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Anil Ambani * Uday Khemka B Ramalinga Raju *

Group Chairman and CEO Director Founder and Chairman

Reliance Anil Dhirubhai Ambani Group SUN Group of Companies Satyam Computer Services Limited
Bernard Arnault Vinod Khosla M Rammohan Rao
Chairman and CEO General Partner Dean
LVMH Kleiner Perkins Caufield & Byers Indian School of Business
Rahul Bajaj * Uday Kotak * Girish Reddy *
Chairman Executive Vice Chairman & MD Founder
Bajaj Auto Limited Kotak Mahindra Bank Limited Prisma Capital Partners LP
Manvinder S Banga Bon-Moo Koo Thomas Robertson
President - Foods Chairman Dean
Unilever Plc LG Chemical Ltd./LG Electronics Inc. The Wharton School
Scott Bayman Anil Kumar * Arun Sarin
Former President and CEO Director Chief Executive
GE India McKinsey and Company, Inc. Vodafone Group PLC
Riley Bechtel Arjun Malhotra James Schiro
Chairman and CEO Chairman and CEO Chief Executive Officer
Bechtel Group, Inc. Headstrong Corporation Zurich Financial Services
Lloyd C Blankfein Harish Manwani * Ajay Shah
Chairman and CEO President, Asia & Africa, Unilever Plc and Founder and CEO
The Goldman Sachs Group, Inc. Chairman, Hindustan Unilever Limited Shaw Capital Partners
Ronnie Chan Aman Mehta Kiran Mazumdar - Shaw *
Chairman Former Chief Executive Officer Chairman and Managing Director
Hang Lung Development Company HSBC Limited Biocon India Limited
Purnendu Chatterjee * Victor Menezes Analjit Singh *
Chairman Former Senior Vice Chairman Chairman
The Chatterjee Group Citigroup Max India Limited
Keki Dadiseth Heinz-Werner Meier Pramath Raj Sinha *
Former Director, HPC Division Chairman of Management Board and Founding Dean, ISB
Unilever Plc Senior Vice President Founder and MD, 9.9 Mediaworx
Sanofi Aventis Deutscheland GmbH
Michael S Dell Charles Miller Smith
Chairman of the Board Lakshmi Mittal * Chairman
Dell Inc. President and CEO Scottish Power PLC
Arcelor Mittal
Yogesh Deveshwar * Martin Sorrell
Chairman Yoshihiko Miyauchi Chief Executive Officer
ITC Limited Chairman and CEO WPP Group PLC
Orix Corporation
Juergen Fitschen Mallika Srinivasan *
Member, Group Executive Committee Mark Moody-Stuart Director
Deutsche Bank AG Director Tractor and Farm Equipment Limited
HSBC Holdings PLC
Adi Godrej * Sanjay Subhedar
Chairman Sunil Kant Munjal * General Partner
The Godrej Group Managing Director Storm Ventures
Hero Corporate Services Limited
Prabhu Goel Rana Talwar
CEO and Chairman James Murdoch Chairman
iPolicy Networks Chairman and CEO Sabre Capital Worldwide
British Sky Broadcasting
Rajat Gupta * Daniel Vasella
Chairman, ISB and Sr Partner Worldwide N R Narayana Murthy * Chairman and CEO
McKinsey & Company, Inc. Chief Mentor Novartis International AG
Infosys Technologies Limited
Vinita Gupta Romesh Wadhwani
Founder Shiv Nadar * CEO and Managing Partner
Quick Eagle Network Founder Symphony Technology Group
HCL Technologies
Vinod Gupta Jacob Wallenberg
Founder and CEO Sanjay Nayar * Chairman
InfoUSA, Inc. CEO, Citigroup India and Area Head - Skandinaviska Enskilda Banken
Bangladesh, Sri Lanka and Nepal
Urs Hoffmann Arshad Zakaria
Managing Director Vikram S Pandit President and CEO
Credit Suisse Group CEO, Citigroup Inc New Vernon Capital LLC
Donald Jacobs Deepak Parekh * Peter Zencke
Dean Emeritus Chairman Executive Board Member
Kellogg School of Management HDFC SAP AG
Dipak Jain Rajendra Pawar *
Dean Chairman
Kellogg School of Management NIIT Limited
K V Kamath * Teh Kok Peng
Managing Director and CEO President
ICICI Bank Limited GIC Special Investments Pte Limited

Executive Education Risk Management, Security

Marketing Services, Centre for Executive Education Programme in Analysis and Portfolio Allocation
Indian School of Business, Gachibowli, Hyderabad - 500 032, India
Ph: +91 40 2300 7041/42, Fax: +91 2300 7040, Email: execed@isb.edu Financial Engineering in Global Financial Markets
To be successful in today’s globalised business environment, the financial services

industry needs well-trained financial engineers with a high level of sophistication in

managing assets and risks. Investment banks, commercial banks, insurance companies,

investment management and venture capital firms, and others are seeking professionals

who can bridge financial theory and practice by applying cutting-edge quantitative

methods to decision making in the areas of risk management, asset management,

derivatives valuation, security design and structuring, hedging and replication, quantitative

trading, corporate treasury functions, and portfolio management.

The Financial Engineering, programme jointly offered by ISB and UCLA Anderson,

provides the answer to this quest.

Welcome to a unique programme in Financial Engineering. The programme is specially designed

to provide finance professionals with a sophisticated knowledge of state-of-the art financial

economics and financial practice. Quantitative finance is a well-developed discipline that is gaining
ground in importance as global financial markets grow and become integrated. The programme

will significantly enhance the skills of professionals in commercial and investment banking, asset

management, corporate finance managers, and Information Technology consultants focused on

the financial services industry..

The programme, spread over six months, offers a rigorous and quantitatively grounded curriculum.

Renowned and award-winning finance faculty will teach in the programme to provide a deeper and

more analytical study than in a typical MBA programmes. Importantly, participants will be able to

apply learned tools and techniques immediately. A collegial and cooperative learning environment,

hands-on practical training, and access to the global UCLA Anderson and ISB alumni networks

make this innovative programme truly unique.

Bhagwan Chowdhry Ramana Sonti

Co-Director Co-Director
The Indian School of Business UCLA Anderson School of Management

The Indian School of Business ( ISB) is a premier About UCLA Anderson School of Management
institution established in India in 2001. As a leading UCLA Anderson School of Management, established
international business school, the ISB grooms in 1935, is regarded among the very best business
Key benefits of the Programme
business leaders who influence management trends schools in the world.  UCLA Anderson faculty are
and practices through their thought leadership. The ranked #1 in “Intellectual Capital” by BusinessWeek
ISB has developed a distinctive faculty body that and are renowned for their teaching excellence
includes researchers, policy makers, and consultants - and research in advancing management thinking.  Top-rated finance faculty practical experience by applying the newly acquired
knowledge in a real-world setting. This would benefit
faculty who are experts in their respective fields. Each year, UCLA Anderson provides management
World class top rated top-rated finance faculty will the organisations sponsoring the students as the
The ISB also has academic associations with three education to more than 1,600 students enrolled
be conducting the programme. They are leaders in learning in the classroom will be applied to workplace
of the world’s leading business schools – the Kellogg in MBA, Executive MBA, Fully-Employed MBA
cutting-edge financial engineering research and the situations to find soultions to current challenges.
School of Management, The Wharton School, and and doctoral programs, and to more than 2,000
practical implementation thereof. Some of them Employers sponsoring the participants would benefit
the London Business School. Faculty from these professional managers through executive education
have been past Presidenst of the American Finance immensely by identifying work place projects before
schools design the curriculum, teach, and engage in programs.  Combining highly selective admissions,
Association, a prestigious and professional body of the programme commences.
research activities for the School. The ISB also invites varied and innovative learning programs, and a world-
finance academics.
faculty members from top B-schools across the world wide network of 35,000 alumni, UCLA Anderson
to teach its students, making it possible for them to develops and prepares global leaders. Insights from global financial markets
access high quality education and knowledge that is UCLA Anderson’s faculty comprises outstanding Rigorous curriculum
current and relevant. educators and researchers who share their scholarship Real time global financial markets data will be used

and expertise in such fundamental areas as finance, Expert faculty ensure that the curriculum is based on to build perspectives that would build global insights.

The ISB’s Board of Directors comprises successful marketing, accounting, business economics, decision cutting edge, research based, technical knowledge This orientation would prepare the participant to handle

industry leaders and academicians from renowned sciences, operations and technology management, required to be successful in an increasingly complex complex financial products and deal effortlessly with

organisations across the world. Their participation human resources and organisational behavior, business environment. As part of the programme, global databases.

has ensured that the programmes focus on critical information systems, strategy, and policy. students will learn stochastic processes and statistical
business issues that corporations face along with Offering unparalleled expertise in management modeling, no-arbitrage and equilibrium financial
Alumni Status at ISB and UCLA
a pragmatic approach to solve real world business education, the world’s business community turns to modeling, derivatives pricing theory, numerical
problems. The ISB experience gets amply enhanced UCLA Anderson School of Management as a centre computational techniques, econometric analysis of As a participant of this programme, particpants will
by the awe inspiring campus which seamlessly of influence for the ideas, innovations, strategies, and financial data, portfolio optimization techniques and become a member of the Alumni networks of ISB
combines impressive infrastructure, serene talent that will shape the future. others. Executive Education and the UCLA Anderson alumni
landscapes, and comfortable world class facilities. http://www.anderson.ucla.edu community. Through membership in regional alumni
Participants at the ISB enjoy academic, residential, and chapters, graduates can expand personal and
Applied Financial Project
recreational facilities comparable to those at the best professional networking possibilities, attend social
business schools in the world. The Applied Financial Project is an integral part of the gatherings, learn from visiting faculty and connect with
www.isb.edu programme. This encourages participants to gain local communities and business leaders.

Programme Contents
Core Concepts (Required) Module 1
Bhagwan Chowdhry is a Professor of Finance, at UCLA Anderson where he has held an
appointment since 1988. Professor Chowdhry has also taught at the University of Chicago,
University of Illinois at Chicago, the Hong Kong University of Science and Technology, and the
Financial engineering employs powerful tools such volatility. Financial statement analysis, fundamentals of Indian School of Business. He received his PhD in 1989 from the Graduate School of Business at
as applied mathematics, statistical and econometric stock and bond valuation, as well as no-arbitrage and the University of Chicago. He also has an MBA in Finance from the University of Iowa and a B Tech
analysis, and computational techniques to bridge equilibrium financial modeling will be covered in this in Mechanical Engineering from the Indian Institute of Technology. His research interests, on which
economic and financial theory with practice. In the module. he has published several papers in finance and economics journals, are in International Finance
first module, all participants will be equipped with and Corporate Finance and Strategy. He is on the editorial board of a number of finance journals.
statistical tools such as expected value, variance and Module 1 will involve economic, financial, statistical He teaches International Finance, Corporate Finance and Financial Institutions at Anderson. He has
covariance using fundamental concepts of risk, return, and applied mathematical theory, numerical and also organized and taught Executive Education programs on Financial Derivatives, Corporate Risk
and valuation. Statistical data analysis techniques such computational exercises, and data analysis that will Management and Valuation in Los Angeles, Singapore, Hong Kong, Mumbai, and Hyderabad.
as multiple regression analysis will be taught using include gaining familiarity with common and useful
applications from quantitative asset management. databases for accessing financial data using data Ramana Sonti is an Assistant Professor in Finance at the Indian School of Business. Professor
Stochastic calculus and pricing of derivative securities services such as Reuters, CRSP, Compustat and Sonti has been associated with Tulane University, the Kent State University and the Michigan State
such as options and futures will be introduced. Prowess. At the end of this module, participants will University before his appointment with the ISB. His research interests include corporate governance,
Numerical computational techniques will be illustrated have prepared themselves for understanding the institutional investment behaviours, and financial strength and product markets. Professor Ramana
using portfolio optimisation and binomial models for rigorous, practical and applied concepts that will be Sonti received his PhD in Finance from the Michigan State University. He also has an MBA in
pricing options. Several time-series methods will also covered in each of the specialised modules that follow. Finance from the Indian Institute of Management, Bangalore. Professor Sonti’s papers have been
be introduced by considering models of stochastic published in various academic journals worldwide.
Dynamic Portfolio Analysis: In this part of the course,
students will be introduced to portfolio optimisation
in a dynamic, multi-period scenario, getting away
from the classical set-up where the long run solution
Quantitative Asset Management Module 2 is simply a series of solutions to successive one-
period problems. This is an apt setting to expose
students to advanced quantitative techniques
such as numerical optimisation and dynamic
This module will be of great interest to traders, to this exciting area. The following topics will be
analysts, and portfolio managers engaged in money covered: Behavioral Finance and Momentum Strategies:
management for high net-worth individuals, in This topic integrates concepts from modern Global Investment Strategies: A natural corollary
the mutual fund industry, and among institutional Models of Expected Returns: This topic pulls portfolio theory and recent academic developments to the ever-increasing mobility of financial capital is
investors such as pension funds. In addition, it will together concepts from finance, economic theory, in behavioral finance that seek to provide the the global diversification of portfolios, institutional
be useful to managers in information technology and econometrics and illustrates the process properties of asset returns for a foundation in the as well as individual. This topic provides a
and consulting firms involved in designing support of building models for generating conditional psychological and behavioral predispositions of framework for analysing the historical structure of
systems for the financial services industry. forecasts of expected asset returns. Sensible model market participants. Momentum strategies provide correlations among returns in various asset classes
specification and robust estimation are emphasised. an excellent anchor for discussion of these recent and markets, and how portfolio managers might
In the past few years, there has been a notable developments in asset pricing and investments. incorporate these in money management.
increase worldwide in the use of quantitative Quantifying and Measuring Risk: In addition to the
modeling and analysis in portfolio management. classical conceptualisation of portfolio risk borrowing
Several developments have contributed to this from modern portfolio theory, this topic introduces
trend. First, there is a revived interest among the student to more recent concepts such as
academics and practitioners alike in developing downside risk, and illustrates the incorporation of
Richard Roll holds the Japan Alumni Chair in Finance at UCLA Anderson. He is also a
predictive forecasting models for asset returns. higher moments of asset returns into the traditional
mean-variance framework. principal of the consulting firm, Compensation Valuation, Inc. Other business experience
Second, the wide availability of sophisticated and
includes the Boeing Company where, in the early 1960s, he worked on the 727 and
specialised software has enabled the generation
Markowitz Portfolio Analysis: This topic begins wrote the operating manual for the first stage booster of the Saturn moon rocket. During
and employment of such forecasting models
where traditional MBA courses leave off – the 1985-87, he was a vice-president of Goldman, Sachs & Co., where he founded and
in portfolio management. Third, continuous
Markowitz mean-variance analysis framework. directed the mortgage securities research group. He has been a consultant for many
improvements in the power and affordability
Practical problems with Markowitz analysis such as corporations, law firms, and government agencies, and has served on several boards.
of computing power have made the tools of
sensitivity to expected return inputs and extreme Professor Roll was on the faculty at Carnegie-Mellon University, The European Institute for
quantitative asset management trade available even
efficient portfolios are explained, along with
to small firms. Advanced Study of Management in Brussels, and the French business school, Hautes
techniques to mitigate these issues.
Etudes Commerciales, near Paris. He joined the UCLA faculty in 1976. He has published
This course is especially relevant to practitioners two books and more than seventy articles in technical journals. His 1968 doctoral thesis
Performance and Style Analysis: In this topic,
in India for two reasons. First, the analysis and won the Irving Fisher Prize as the best American dissertation in economics. He has won
techniques to measure and quantify portfolio
quantitative modeling component of the financial
the Graham and Dodd Award for financial writing three times and the Leo Melamed
performance are discussed. The focus is on
services industry in developed markets is
analysing long-run portfolio performance analysis Award for the best financial research by an American business school professor.
increasingly moving offshore to centres such as
rather than on using a battery of simplistic and Professor Roll is the past president of the American Finance Association and is a fellow of
India. Second, quantitative fund management in
static measures. Style analysis, first introduced by the Econometric Society. He has been an associate editor of eleven different journals in
India is still very much in its infancy. This module,
Nobel Prize winning economist William Sharpe, is finance and economics.
taught by the internationally renowned Prof. Richard
explained and illustrated in detail.
Roll provides a timely and rigorous introduction
Measuring Risk, Market Risk, and Value at Risk: In this topic, the importance of such controls will be
Students will explore various measures of risk and highlighted through the use of specific examples.
techniques for quantifying these risks.
Integrated Risk Management: This topic emphasises
Bond Markets, Currency Markets, Interest Rate, Credit that a sound risk management and hedging policy
and Currency Derivatives: This topic will specifically should view risk management for the firm in a
focus on managing interest rate risk, risk associated comprehensive manner, and integrate it with overall
with highly leveraged strategies, and currency risks. corporate strategy.hedging policy should view risk
management for the firm in a comprehensive manner,
Operational Risk: Many risk management techniques and integrate it with overall corporate strategy.
Financial Risk Management Module 3 fail or are abused unless effective operational risk
management internal control systems are put in place.

This module will be of interest to practitioners their investors using high leverage and by focusing
in financial institutions such as commercial and on a few key variables to enhance returns and hedge
investment banks, those involved in the treasury the risks associated with other factors affecting return
operations of corporations, hedge funds as well as performance. However, such high leverage strategies
traders and investment managers for high net-worth are extremely risky, as illustrated by the highly visible
individuals. In addition, it may be useful to managers demise of Long Term Capital Management and the
Dr Eduardo S Schwartz is an expert in various dimensions of asset and securities pricing. His recent
in information technology and consulting firms involved recent downfall of the investment bank Bear Stearns.
research has focused on pricing Internet companies, interest rate models, asset allocation issues,
in designing support systems for the financial services For this reason, they require a careful implementation
evaluating natural resource investments, the stochastic behavior of commodity prices and valuing patent-
industry. of operational risk-management systems in place.
protected R&D projects. His collected works include more than 80 articles in finance and economic

Financial price volatility - such as volatility in exchange This module, taught by world renowned scholar journals, two monographs, and a large number of monograph chapters, conference proceedings, and
rates, volatility in energy prices, and volatility in interest Professor Eduardo Schwartz, will cover these topics special reports. Dr Schwartz is among the first researchers to develop the real options method of pricing
rates - can greatly affect fortunes of even well-run rigorously, employing sophisticated quantitative investments under uncertainty. He is co-editor, with Lenos Trigeorgis of the University of Cypress, on
companies. For example, the recent fall in the value methodologies, and demonstrate to participants the the book, Real Options and Investment Under Uncertainty (MIT, 2001), a compilation of recent papers
of dollar has greatly eroded the profitability of Indian promise of a well-designed risk management practice and classic research in the field. His most recent research applies real options to pricing values in the
companies exporting to the United States. Fortunately, as well as the perils associated with poorly conceived pharmaceutical industry, specifically focusing on patents and R&D projects. He is the winner of a number of
a number of carefully designed hedging strategies strategies. The following topics will be covered: awards for both teaching excellence and for the quality of his published work. He has served as associate
using financial derivatives can help manage the risk editor for more than a dozen journals, including Journal of Finance, Journal of Financial Economics
associated with financial price volatility. However, Introduction to Risk Management: Participants will and Journal of Financial and Quantitative Analysis. He is a former president of the Western Finance
effective hedging strategies require not only a explore reasons why different types of firms might
Association and the American Finance Association. He is a fellow of the American Finance Association
sophisticated knowledge of effective implementation want to engage in risk management. The relationship
and the Financial Management Association International. He is also a research associate of the National
of such strategies, but also a careful understanding between risk management and value creation will be
Bureau of Economic Research. He was awarded a Doctor Honoris Causa by the University of Alicante in
of putting in place internal controls and systems, so established.
Spain. He also received the 2000 Graham
that financial derivatives are not abused. The fall of
Derivative Markets - Forwards, Futures, Options and and Dodd Award for his paper, “Rational
insurance giant Barings in the United Kingdom, as
Swaps: A variety of financial instruments available Pricing of Internet Companies,” published in
well as the recent turmoil in the world financial markets
in the wake of the sub-prime mortgage crisis in the in the financial markets will be explained. Pricing as the Financial Analysts Journal. He has also

United States underscore this tension vividly. well as the practical use of these instruments will be been a consultant to governmental agencies,
Risk management is also an effective tool employed covered in detail. banks, investment banks and industrial
by hedge funds who can realise superior returns for corporations.
proved particularly useful in natural resource based
industries, e.g., oil and gas, and in valuing start-ups
Security Research, Analysis that typically have available to them a slew of strategic
Module 4
and Valuation options.

Analysing and Valuing IPOs: Valuation of IPOs is

This module will be valuable to practitioners such as Valuation Methods: This topic provides an overview comparable multiples, which in turn might feed back an important aspect of firm valuation. In addition to
traders and securities analysts in commercial and of the valuation process, and different methods. The into a firm’s investment decisions through the valuation emphasising the difficulty of valuing IPO firms, this
investment banks, financial services industry, and IT focus is on the choice and applicability of different process. topic also touches upon the optimal timing of the
and consulting firms involved in designing support analytical models of valuation in various contexts. ‘going public’ decision.
systems for financial services industry. In addition, Real-Options Approach for Valuing Start-ups and
corporate managers will learn useful techniques to Financial Statement Analysis and Research: In this Natural Resource Based Businesses: This topic Understanding and Analysing Financial Signals and
assess the value of their business under alternative topic, participants will learn how to effectively analyse makes the simple but powerful point that traditional Information Released by Firms: This topic provides
strategies. financial statements and glean insights useful for DCF based methods do not explicitly recognise a framework that will aid practitioners in deciphering
valuation based on corporate disclosures. In particular, the ability and flexibility of a corporate manager to the messages conveyed by financial decisions and in
In the past two decades, the art and science of shortcomings of traditional financial statement analysis make decisions during a firm’s lifetime. In particular, understanding how information considerations affect
valuation has been finely honed to include important are presented, with illustrations. recognising that options to cancel, downsize, or financial valuation. This part of the course draws on a
developments in corporate finance and corporate expand a given project are valuable, naturally leads rich body of research in the economics of information,
strategy. Although fundamental valuation is still built Discounted Cash-Flow (DCF) Approach: In this topic, to the application of sophisticated methodologies in and its impact on firm value.
around the kernel of simple discounted cash flow the participant will delve into the specifics of employing derivatives valuation. These methodologies that have
(DCF) model, it is imperative for today’s successful a DCF approach. Although every MBA student learns
practitioner to combine quantitative analysis with the basics of the DCF model, true expertise hinges
qualitative judgement. Besides, the development on making the right assumptions, and adapting the
of powerful techniques such as options valuation method to specific industries and firms. Practical Faculty
has added to the professional’s toolbox. In addition, examples bring out the subtleties of implementation
analysing the valuation impact of alternative strategic within the generic DCF framework. Antonio Bernardo is a professor of economics and finance at UCLA Anderson where
choices is an essential component of training and he has held an appointment since 1994. His research interests are in the areas
application. This module, taught by the award winning Multiples Approach: The multiples approach is a widely of corporate finance, information in financial markets, and asset pricing. Professor
Professor Antonio Bernardo will be chock-full of used alternative for valuation of private firms, and for Bernardo has published papers in many leading academic journals including the
valuation tools and techniques, including a variety of valuing diversified firms operating across several lines
Journal of Political Economy, Quarterly Journal of Economics, Journal of Finance,
case studies to provide the participant with hands-on of business. Although the methodology is simple
Journal of Financial Economics, Review of Financial Studies, and the Journal of Law,
experience in valuation. The following topics will be in spirit, this topic deals with potential pitfalls that
Economics, and Organization. Professor Bernardo is currently Associate Editor of the
covered as part of this module: a successful practitioner must be sensitive to – for
Review of Financial Studies. He received his PhD in Economics from the Stanford
instance, how a firm’s financial decisions might affect
Applied Project
The Project will begin after completing Module 1 – Core Concepts. Only those
participants who enroll in all the four modules can undertake the Project. Each
participant will make a proposal, which will then be approved, supervised, and
evaluated by a faculty member. Employers will benefit immensely if a project relevant to
the company is identified before the sponsored participant begins the programme.

Registering for the Programme

Pre-requisites: This is a highly quantitative programme with qualitative aspects to it and
participants must be comfortable with numbers and number crunching. Participants
would be required to bring their laptops to the programme and should be conversant
working with MS Office.

Mode of Delivery: The complete programme will be delivered over 6 months. Classes
will be conducted for 5 - 6 days every month. Four months would be spent covering
the concepts and two months on the projects.

Programme registration: Every participant must undertake the Module 1 – Core

Concepts, and has the choice of taking any one or all of the other modules.

Programme fee: The programme costs Rs 5,00,000 for the complete programme
including all the modules and the project. In case a participant does not want to take all
The real time information on the global financial markets used
four modules, at least 2 modules (Module 1:Core Concepts + relevant module) would
for this programme will be provided by Thomson Reuters.
have to be undertaken for study. This would cost Rs.1,50,000 per module.

About Thomson Reuters Programme dates

Module 1 : July 9 - 13, 2008
Thomson Reuters is the world’s leading source of intelligent Module 2 : August 4 - 8, 2008
information for businesses and professionals. We combine Module 3 : September 20 - 24, 2008
industry expertise with innovative technology to deliver critical Module 4 : November 11 - 15, 2008
information to leading decision makers in the financial, legal,
tax and accounting, scientific, healthcare and media markets, Application process
powered by the world’s most trusted news organization. With Please send the filled-in application form to the Marketing Services team. Do take
headquarters in New York and major operations in London care to fill in both the sections of the enclosed form - participant data and company
and Eagan, Minnesota, Thomson Reuters employs more application, as incomplete applications will not be processed.
than 50,000 people in 93 countries. Thomson Reuters
shares are listed on the New York Stock Exchange (NYSE: For cancellations, if any, please send an advance notice to the Marketing Services
TRI); Toronto Stock Exchange (TSX: TRI); London Stock team. You can avail the entire fee refund if information is sent 4 weeks before the
Exchange (LSE: TRIL); and Nasdaq (NASDAQ: TRIN). For commencement of the programme; half the fee refund if information is sent between
more information, go to www.thomsonreuters.com 2 - 4 weeks before the commencement of the programme. There will be no refund if
information is sent less than two weeks in advance.