This document introduces equity research solutions from ValueAdd Research. It provides an overview of the company's services, sectors covered, leadership team and client examples. ValueAdd offers comprehensive equity research, fixed income research, and business strategy consulting. It has experience across many sectors and regions. The company aims to provide cost-effective research support through flexible engagement models to suit various client needs.

1. Business Strategy & Consulting Research
Investment Banking
Equity Research
Fixed Income & Credit Research
INTRODUCTORY PRESENTATION
Confidential | June 2017
Introduction to Equity Research Solutions

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About Us
Company
Founded by experienced professionals from research, banking, and engineering domain. End-to-end service
delivery to global clients across regions, sectors, and research areas. Truly a customer-centric organization
Clients
Our reputed clientele includes global sell-side and buy-side firms, global banks, private equity firms,
corporations, business consulting firms, and market research firms
Services
Comprehensive offerings including equity research, fixed income and credit research, investment banking
research, and business/strategic & market research
Sectors
We provide service across sectors including automotive, telecom, BFSI, media, technology, energy, oil & gas,
utilities, retail, food, and healthcare
Analyst team
Our team of analysts is well experienced in respective areas, sectors, and regions; and are also cross-
trained on multiple areas of research

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Dynamic Leadership Team with Strong Domain
Girish Bhise (Founder, CEO)
Girish has over 15+ years of research experience across investment banking, equity research, fixed income and credit research, and
business strategy research for large global clients including asset management firms, investment banks, brokerage firms, corporations,
private equity & venture capital firms. Has extensive experience in successfully managing large-scale research right-shoring transitions
across multiple regions. He is an MBA with specialization in Finance from the University of Pune, and Bachelor in Commerce from the
University of Mumbai.
Vaishali V. (Director)
Vaishali has over 30 years of commercial banking experience with one of the largest Indian banking groups – State Bank of
India. Has vast experience across different banking functions including, corporate banking, SME banking, banking operations,
and branch audit and account finalization. She was part of core banking implemention team in various branches across the state.
She is a Bachelor in Arts, and majored in Sociology from the University of Mumbai
Andy Smith (Special Advisor – Capital Markets Research)
Andy is one of the world’s leading developed & emerging market analysts with more than 20 years’ experience as a #1 rated analyst,
Head of Investment Research and distinguished Hedge Fund manager. As the MD and Head of EM consumer research at Bank of
America Merrill Lynch, Dubai, he lead the BAML EM consumer team to the #2 position in the Institutional Investor Survey. In 2014 Andy
was voted as ‘Head of Research for EEMEA’ in the independent Sammons survey of global investors. Has won many accolades in his
career as Global Head of Research at Sberbank/ Troika Dialog, MF Global, Millennium Capital (NY & London), Citadel LLP, Citigroup,
ABN AMRO Hoare Govett, and Unilever. He is an MBA from Cranfield University, and MA & M Eng. from Cambridge University
Sachin Kulkarni (Advisor - Business & Technology Research )
Sachin has over 10 years of industry experience with Google Inc., Versata and Persistent Systems. Expertise in project management,
software programming, and technologies including distributed systems, parallel computing, data mining, and audience-based Ad
targeting. Presently, he is a Software Engineer with Google Inc., since 2008, and is based in California, USA. Also, earlier worked with
Versata and Persistent Systems in India. Has been a rank holder throughout. Was a 3rd Rank holder in Master in Technology in
Computer Science, at IIT Kharagpur, India (2007); and a Bachelor of Engineering in Computer Science from Pune, India (2003).

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ValueAdd’s exhaustive industry coverage spans across mainstream and
niche industries across regions
 Our team has experts in the mainstream and as well as a
few niche sectors
 Adept with regional nuances of sectors
 Hands-on experience in supporting large clients across the
globe
 Adequate documentation of industry drivers and other
dynamics for internal training purposes
 Staffing of ValueAdd research analysts is done based on
prior experience in the concerned sector
Key Highlights Wide Industry Coverage
Automotive
12%
Healthcare
12%
Retail
10%
Telecom
10%
Technology
8%
Industrials
7%
Oil & Gas
7%
BFSI
6%
Metals,mining
4%
Paper &
Packaging
4%
Utilities
3%
Others
15%
Transportation
2%
Have collectively delivered ~4,000 financial models, written 3,500 reports/tearsheets, ~120 sector updates, supported ~75
transactions, across the sectors

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Our offerings span across the research spectrum – Suite of Services
Industry Research
Corporate Strategy & M&A
Research
Corporate Business Surveillance
Equity Capital Market
Debt Capital Market
M&A Advisory
Prop Trading Desk
Valuation Modeling
Equity Research Reports
Coverage Maintenance
Idea Generation /screening
Technical analysis/
News Monitoring
Corporate Credit / Financials
Structured Finance
Macro Research
Counter-Party Credit Risk
Procurement Research
Intellectual Property Research
Technology Solutions Across Research Segments

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Equity Research – Bouquet of Services
Equity/Valuation
Modeling
Research
Notes/Tearsheets
Idea Generation/
Screening
Fixed Income
Research
 In-depth forecasted models
 Detailed valuations
(DCF/SOTP/RV)
 Sensitivity & surprise
analysis
 Equity database & analytics
 Investment summary &
arguments
 Industry analysis/Porter’s
model
 Business, operating,
financial performance &
valuation
 Quantitative/qualitative
screening to find mispriced
opportunities
 Top-bottom & bottom-up
analysis
 Primary issuance grading
Coverage
Maintenance
 Earnings & corporate
actions update
 Earnings blurbs
 Daily morning news &
market wrap
 Sector-wise earnings
analysis

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Comprehensive expansion support:
 Initiated equity valuation models for additional ~100 stocks, across energy,
utilities, and metals & mining
 The coverage included public and private companies across US
Ongoing coverage update:
 Regular models & notes updates for earnings, corporate actions, and news
releases
Additional support:
 Additional support included stock screening, peer analysis, primary issue
research, and quarterly sector updates
Client Requirements
A multi-billion dollar hedge fund based in the US needed a dedicated equity research coverage support to enhance their research bandwidth
to focus on idea generation and create alpha
ValueAdd Solution
 Client could double the viable investment
opportunities due to the coverage expansion
support
 High quality research support with investment
views/ recommendations
 Cost-effective research solution, relatively
quicker turnaround time than Do-It-Yourself
option
Key Client Benefits
Live Case Example:
A US-based multi-billion dollar equity-focused hedge fund doubled its
coverage

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Hands-on experience on databases

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We offer customized engagement models to suit clients’ unique
requirements
Description: ValueAdd supports its clients with dedicated
analyst(s) who exclusively work on specific client mandates
Suitability: Mostly suitable for recurring and ongoing
requirements with visibility of volumes
Period: Generally annuity (12 months)
Pros & Cons:
+ Continuity of service
+ High probability of achieving productivity benefits & cost
saving
+ Volume-discounted pricing
+ Direct contact with ValueAdd analyst(s)
Innovative engagement models for optimal positive impact
ValueAdd offers two types of engagement models, a) full-time equivalent analyst model, and b) Bespoke or ad hoc model
Full-time equivalent (FTE) model
Description: ValueAdd supports its clients for bespoke project
requirements with best suitable analysts
Suitability: Mostly suitable for ad hoc or bespoke requirements
Period: Bespoke
Pros & Cons:
+ Flexibility
+ Manage project’s profitability effectively
+ Relevant analysts (e.g. sector expert) for varied/niche
requirements
- Less probability of achieving productivity benefits
- Relatively higher pricing to factor the downtime
Bespoke or ad hoc model

10. 511, Marathon Max, LBS Road, Mulund
(W), Mumbai – 400 080, India
info@valueadd-research.com
www.valueadd-research.com
US: +1 646 461 1721
India: +91-982 076 3536
Note: This is an exclusive property of ValueAdd Research & Analytics Solutions, and neither full nor part of this presentation may be used, shared, modified,
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York City, New York, 10016, USA