RAJAT BHATIA

RAJAT BHATIA
Founder & CEO Tel: 561 901 9619
Fax 877 817 4655

NEURAL CAPITAL
1525-S Spring Harbor Drive Delray Beach, FL 33445, USA

Work Email: rajat@neuraltrader.com Personal Email: rajatbhatia001@yahoo.com Skype: rajatbhatia001

SUMMARY

Rajat Bhatia is the Founder & CEO of NEURAL CAPITAL a boutique investment banking firm that specializes in raising venture capital and private equity for early stage and growth stage firms. Neural Capital also develops quantitative trading strategies for the global financial markets. The trading strategies of Neural Capital include the Neural Trader and the Silver Box, which had a positive return of 124% in 2008 during the market meltdown. He has also consulted to hedge funds, Wall Street banks, money managers, law firms and consulting firms such as: McKinsey & Company, New York City Oliver Wyman & Company, London Bain & Co, New York Morgan Stanley, New York City Principal Investments Deutsche Bank, Asia Global Credit Trading Commonwealth Bank of Australia, Sydney Barclays, London Saudi American Bank, Riyadh Neuberger Berman, New York Alliance Bernstein, New York Schroeders Investment Management, Asia Susquehanna International Group, Philadelphia Sageview Capital, San Francisco Friess Associates, Delaware Liability Solutions, London Dubai Knowledge Village, Dubai Bahrain Institute of Banking & Finance, Bahrain Bernstein Litowitz Berger & Grossmann LLP, New York
AREAS OF EXPERTISE

Corporate Finance and Mergers & Acquisitions Venture Capital Private Equity Strategic Consulting and Advisory services Derivative Products: Credit, Currencies, Energy, Equity, Fixed Income, Commodities Global Debt Capital Markets: Yankee, Euro, Samurai, Dragon and Global Bond Issues Global Markets Research and Analytics Alternative Investment Strategies Proprietary Foreign Exchange Trading Quantitative Financial Modeling Quantitative Trading Strategies 1|Page

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WORK EXPERIENCE

Prior to starting NEURAL CAPITAL, Rajat worked for many years as an international investment banker with bulge bracket wall street firms. His employment history covers:
Founder and CEO NEURAL CAPITAL, Florida Partner FINANCIAL ENGINEERING, Florida Lead Portfolio Analyst WILLIAMS ENERGY TRADING, TULSA Founder and CEO INDIAFX.com Senior Vice President CITIBANK GLOBAL ASSET MANAGEMENT, London Alternative Investment Strategies Group Vice President LEHMAN BROTHERS INTERNATIONAL, London Global Derivative Products Group Assistant Vice President MERRILL LYNCH CAPITAL MARKETS, Hong Kong Asia Pacific Capital Markets and Derivative Products Group Management Consultant BOOZ ALLEN HAMILTON, Sydney, Australia Financial Markets Group Manager CITICORP INVESTMENT BANK, INDIA Interbank Foreign Exchange Trading Group Management Consultant ANDERSEN CONSULTING, LONDON Financial Markets Group 11/2005 - Present 12/2002 - 11/2005 08/2001 - 11/2002 06/1997 - 06/2001 07/1996 - 11/1997 01/1995 - 06/1997 07/1993 - 12/1994 05/1992 - 05/1993 06/1988 - 05/1991 06/1987 - 05/1988

As an investment banker, Rajat worked with the following clients in the public and private sectors: Asia Pacific: Ministry of Finance, Republic of India, New Delhi Reserve Bank of India, Headquarters, Mumbai, India Asian Development Bank, Manila Oil and Natural Gas Corporation, New Delhi Indian Oil Corporation, New Delhi National Thermal Power Corporation, New Delhi ICICI, State Bank of India, IDBI, IFCI Korea Electric Power Corporation Republic of China Electricity Generating Authority of Thailand Air India Europe: Republic of Italy Kingdom of Belgium European Bank for Reconstruction and Development (EBRD) Postipanki Bank, Finland Cargill, England Industrial Bank of Japan, London Scottish Life and Scottish Widows, Edinburgh and Glasgow

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NEURAL CAPITAL has also provided strategic advisory and investment banking services to start up firms located in California, Boston, Seattle, Washington D.C. and India in the following industries: Advanced Solar Technologies Specialty Chemicals and De Copier Technologies Aerospace Green Construction Technologies and Materials Global Housing Air Taxi Services Next-generation Hybrid / Electric Aircraft Refinery Projects
EDUCATION

Columbia University, New York (1991 to 1992) Master of International Affairs with specialization in International Banking and Finance. Deans Fellow top 5% of the Class of 1992 Indian Institute of Management, Ahmedabad (1985 to 1987) - MBA with a major in Finance Class of 1987 St. Stephens College, University of Delhi (1982 to 1985) - B. A. Honors in Economics Class of 1985
AWARDS, HONOURS and INTERESTS Academic: Founders Gold Medal at La Martiniere for Boys, Calcutta in 1980 for Ranking first in ICSE Examinations Deans Fellow at Columbia University, New York (top 5% of the Class of 1992) Professional: Winner (most profitable bank) of the November 1988 Citibank Asia-Pacific Bourse Game in Singapore Elected Best Trader in Asia-Pacific at the 1988 Citibank Asia-Pacific Bourse Game Literary: Cambridge Essay Prize at St. Stephens College, 1985. Editor of Synergy a monthly student magazine at IIM Ahmedabad Editor of the student Yearbook at IIM Ahmedabad Author of the book One Mans Dream A Million Kids Beneficence Sports: Vice President, Tulsa Cricket Association 2001-2002 Played cricket for Hampstead Cricket Club, London 1999-2000 Played cricket for the Palm Tree Cricket Club, Highgate, London 1996-2000 Captain of the Cross Country Athletics team at IIM Ahmedabad Member of the soccer team at IIM Ahmedabad Member of the Adventure Club at IIM Ahmedabad - Leader of the cycling and mountain trekking trip from IIM Ahmedabad to Mount Abu - Member of a cycling trip from IIM Ahmedabad to Lothal (center of the Indus Valley civilization) Member of the Cross Country Athletics team at St Stephens College Athletics track champion in both the 800 and 1500 metres at La Martiniere for Boys, Calcutta in 1980 Cross country Flying in Cessna 152 and 172 at Merritt Island, Cape Canaveral, Florida Aerobatic Flying in T-67 Slingsby aircraft at Compton Abbas Air Base, Dorset, England Played Tennis and Squash at the school, college or club level Recreational swimming, snorkeling and windsurfing

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PUBLICATIONS

Financial Chernobyl or Manageable Risk - The brewing storm in CDOs and sub-prime mortgages published in The Hedge Fund Journal, London, August 2007 Artificial Neural Networks in Finance in the Financial Express, July 2007 Currency and Interest Rate Swaps in the Economic Times, 1988 Caps, Collars and Floors in the Economic Times, 1988 Offshore Banking in India in the Financial Express, 1988 One Mans Dream A Million Kids Beneficence, a book on De Nobili School and the Life of Father Hess
LANGUAGES English - Fluent written as well as spoken Hindi - Fluent written as well as spoken Punjabi Fluent Conversational Bengali - Fluent Conversational Russian Basic Conversational

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Appendix 1: CORPORATE FINANCE DEALS LIST (INCLUDING M&A, PRIVATE EQUITY AND VENTURE CAITAL)

CLIENT TELSTRA, Australia And VSNL, India

DEAL SIZE US$ 1 billion

TYPE OF DEAL Cross Border M&A

DEAL STRUCTURE Advised TELSTRA on the valuation of VSNL Indias sole International Telecom operator. Negotiated a cross-border M&A deal with VSNL and the Foreign Investment Promotion Board of India on behalf of Telstra. Deal was not consummated because the Foreign Investment Promotion Board refused permission for a foreign entity to take a majority stake in VSNL. Performed cash flow modelling and valuation of VSNL and worked closely with the senior management of both sides. Private placement of equity with Bankers Trust Funds Management, Sydney. The company was listed on the Mumbai Stock Exchange. Restructuring of the banks domestic retail branch network prior to privatisation as part of a team of management consultants from Booz.Allen & Hamilton, Sydney. Growth stage financing for an Indian refinery firm listed on the Bombay Stock Exchange and on Luxembourg Stock Exchange Start up aerospace component manufacturer to outsource the manufacturing of aerospace components from United Technologies and Boeing Growth Stage private equity investment in an American firm looking to enter the Indian market for green construction materials Stage 1 Venture Capital for an advanced solar technology form specializing in multi junction solar cells

Listed Indian Petrochemicals company Commonwealth Bank of Australia

US$ 15 million

PIPES

Strategic Advisory

Business Restructuring prior to Privatization Private Equity

Listed Refinery Company Start up Aerospace component manufacturer Green Construction Technologies Company Advanced Solar Technologies Company Start up Nano Technology Company

$ 200 million

US$ 15 million

Early Stage / Seed Investment

US$ 20 million

Private Equity

US$ 20 million

Venture Capital

US$ 10 million

Private Equity

Currently working with a start up Nano Technology company focused on new technologies and alternative fuels such as ethanol to raise $ 10 million as seed capital from venture capital / private equity investors. Investment in Distressed real estate both commercial and residential. Deals include several well know hotel properties like the St Regis in Dana Point, California, the La Costa, Fountainbleau in Las Vegas and several buildings in Miami and South Florida which are in distressed sale

Various Real Estate Deals

US$ 20 million to US$ 300 million

Financial Restructuring and Distressed Investments

This is only a partial list of deals for illustration purposes only. The deals list is to be treated as being private and confidential and is not for onward circulation.

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Appendix 2: DEBT CAPITAL MARKETS DEALS LIST

CLIENT Republic of Italy

DEAL SIZE US$ 1 billion

TYPE OF DEAL Global Bond Issue

DEAL STRUCTURE Global bond issue and simultaneous re-structuring of liability portfolio which included international bonds issued in US Dollars, Sterling, ECU, Yen, Deutsche Marks and French Franc. Identified potential savings of US$ 30 million for the Republic of Italy. Global bond issue including bond-buy backs through tender offers. Global bond issue along with simultaneous re-structuring of their liability portfolio involving bond-buy backs through tender-offers. Two-tranche, 5 year and 7 year maturity

Kingdom of Belgium

US$ 500 million US$ 500 million

Global Bond Issue

European Investment Bank

Global Bond Issue

Indian Oil Corporation Korea Electric Power Corporation

US$ 250 million US$ 450 million

Eurobond issue

Eurobond issue

US$ 450 million Eurobond issue along with the exercise of put options on their outstanding bonds which resulted in cheaper re-financing. 7-year Euro bond issue prices at 150 over T-Bond curve

Industrial Credit & Investment Corp of India Industrial Development Bank of India Asian Development Bank and ONGC

US$ 25 million

Euro Bond issue (CoManagers)

US$ 25 million

FRN issue (CoManagers)

7-year FRN issue priced at 6-month US$ Libor + 82.5 bp

US$ 650 million

Hybrid bond issue Yankee and Euro

The bonds had a principal guarantee from the ADB (rated AAA) and a coupon guarantee from ONGC (rated BB+). This reduced the new issue spread on this structured 12year bond issue from 350 basis points over 10-year US Treasuries to 170 basis points 10-year maturity

Republic of China

US$ 1 billion

Global bond issue

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Appendix 3: STRUCTURED DERIVATIVE PRODUCTS DEALS LIST (for Institutional Investors)

CLIENT Baring Asset Mgt, London Springfield Asia, Hong Kong

DEAL SIZE US$ 10 million

TYPE OF DEAL Option embedded MTNs FX Digital/Pyramid Note Diff. Swap

DEAL STRUCTURE Structured investments linked to Italian Lira swap rates

US$ 5 million

Coupon = IDR 27% or 10% or 0.00% depending upon IDR/US$ range

Nissho Iwai, Japan

US$ 70 million

Unwind of structured and leveraged deal indexed to the spread between 10-year Swedish Kroner swap rates and 10year Danish Kroner swap rates. Hedging of US Treasury Bond portfolio through structured swaps and options on US long bond. * * * * 10 times leveraged swap indexed to DEM, FRF and GBP swap rates 10 times leveraged swap indexed to 3 month CAD 15 times leveraged swap indexed to 3 month ECU and GBP 10 times leveraged swap indexed to DEM, FRF and GBP swap rates

PT Ispat Indo, Jakarta Overseas China Bank, Taiwan (4 deals)

US$ 50 million

Portfolio Hedge

US$ 8 million US$ 9 million US$ 16 million US$ 8 million

Re-structuring of structured interest rate swaps

KS Global Fund, Tokyo Toshoku, Japan

US$ 200 million US$ 49 million

Structured notes

Coupon = 12 months Yen Libor + 101.80 US$ put, Yen call K/O 102.80, Hurdle 91.80 Coupon = 12 month Yen Libor + 102.30 US$ put, Yen call K/O 104.30, Hurdle 92.30 Coupon = strike - 6 month ITL Libor Coupon = strike - 6 month ITL Libor

Structured notes

Fuji Oil, Japan Nippon Sanso, Japan

US$ 50 million US$ 58 million

Inverse Floaters Inverse Floaters

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Appendix 4: STRUCTURED DERIVATIVE PRODUCTS DEALS LIST (Liability Management Driven Deals)

CLIENT British Aerospace

DEAL SIZE US$ 400 million

TYPE OF DEAL Structured interest rate swap

DEAL STRUCTURE Re-structuring of debt portfolio using interest rate options and swaps at a time when US interest rates were very low and the yield curve was very flat. Bond issue with embedded jet fuel oil put options to finance the purchase of new Boeing 747s under a partial guarantee from the US Exim Bank. Swap unwind.

Air India

US$ 350 million

Jet Fuel Linked Financing

Industrial Finance Corporation of India General Electric Capital Corp.

Yen 40 billion

Cross-currency interest rate swap Emerging market hedge

US$ 10 million

1 year deal indexed to non-deliverable Indian Rupee forwards. This deal was designed to hedge General Electrics exposure to investments to India. Structured financing swap with embedded digital FX options to reduce their cost of funding from 50 basis points over 6-month US$ Libor to 35 basis points. Yen fixed rate swapped into US$ floating rate

Hanil Bank, Korea

US$ 100 million

Eurobond issue with financing swap

EGAT, Thailand

Yen 50 billion

Cross-currency Interest Rate Swap Structured interest rate swap Various structured deals

Air India

US$ 650 million US$ 25 million US$ 90 million

Structured deal to swap a portfolio a floating rate loans into one fixed rate liability to hedge US$ interest rate risk. Unwinding of US$/Yen and US$/DEM knock-out Options Structuring of US$ floating rate liabilities into Yen Floaters through structured swaps

PT Sinar Mas Group Treasury, Jakarta

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Appendix 5: ALTERNATIVE INVESTMENT STRATEGIES DEALS LIST CBOs / CLOs, CREDIT DERIVATIVES AND FUND-OF-HEDGE FUNDS

CLIENT Postipankki Bank Finland Various Investors

DEAL SIZE US$ 450 million US$ 150 million

TYPE OF DEAL Mortgage Backed Securities Participating Obligations Without Residuals

DEAL STRUCTURE Re-structuring and hedging of the Mortgage Backed Securities Portfolio using caps, floors and swaptions. Collateralised Bond Obligation with Principal and Contractual Coupon rated A2 by Moodys. Unrated Contingent coupon that is dependent upon cash flows from High Yield Bond Portfolio aith average rating of B1 Collateralised Bond Obligation with Senior Tranche rated A2 by Moodys and wrapped with a CAPMAC guarantee Equity tranche unrated with a targeted return of 14%.

Various Investors

US$ 350 million

Captiva CBO - I

Various Investors

US$ 300 million US$ 500 million

Captiva CLO - I

Collateralised Loan Obligation with Senior and Junior Tranches The Legion Funds and Alpine Select were fund-of-hedge funds that were created by Citibank Global Asset Management out of the San Fransisco office and marketedto institutional investors in Europe, the Middle East and Asia. Portfolio of Loans made to China, India and the Philippines re-packaged and sold to Banque Brussels Lambert with a credit derivative to back the transaction. The deal was driven by tax considerations. Credit Derivative for electricity projects in India

Various Investors

Legion Fund and Alpine Select

Banque Brussels Lambert

US$ 1 billion

Asset Backed Tax Driven Credit Derivative

Asea Brown Boveri, Switzerland Sumitomo Bank, Singapore

CHF 13 million US$ 150 million

Hedging of Credit/Default Risk Hedging of Credit risk

Credit Derivative for hedging their loan portfolio in Indonesia

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