Axience is a business services firm headquartered in Mumbai, India, with diverse clientele. Firm is managed by experienced professionals with global professional expertise and world-class education including, Founder and CEO, Hemant Jain who worked at Morgan Stanley in London and Schlumberger in Paris and read at the Indian Institute of Technology (IIT), Bombay, and the HEC School of Management in Paris. Axience’s board includes Tarek Tawfik, an experienced private banker, Alex Carre de Malberg, Senior Advisor within Investment Banking at The National Investor (TNI) in Abu Dhabi and Pall Mall Capital in London as well as Ajay Pahwa, CEO of Kaya Limited in India. In addition, Axience has an experienced advisory team including Ryan McGovern, an experienced Corporate Finance Professional based in London and Dagmar Schemann-Teuber, an experienced finance professional based in Munich.

1. Your Trusted Business Services Partner
RESEARCH & BUSINESS
CONSULTING INTELLIGENCE
Business
Research Mapping &
Databases
Market FINANCIAL Competition
Analysis SERVICES Benchmarking
Research & Modelling &
Analytics Valuation
Structured
Finance

2. INSIDE AXIENCE › Specialized business services firm
with global delivery capability
› Practice areas: Financial Research & Analytics,
Business Intelligence, Research & Consulting
› Unique combination of business intelligence consulting
and modelling/analytics
› Multicultural management and team advised by an
experienced international board
› Focus on quality and client services
› Service delivery model customized to add value
› Global clientele and strong references
› Excellent in-house training and processes
CLIENT COVERAGE
KEY CLIENTS › European leader in banking and financial services › Independent pan-European investment bank
› One of the largest European management consulting firms › Leading Commonwealth trade and investment agency
› Fortune 500 organizations › Major Middle East–based private equity firms › Multiple financial services search firms

3. OUR SERVICE PORTFOLIO
FINANCIAL RESEARCH BUSINESS RESEARCH &
VERTICALS
& ANALYTICS INTELLIGENCE CONSULTING
Investment Research Bespoke Projects Product Analysis
› Equity research › Client mapping › Cost/pricing analysis
› Strategic research › Investor mapping › Potential client/
› Credit research › Competition mapping customer identification
› Commodities research › Peer reviews › Key product entry
› Sector research › Human capital mapping › Brand/product perception
› Product/market entry
Corporate Finance Competition Analysis
› Target mapping Strategic Databases › Competition benchmarking
› Pitch book › Client › Peer group profiling
› Valuation › Competition › Brand/product perception
› Investor memorandum › Investor
ACTIVITIES Market Analysis
› Due diligence › Human capital
› Market trends
Structured Finance & Securitization Reports/Newsletters › Industry analysis
› Cash flow modelling › Business moves › Opportunity assessment
› Surveillance/monitoring › People moves › Regulatory environment
› Trustee/servicer support › Product monitoring › Country intelligence
› Topical analysis
Investment Analytics Other
› Hypothesis testing Capital Market Surveys › Global trade & investments
› Trading strategies › Product › Bespoke reports
› Portfolio optimization › Client segment › Data analytics
› Risk reporting › Thematic › Target mapping
› Model maintenance › Salary › Gap analysis
Axience is a specialist business services
firm providing research, analytics and
intelligence services to all pillars of the
financial services industry, consultancy,
governmental and non-governmental
agencies as well as other businesses.

4. OUR PEOPLE
 Hemant Jain – Founder and CEO
Hemant founded Axience in 2007 with a goal of building a specialist, bespoke, global business services firm.
Before founding Axience, Hemant set up a 100 people analytics and research centre for a reputed UK based
Business Intelligence firm. He was overall responsible for the India operations and looked after infrastructure set-
up, delivery, human resources, business development and new ideas generation. Prior to that, he worked at
Morgan Stanley’s securitization division in London. Hemant started his career at Schlumberger Industries in Paris.
Hemant holds an MBA from the HEC School of Management, Paris, France and an engineering degree from the
Indian Institute of Technology (IIT), Mumbai, India.
 Tarek Walid Tawfik – Investor and Non-Executive Director
Tarek is an Investor and a Non-Executive Director at Axience. He has several years of experience in the financial
services industry.
Tarek has more than 13 years of experience in the financial services industry, with expertise in wealth
management, investment management and treasury. Most recently he was the Head of Private Wealth
Management at Deutsche Bank in The Kingdom of Saudi Arabia and managed a portfolio of ultra high net worth
clients. Earlier, he worked as the Family Investment Manager for the Abdul Rahman Saad Al-Rashid (ARTAR)
Group from 2000 to 2007; prior to this he worked within the brokerage division and on Corporate Treasury desk of
the Banque Saudi Fransi. Tarek is a Bachelor of Arts in Financial Management, from the King Saud University,
Riyadh, Saudi Arabia and is fluent in Arabic, English and German.
 Alex Carre de Malberg – Non-Executive Director
Alex is a Non-Executive Director and helps in promoting brand Axience within Financial Services industry,
specifically in Middle East and France.
He is a Senior Advisor within the Investment Banking division at The National Investor (TNI) in Abu Dhabi. Prior to
joining TNI, Alex was the Head of Investment Banking at Invest AD (Abu Dhabi Investment Company). Prior to that,
he co-headed investment banking for Rothschild in the Middle East after working for Rothschild in Paris. He has
also worked at Lazard Frères (New York), Peregrine Capital (Hong Kong) & Equinox Capital (Singapore). Alex
holds a French engineering degree, an MS from the University of Massachusetts and an MBA from HEC-ISA.
 Ajay Pahwa – Non-Executive Director
Ajay is a Non-Executive Director at Axience and CEO of Kaya Limited in India, the beauty and wellness arm of
Marico group of India.
Ajay’s experience over the past 22 years has been in hospitality and retail businesses. Prior to Kaya, he worked
with Yum Restaurants International for several years in senior level operating roles in the Far East, UK, and Middle
East and North Africa. Prior to this he had several years of progressive professional experience in hospitality
industry globally. Ajay holds an MBA from IMD Lausanne (Switzerland) and also possesses a Bachelors degree in
commerce from Delhi University in addition to various reputable retail and hospitality industry certifications. Ajay
won the CMO Asia Awards for Brand Excellence in the Beauty, Wellness & Fitness category in 2010.
 Ryan McGovern – Non-Executive Senior Advisor
Ryan is a Non-Executive Senior Advisor at Axience and a Partner at Ember Capital LLP, a London based
alternative investment fund manager.
Before establishing Ember Capital, Ryan and his colleagues were part of a Nomura sponsored European
mezzanine fund business known as Nomura Mezzanine. Ryan has been involved in making numerous mezzanine
and other subordinated debt investments in private equity owned companies across Europe since becoming a
founding member of the Nomura Mezzanine business in 2005. Ryan joined Nomura Mezzanine from AIG-
MezzVest, another European mezzanine fund manager, and prior to this he worked in corporate finance and M&A
advisory in Europe at HSBC Investment Bank PLC and in the United States at Stephens Inc. Ryan has a BA from
Vanderbilt University and did his MBA at HEC Paris and London Business School.
For further information – Website: www.axience.com; Email: info@axience.com; Tel: +91 22 4205 4441

5. FOOTPRINTS IN GLOBAL FINANCIAL RESEARCH
A case illustration
 Project Overview: Preparing an information pack for buyout analysis of a UK-based structural steel fabrication company
 Client: Direct Private Equity Investment team of a European Institutional Investor
Axience Offerings:
Provided complete information pack including:
 Company overview with management and
shareholding information, key projects, subsidiaries
overview as well as growth plans
 Detailed industry analysis with insights on industry
trends and competitive analysis in the geographies
where company operated
 Financial projections, company valuation based on
direct-cash-flow model and leveraged buyout
analysis
 Due diligence questions and strategic
considerations for the client while going for the
buyout
Valuation Support:
 Detailed valuation model based on DCF, valuation
multiple, LBO
 Conducted scenario analysis to find fair value of
the company in — worst, current and best —
economic and industry scenario over the next five
year
 Proposed range-bound deal multiple based on
above analysis
P roject Challenges: Key P ositives:
 Low availability of company information –
company or management level information was not  The information pack allowed client to get
easily available. Axience used company’s business plan, accurate and objective third party analysis on the
rigorous primary and secondary research to address buyout target.
this issue as well as sourced financial information from  Our analysis pointed out some concerns in
Company’s House in UK. business plan assumption and client was well
 Niche industry – structural steel fabrication is a niche placed to clarify all concerns in the meeting with
industry with low data availability on industry size and management
trends. We assumed the industry to follow same trends
as its related sectors such as construction and real  Axience delivered the project in 4 days from start
estate. to finish
Low dependency on yearly data and trends –
Considering the recent global economic slowdown,
real estate scenario has changed worldwide. In this
respect, trends and market predictions older than 4-5
months become obsolete.
Client Testim onial
Objective third party analysis with complete information memorandum delivered before I boarded my flight to
London, as desired. Well done.
For further information; Website:www.axience.com . Email: info@axience.com . Tel: +91 22 6671 8696

6. EXCELLENCE IN INDUSTRY RESEARCH
bc
A case illustration
 Project Overview: Comprehensive coverage of the Gulf Petrochemical sector and development of underlying sector
model
 Client: Leading UAE-based asset management firm
W Europe
P roject Requirem ents:
1000
NE Asia
N America 1050
SE Asia 900
800
Production cost
sensitivity to
 Detailed analysis of the Gulf Petrochemical sector to
ME Cost
CHINA: industry leader Advantage crude oil prices
Challenges – rising labor cost, exchange rate and high
identify industry growth drivers, key emerging trends,
ME
NE Asia
dependence on trade 290 N America W Europe 510
High labor skills
SE Asia 490 500
Low labor cost
challenges, future expected trends
400
ME
200
INDIA: in high growth phase
 Sector model was required to estimate expected
Challenges – Labor productivity and Brent crude - 98$/ bbl
2008: 2009: Brent crude - 45$/bbl
lack of export expansion
Diversify and/ or demand and supply situation over the next five years
attract companies to
GULF: developing
 Profile major Gulf countries with respect to the
invest in production
plastic processing
of capital goods such
zones
Low labor skills
High labor cost
as cars, consumer
Challenges – industry
skill set, expertise and
electronics and
Consumer home
Petrochemical sector
technology appliances
 Profile key players and projects in the sector
Non Durables Durables
Axience Deliverable:
Provided comprehensive industry coverage report wherein
we:
 Estimated and projected global petrochemical demand
and supply (ethylene was used as a proxy for industry)
over the next five years
 Identified industry growth drivers, emerging trends,
challenges and constraints
 Compared GCC petrochemical market with global
market evaluating feedstock advantage of GCC in detail
 Compiled and presented a comprehensive database
containing all on-going petrochemical projects in the
region
 Profiled major Gulf companies operating in the
petrochemical space
 Profile Gulf countries with respect to their
Petrochemical industry capacity, global contribution etc
Cracking the P roject: Key P ositives:
 Building project database with capacity by  Axience analysis challenged earlier demand and supply
product type and feedstock type was the key to estimates taking into account post crisis situation
arrive at industry forecast and check for
 The client used most of our key findings in private
conditions of industry overcapacity
placement of a petrochemical industry project
 Understanding the global feedstock dynamic and
 Asset manager was able to garner significant market
reasoning out Gulf positioning and advantage in
traction for the published report
that context
Client Testim onial
I appreciate the dedication of your team on this coverage report. The report looks rich in content and insights. It’s
good to see that Axience has continued to keep the quality level high in this second report for us.
For further information; Website:www.axience.com . Email: info@axience.com . Tel: +91 22 6671 8696

7. FEASIBILITY STUDY FOR EMERGING MARKET ENTRY AND JV
Case illustration
 Project Overview: Feasibility/due diligence support for Europe based pre-paid card and payment processing player
for a pre entry assessment of Indian market
 Client: European payment processor interested in entering the Indian market
Exhibit 1: Industry Growth Research Methodology
Axience prepared a detailed report and
investor presentation covering:
 Detailed industry analysis with insights
on industry trends and growth forecasts
 Competitive landscape: benchmarking
Indian peers of European clients in this
industry
 Company analysis: Overview, business
description and structure, products, service
channels, organizational structure,
investors, management team and strategy
Sources for R esearch: of two potential JV/Acquisition targets
• Company website – understanding business, verticals, news,  Business plan: Growth plans and
annual reports, management strategy projections for next five years
• Databases – for company and competitor financials
 Location / Partnership strategy:
• Industry reports – for industry specific information
• News articles – for external views on company strategy Analysis of various options for Indian
• Management Interviews – for detailed insights market entry
• Government and regulatory body websites
Project Challenges Exhibit 2: Cost Benefit Analysis
 Given the niche and complex market, the team had to quickly
develop domain knowledge to maintain the quality standards
required for this project
Key Positives
 Axience team attended distributor conference organized by
an industry player to understand the business model first-
hand and met key distributors and telecom operators
 Rigorous primary and secondary research was conducted for
competitive benchmarking and industry analysis
Axience Business Research Offerings
Research & Insight Strategic Support Business Intelligence India Desk
 Business research  Market Analysis  Database & Mapping  Evaluation Stage
 Market research  Competition Analysis  Consumer Analytics  Market Entry Stage
 Social Media research  Corporate Development  Dashboards  Ongoing Support
For further information: Website www.axience.com; Email info@axience.com; Tel +91 22 4205 4441

8. FOOTPRINTS IN GLOBAL FINANCIAL RESEARCH
A case illustration
 Project Overview: Supported the M&A team in preparing Pitchbook for a company in the IT industry
 Client: Leading UK-based boutique investment bank
Axience Offerings:
 Presentation included detailed industry analysis,
profiling of potential targets and their valuation
using comparable company analysis
 Studied the financial statements of the 25
companies and removed non-recurring/one-time
charges from the income statement
 Calculated clean EBIT and net income for all
companies
 Calculated operating and valuation ratios and
compared companies in terms of profitability,
leverage ratios and valuation
 Presented the information in graphical format for
the target and selected its peer group
Com pany (Target) P rofiling:
Provided profiles of 10 software firms covering:
 Business description
 Product and services portfolio
 Financial overview
 Organization chart and Management and Board
overview
 Annotated stock price chart
 Precedent mergers and divestitures analysis
 Company’s strategy
Axience Corporate Finance Offerings
 Opportunity/Client Database
Business Development &  Target client mapping/industry mapping
Origination Support
 News Monitoring and opportunity identification
 Target short listing and profiling for M&A/JVs
 Info Memo Production/Offering Document
Execution Support  Industry, sector, company research, growth estimates
 Valuation/Modeling
 Comparable Company Analysis
 India related deal making and complete due diligence
 White paper production
Other Support
 Competition Monitoring – League tables
 Desktop due diligence
For further information; Website:www.axience.com . Email: info@axience.com . Tel: +91 22 6671 8696

9. FOOTPRINTS IN GLOBAL FINANCIAL RESEARCH
A case illustration
 Project Overview: Preparing an initiating coverage report for a France based small-cap Company
 Client: Leading independent pan-European investment bank and brokerage house
P roject Challenges:
 Target had grown from a small firm within a year
making eight acquisitions in FY 07, multiplying its’
revenue by 15 times and entering into three new
business lines
 Lack of information and language constraints on all
information sources – website, financial reports, public
media, management discussion transcripts and press
release
 Severe paucity of company level information
 Majority of sector level details were in regional language
 No analyst coverage
 Production of final report in three weeks including
management calls
Axience Offerings: Key P ositives:
 Provided a complete initiating coverage report  Brokerage house became the first to initiate coverage
including company overview, industry overview, for the firm
financial projections and valuation sections  Liquidity in stock significantly increased which
 Valued the company using sum-of-the-parts generated favorable environment for the stock to
analysis as the company analyzed was present in migrate from Marche Libre in France to AlterNext
four different industry segments
 Used purchase method to consolidate the
acquisitions
 Covered all four sectors in industry analysis section
CLIENT TESTIM ONIAL:
“Axience has proven precise in its analytical work and extremely timely in meeting delivery deadlines. We are pleased with
the team’s ability in supporting us in researching across different sectors with depth and consider them a reliable partner”
Director, Corporate Finance
Axience Investment R esearch
Axience proposes to set up capabilities to complement and supplement internal research teams of investment banks,
brokerage, asset management, hedge funds and independent research organizations. Following is an illustration of ways in
which Axience can support global buy side players in mitigating their research centric challenges;
Team Size Managerial Bandwidth Cost Budgeting Value Added
Services
Typical Building large in-house Exhaust significant Sub-optimum Dearth of other value
challenges faced research capability has managerial bandwidth in research budget added services due to
by research long gestation period recruitment, retention, lack of scale
team s training and development
R elated value Axience maintains a Significant enhancement in Axience provide Complementary value
proposition by ready-made pool of managerial bandwidth with significant cost added services such
Axience junior/mid level analysts junior analyst role arbitrage as monthly
to assist lead analyst outsourced to Axience benefits to its client newsletter, research
summary report,
databases
For further information; Website:www.axience.com . Email: info@axience.com . Tel: +91 22 6671 8696

10. INVESTMENT RESEARCH – EQUITY RESEARCH – INITIATION REPORT
A case illustration
 Project Overview: Client requested Axience to prepare a 20 page initiation reports on each of 10 small and
medium European companies, with a Buy/Hold/Sell recommendation for their equity shares, with a 12 month time
horizon. We have here discussed the report made on a Healthcare company.
 Client:A large independent investment house in Europe.
Division Value of
operating
Value
of
Weighting 1.2 0.21 0.01 R esearch M ethodology:
assets Equity 1
0.38
 Axience carried out information search
(€ m) (€ m)
0.8
Contract
1.05
Medical
72.0 40.28 42.2% 0.6 0.44
about the company and the industry, to get
0.4
company and industry overview.
Devices 48.6 35.02 36.7%
Care 0.2
Equipment
82.3 19.47 20.4%
0  Axience prepared a detailed earnings
14.2 0.56 0.6%
Contract Medical Care Equipment SOTP Total model with five years of historical data
devices
 SWOT analysis, Porter’s 5 forces analysis
Total 100%
Beta and management analysis for the company
FV (€) 1.75 2 2.25 2.5 2.75 were carried out.
2.00%  Earnings model was finalized with 5 year
Terminal growth
€ 1.51 € 1.18 € 0.91 € 0.68 € 0.48
2.25% € 1.62 € 1.26 € 0.97 € 0.73 € 0.52 future projections.
2.50% € 1.73 € 1.35 € 1.05 € 0.79 € 0.57  Valued the company using sum-of-the-
2.75% € 1.86 € 1.45 € 1.12 € 0.85 € 0.62 parts analysis as the company analyzed
rate
3.00% € 2.00 € 1.56 € 1.21 € 0.92 € 0.68 was present in four different industry
Sources for R esearch: segments.
• Company website – understanding business, verticals, news,  Valuation (DCF & Relative) of the equity
annual reports, management strategy shares was done with respect to
• Bloomberg database – for companyand competitor financials competitors using key valuation multiples
• Industry reports – for external views on company strategy  Axience came out with a buy/hold/sell
• News articles – for external views on company strategy recommendation based upon its analysis.
• Broker reports & discussions
P roject Challenges: YE: 31 Dec (€ m) 2007 2008 2009e 2010e
Sales (€ m) 129.5 166.3 185.7 214.8
 The company is undergoing large scale reorganization in all % change yoy 33% 28% 12% 16%
divisions; hence estimating revenues was a challenging task. EBIT (€ m) 6.21 5.96 11.32 14.70
 The company earns revenues in various currencies and hence EBIT margin 4.8% 3.6% 6.1% 6.8%
estimating all revenues in reporting currency was a challenge EPS diluted (€) 0.01 -0.01 0.01 0.05
due to exchange rate fluctuations. EV / Sales 1.91 1.02 0.96 0.84
 Lack of information and language constraints on all EV / EBIT (DA) 39.78 28.44 15.67 12.34
information sources – website, financial reports, public media, P/E (x) 190.09 -63.08 91.15 15.12
management discussion transcripts and press release. PEG -2.43 0.26 -0.54 0.03
Key P ositives:
 With Axience’s exposure to comprehensive business research,
we were able to do an in-depth analysis of the business and
come out with suitable recommendations.
Axience EquityR esearch Offerings:
Fundamental Research Trading Desks Portfolio Strategy
 Equity analysis  Model creation and updates  Back testing of theme based
 Initiating coverage reports  Relative value trade ideas portfolio ideas
 Earning update reports  Technical analysis  Support services for sector
 Thematic reports  Earning events tracker allocation
 Macro economy research  Stock performance analysis
For further information; Website: www.axience.com . Email: info@axience.com . Tel: +91 22 6671 8696

11. ENHANCING FOCUS IN ‘INDIA CENTRIC’ RESEARCH
A case illustration
 Project Overview: To build comprehensive portfolio with potential to deliver long-term investment performance
 Client: Investment Team of a leading family office
P roject Requirem ent:
 Portfolio selection process was divided into five phases,
of which Axience was allocated complete responsibility
for four phases:
 Phase I: Deciding investment themes
 Phase 2: Developing Statistical Selection screen
 Phase 3: Performing financial statement and
investment analysis
 Phase 5: Conducting peer group analysis
<<Phase 4 was executed at client end using their
proprietary systems and processes>>
Axience Deliverable:
 Selection of five stock per identified investment
themes. We delivered stock selection under four
themes – Consumer Masses, Consumer Discretionery,
Infrastructure and Power.
 For each theme, deliverable included;
o Initial Statistical Screen comprising all stocks
matching the theme
o Fundamental Screen comprising stocks qualified in
initial screening
o Ranking and selecting top quartile stocks based on
fundamental screen
o Complete financial/investment thesis on selected
stocks
o Peer group analysis for the selected stocks
 Prepared portfolio analytics for regular tracking of 20
stocks after portfolio building phase is over
Cracking the P roject: Key P ositives:
 Axience’s Indian market expertise and local  The client eventually invested in 14 out of 20 stocks
presence was useful in providing insights on recommended by us
qualitative aspects – management quality,
 Pleased with Axience understanding of industries and
corporate governance, sector growth potential
companies covered, client made Axience responsible
etc – of the covered companies
for physical due diligence on select companies
Client Testim onial
To summarize – this work is the most detailed oriented piece I have ever come across.
For further information; Website:www.axience.com . Email: info@axience.com . Tel: +91 22 6671 8696

12. INVESTMENT RESEARCH – SHORT REPORT - CREDIT RESEARCH
A case illustration
 Project Overview: Client requested Axience to prepare a 3 page credit research report on a European Telecom
company, with a Buy/Hold/Sell recommendation for its bonds, with a 6 month time horizon.
 Client: Leading global private bank.
Wind – Corporate Structure R esearch M ethodology:
 Axience carried out detailed information
search about the company and the
industry, to get company and industry
overview.
 Axience prepared a detailed earnings
model with three years of historical data
punched in the model for income
statement, balance sheet and cash flows.
 SWOT analysis, Porter’s 5 forces analysis
and management analysis for the company
were carried out.
Secondary Sources for R esearch:  Earnings model was finalized with 3 year
future projections.
• Company website – understanding business, verticals, news,
annual reports, management strategy  Relative valuation of the bonds was done
• Bloomberg database – for company and competitor financials with respect to bonds of competitors and
• Industry reports – for external views on company strategy bonds of other companies with similar
• News articles – for external views on company strategy credit ratings.
• Broker Reports - for external consensus estimates  Axience came out with a buy/hold/sell
recommendation based upon its analysis.
P roject Challenges:
 The company had a complex corporate structure, with some
of its divisions having restrictive covenants.
 With the various leveraged buyouts by the company in the
past, the possibility of any such transactions in future resulted
in an overhang on the bond prices.
Key P ositives:
 With Axience’s exposure to comprehensive business research,
we were able to do an in-depth analysis of the business and
come out with suitable recommendations even with
restrictions on report size.
 After analyzing bond prospectus, company website and other
documentation, Axience was able to present a clear issuer
structure which was the key for understanding the credit risk
and structure.
Axience Credit Research Offerings:
Fundamental Research Trading Desks Portfolio Strategy
 Corporate Credit Analysis  Model creation and updates  Back Testing of theme based
 High Yield Analysis  Relative Value trade ideas portfolio ideas
 High Grade Analysis  Yield Navigator  Support services for duration
 Thematic Reports  Tear Sheets management and sector allocation
 Macro Economy Research  Credit events tracker  Bank loan analysis
For further information; Website: www.axience.com . Email: info@axience.com . Tel: +91 22 6671 8696

13. INVESTMENT RESEARCH – COVERED BOND RESEARCH REPORT
A case illustration
 Project Overview: Client requested Axience to prepare a 3 page Research Report on a Covered Bond issued by an
Irish Bank, with a Buy/Hold/Sell recommendation for its bonds, with a 6 month time horizon.
 Client: A Bank in Europe
R esearch M ethodology:
 Axience carried out information search
about the bank and the banking industry,
to get organization and industry overview.
 Axience prepared an earnings model with
five years of historical data punched in the
model for income statement, balance sheet
and cash flows.
 SWOT analysis, Porter’s 5 forces analysis
and management analysis for the company
Secondary Sources for R esearch: were carried out.
• Company website – understanding business, verticals, news,  Earnings model was finalized with 3 year
annual reports, management strategy future projections.
• Bloomberg database – for company and competitor financials  Relative valuation of the covered bonds
• Industry reports – for external views on company strategy was done with respect to bonds of other
• News articles – for external views on company strategy
banks.
• Broker Research – for consensus views on the bank
 Axience came out with a buy/hold/sell
recommendation based upon its analysis.
P roject Challenges:
 The Risk on the covered bank was linked to the risk on the
bank, which in turn was linked to the sovereign risk as the
Bank is majority owned by the government. Hence,
evaluation of risk was a bit tricky.
 Any change in house prices would have a significant impact
on the bond value as the underlying assets in the collateral
were house properties. Estimating any such change was a
challenging task.
Key P ositives:
 With Axience’s exposure to comprehensive business research,
we were able to do an in-depth analysis of the bank and
come out with suitable recommendations.
Axience Credit Research Offerings:
Fundamental Research Trading Desks Portfolio Strategy
 Corporate Credit Analysis  Model creation and updates  Back Testing of theme based
 High Yield Analysis  Relative Value trade ideas portfolio ideas
 High Grade Analysis  Yield Navigator  Support services for duration
 Thematic Reports  Tear Sheets management and sector allocation
 Macro Economy Research  Credit events tracker  Bank loan analysis
For further information; Website: www.axience.com . Email: info@axience.com . Tel: +91 22 6671 8696

14. DELIVERY EXCELLENCE IN BUSINESS INTELLIGENCE
A case illustration
 Project Overview: Structured Credit Investor Mapping for a leading investment bank.
We supported their fund derivatives/structured fund product business and mapped business structure, investment-
strategy, asset under management, investment managers of global institutional investors, within the structured credit
space.
 Client: Leading investment bank and brokerage house
P roject Challenges:
 Large scope of project – both in terms of geographical
coverage and types of investor segment
 We screened over 500 institutional investors across
geographies to identify and profile 200+ relevant investors,
depending on their structured credit investments.
 Paucity of information regarding details on structured credit
exposure of institutional investors
P roject Results:
 Provided detailed investor mapping database
featuring over 200+ institutional investors across
geographies
 Investor Segment Coverage — Pension funds,
Family Offices/Foundations, Asset managers,
Insurance companies, Wealth Management firms,
Alternative Investment managers
 Geographical Coverage – Europe, Middle East,
Americas, Australia, Japan
Client Feedback and Recomm endation:
Client judged the interim deliverable of detailed institutional investor maps as extremely useful, high quality and unique
and increased the scope of the projects to cover structured credit specific funds and institutional investment advisors.
Business Intelligence Offerings: Axience bespoke projects identify and map client and competition supporting
management and business strategy. Axience also provides structured competition and client database services designed to
ensure effective use of available as well as sourced data and information.
Bespoke Projects Strategic Databases Reports/Newsletters Capital Market Surveys
 Investor mapping  Client  Business moves  Product
 Client mapping  Competition  People moves  Client segment
 Competition mapping  Investor  Product monitoring  Thematic
 Peer reviews  Human capital  Topical analysis  Salary
 Human capital mapping
 Product/market entry
For further information; Website: www.axience.com; Email: info@axience.com; Tel: +91 22 6671 8696

15. NICHE IN STRUCTURED FINANCE SERVICES
A case illustration
 Project Overview: Performance evaluation of US CDO/CLO transactions constituting client portfolio
 Client: Risk department of a leading European bank
P roject Challenges:
 Customized surveillance template required to address
client’s risk management objective
 CDO collateral comprised of Leveraged Loans
 Quick turnaround time and stringent timelines
 Calculation of additional information from the trustee
report, offering memorandum as well as market
counterparties
 Frequent modifications in the surveillance templates
based on client requests
Axience Offerings: Key P ositives:
 Detailed surveillance report to highlight collateral and  Additional sections on historical trends and highlights
bond information, deal characteristics, key ratios, test support client in the investment decision process
summary, etc  Quick turnaround time
 Historical information/trend analysis in graphical format  Significant help to risk management team in portfolio
for coverage tests, portfolio profile tests, collateral analysis
quality tests, etc  Changes in ratings for each asset analyzed on a
 Stratification of portfolio by different classifications periodic basis
 Analysis of Defaults and Swaps (funded / unfunded)  Established monitoring of non-regular documents
 Issuer Overlap Analysis from trustees and helped client meet regulatory
 Client specific customization requests requirements
CLIENT FEEDBACK AND R ECOM M ENDATION:
Pleased with the quality output and quick delivery, the client has extended its engagement with Axience to cover
other geographies, asset classes and services.
Credit Support Chart:
 Graphical representation depicting upgrades and
 downgrades of the underlying assets over the
period of time
 Presentation of the securities comprising pool on
the basis of rating hierarchy
 WARF analysis used as a replacement for shadow
rated securities
 Enables the potential investors to analyze various
risk level of the securities in the pool
 Tranche monitoring using borders
 Important tool for Risk Management and Analytics
team
For further information; Website:www.axience.com . Email: info@axience.com . Tel: +91 22 6671 8696

16. NICHE IN STRUCTURED FINANCE SERVICES
A case illustration
 Project Overview: CDO/CLO - Cash flow modeling
 Client: Leading CLO Investor
P roject Challenges:
 Complexity in modeling conditions and triggers
associated with asset side of the transaction as the
collateral is dynamic till the reinvestment period ends.
 Modeling revolving notes used as funding or liquidity
facility to the transaction.
 Replication of collateral and bond waterfall.
 Ensuring cash flow movement in the transaction and
quality control of data.
Axience Offerings: Key P ositives:
 Accounting for all deal specific inputs and assumptions  Axience expertise in securitization helped in Axience
including triggers, payment priorities, assets and taking significant ownership of task. Excel modeling
liabilities. with advance macros and VBA expertise helped in
 Repline or Asset level collateral cash flows. developing a robust, efficient and scalable model
 Collateral cash flows on the basis of WAC, WARM and  Comprehensive cash flow model coverage including
repayment type using different vectors such as all deal covenants, triggers and characteristics.
prepayments, defaults, recovery rate, recovery lag and  Client is considering outsourcing of 50 CLO model to
reinvestments. Axience
 Bond cash flow model based on the payment priority
and trigger events, as detailed in the deal indenture.
 Providing bond analytics such as yield, duration, NPV
etc.
CLIENT FEEDBACK AND R ECOM M ENDATION:
“We were having a significant lack of resources in modeling the cash flow of our European CLO holding. Axience
helped us in this task and team Axience was analytical and willing to go extra miles in helping us meet a deadline.”
– JB, Portfolio Manager, European Credit Fund
Structuring Considerations:
 Modeling such transaction comprises of static
approach taking the best estimated scenario
vectors such as CPR, CDR, recovery rate and
recovery lag.
 CLO valuation involves projecting cash flows for
the underlying collateral using assumptions
derived from historical collateral performance and
deal specific inputs.
 Account for deal specific payment priority,
Interest coverage tests, par value tests and
trigger events.
For further information; Website:www.axience.com . Email: info@axience.com . Tel: +91 22 6671 8696

17. MARKET SIZING OF THE EUROPEAN SATELLITE INDUSTRY
Case illustration
 Project Overview: The client requested Axience to map and assess the market size of the global European
Satellite Industry
 Client: A leading information publisher for the European Space Industry
Exhibit 1: Satellite Industry Value Chain Research Methodology
 Axience developed a quick perspective on
the European space industry, industry
technological verticals and value chain of
the satellite sector
 Axience, after having conducted its
preliminary research, consulted with
its industry expert as well as the client,
to ensure that the OEM and subcontractor
categorization was both exhaustive and
universally accepted
 Axience undertook rigorous secondary
research and developed a detailed
database of enterprises, referenced per
Sources for R esearch:
• Company websites – understanding business, technology
industry sub-category and technology
verticals, news, annual reports, management strategy  Axience then estimated the aggregate
• Databases – for company and competitor financials market size of the European satellite
• Industry reports – for industry specific information industry based on data gathered from
• News articles – for external views on company strategy financial documentations, research
• Expert Interviews- for detailed insights references and expert consultation
• Government and industrial associations’ websites  Axience conducted primary research
• In-depth interviews with management, industry experts and undertaking in-depth interview with key
regulators
stakeholders
Project Challenges Exhibit 2: Company Profile
 Business research for the industrial sector is always
challenging. In addition, space and satellite sector is niche
and is technical in nature.
 The subcontractors and suppliers often have a limited online
presence; and occasionally, language barriers were a grey
area.
Key Positives
 Axience developed a focused industry map, customized to
specific client requirements. Combined with the market size
assessment, the deliverable proved to be an excellent
reference resource for the client.
Axience Business Research Offerings
Research & Insight Strategic Support Business Intelligence India Desk
 Business research  Market Analysis  Database & Mapping  Evaluation Stage
 Market research  Competition Analysis  Consumer Analytics  Market Entry Stage
 Social Media research  Corporate Development  Dashboards  Ongoing Support
For further information: Website www.axience.com; Email info@axience.com; Tel +91 22 4205 4441

18. STRATEGIC SUPPORT FOR A BIOTECHNOLOGY FIRM
Case illustration
 Project Overview: Client requested Axience to compile a detailed report on M&A activity in the molecular
diagnostics industry in 2010
 Client: A leading biotechnology company based in Europe
Exhibit 1: Number of Deals Research Methodology
16  Axience methodology included detailed
source list creation through public sources
12 and databases
 Bloomberg and other deal databases were
8 used to collect additional information about
the deals
4  Recursive search on deals, companies,
people, geographies, based on a structured
0 process using exhaustive key words list and
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 advanced internet research techniques
 The information then collected would be
cleaned and finally presented in the
Sources for R esearch: deliverable format
• Company website – understanding business, verticals, news,
 Selected target buyers and sellers which
annual reports, management strategy
• Databases – for company and competitor financials
were involved in transaction were profiled
• Industry reports – for industry specific information in detail
• News articles – for external views on company strategy  Axience compiled the list of regional
• Government and regulatory body websites company registries in Germany to gather
financial details not available in public
domain.
Project Challenges Exhibit 2: Deal Value Break-up
 Obtaining the list of all the deals in the niche segment of
30
molecular diagnostics in the last 12 months globally
 Limited time frame for execution 25
20
Key Positives 15
 Axience through its detailed research listed down all the deals 10
in the last 12 months and also profiled the top buyers and 5
sellers in the molecular diagnostics category 0
 Axience further supported the management in meeting with 0-5 5-10 10-30 30-50 50-100 100-150 150-200 Above
200
Indian Oncology companies and compiled a list of PE/VC
firms with portfolio firms in the oncology industry
Axience Business Research Offerings
Research & Insight Strategic Support Business Intelligence India Desk
 Business research  Market Analysis  Database & Mapping  Evaluation Stage
 Market research  Competition Analysis  Consumer Analytics  Market Entry Stage
 Social Media research  Corporate Development  Dashboards  Ongoing Support
For further information: Website www.axience.com; Email info@axience.com; Tel +91 22 4205 4441

19. INDUSTRY RESEARCH REPORT FOR EUROPEAN SPORTING GOODS MARKET
Case illustration
 Project Overview: Overview of the European Sporting Goods Market and benchmarking of major players
 Client: An US-based boutique consulting
Exhibit 1: Industry Overview Research Methodology
 Prepared an industry overview including
overall industry size, market share of key
players and key growth drivers
 Identified global players and benchmarked
them using analytical modeling techniques
 Profiled major players along following
metrics:
• Business overview
Sources for R esearch: • Key financials
• Company website – understanding business, verticals, news,
annual reports, management strategy • Key products/ services
• Databases – for company and competitor financials • Top management and shareholders
• Industry reports – for industry specific information
• News articles – for external views on company strategy • Geographical reach
• Management Interviews- for detailed insights • Recent mergers and acquisitions
• Interviews with sports industry experts especially in Central
and Eastern Europe • Recent news and developments
Project Challenges Exhibit 2: Top 12 European Markets
 Limited data: Data availability, especially in central and
eastern Europe was low. Axience assumptions / analysis was
used to estimate the industry size and future trends
 Currency fluctuations: Aligning historical industry data
and statistics reported in different currencies into a common
base was a key challenge.
Key Positives
 Axience helped the client to understand the industry structure
along with the identification of major players in the domain
 Client eventually could screen out few geographies to focus
for the next round of research deliverable
Axience Business Research Offerings
Research & Insight Strategic Support Business Intelligence India Desk
 Business research  Market Analysis  Database & Mapping  Evaluation Stage
 Market research  Competition Analysis  Consumer Analytics  Market Entry Stage
 Social Media research  Corporate Development  Dashboards  Ongoing Support
For further information: Website www.axience.com; Email info@axience.com; Tel +91 22 4205 4441

20. BUSINESS INSIGHTS GENRATION FOR AN AUTOMOTIVE MAJOR
Case illustration
 Project Overview: A major international automobile manufacturer consulted Axience to develop its car dealership
network in key Indian cities
 Client: An European automotive major
Research Methodology:
Task
Dealer Details 1st Shortlist 2nd Shortlist 3rd Shortlist
The project involved identification of
potential dealers and favorable sites for
Output
• 20 dealers in • 10 dealers in • 5 dealers in major
major cities
• 8-10 in small cities
major cities
• 4-5 in small cities
cities
• 2-3 in small cities
new dealerships. Based on the objective,
the study involved following steps:
Source
Internet /
 Short-listing cities with maximum
Internet Interviews Field Research
Interviews
potential: a short-list of cities was
generated based on factors such as car
Sources for R esearch: sales data, income per capita and growth,
• Company website – understanding business verticals, penetration of white goods and two-
news, annual reports and management strategy wheelers. Axience collected this information
• Bloomberg database – for target list and financials from government sources, automotive
• Industry reports – for external views on company reports and various industry sources. A
strategy total of ten cities were shortlisted.
• News articles – for external views on company  Mapping dealer networks, due
strategy diligence, and identification of high
potential dealers: a three stage short-
listing process was used to arrive at final
Project Challenges: list of potential dealers.
 Discussion with marketing managers:
 Information sources are not readily available – Axience To further ensure exhaustiveness, and to
adapted by combining both primary as well as secondary gain insights regarding regional trends and
data collection methodologies to deliver a quality product buying behaviors, Axience conducted
 India is a complex market, and it is always a challenge to interviews with senior marketing managers
pick a representative sample size when conducting primary of major automotive companies across
research – Axience drew on its network of industry experts India.
to revalidate the representativeness of the sample  Identification of favorable dealership
population. locations: Axience conducted rigorous
secondary research based on
Key Positives: socio-economic indicators such as
 Axience developed a brief and actionable deliverable, making population growth and economic
effective use of the right research methodologies and prosperity. Interviews were conducted with
resources. dealerships and real estate agents to better
 As a value-add, Axience also evaluated Tier II cities in India understand the logistics and economics
and developed a location strategy for the client. affecting various location alternatives.
Axience Business Research Offerings
Research & Insight Strategic Support Business Intelligence India Desk
 Business research  Market Analysis  Database & Mapping  Evaluation Stage
 Market research  Competition Analysis  Consumer Analytics  Market Entry Stage
 Social Media research  Corporate Development  Dashboards  Ongoing Support
For further information: Website www.axience.com; Email info@axience.com; Tel +91 22 4205 4441

21. RfP CoNTACT Hemant Jain
CEo
hemant.jain@axience.com
〈direct 〉 +91 22 4205 4471
〈mobile 〉 +91 98 6716 0611
〈mobile 〉 +44 7515 641 602
Discover us at www.axience.com
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