Serene Liao 5903 146th Street Flushing, NY 11355 Phone: (240)460-9996 Email: sl15fe340@westp ost.

net EDUCATION 2009-2011 Robert H. Smith School of Business, University of Maryland College Par k, MD Master of Business Administration (MBA), Focus Areas: Finance GPA: 3.5/4.0 Honors: Cobey Scholarship: Awarded for outstanding academic and professional per formance Graduate Assistantship: Global Study Office Leadership:Co-President: Asian MBA Association 2002-2006Shanghai University of Finance and Economics Shanghai, China Bachelor of Economics, Focus Area: Banking and International Finance Honors: Honored Graduate - Top 4% of Class Merit Scholarship 2003 and 2006 Leadership:Vice President of Student Union 2004-2005Brunel University London, UK Exchange Student, Focus Area: Economics and Finance EXPERIENCE Summer 2010Royal Bank of Scotland - Investment Banking Intern - Hong Kong Bond and Equity Issuance a" Client: A HKEx listed company with total assets of $ 1.0B USD *Analyzed major corporate actions, asset injection, rights issuance and share pl acement transactions. *Studied comparable equities to identify critical success factors relating to in jection size, timing and frequency. *Prepared a detailed $750M USD capital structure plan with rights issues and con vertible bonds. Investment a" Client: A Top 100 Real Estate Company in China with total assets of $1.3B USD *Analyzed the investment merits and risks of a portfolio of real estate assets w orth more than $50M USD. *Conducted qualitative and quantitative due diligence on the portfolio with DCF and comps valuation analysis. *Presented investment opportunities and potential returns to fund managers in Si ngapore and addressed their questions. *Developed asset reorganization plan to follow investment regulations in China a nd delivered long term pre-IPO and M&A financial restructuring plans. 2008-2009KPMG- Consultant -Shanghai, China Global Transfer Pricing a" Client: Second largest rea with $43B in global sales *Identified business transaction flows between 20 ssed existing transfer pricing policies. *Analyze the tax and risk implications of company *Studied the tax regulations relating to commerce electronic company in South Ko subsidiaries in China and asse transactions. between China and South Korea.

*Recommended a process for global transfer pricing planning to meet regulatory r ules and achieve tax efficiency. Industry Analysis *Analyzed industry reports of pharmaceutical, heavy industrial, high tech, chemi cal and consumer market industries. *Identified the most important determinants of industry profits using multiple r egression analysis. *Performed in-depth industry analysis in support of new business development pro jects.

2006-2008Protiviti a" Robert Half International - Business Risk Consultant-Shang hai, China *Evaluated entity and process level business risks for US listed companies. *Established and implemented internal controls system to comply with Sarbanesa"O xley Act section 404. *Tested the effectiveness of controls and determined acceptable level of risks. *Delivered recommendations to address potential issues raised by external audito rs. ADDITIONAL INFORMATION *Certification and Skills: CFA Level I candidate, Bloomberg, FactSet, Morningsta r, Matlab. *Trainings: Sarbanesa"Oxley Act, OECD transfer pricing guidelines. *Languages: Mandarin (native), English (fluent), and Cantonese (fluent). *Volunteer: Evaluated retirement schemes for Heep Hong Society, Hong Kong 2010. Honored Guest Program in Special Olympics, Shanghai 2007.