leading transformation

1Beltone Financial Credentials | May 2014

LeadingTransformationCREDENTIALS May 2014


Our Vision

Enriching individual, corporate and community wealth by engaging in transformational relationships


Our Mission

Beltone is a catalyst in the MENA region, innovatively leveraging synergies to benefit stakeholders


Our Values

Beltone’s culture is the source of empowerment that drives transformation in our clients and the financial community we serve


Our Company

* Affiliate of

Beltone Financial

Holding

HQ Cairo

HQ Cairo

HQ Cairo

Dubai

HQ Cairo

London

HQ Cairo

Tripoli Benghazi

HQ Cairo

New York

HQ Cairo

BeltoneInvestment Banking

Beltone Fund AdministrationCompany

BeltoneAsset Management

BeltoneFinancial Emirates

Beltone Fixed Income

BeltoneFinancial UK

Beltone Private Equity*

BeltoneFinancial Libya

Beltone Securities Brokerage

Beltone Financial USA

BeltoneSecurities Holding

Beltone Financial Holding


Our Business

• Fastest growing AUM in Egypt

• Invests in attractive industries with capable management characterized by a sustainable competitive advantage

• Unique MENA focus for advisory and capital raising

• Expert regional knowledge• Expanding coverage of companies

and key industry sectors across MENA

• Multiple MENA markets access• MiFID compliant institutional offering

• Client’s assets held under direct operational control for rapid and seamless execution

• Fastest growing AUM in Egypt

Asset Management

Private Equity*

Investment Banking

Research

Brokerage

Custody

Fund Administration

More than

32.2 bnE£ under management

More than

2.8 bnE£ in asset value

More than

98 bnE£ in transactions

Research covering

Over 70companies

In Egypt

Rank #1In Trading 2013

15.7 bnE£ in Custody

More than

5.5 bnE£ in Administration

Full range of investment banking services

* Affiliate of Beltone Financial


Our Reach

30.95%

24.48%

19.20%

11.74%

3.95%

9.68%

Egypt Financial Investors

Management

Private Equity Investor

GCC Financial Investors

Other Investors above 1%

Free Float

...Supported by a solid shareholder baseA collaborate shareholder base with a common interest of business growth and development

Firm wide reachA network of offices linking clients from every corner of the world to every market in MENA

Beltone offices Spanning the Globe

• Cairo• Dubai

• New York• Tripoli

• Benghazi• London

Head Quarter Offices


Investment Banking


Investment Banking

E£ 98 billion* in 48 transactions closed over the past seven years• Unparalleled MENA market expertise

• Financial advisory and capital-raising services

• Scrupulous state-of-the-art investment banking practices

• Expertise advising and supporting family groups in strategic transformation

• Assisting clients on cross-border initiatives: International players seeking opportunities in MENA or MENA-based companies looking for international expansion or funding

M&A transactions

• Mergers

• Acquisitions

• Divestitures

• Corporate restructuring

• Leveraged buyouts

Capital and debt-raising transactions

• Initial Public Offerings

• Private placements

• Debt-structuring

Investment Banking growth 2004 to dateTransaction volumes in E£ billion

* As of April 30th, 2014

2004 0.4

2005 0.8

2006 2.6

2007 4.0

2008 20.8

2009 14.1

2010 12.9

2011 1.2

2012 20.3

2013 20.8


Landmark Transactions

E£ 16.7 bn tender offer by Orascom Development Holding AG resulting in 98% acquisition of Orascom Hotels & Development via a share swap with a cash option. Beltone acted as the sole financial advisor for the company in the tender offer in the largest tender offer in Egypt with around 98% of shareholder opting for the swap thus reducing the financing burden on the company

Orascom Development Holding AG

16.7bnE£ Acquisition

• The global offering of Amer Group, a leading real estate developer in Egypt. Beltone, as the Sole Global Coordinator and Bookrunner, advised the business on a complete corporate and organizational restructuring culminating in raising USD 200 million in expansion capital and secondary share sales.

• Beltone succeeded in attracting significant western institutional demand for the offering, demonstrating strong placement capabilities with international investors.

Initial Public Offering of Amer Group

1,150mE£ Initial Public Offering

• E£ 20.2 bn tender offer by France Telecom resulting in 94% acquisition of Egyptian Company for Mobile Services - Mobinil.

• Beltone was responsible for transaction structuring advisory on behalf of France Telecom. The transaction represented the largest equity deal executed in the MENA region during 2012.

Tender Offer by France Telecom

20bnE£ Acquisition



The global offering of GB Auto, the leading automotive player in the Middle East. Beltone advised the family business on a complete corporate and organizational restructuring culminating in raising E£ 1.27 billion in expansion capital in 2007’s most successful IPO in Egypt

Initial Public Offering of GB Auto

1.27bnE£ Capital Increase

Beltone advised on the sale of 99.6% of Samcrete Egypt Contractors & Engineers to Samcrete for Engineering Investments through a share swap for a total consideration of E£ 4.1 bn

Samcrete Egypt

4.1bnE£ Acquisition

Beltone jointly advised ENPC, a fully owned entity by Misr Fertilizer Production Company, on the project finance syndicated facility of USD 1.1 billion for the construction and operation of 2 urea/ammonia production trains. It is considered to be the largest transaction to be fully underwritten by local Egyptian banks. Signing of the loan agreement and drawdown occurred in Dec.09

ENPC

5.8bnE£ Project Financing



CHF 190 million initial public offering for Orascom Development Holding AG. Beltone is the first Egyptian company to co-manage a global public offering for a European based company, Beltone also was the sole listing advisor for the company in Egypt

Orascom Development Holding AG

969mE£ capital increase

Abraaj Capital Ltd acquired Cairo Medical Tower Laboratory S.A.E (Al Borg Laboratories) for a total consideration of EGP 778 million. Beltone counseled Abraaj on a strategy to pre-empt a rival bid and executed in a notably short time period

Abraaj Capital/Al Borg Laboraties

778mE£ Acquisition

The bond offering of GB Auto, the leading automotive player in the Middle East. Beltone advised the publicly listed company on the issuance and listing of an EGP 1.0 billion non-convertible bond

Bond Offering of GB Auto

1.0bnE£ Bond Offering



E£ 403 million sale of National Drilling Company, an Egyptian drilling company with operations in Libya, to Al Safat Investment. Beltone represented the selling shareholders in divesting 60% of the business

National Drilling Company

403mE£ Share sale

E£ 440 million investment in a joint venture with Al-Kasid Group, Hyundai Motor Company’s agent in Iraq. The 50-50 joint venture will act as a vehicle for importing and distributing Hyundai cars and spare parts in Iraq as well as building Iraq’s leading after-sales service franchise.

GB Auto Joint Venture with Al-Kasid Group

440mE£ Investment

E£ 734 million share swap between Amwal Arabia and Arabia Cotton & Ginning Company. Beltone engineered a complex capital markets solution to the shareholders of both companies, which created the leading integrated textiles player in the Middle East

Amwal Arabia and Arabia Cotton & Ginning Company

734mE£ share swap


E£ 20,250,000,000(USD 3,375,000,000)

Acquisition and Tender Of Mobinil

Financial Advisor

May 2012

The sale of 100% of Nakhla Tobacco Group to Japan Tobacco International

Financial Advisor

March 2013

E£ 100,000,000(USD 16,752, 383)

Debt Raising for Samcrete for Real Estate Development

Sole Financial Advisor

October 2011

E£ 1,130,000,000(USD 189,597, 315)

Rights Issue

Exclusive Financial Advisor

September 2011

E£ 1,315,000,000 & USD 212,800,000

Egyptian Chemical Industries KIMA

Syndicate Facility


September 2011

E£ 1,150,000,000(USD 200,000,000)

Initial Public Offering

Sole Global Coordinator and Bookrunner

November 2010

E£ 312,000,000(USD 56,727,273)

Capital Raising


May 2010

E£ 222,580,449(USD 38,709,643)

Acquisition of 50% of Kandil Glass by North Africa Holding Company

Financial Advisor

November 2010

Financing Transactions Capital Markets, M&A and Corporate Advisory


E£ 5,775,000,000(USD 1,050,000,000)

ENPC Project Financing

Financial Advisor

December 2009

E£ 4,069,656,000(USD 735,372,795)

Merger with Samcrete for Engineering Investments


December 2009

E£ 14,052,600,000(USD 2,532,000,000)

EAgrium’s merger with MOPCO


January 2009

E£ 671,132,400(USD 120,000,000)

ENPC Bridge Finance

Financial Advisor

January 2009

E£ 371,000,000(USD 70,000,000)

Joint venture between GB AUTO and Marco Polo


June 2008

EGP 402,704,224(USD 74,640,927)

Sale of 60% of National Drilling Company to Al Safat Investment


June 2008


E£ 440,000,000(USD 80,000,000)

Joint venture between GB AUTO and Al-Kasid Group of Companies


February 2010

E£ 1,000,000,000(USD 181,818,182)

Bond Offering

Financial Advisor

May 2010


E£ 778,299,525(USD 143,978,364)

Acquisition of 76.9% of Cairo Medical Tower Laboratory (Al Borg

Laboratories) Via a tender offer

Sole Financial AdvisorMay 2008

E£ 308,000,000(USD 56,850,640)

Capital Raising


March 2008

E£ 734,242,283(USD 131,036,539)

Acquisition of Amwal al Arabia by Arab Cotton Ginning via

share swapExclusive Financial Advisor

October 2007

E£ 150,000,000(USD 26,769,748)

Acquisition of Cougar Capital Management


October 2007

R. Ghabbour

E£ 1,270,870,293(USD 221,284,923)


Global Coordinator, Lead Manager and Sole Bookrunner

July 2007

E£ 278,619,625(USD 49,723,848)

Acquisition of 28.9% of Semiramis Hotels via a tender offer


October 2007

Rolaco Hotels


E£ 16,725,103,579(USD 3,093,992,711)

Acquisition of 98.1% of Orascom Hotels and Development via a

tender offerSole Financial Advisor

May 2008

E£ 969,000,000(CHF 190,000,000)

Global Public Offering and dual listing in Egypt and SwitzerlandCo-Manager on the offering and sole

listing advisor in EgyptMay 2008


E£ 387,464,000(USD 66,829,602)

Sale of Sprea Misr and Plastichem to IFI, a subsidiary of EK Holding


March 2007

E£ 210,000,000(USD 36,220,698)

GB Auto’s acquisition of a 49% stake in CITI


March 2007

E£ 1,350,000,000(USD 232,161,006)

Structuring and capital raising for a Greenfield sugar manufacturing plant


December 2006

E£ 464,069,650(USD 79,806,575)

Acquisition of a 26% stake in NCHD by a consortium led by

Beltone CapitalExclusive Financial Advisor

December 2006

E£ 100,000,000(USD 17,220,922)

Capital Increase in Mena for Touristic and Real Estate Development


August 2006

E£ 575,000,000(USD 99,071,656)

Capital Increase in Orascom Hotels and Development

Co-advisor and Placement Agent

November 2006


Value Not Disclosed

El Nasr Clothing (Kabo) acquisition of Wave for Trading and Agencies


April 2007

E£ 103,000,000(USD 17,798,514)

Pre-IPO financing via convertible loan


May 2007



E£ 44,426,466(USD 7,665,022)

Modern Nile Cotton bid for El Nasr Clothing and Textiles (KABO)


September 2005

E£ 350,000,000(USD 60,242,415)

Placement of equity piece in Weather Investment’s

acquisition of WindLead Placement Agent

August 2005

Weather Investments

E£ 340,000,000(USD 58,262,476)


Lead Manager and Sole Bookrunner

May 2005

E£ 375,857,349(USD 60,006,506)

Sale of Celtel International’s shares in Vodafone Egypt

Lead Placement Agent and Bookrunner

September 2004

E£ 90,000,000(USD 15,495,201)

The sale of Enjoy to a strategic investor


October 2005

E£ 70,000,000(USD 11,971,419)

Acquisition of a global Swiss trademark and subsequent

capital raisingExclusive Financial Advisor

June 2006


Financing Transactions Significant Transactions in KSA

SAR 200,000,000(E£ 309,250,000)


Financial Advisor and Arranger

February 2007

E£ 40,000,000(E£ 61,729,200)



May 2007

SAR 105,000,000(E£ 157,664,850)



October 2007

SAR 80,400,000(E£ 120,726,228)



October 2007

SAR 40,000,000(E£ 61,729,200)



May 2007

SAR 40,000,000(E£ 61,729,200)



May 2007

SAR 70,000,000(E£ 108,237,500)

Capital Increase

Financial Advisor

February 2007

SAR 357,000,000(E£ 511,420,350)

Sale of 55% of Al Sawani to

Global Investment House

Financial Advisor

July 2008

Trade Union Cooperative Insurance Al Sagr Cooperative Insurance Saudi Arabian Cooperative Insurance

Al-Ahlia Cooperative Insurance


Asset Management


Strong Track Record

Beltone Asset Management is the leader in its industry, with assets under management in excess of E£ 32.2 billion*, driven by our capacity to continuously introduce innovative products

Wide range of product offeringsThrough our knowledge in launching and managing funds, we have gained the experience of the regional asset management business which enabled us to develop innovative products that cater to varying risk-return profiles


• From Money Market to leveraged Equity • From Plain Vanilla to Structured Products • From Morocco to Oman • From Conventional to Islamic

Money Market

Fixed Income

Capital Guaranteed

Balanced

EquityLeveraged Equity

Risk

Retu

rn

Remarkable industry experience catering to all investor profiles

More than 15 years of regional expertise

• Bahrain • Egypt • Libya • Lebanon • Jordan • KSA • Kuwait • Morocco • Oman • Qatar

• Tunisia • UAE


Milestones

Assets under management grew at a CAGR of 55% becoming the second largest manager in Egypt

More than

32.2bnE£ under management

Largest Money Market player in Egypt with a market share of 41%

Banque Misr MM Fund awarded best treasury & cash management provider 4 times in a row

Product innovation, offering the 1st money market account, technical fund & ESSP

Advised CBE on the est. of its RMU & managed our first MENA portfolio for one of the largest SWF

Others

51%

BAM30

49%


Fund Offerings

• Provides daily liquidity while preserving capital• Cash flow management tool• Daily subscriptions & redemptions• Interest accumulated daily• Invest in secure short term interest bearing securities• Low initial subscription with minimum thereafter and no maximum• Accessibility benefits similar to current accounts• Returns are tax exempt

• Provides daily liquidity while preserving capital• Cash flow management tool• Daily subscriptions & redemptions• Interest accumulated daily• Invest in secure short term interest bearing securities• Low initial subscription with minimum thereafter and no maximum• Accessibility benefits similar to current accounts• Returns are tax exempt

MONEY MARKET

CURRENCY MM

صندوق إستثمار “كل يوم”

صندوق إستثمار “يـومـاتـى”

صندوق إستثمار“مـــــزايــــــا”

GOLDSILVER

USD Euro


Fund Offerings

• Investing in companies listed in Egypt

• Exposure to Egypt which is positioned for long term growth

• A minimum of 70 % of the fund to be invested in listed securities

• Daily subscriptions & redemptions

• No minimum initial subscription

• Invests in Egyptian equities & Fixed Income

• Exposure to Egypt; positioned for growth

• Benefit from diversification and smoothing of market volatility

• Weekly subscriptions & redemptions

• Minimum initial subscription of EGP 10,000

• Periodical distribution of dividends

• Invests in companies listed in MENA

• Exposure to MENA which is positioned for long term growth

• Invests up to 10% in pre-IPOs

• Safe Haven provision• Low minimum entry of USD

10,000 • Weekly subscription &

redemptions

• Invests in companies listed in Egypt

• Exposure to Egypt which is positioned for long term growth

• A management style dependent on technical views to benefit from market trends

• Weekly subscriptions & redemptions

• Minimum initial subscription of EGP 5,000

EQUITY / BALANCED


Saving Plans

• Improve employees’ safety net• Attract & retain calibre employees• Simple structure & easy implementation• Flexibility in customizing corporate

contribution• Flexible plan by-laws and vesting rules• Off balance sheet• Reduce or limit corporate liability and

obligations• Ability to meet new labor law requirements

• Maximize net-worth at retirement• Tax-deductible savings• Tax-free payment at end of service• Gain of company contributions• Capital protection and return maximization• Employee involvement and oversight by

BOT• Simple to understand• Individual accounts, semi-annual reporting

• Offering expertise in managing a diverse portfolio of insurance products for more than 4 years

• Building and protecting the wealth and security of individuals and businesses

• Launching innovative savings products aimed at satisfying client needs

EMPLOYER BENEFITS EMPLOYEE BENEFITS

INSURANCE SAVING PRODUCTS

END OF SERVICE SAVING PLAN

...a matter of life

Egyptian Cement Company


Portfolio Offerings

EQUITY LONG TERM CAPITAL APPRECIATION

FIXED INCOME CAPITAL PRESERVATION

Country Specific Investing in securities on any regional stock exchange of a specific country

Sector Specific Investing in securities on any regional stock exchange of a specific sector

Regional Investing in securities on any regional stock exchange of the MENA region or a sub-set of the MENA region

Sharia’a compliant Investing only in Shari’a compliant securities listed and traded on the stock exchanges

Indexed Investing entirely in equities listed in an acceptable index

Technical Investing in securities using a technical and momentum driven trading systems

Duration Specific Investing in fixed income instruments with a catered duration (short - long term)

Corporate Bond Investing conventional MENA corporate bond issues of credible issuers

Sukuk Investing in corporate and government Sukuk issues of credible issuers

Money Market A current account with competitive daily interest investing in secure, high yielding, short-term interest bearing instruments denominated in (EFG,USD, Euro)


Portfolio Offerings

OTHER

DEFINING THE CLIENT PROFILE BENEFITS

Balanced Investing 40-60% of funds to equity holdings and 40-60% in fixed income vehicles

Dynamic Asset Allocation Periodic shifting of assets between stocks, bonds, and cash based on a quantitative process

Capital Protected Investing in a regional equity index and capital preservation through dynamic asset allocation (Delta Hedging)

Protected Returns Perpetual rolling structure combined with dynamic asset allocation strategies to continuously lock in client returns

Risk and return objectives and constraints are defined and subject to Client’s specific requirements

INVESTMENT OBJECTIVE

INVESTMENT CONSTRAINTS

OPTIMAL CLIENT MANDATE

• Risk

• Return

• Time horizon

• Tax consideration

• Legal & regulator

• Liquidity constraints

• Unique requirements

RELATIONSHIPMANAGEMENT

CATERED REPORTING

FREQUENT REVIEWS

EXTENDED FLEXIBILITY


Diligent Investment Process

Specialization and focus, combined with Beltone’s Country-Country-Sector (CCS) value added fundamental process result in lucrative stock selection and exceptional performance

FUNDAMENTAL APPROACH WITH THE MAIN ALPHA DRIVERS

SPECIALIZATION AND FOCUS DILIGENT INVESTMENT PROCESS

Specialized independent departments supporting a focused Portfolio Manager, scrutinized by internal audit and compliance

Country focused portfolio managers & sector driven analysts create a ‘top down’ approach with a ‘bottom up’ over-lay implemented and monitored through daily, weekly and monthly meetings


Securities Brokerage



Beltone Securities focuses on institutional investors located in the US, Europe and the Middle East region. The company has created two segregated teams to focus on Wealth Management for high-net-worth individuals, and equity execution for retail clients. Beltone Securities provides seamless execution and settlement in several markets by leveraging a strong proprietary network as well as its strategic partnerships across the globe.



Single broker contact available in markets with Beltone presence

Brokerage clients• US• UK• Ireland• Germany• Switzerland

• Egypt• France• Kuwait• KSA• UAE

• Bahrain • Qatar • South Africa

over 1,200 clients worldwide

GEOGRAPHIC REACH

• Egypt

• UK

• Dubai

• USA

• Libya


Geographic Exposure

Beltone Financial operations extend across the MENA region, Africa, Europe and North America. Expansion plans exist to tap into the US and UK markets

Physical presence

Execution presence


2009Beltone Financial´s

1st MENA Conference in New YorkMiddle East & North Africa Investments18th - 19th May, 2009


1st MENA Conference in QatarMiddle East & North Africa InvestmentsDoha, 22nd - 23rd February, 2010


2nd MENA Conference in New YorkMiddle East & North Africa Investments24th - 25th May, 2010

2012


First Egypt Day in New YorkMiddle East & North Africa Investments4th - 5th February, 2008


Future Trends in EgyptMiddle East & North Africa InvestmentsLondon, 23rd - 24th June, 2008

Four Seasons Nile plaza, Cairo September 24-26, 2012

A New Dawn

Corporate Access

Worldwide Events and Roadshows

Beltone Financial hosted a series of widely acclaimed investment conferences in New York, London and Doha. The company has held three conferences in coordination with New York Stock Exchange, three corporate access days in London, in addition to two investor’s conferences in Doha sponsored by the Qatar Exchange focusing on investment opportunities across MENA region. The events allowed investors to meet with the heads of listed companies from the Middle East on a one-on-one basis to demonstrate the fundamentals for strong, long-term growth and profitability.

Moreover, Beltone arranges for road-shows around the globe to reach both its current and potential clients. In addition, the research department arranges for periodic client conference calls with sector analysts and the management teams of listed companies, and along with the sales team, continuously meet with the management of the listed companies



E£ 16.6bnMarch 2013

E£ 20bnMay 2012

Qatar National Bank France Telecom

E£ 1.1bnNovember 2010

E£ 1.0bnMay 2010

AMER Group Holding GB Auto

E£ 372mDecember 2009

E£ 2bnDecember 2009

Heinz Orascom Development Holding AG



E£ 4.1bnDecember 2009

E£ 15bnNovember 2009

Samcrete Egypt Lafarge Building Materials Holding

E£ 15bnNovember 2009

E£ 300mAugust 2009

Lafarge Cement Egypt Brawa Real Estate

E£ 3.5bnJune 2009

E£ 1.1bnMarch 2009

Egyptian Fertilizer Company Bank of Alexandria



E£ 15bnJanuary 2009

E£ 387mJune 2008

EAgrium merger with MOPCO Sprea & Plastichem

E£ 483mJune 2008

E£ 778mMay 2008

El Nasr Clothing (Kabo) Abraaj Capital/Al Borg Laboraties

E£ 16.7bnMay 2008

E£ 444mFebruary 2008

Orascom Development Holding AG Sokhna Port Development Company



E£ 3.7bnFebruary 2008

E£ 71bnJanuary 2008

Egyptian Fertilizer Company Orascom Building Materials

E£ 403mJune 2008

E£ 1.6bnMay 2007

National Drilling Company Banque Misr/Banque Du Caire

E£ 279mOctober 2007

E£ 9.2bnOctober 2006

Rolaco Hotels Bank of Alexandria

Rolaco Hotels


E£ 340mMay 2005

RAYA Holding



Beltone Securities Holding

Currently more than E£15.7 billion* Investors benefit from fast execution and settlement through the efficient receipt, delivery and safekeeping of securities, cash and foreign exchange

Beltone Securities Holding gives clients the benefit of their assets held under direct operational control for rapid and seamless exectution

The Custody team comprises highly qualified industry specialists with experience in leading regional and international investment banks.

Beltone Securities Holding is regulated by the Egyptian Capital Market Authority. Assets and processes are in compliance with all regulations in the diverse markets in which Beltone operates.

• Safe custody of assets

• Income and dividends collection

• Corporate action processing

• Proxy voting processing

• Standard custody reporting



Research


Reports

Beltone’s Research Department is acknowledged as the authoritative source for qualitative and quantitative information on the MENA region’s rapidly expanding capital markets. By the end of 2014, coverage will extend across the different sectors within the region, to reach more than 70 stocks.

GENERAL MARKET PRODUCTS COMPANY-SPECIFIC PRODUCTS

BELTONE RESEARCH PRODUCTS

SECTOR-SPECIFIC PRODUCTS

• MENA Morning Bell, that covers regional daily news

• MENA Closing Bell that covers regional markets’ daily performance

• MENA Weekly Screen

• Daily Traders Corner, that covers regional technical analysis

• Initial Coverage Reports

• Company Update Reports

• Company Newsflash Reports

* All reports on Egypt are produced in English

and Arabic

• Sector Reviews

• Regional Economic Research

• Regional Strategy Research

• Thematic Research


Strategy Macro Financials IndustrialsConsumer &

ServicesTelecom Real Estate TOTAL

Egypt 6 7 12 3 3 31

Saudi Arabia 8 5 3 2 -- 18

UAE 6 2 -- 2 1 11

Qatar 4 1 1 1 -- 7

Kuwait 2 -- -- -- -- 2

Oman 2 -- -- -- -- 2

Lebanon -- 2 -- -- -- -- 2

TOTAL -- 30 15 16 8 4 73

Company Coverage | MENA Region Research Publications

Coverage

2005 5 2005 5

2006 12 2006 44

2007 31 2007 69

2009 58 2009 131

2011 63 2011 272

2008 53 2008 92

2010 56 2010 147

2012 69 2012 310

2013 70

2014 73*

2013 353

2014 158*



Countries Covered and Distribution

Covered by research

Research distributed

• Algeria • Austria • Bahrain • Belgium • Canada • Chile • Cyprus • Czech Republic • Denmark • Egypt • • Libya • France • Germany • Greece • Hong Kong • Italy • Japan • Jordan • KSA • Kuwait • Lebanon •

Malaysia • Netherlands • Norway • Oman • Pakistan • Philippines • Qatar • South Africa • Switzerland • Syria • • Thailand • Turkey • UAE • UK • Ukraine • USA • Yemen •

33 countries


Beltone Private Equity


Introduction

Diligent Investment Approach

Successful Origination Platform

Innovative Investment Strategies

Unmatched Access to Proprietary Deal Flow

Wide-Ranging Investment Expertise

Best Investment Practices and Proven Track Record

Experienced Management Team

Strong Local Network and Infrastructure

Value Proposition• Established in 2006

• Affiliate of Beltone Financial Holding

• Over EGP 2.8 billion in assets under management across 6 investment vehicles

• Controls EGP 5.3 billion of investments

• Deployed more than EGP 1.9 billion across 14 portfolio investments

• 17 qualified investment and support professionals with more than 260 combined years of experience


Evolution

# of Investment Vehicles

Assets Under Management (EGP million)

2006

1

4661,202 1,582

1,8782,333 2,333 2,043

2,781

4 63 5 4 6

20092007 20102008 2011 2012 2013

• Established in 2006, Beltone Capital is BPE’s flagship vehicle investing opportunistically in Egyptian companies with strong, capable management and significant growth prospects. Investments are typically structured with control through majority stakes either alone or in partnership with co-investors

• Beltone Investment Group (“BIG”), a co-investment vehicle, was established in 2007 to invest alongside Beltone Capital in a controlling stake in Madinet Nasr for Housing and Development (MNHD.CA), a leading publicly-traded middle income real estate developer

• Beltone Retail is a specialized investment vehicle committed to consolidate successful retail operations and franchises with a focus on the Egyptian retail sector

• Established in 2008, Al Ismaelia for Real Estate Investment is a specialty real estate investment vehicle focused on acquiring, refurbishing and leasing prime real estate assets in Downtown Cairo

• Established in 2009, Beltone Midcap Fund targets investments in the SME sector in Egypt. It is co-managed with Siparex Group, a leading French private equity SME specialist

• Capital Partners for Tourism Ltd., a co-investment vehicle, was established in 2010 to invest alongside Beltone Capital in Pickalbatros Hotels and Resorts, a leading budget hotel owner and operator in Egypt and Morocco

• With the exit from Pickalbatros Hotels and Resorts in 2011, Beltone Private Equity exited Capital Partners for Tourism Ltd.

• Beltone Private Equity exited from Beltone Retail in 2011

• BPE Energy Ltd., a co-investment vehicle, was established in 2013 to invest alongside Beltone Capital in TOTAL Egypt, the leading oil and gas company in Europe

• BPE Power Ltd., an investment vehicle, established in 2013 to invest in PGESCo, a leading provider of engineering, procurement, project and Site management services to electric power plants


Assets Under ManagementCurrent Investment Vehicles

Generalist Investment Vehicles Specialized Investment Vehicles

MIDCAPBeltone

FUND

ــــــــمــــــــار الـــــــمـــــــبـــــــاشـــــــر ــــــــث ــــــــلإســــــــت ــــــــــون ل ــــــــــت ــــــــــل بBELTONE PRIVATE EQUITY

ــــــــــــــــون انــــــــــڤــــــــــســــــــــتــــــــــمــــــــــنــــــــــت جــــــــــــــــــــروب ــــــــــــــــت ــــــــــــــــل بBELTONE INVESTMENT GROUP

ـــــــــــــون كـــــــــابـــــــــيـــــــــتـــــــــال ـــــــــــــت ـــــــــــــل بBELTONE CAPITAL

E G Y P T

Beltone Capital Holding Midcap FundBeltone Investment

Group (“BIG”)Al Ismaelia BPE Energy Ltd. BPE Power Ltd.

Vintage 2006 2009 2007 2008 2013 2013

Committed Capital EGP 583mn USD 39mn EGP 418mn EGP 380mn USD 24 million EGP 78 million

Sector Focus General SMEs Real Estate Real Estate Oil & Gas Power Engineering

Description

An opportunistic investment vehicle

that seeks controlling stakes in businesses with solid management and

growth prospects

An SME-focused fund targeting strategic minority positions in private Egyptian

companies

A Beltone Capital co-investment vehicle invested in Madinet

Nasr for Housing and Development (MNHD.

CA), a leading publicly-traded middle income real estate developer

A specialty real estate investment vehicle focused on

acquiring, refurbishing and leasing prime

real estate assets in Downtown Cairo

A Beltone Capital co-investment vehicle

invested in TOTAL Egypt, the leading oil and gas company in

Europe

A BPE managedinvestment vehicle

invested in PGESCo, aleading provider of

engineering,procurement, projectand Site management

services to electricpower plants

Legal StructureEgyptian Joint Stock

CompanyLuxembourg LLP BVI Limited

Egyptian Joint Stock Company

Cayman Ltd. BVI Ltd.

Invested Capital EGP 249mn USD 2.5mn EGP 418mn EGP 244mn USD 24mn EGP 78 million

Current Portfolio Companies

- MNHD- Giza Systems

- BEARD- Shams Industrial

- Bio Pharma Egypt- Shams Industrial

- MNHD- 20 buildings and

70,000 sqm acquired-TOTAL Egypt - PGESCo

Exited Portfolio Companies

- GB Auto- Al Nouran

- Pickalbatros Holding


Exited Investment Vehicles

Specialized Investment Vehicles

Beltone Retail Capital Partners for Tourism

Vintage 2007-2011 2010-2011

Committed Capital EGP 103mn EGP 313

Sector Focus Retail Hospitality & Tourism

Description

An investment vehicle focused on the burgeoning retail sector and aimed at capitalizing on the

partners’ expertise in the different segments of retail businesses in Egypt

A co-investment vehicle established to invest alongside Beltone Capital in Pickalbatros Holding,

a leading budget hotel & resort operator

Legal Structure Egyptian Joint Stock Company BVI Limited

Invested Capital EGP 103mn EGP 313mn

Current Portfolio Companies


- Al Sawani- Nile Stock and Red Tags - Pickalbatros Holding

Assets Under Management


FactsSeeks control through majority stakes either directly or in combination with co-investors

Maximum exposure of 20% per investment and 25% per sector

Vintage Year: 2006

Total Commitment: EGP 583 million

Total Investment: EGP 451 million

DescriptionBeltone Private Equity launched Beltone Capital in 2006 to invest predominantly in Egyptian companies with strong, capable management and growth prospects. The fund is invested in a variety of portfolio companies

MADINET NASR HOUSING & DEVELOPMENT:

Madinet Nasr Housing and Development is a leading Egyptian middle income real estate developer. The company is listed on the Egyptian Exchange and has a strong brand name and track record in the middle income housing segment

GIZA SYSTEMS:

The company is one of Egypt’s most prominent system integrators and the market leader in the Egyptian telecommunications and utilities IT space

BÉARD:

The Swiss company manufactures flatware and hollowware products and is a favourite among 5-star hoteliers worldwide. BÉARD has a manufacturing facility in Egypt that manufactures and distributes the BÉARD products worldwide

SHAMS INDUSTRIAL:

The company is the sole distributor and manufacturer of the Hisense home appliance products in Egypt. Since 2009, the Hisense brand controls 12% of the flat screen TV, and 3% of the air conditioning market. Beltone’s managed funds control 50% of Shams Industrial

TOTAL EGYPT:

TOTAL Egypt has grown to 71 service stations since establishment in 1998. The transaction will triple TOTAL Egypt’s size and add 150 service stations to its network

GIZA SYSTEMS BĒARDTOTAL MNHD

Beltone Capital

SHAMS INDUSTRIAL - HISENSE


FactsVintage Year: 2008

Total Commitment: EGP 380 million

Total Investment: EGP 252 million

DescriptionAl Ismaelia is a unique niche-based real estate development project, created in association with a dedicated project sponsor

It was co-founded in 2008 by Beltone Private Equity and Amwal al Khaleej, and is managed by Beltone Private Equity

Al Ismaelia vision is to acquire, manage space, and refurbish historic real estate assets in downtown Cairo, that are architecturally superior. Additionally, Al Ismaelia vision involves the creation of building clusters to develop commercial districts that are aesthetically congruent

The project will include a property development and property management function to optimize returns to shareholders

Al Ismaelia targets one million sqm in Cairo’s Downtown area, providing critical mass to enable the creation of an integrated commercial location, leading to asset appreciation

Project Phases

Company Assets

Al Ismaelia for Real Estate Investments

1. BUILDING ACQUISITION 2. SPACE MANAGEMENT 3. RENOVATION

Abdel Khalek Tharwat Cinema Radio Shourbagy Building Ghraib Morcos Building


Beltone MidCap Fund

Facts• Incorporated in Luxembourg

• Sub-Funds are closed-ended for a duration of 8 years each, extendable to 10 years

• General Partner is a partnership between Beltone Private Equity and SIGEFI Private Equity and Investment Manager is Beltone Private Equity

• Investment Period is 4 years with and investment size ranges between USD 2 – 4 million

• • Invests in significant minority and selected majority stakes in companies with a successful operating history, with revenues of USD 5 - 50 million per annum with a maximum fund exposure of 10% per investment and 25% per sector

DescriptionThe Fund was created to capitalize on the underdeveloped status of the SME sector in Egypt, to fulfill funding requirements of this underserved segment, and to promote the SME role in economic development at large

The General Partner is Beltone MidCap Management S.A, a partnership between Beltone Private Equity (75%) and SIGEFI (25%), the private equity management arm of France’s Siparex Group. Founded in 1977, Siparex has a top-notch reputation recognizable by the most prominent French and international investors as a specialist in the investment management of SMEs

Sectors of interest identified for the Fund are those with competitive edge and export potential, including but not limited to pharmaceuticals, healthcare, food processing and agri-business, plastics and packaging, and services

Important criteria include companies of rapid growth potential, ambitious and dynamic management, clear competitive distinction, and ability to create value by focusing on core strengths of Beltone and SIGEFI, as well as potential upside in exit

Beltone MidCap Fund is currently invested in Bio Pharma, an Egyptian market leader in dietary supplements and Shams Industrial – Hisense, operating in the electric, and home appliance industry.

In August 2013, Beltone MidCap Fund successfully closed the investment in Cairo Kidney Center (CKC), a renowned specialized kidney for the diagnosis and treatment of kidney diseases, hospital located downtown Cairo .

CKC

BELTONE PRIVATE EQUITY SIGEFI / SIPAREX

HISENSE BIO PHARMA

Vintage Year: 2009

Total Commitment: USD 39 million

Total Investment: USD 4.34 million

• SME experience

• Corporate governance and

• Technical support

• European business network

• Investment advisory

• Support

• Regional presence

• Access to deal flow

• Fund-raising capabilities

• Structuring expertise

• Understanding of domestic investment dynamics


FactsVintage Year: 2013

Type of Transaction: Buyout

Ownership: 40%

Description• BPE Power Ltd., a Beltone Private Equity (BPE) managed investment vehicle, has recently invested in the Power

Generation Engineering & Service Company SAE (PGESCo)

• PGESCo was formed initially as a joint venture between the Bechtel Corporation and the Egyptian Ministry of Electricity & Energy to realize the Egyptian government’s vision of supporting power generation projects to develop and localize industrial capabilities in Egypt

• The main services offered by PGESCo are the engineering & consulting services related to the design, management and monitoring of the manufacturing of electrical power plants

• PGESCo has a regional footprint of 52 projects with a total capacity of 30,631MW

PGESCo


1 . GB AUTO

INVESTMENT OVERVIEW

DIVESTMENT OVERVIEW DIVESTMENT OVERVIEW DIVESTMENT OVERVIEW

INVESTMENT OVERVIEW INVESTMENT OVERVIEW

2. AL NOURAN MULTITRADING CORPORATION 3. PICKALBATROS HOLDING

GB Auto is the leading player in the Egyptian automotive industry. The group assembles and distributes its diversified product mix to an extensive customer base that includes Egyptian retail consumers, transportation companies, private-sector companies, and various governmental authorities and agencies

Investment Date: 2006

Total Commitment: EGP 20.3m

Type of Investment: Pre-IPO

In 2006 GB Auto was undergoing a restructuring and institutionalization program prior to its initial public offering. Beltone Capital purchased 1.4 m shares from the original shareholders

Exit Year: 2007

Exit Type: IPO

Exit Year: 2009

Exit Type: Share buy-back at par by Founders

Exit Year: 2011

Exit Type: Share buy-back by Founder

Investment Year: 2006

Total Commitment: EGP35.8m

Total Funded: EGP 9m

Type of Investment: Greenfield

In 2006, Al Nouran was raising equity to build a new sugar beet production and refinery facility. Beltone Capital decided to invest in Al Nouran and paid up 25% of its commitment


Total Commitment: EGP 435m

Total Funded: EGP 435m

Type of Investment: Pre-IPO/Growth Capital

In 2009, Pickalbatros used the equity funding to buy out shareholders from partially-owned subsidiaries, expand room portfolio in Egypt and Morocco

A Greenfield investment in Egypt’s first integrated sugar group. The project involved the construction of a state-of-the art sugar beet production facility in Egypt in addition to a commodities trading business specialized in trading raw and refined sugar, both locally and imported, as well as planting and cultivating sugar beet using mono-germ seedlings and mechanization

Based in Egypt, Pickalbatros Group of Companies is a privately-owned resort and hotel property owner and operator that specializes in the development and management of a wide variety of hotel properties located in prime destinations in Egypt and Morocco. In 2009, Pickalbatros operated a local network of 13 hotels and resorts with 5,900 rooms. By end of 2011, Pickalbatros was operating 19 hotels and resorts with over 8,500 rooms

AL NOURAN MULTITRADING COPRPO-RATION PLC

1985 - 2005



1 . AL-SAWANI

INVESTMENT OVERVIEW

DIVESTMENT OVERVIEW DIVESTMENT OVERVIEW

INVESTMENT OVERVIEW

2. NILE STOCK AND RED TAGS

Al-Sawani Group, established in 1977, started the concept of department store in the Middle East. The company is considered one of the Middle East’s foremost fashion, accessories and home collection goods pioneer. With operations in 13 Arab countries (Egypt, KSA, Kuwait, UAE, etc.) the operates over 500 outlets

Investment Date: 2008

Total Commitment: EGP 52.25m

Type of Investment: Growth Capital

With the goal to become Middle East’s leading lifestyle retailer, Al-Sawani opened 146 selling outlets in 2007. Following the 2011 revolution, Beltone Retail sold its stake in Al Sawani Egypt to the Al Sawani Group (the mother company)

Exit Year: 2011

Exit Type: Sale to partners

Exit Year: 2011

Exit Type: Sale to original shareholders


Total Commitment: EGP 7m

Type of Investment: Growth Capital

Beltone Retail exited its minority stake of 38% in Nile Stock and Red Tags in late 2011 through a sale to the original shareholders

Nile Stock is one of Egypt’s first retail outlet concepts offering customers international branded sportswear, casual wear, and basics

Red Tags (subsidiary of Nile Stock) is an upscale outlet store with imported designer fashion sells overstocked and out-of-season collection


Beltone Retail Exits


Beltone Academy


Beltone Academy

The Beltone Academy, first established in 2007, ensures the constant flow of excellent talent into Beltone. Out of hundreds of applicants, only the top 20 are selected after rigorous testing and interviews. The academy courses are designed to develop their experiences and skills to pursue their careers in the financial services industry.

• Develop a world class financial services industry in the MENA region

• Taking a leadership role to develop a core of top-notch professionals

• Investing time and resources to identify and mentor future leaders

• Sharing Beltone’s global knowledge, skills and experience

• Offering young people unrestricted opportunities

• Contributing to MENA’s overall economic growth

leading transformation

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