Who We Are David Elliot Shaw (born March 29, 1951)

The D. E. Shaw group is a global investment and technology development firm with more than 1,100 employees; approximately $21 billion in investment capital as of October 1, 2011; and offices in North America, Europe, the Middle East, and Asia. Since its founding in 1988, the firm has earned an international reputation for financial innovation, technological leadership, and an extraordinarily distinguished staff. The firm has a significant presence in many of the world's capital markets, investing in a wide range of companies and financial instruments within both the major industrialized nations and a number of emerging markets. Its activities range from the deployment of investment strategies based on either mathematical models or human expertise to the acquisition of existing companies and the financing or development of new ones.

What We Do
The central focus of the D. E. Shaw group is the pursuit of potentially attractive investment opportunities, and in some cases, the active creation of new ones. Such opportunities form the basis for a number of funds and other investment vehicles, and for the firm's management of assets on behalf of institutional clients. The firm's investment activities may be divided into two broad categoriesquantitative strategies based on mathematical and computational models and qualitative strategies based on the analysis of human experts. The firm deployed its first quantitative strategy soon after its founding in 1988, and is now widely recognized as one of the pioneers of the field of computational finance. Quantitative techniques remain a central focus of the firm's activities, and are used to identify underpriced and overpriced securities, to manage various forms of portfolio risk, and to reduce the cost of transacting in various financial instruments. While a great deal of human effort is expended conducting scientific research in each of these areas, the firm's quantitative strategies are largely based on mathematical models embodied in computer software rather than on human judgments regarding the fundamental soundness of the underlying companies or other assets.
By way of contrast, the firm's qualitative strategies are based on the detailed analysis of particular companies, resources, industries, economies, and entrepreneurial opportunities by experts with extensive asset- and market-specific knowledge. Investments include both publicly traded and privately held financial instruments, certain physical commodities and commercial rights, and in some cases, entire companies. The firm also provides individually tailored debt and equity financing to both healthy and financially distressed companies, makes venture capital investments in earlyand later-stage ventures, and organizes and develops new technology-oriented ventures of its own.

Quantitative Strategies
The firm's quantitative strategies are for the most part based on

the use of mathematical techniques to identify profit opportunities arising from subtle anomalies affecting the prices of various securities; the application of proprietary models designed to measure and control various forms of risk; the use of quantitative techniques to minimize the transaction costs associated with the purchase and sale of securities; and the utilization of proprietary optimization technology to construct dynamically evolving investment portfolios based on these profit opportunities, risk factors, and transaction costs.

Our quantitative models and strategies are based on extensive internally funded scientific research conducted since 1988 at a cost of hundreds of millions of dollars. These technologies are currently deployed in a number of investment funds managed by the D. E. Shaw group, and are also used in the construction of long-only and net-long portfolios on behalf of our institutional asset management clients. In the course of identifying profit opportunities, the D. E. Shaw group analyzes an enormous amount of data associated with tens of thousands of financial instruments, along with various factors not associated with any one such instrument. Data is obtained from many countries throughout the world, and covers a wide range of asset classes. When this analytical process yields a new model the firm believes to be of predictive value, it becomes eligible for deployment within one or more trading strategies, in some cases along with a dozen or more other models involving some of the same financial instruments, but arising from different market anomalies. The firm's proprietary optimization technology was designed with the objective of maximizing expected return while controlling the aggregate risk associated with a portfolio that may in some cases include simultaneous positions in several thousand securities. Rather than consider each transaction in isolation, the firm's portfolio optimization software is designed to account for complex interrelationships among a large set of financial instruments that may range over a number of different asset classes. In many cases, the firm's optimization algorithms are able to enhance risk-adjusted returns not only through conventional diversification, but by establishing offsetting exposures to various risk factors at the portfolio level. Portfolios are often reoptimized on a more-or-less continuous basis, with a steady stream of trades executed to take advantage of newly emerging potential profit opportunities and/or to manage various forms of dynamically varying risk. Time-sensitive trading decisions are often made very rapidly using real-time data obtained from various sources throughout the world's

financial markets. The firm trades on nearly a 24-hour basis, and typically executes tens of thousands of transactions per day.

Qualitative Strategies
Although it initially engaged exclusively in quantitative trading, the D. E. Shaw group now devotes a large share of its attention and capital to investment activities based on the identification of profit opportunities by human experts. Such qualitative strategies have accounted for much of the firm's growth over the years, and now represent an equally important element of its strategic focus. Included in this category are such diverse activities as

the analysis of publicly traded financial instruments based on an assessment of the fundamental value of the underlying companies or assets; private equity transactions involving the acquisition of ownership interests in both new ventures and established enterprises; the design of customized solutions to the financing needs of both profitable and financially distressed companies; the acquisition or development of physical assets within areas in which the firm has special expertise; global real estate investment activities ranging from direct property and entity-level investments to loan originations; and the insurance of various types of risks worldwide, along with investments in certain insurance-related securities.

Although the firm's quantitative expertise is often exploited in the course of portfolio optimization, risk management, and the valuation of complex financial instruments and capital structures, these strategies are primarily driven by qualitative assessments of the actual or potential value of various assets or companies. Human judgment also plays an essential role in the management of various non-quantifiable forms of risk. The D. E. Shaw group engages in various forms of private equity investing, acquiring either minority or controlling interests in both early-stage and established companies. Under certain circumstances, the firm may acquire outright ownership of selected privately held enterprises, either directly or through the acquisition of a company's key business assets. Our venture capital unit pursues unusually promising opportunities for investments in companies at various stages of development, from new ventures in need of seed capital through later-stage firms seeking additional funding for expansion. On occasion, the firm has itself developed new entrepreneurial ventures, several of which have ultimately been spun off as separate entities or merged with other companies.

One of the firm's business units uses flexible financial engineering techniques to rapidly design customized solutions to the financing needs of both publicly traded and privately held companies. Depending on the circumstances, the firm may offer financing in the form of senior, mezzanine, or convertible debt, preferred or common equity, or any of a variety of more specialized funding structures. Another group plays an active role in preserving and enhancing the value embodied in companies that may currently be experiencing financial distress, but which the firm nonetheless believes to be fundamentally viable. Related activities range from the acquisition of impaired bank debt, bonds, or other financial instruments to the direct financing or restructuring of troubled companies. In another group, analysts with extensive industry-specific experience assume long and short equity positions in publicly traded companies within those industries, in some cases utilizing novel research methods not employed by most investors. Other analysts focus on factors influencing the price of financial instruments ranging from sovereign bonds to commodity futures. The firm has special expertise within the energy sector, and engages in activities ranging from the trading of various energy-related commodities and financial instruments to the purchase of ownership positions in power plants and other physical assets. In the course of pursuing financial opportunities on behalf of its investment management clients, the firm has also helped to advance certain broader societal interests, fostering, for example, the development and deployment of technologies for the conversion of waste to energy and the production of energy from biofuels and wind power.

Culture
As part of a global team, our employees are exposed to markets, cultures, and challenges far beyond those an organization might encounter operating in the U.S. alone. At the D. E. Shaw group, you'll be working with people trained in a variety of disciplines from around the globe in a collegial, casual environment in which corporate hierarchies are kept to a minimum. There is no dress code (you won't see many suits and ties), the firm is flexible in its approach to time away from the office, and many positions don't have fixed hours. As a result, many employees feel that the firm combines some of the most attractive features of academia with considerably greater rewards. The D. E. Shaw group is committed to the well-being and development of our employees both inside and outside the workplace. To this end, we offer a number of benefits and activities focused on personal growth, wellness, and the creation of a vibrant internal community. These include subsidized gym memberships, free admission to and private tours of premier museums, a communal Superpantry stocked with an abundance of free snacks, and other special benefits for each of our global offices.

Careers
At the D. E. Shaw group, employees might be involved in any of a wide range of financial and non-financial projects, depending both on our current activities and on the interests and capabilities of the individual in question. The firm is extremely selective in its hiring, and seriously considers only those individuals having extraordinary intellectual capabilities, communication skills, and general "real world" competence. New hires often enjoy surprising amounts of responsibility, and we encourage collaboration, personal mentorships with senior team members, and the open exploration of ideas. To bring new employees up to speed, we offer a Business Overview Program with presentations by senior management across the firm. We also provide a wide range of training opportunities in Finance, Communication & Interpersonal Skills, Productivity, and Manager Development. These courses are facilitated by first-rate instructors drawn from premier universities and education companies and, in certain cases, by the firms own internal experts. We also offer more than 250 online resources for self-paced learning and group-specific mentoring programs pairing senior and junior colleagues. If you are interested in being considered for a position, please submit your application online by selecting Job Opportunities and following the procedure described. To apply for a position in our Hyderabad office, please use the special Hyderabad office form. If we think there might be a good match between your background and our needs, we'll schedule a phone interview, which may be followed, if appropriate, by one or more in-person interviews at our office and, finally, the collection of references. If you have any questions, please feel free to contact our Strategic Growth department. In accord with our standard procedure for processing applications for employment, candidate resumes and associated information will be sent to D. E. Shaw group affiliates in the United States, India, the United Kingdom, and possibly other locations where the D. E. Shaw group maintains offices. (Of course, applicants will be considered for employment opportunities only in those countries in which they have expressed interest.) The D. E. Shaw group will use reasonable care to maintain the confidentiality of applicant information and will not disclose it to any third party unless expressly requested or authorized by the applicant, or in a judicial, legislative, or administrative investigation or proceeding or to a government or other regulatory agency. Individuals who have already submitted a resume to the D. E. Shaw group and do not wish to proceed with their applications should e-mail [email protected].

Finance and Operations GeneralistAdd to cart Finance and Operations Generalists handle responsibilities such as profit and loss computation; position reconciliation and trade break investigation; cash management and liquidity analysis; performance analysis; and investor, management, and regulatory reporting. FinOp Generalists interact frequently with our proprietary trading, private equity, investor relations, and software development groups, and have the opportunity to work on special projects, which might include historical analyses for new fund launches, counterparty margin and financing rate research, and investigation of pricing volatility. This position provides exposure to financial instruments across a wide spectrum of asset classes and markets, and affords the opportunity to learn about the business activities of the firm. The ideal candidate will be pro-active, detail-oriented, and a motivated self-starter with superior quantitative and problem-solving skills. A degree in economics, accounting, finance, business, math, science, or engineering is preferred, but not necessary.

Finance and Operations InternAdd to cart Like Finance and Operations Generalists, summer interns in our FinOp group also have the opportunity to gain diverse experience in management reporting, financial reporting, treasury, and trade accounting and operations, and to interface with our proprietary trading, private equity, investor relations, and software development groups. In addition, interns will work closely with associates and senior staff, gain exposure to financial instruments across a wide spectrum of asset classes and markets, and learn about the business activities of the D. E. Shaw group. The ideal candidate will have proven their ability in academic and professional environments, and be enrolled in accounting, business, management, or other related programs.