13, 2016 (Nomura) – Raised target on account of better returns,

driven by stabilising sales growth trends in the cereals category

• Feb 10, 2016 (RBC Capital Markets) – Raised target due to expected costs
savings from company’s XXX programme

• Aug 05, 2016 (J.P Morgan) – Upgraded price target to reflect higher EPS
and EBITDA estimates, along with growth in margins
FINANCIAL BENCHMARKING
COMPARABLE ANALYSIS(1/2)
TRADING COMPARABLES
COMPARABLE ANALYSIS(2/2)
TRANSACTION COMPARABLES

Provides civil engineering,

architectural, industrial, and
electrical engineering services

Manages residential and office

buildings; also operates in real
estate
Constructs air-conditioning and
sanitation facilities in commercial,
industrial, and institutional
buildings
Manufactures mechancial
engineering, electrical,
communications systems, and
control systems

Manufactures polyurethane
thermal insulation panels and
accessories, and provides HVAC,
electrical services, etc.
Offers civil, mechanical, electrical,
mining, and process engineering;
and general building, construction,
and infrastructure services
INDUSTRY VALUATION SUMMARIES

1 Equipment providers provide

avenues for investment with one of
the lowest entry points through the
M&A route

2 Equipment providers attract

better valuation in the primary
market and offer a viable exit
route for a PE investor

3 Furthermore, Variance analysis

between
between entry
entry and
and exit
exit options
options
suggests that service providers
suggests that service providers
may also offer decent returns
may also offer decent returns
Part D – Due Diligence
 EQUITY MODELING
ASSUMPTIONS DASHBOARDS
EQUITY MODELING
FINANCIAL SUMMARIES
 EQUITY MODELING
DETAILED REVENUE MODELS
 EQUITY MODELING
COMPARATIVE ANALYSIS –MODEL V/S STREET
EQUITY MODELING
WACC & BETA ANALYSIS
VALUATION
DCF ANALYSIS
 VALUATION
FOOTBALL FIELD ANALYSIS
 VALUATION
DIVIDEND DISCOUNT MODELS
 VALUATION
SOTP VALUATIONS
 VALUATION
MONTE CARLO SIMULATIONS
 VALUATION
SCENARIO/ SENSITIVITY ANALYSIS
CREDIT MODELING AND RESEARCH
COVENANT ANALYSIS (1/2)
CREDIT MODELING AND RESEARCH
COVENANT ANALYSIS (2/2)
CREDIT MODELING AND RESEARCH
DEBT MATURITY PROFILES
CREDIT MODELING AND RESEARCH
DEBT INDENTURE SUMMARIES

The Notes will be senior obligations of the Issuer and will

rank equally in right of payment to all existing and future
senior debt
Secured

The Company may redeem all or part of the Notes by

paying a “make whole” premium on or after Dec 1, 2013,
at the redemption prices set forth in this prospectus

The Notes will be guaranteed on a senior subordinated

basis by CablUSDpa and any future Material Subsidiary

Unsecured

The Company may redeem all or part of the Notes by

paying a “make whole” premium on or after Jan, 15 2014,
at the redemption prices set forth in this prospectus
 CREDIT MODELING AND RESEARCH
MARKET UPDATES (1/2)

100% 1,000 bps Average HY Bond YTW

11.0% 1-Year 8.3%
95% 800 5-Year 6.9%
10.0%
10-Year 8.5%
90% 600 9.0%
85% 400 8.0%

80% 200 7.0%

9/24/15 12/6/15 2/17/16 4/30/16 7/12/16 9/23/16 6.0%
9/24/15 12/6/15 2/17/16 4/30/16 7/12/16 9/23/16
Average Price as % of Par Value BB B

Volume ($ in billions) LTM Default Rate (by $ Volume) Volume ($ in billions) LTM Default Rate (by $ Volume)
$500 $120 $467 12% $500 $120 12%
$388 $95 $95
400 $325 100 $325 10% 100 $368 $399 $356 10%
$300 400
80 $56 $56 $257 8% 80 $302
$56 $56 $293 8%
300 60 $229 6% 300 60 $246 $228 6%
40 $28 $155 $25 $23 4% 40 $28
$181 $25 $23 4%
200 $19 $149 $148 $19
20 $72 $9 $7 $3 $1 2% 200 20 $9 $7 $3 $1 2%
100 $38 $53
0 0% 100 0 0%
0 2000 2002 2004 2006 2008 '10 YTD 2000 2002 2004 2006 2008 '10 YTD
'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 0
'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16

Volume ($ in billions) LTM Default Rate (by $ Volume) Volume ($ in billions)

LTM Default Rate (by $ Volume)
$100 $60 $120 12%
$120 $95 12% $46 $95
75 100 $67 10% 45
100 10%
80 $58 8% 80
$32 $56 $56 $30 $28 8%
$56 $56
60 $26 $26 $29 6%
50 60 6% 30 $28 $20
40$32$28 $25 $23$29 $29 40 $17 $25 $23 $19 4%
$19 4% $15 $12 $9 $7 $3
25
$1920
$12 $15 $16$9 $20 $7 $3 $19 $1 2% 15 20
$5 $4
$1 2%
$6 0 $4 0% 0 0%
2000 2002 2004 2006 2008 '10 YTD 0 2000 2002 2004 2006 2008 '10 YTD
0
S O N D J F M A M J J A S S O N D J F M A M J J A S
 CREDIT MODELING AND RESEARCH
MARKET UPDATES (2/2)

700 7.0% 300 4.0%

600 6.0% 3.5%

250
3.0%
500 5.0%
200
2.5%
400 4.0%
150 2.0%
300 3.0%
1.5%
100
200 2.0%
1.0%
100 1.0% 50
0.5%
0 0.0% 0 0.0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 10/2/15 12/13/15 2/24/16 5/7/16 7/19/16 9/30/16

9.0% Average BBB Bond Yield 5.0%

1-yr 3.8%
5-yr 4.0%
8.0%
10-yr 5.1%
15-yr 5.4% 4.5%
7.0%

6.0% 4.0%

5.0%
3.5%
4.0%

3.0% 3.0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 10/2/15 12/13/15 2/24/16 5/7/16 7/19/16 9/30/16
MODELING FOR CORPORATE ACTIONS
MERGER MODELING
MODELING FOR CORPORATE ACTIONS
ACCRETION/DILUTION ANALYSIS
MODELING FOR CORPORATE ACTIONS
LEVERAGED BUYOUT MODELING(1/2)
MODELING FOR CORPORATE ACTIONS
LEVERAGED BUYOUT MODELING(2/2)
MODELING FOR CORPORATE ACTIONS
WARRANTS VALUATION
 MODELING FOR INDUSTRY EVENTS
REGULATORY UPDATES

• The final Basel III rules, released during

September 2010, use more restrictive capital
definitions, higher risk-weighted assets (RWA),
higher requirements for minimum capital ratios,
and additional capital buffers
• The most important decision relates to raising
(albeit in a phased manner) the core tier 1 capital
ratio to 6% from the current 2% by 2019
• The new rules are expected to take effect from Source: Cians Analytics
January, 2015; member banks are expected to
start complying with the rules from January 2013
in a phased manner
• In an attempt to replicate the likely impact of
Basel III on HSBC, we have estimated the
changes in HSBC’s core tier 1 ratio assuming
Basel III proposals are applied at the end of 2010
and all deductions are made in the same year
• At an aggregate level, we estimate that HSBC’s
core tier 1 ratio should decrease significantly
from 10.5% currently to approximately 6.7%, as
we expect RWAs to increase 10% from current
levels as per the new norms and after adjusting
for regulatory deductions, however, a 6.7% core
tier 1 ratio is significantly above the prescribed
4.5% and 5.5% to be complied with by 2012 and
2013, respectively; Based on this, we can safely
say that HSBC is currently adequately capitalized
Source: Cians Analytics Estimates
MANAGEMENT QUESTIONNAIRES

• Hydro generation declined xxx GWH for 9M’16 (LTM) as a consequence of the draught that affected south Chile.
Although the company had self-owned xxx in place, its electricity generation was still affected. How are you going to
deal if the draught situation worsens, which may impact electricity generation?
• Any plans to make further inroads into clean development mechanism projects? Currently, this is a very small portion of
the overall generation portfolio, contributing merely 0.x% to electricity generation.
• Certain projects have been relinquished owing to feasibility concerns midway. Do you foresee any further stress on the
existing hydel portfolio or any upcoming capacity additions?
• How much of the capacity is in works? Can you tell us the quantum of capacity coming on stream in say 2017, 2018? Do
you envisage any delay in any of the ongoing projects?
• Considerable shift is expected to renewable energy production by 2019, shifting from xx% in 2016 to xx% in 2019.
However, this shift to hydro generation increases the risks from environmental concerns. Any particular reason for this
shift? Do you face less production losses in hydro production?
• The electricity distributed grew merely by 0.x% from xx Gwh in 9M’15 to xx Gwh in 9M’16 (LTM), mainly due to a xx%
fall in industrial distribution. What is the reason for the decline in industrial distribution? What are the company’s
expectations from this sector?
• Operating revenue climbed xx% for 9M’16 (LTM), because of greater sales to regulated customers and higher energy
sales price charged by the company. Chile has a positive outlook in terms of GDP growth, which directly relates to higher
electricity demand. What is your outlook for the uptick in demand? How much growth can be penciled in regarding
power generation and revenue?
• Chilean regulators are expected to adopt a harsher regime for electricity tariffs charged to final consumers. Does this pose
any threat to xxx? How is the company planning on adjusting to this update?
• The cost of fuel consumption declined Ch$ xx bn, due to lower commodity prices in the international market. Although it
turned out in its favor by reducing the overall costs, it exposed the company to commodity prices.
o As of December 31, 2015, the company did not hold any contracts classified as financial instruments related to coal
or petroleum-based liquid fuel and natural gas. How do you plan to ride over commodity price cycles?
• There was a substantial increase in the amount of energy the company purchased from the spot market for
9M’September 16 – increase of Ch$ xx bn. Do you foresee increase in spot market purchases, considering hydro portfolio
is still under stress owing to prevalent draught conditions?
• EBITDA share from the distribution of electricity to the total EBITDA has been on a decline from xx% in 2015 to xx% in
2016. The company targets to reach xx%; what are the underlying steps to achieve this growth?
 INDUSTRY PRIMERS(1/2)

Major global contract drilling

f i r m s a r e b a c k w a r d - i n te g ra t e d D i r e c t i on a l D r i l l i n g a n d
and manufacture rigs for Logging while Drilling
leasing to E&P firms (LWD) Services

(Rig manufacturers that ( F i r ms t h a t l e a s e r i g s t o

sell rigs to contract E&P firms)
drilling firms)
 INDUSTRY PRIMERS(2/2)

• From 2011 to 2013, the number of jackups remained unchanged globally, while the number of floaters increased ~16%
• This growth was led by growth in the ultra-deep-water segment, where the number of MODUs increased ~16%
• While the number of floaters in the Gulf of Mexico has increased, it has witnessed the largest fall in the number of jackups in absolute
terms over the last 2 years (24). Primarily due to a shift toward deep-water drilling activity
• South America accounts for the largest number of floaters in the world; the number of floaters in the region has increased ~20% over
2011–13
• The South East Asia region and India have the highest number of total MODUs, accounting for one–fourth of the global total
DETAILED INVESTMENT MEMOS
Part E – Maintenance
MODEL UPDATES AND SUPPORT
EARNINGS, GUIDANCE, AND
CONSENSUS UPDATES
EARNINGS CALENDAR

30 31 1 2 3 4 5

APPL APPLE XXX ABC

GOOGL GOOGLE XXX ABC
BIDU BAIDU XXX ABC

6 7 8 9 10 11 12

XXX ABC XXX ABC XXX ABC

XXX ABC XXX ABC XXX ABC
XXX ABC XXX ABC XXX ABC

13 14 15 16 17 18 19

XXX ABC XXX ABC XXX ABC

XXX ABC XXX ABC XXX ABC
XXX ABC XXX ABC XXX ABC

20 21 22 23 24 25 26

XXX ABC XXX ABC XXX ABC XXX ABC

XXX ABC XXX ABC XXX ABC XXX ABC
XXX ABC XXX ABC XXX ABC XXX ABC

27 28 29 30 1 2 3

XXX ABC XXX ABC

XXX ABC XXX ABC
XXX ABC XXX ABC
 EARNINGS CALL SUMMARIES

XXX, Inc.
QX 20XX Earnings Call
NOVEMBER XX, 20XX X:XX P.M.

EXECUTIVES: ANALYSTS:
ABC - XXX, Inc. ABC - CCC Co.
MNO - XXX, Inc. BCD - EEE & Co. LLC
XYZ - XXX, Inc. GHI - GGG LLC

• Net revenues for the XX quarter were $XX million, a year-over-year growth of 29.4% and 72.5% in local currencies

• In Brazil, local currency revenue growth was 61.4%. Marketplace revenues grew 66.6% in local currencies and increased 21.5% in USD, while non-marketplace
revenues grew 81.9% in local currencies and 41.3% in USD, explained mainly by the growth of financing and merchant services, Shipping, and Advertising

• Gross profit for the XX quarter of 20XX was $XX million. Gross profit margin was 63.3%, compared to 67.4% in the XX quarter of 20XX. The margin
compression is explained by an increase in payment processing fees and sales taxes over revenues

• Total operating expenses decreased to $XX million, up 35.7% from last year's XX quarter on an as reported basis. As a percentage of revenues operating
expenses was 47.1%, up from 44.9% in the XX quarter of 20XX

• Income from operations was, as a result, $XX million, down 7.1% year-over-year, on an as reported basis. As a percentage of revenues, income from
operations was 16.1%, down from 22.4% during the same period in 20XX

• Interest income grew 75.2% year-over-year to $XX million, attributable to higher interest rates particularly in Argentina, and larger amounts invested

• Forex was negative $XX million mainly due to the depreciation of net monetary asset position in local currency in Venezuela

• Net income as reported for the quarter was $XX million dollars, resulting in a margin of 7.9%, down 19% year-over-year, and resulting in basic net income per
share of 36 cents
PERIODIC PORTFOLIO VALUATION
QUARTERLY UPDATES
PORTFOLIO ATTRIBUTION ANALYTICS
FUND PERFORMANCE AND
BENCHMARKING
DATABASE AND LIBRARY SERVICES
BREIFING PACKS
 FOUNDERS & KEY MANAGEMENT
• Investment Director & Head of BD, Gaia Renewable Capital
• Director, Business Development, Copal Partners
• Hedge Fund Strategies Group, Goldman Sachs
• Harvard Business School, OPM 50
• B.Sc. Electrical Engineering, Villanova University
• Investment Banker, Merrill Lynch, UBS and Atlas Advisors
• MBA, INSEAD
• B.Sc. Finance, The Wharton School, University of Pennsylvania
• Country Head, Copal Partners, India
• Vice President, Genpact & JP Morgan
• Investment Banker, Credit Suisse & Lazard
• MBA, Darden Business School, University of Virginia
• B.A. Economics, St. Stephen’s College
• Engagement Manager, Copal Partners
• Equity Research Analyst, Standard & Poor’s, ING Barings, and
Prudential Securities
• MBA, Columbia Business School
• B.A. History, Trinity College
 ADVISORS

• Balyasny Asset Management L.P., Chief
Operating Officer
• SECOR Asset Management, Partner and
Chief Operating Officer
• Plural Investments, CFO/COO
• SAC Capital,LLC, Director of Operation
• Goldman Sachs & Co., Vice President
• B.A. Accounting, Villanova University
• M Science LLC, Chief Executive Officer
• Investment Technology Group (NYSE:
ITG), Executive Committee, Head of
Research, Sales & Trading
• RBC Capital Markets, Managing Director,
Head of Technology Trading, Market
Structure, & Sales Trading
• Previously with Lehman Brothers
• Member, Young Presidents Organization
(YPO)
• B.S., Accounting, Binghamton University -
School of Management
• Vice Chairman of ATCO Group
• Director of Honeywell Turki Arabia
Limited, Keller-Turk Co Limited,
National Air Services and Al Sagr Saudi
Insurance Co, Wi-Tribe (Bahrain), & Al
Sagr Company for Cooperative
Insurance
• Member of the Audit Committee of Al-
Zamil Industrial Investments Co

• Chairman of the UAE-based Intercat Group • Founder of DotAlign

• Board of the ‘Young Arab Leader’ organization, Dubai
• Founding member and first elected President of the
Young Entrepreneurs’ Organization in the UAE
• Chemical Engineering, University College London
• Previously CEO and Founder of DealMaven
• Director of Operations for Investment Banking at
FactSet
• Previously with Donaldson, Lufkin & Jenrette
• Bachelor’s degree from The Wharton School,
University of Pennsylvania