A GBL1 Company approved for listing on the Stock Exchange ... MEDIA... · Emerging markets private equity through a listed company in Mauritius 3 Avanz Growth Markets Limited Company

Avanz Growth Markets Limited

A GBL1 Company approved for listing on the Stock Exchange of Mauritius

Access Private Equity in Emerging Markets

New Delhi Hong Kong New York Washington LondonSingapore

January2018

Private and Confidential

An affiliate of I Squared Capital


Emerging markets private equity through a listed company in Mauritius

2

AvanzGrowthMarketsLimited

• TargetInvestmentSize US$100million

• InvestmentProgram - InitialinvestmentinAvanzEMPartnershipsFundII(AEMPFII)

o Investinginyear2of11yearsintothelifeofAEMPFII

o Visibleportfolioof6fundinvestments, 2co-investmentsand 1secondary

o Investorsbuyingintodayatcost,portfoliomarkedupapprox.120%

• Incorporated24July2017inMauritius• Holdsacategory1GlobalBusinessLicense• ApprovedforlistingonStockExchangeofMauritius20October2017

• SeekstoprovideinvestorsaccesstohigherreturnsinEmergingMarketsthroughstrategicprivateequityinvestments

• Diversifiedmid-marketprivateequity access• Consumer-ledsectors• Growthandbuyoutstrategiesinprimaryfunds,secondariesanddirectco-investments

• Managementincludesformerexecutives fromtheInternationalFinanceCorporation(IFC)• ExperiencedboardmembersofAGMbelievediversificationinherentlyreducesrisksand

exposuretoasinglecountry,regionorpoliticalevent

Africa

Latin America

Emerging Asia

Target Geographic Exposure

Healthcare23%

Consumer/Retail21%

CIT13%

Agribusiness12%

Financial Services12%

Education11%

Environment Services

8%

Sector Pipeline




Emerging markets private equity through a listed company in Mauritius

3

AvanzGrowthMarketsLimitedCompany SecretaryIntercontinental Trust LtdLevel 3, Alexander House35 Cybercity, Ebene, 72201

Independent Financial AdvisorBDO & Co10 Frère Félix de Valois StreetPort Louis

SEM Authorised Representative & Sponsor and Mauritian Transaction AdvisorPerigeum Capital LtdLevel 4, Alexander House35 Cybercity, Ebene, 72201

Mauritian bankerBarclays Bank Mauritius Limited 2nd Floor, Barclays House,68-68A Cybercity, Ebene, 72201

Legal advisor as to Mauritian lawUteem Chambers4th Floor, Les Jamalacs,Building Vieux Conseil Street, Port Louis

Legal advisor as to South African lawEdward Nathan Sonnebergs Incorporated1 North Wharf Square, Loop Street, Foreshore, Cape Town 8001

Independent AuditorPricewaterhouseCoopers18 Cybercity, Ebene, Reduit 72201

Mauritian Registrar and Transfer AgentIntercontinental Secretarial Services LtdLevel 3, Alexander House35 Cybercity, Ebene, 72201

Directors• HanyAssaad ExecutiveDirector• HaydeeCelaya Non-ExecutiveDirector• BeatriceLanKungWa Non-ExecutiveDirector• Smitha Algoo-Bissonauth Non-ExecutiveDirector

NameofcompanyAvanz GrowthMarketsLimited

Registrationnumber149016C1/GBL

Registeredaddressc/oIntercontinentalTrustLevel3,AlexanderHouse35,CybercityEbene 72201RepublicofMauritius

RegulatorybodiesFinancialServicesCommission(“FSC”)



1. Founders’ careers in EM started in the 1980s. 4. Please see track record slides 14-15 and Endnotes for important disclosures. 2. Inclusive of personnel from I Squared Capital who provide services by agreement with Avanz Capital. 5. Effective February 2016. 3. IFC. International Finance Corporation, private sector arm of the World Bank Group 6. Please see Appendix A and Endnotes a) and b).

Avanz Growth Markets Limited Investments

What are we investing in?

4

An Experienced Team

• Founders have over 30 years investing in EM with experience in over 100 countries(1)

• 37 professionals including 13 exclusive experts and advisors(2)

• Combination of direct investing in equity, debt with fund investing experience through multiple economic cycles

• Certain team members led the management of $3.2Bn in committed capital to 176 EM PE funds at IFC(3)

With A Strong TrackRecord

• Exemplary track record across the broad emerging markets• Avanz Fund II has a 50% gross IRR (24% net); Avanz Fund I has a 21% gross IRR (11% net) in each

case as of 30 Sept 2017(4)

On A Global Platform• An affiliate of I Squared Capital(5), a $10.6Bn AUM global alternative asset manager• Access to “on-the-ground” resources from I Squared Capital’s global platform with 6 offices, further

enhancing sourcing, diligence, risk management and monitoring capabilities

Diversified InvestmentStrategy

• Mid-market private equity, which has historically outperformed large-caps (1,262 vs 996 bps) relative to public markets in EM(6)

• Consumer-led sectors in Africa, Latin America and emerging Asia• Growth and buyout strategies in primary funds, secondaries and direct co-investments

Investment Process & Pipeline

• Proprietary scoring and ranking developed from in-depth analysis of past performance and lessons learned

• Pipeline of over $6.4Bn – 18 funds, 3 secondaries, 9 co-investments

The first investment planned by AGM is Avanz EM Partnerships Fund II



5

Avanz Capital and I Squared Capital

Washington DCNew York

London

HoustonNew Delhi

Singapore

Hong Kong

ü 7 offices globally

Johannesburg*

ü 100 professionals worldwide combined ü 3 EM focused engineering JVs

*To open in 2018GTD, Easen, VR Techniche are engineering joint venture partners of I Squared Capital

Avanz Presence

Additional I Squared office

Global presence with deep local relationships and network of expert advisors



37 professionals, incl. 13 experts and advisors(1)

Haydee Celaya, CEO & CIO

Hany Assaad, Chief Portfolio & Risk Officer

Investment Team

Finance & Operations

Legal & Compliance

Investor Relations

Experts(2)

6

• Dandan Liu, Managing Director

• Judy MacKay, Managing Director

• Jamie Foran, Director

• Kenneth Chin, Sr. Associate

• Ronald Schweizer, CFO

• Alfred Miranda, VP of Tax

• William Campbell, General Counsel

• Claude Vuillieme, Associate General Counsel

• Andreas Moon, Head of Investor Relations

• Naguib Taraboulsi, Vice President

• Henry Akona, Communications and Marketing Manager

• Mario Gobbo• Roy Karaoglan• Jean-Paul Pinard• Martyn Riddle• Peter Tropper• George Currie• John Myers• Mark Woodruff

Team Overview

1. Includes Avanz Capital staff (listed in the gold boxes), I Squared Capital staff that support Avanz Capital’s business (including junior professionals not named above) and advisors to Avanz Capital.2. Experts include former IFC colleagues accessible via formal agreements with Avanz Capital. I Squared Capital experts are accessible through the I Squared Capital platform.3. Available to Avanz Capital from the I Squared Capital platform.

• Walid Chammah• Iván Díaz-Molina• Thomas J.

Donohue Sr.• Ginger Lew• Lord Mark Malloch-

Brown

Advisors(3)

11 additional junior resources from the I Squared Capital platform are available to Avanz Capital



Judy MacKayManaging Director• +20 years of experience in EM

PE fund administration• CFO of investment advisory firm,

EMP Global’s seven private equity funds

Haydee CelayaCEO & CIO, co-founder• +30 years experience incl. 19 yrs

at IFC investing in funds, direct equity/debt in EM private sector

• Head of IFC’s Global PE Funds Group and Chair of the IC

• Head of IFC’s Africa Department• Manager for IFC’s Financial

Markets, Latin America Division

Hany AssaadChief Portfolio & Risk Officer, co-founder• +30 years experience incl. 24 yrs at IFC

investing in funds, direct equity/debt• CIO in IFC’s Global PE Funds Group• Head of IFC’s Financial Markets

Sustainability Group• Manager for IFC’s Financial Markets,

South & Southeast Asia Division

Dandan LiuManaging Director • +20 years experience investing in Asia

PE funds, secondaries and co-investments

• Chief Investment Officer of ING Pomona Asia

• Vice President & Responsible Officer of Pantheon Capital (Asia)

Jamie ForanDirector • 12 years of PE experience investing

in PE/VC funds and secondaries globally

• Formerly on SVB Capital’s Int’l FoF investment team

• Probitas Partners Fundraising Project Management

Kenneth ChinSenior Associate• 10 years of PE experience• Formerly in IFC’s Global PE

Funds Group • Corporate environment and

social policy used by IFC and the Equator Principles

Co-founders worked together for 20+ years

Avanz Capital Team

7

JohannesburgLondon

7 additional junior investment team resources from the I Squared Capital platform are available to Avanz Capital



Avanz Capital uses experts and additional resources from the ISQ platform to provide deep-dive assessment on sectors for due diligence.

The experts leverage their own active business networks to help Avanz Capital reference teams on the ground.

This deep bench of additional team resources enables Avanz Capital to transact quickly on direct co-investments.

George Currie*+30Y turnaround experience• Mr.Curriesuccessfully

turnedaroundmanagementofEMdistressedprojectsinSoutheast Asia

Mark Woodruff*+30Y management experience• Developedandimplemented

arefinedregionalgrowthstrategyforacorporation’sAsiaMiddleEastRegion

Industry, sector and regional experts

Mario Gobbo^+30Y healthcare & life sciences experience• Led equity and loan

deals in biotech/generic pharma cos in India, China, Central Europe, and Africa

Peter Tropper^+30Y emerging managers & impact investing experience• Portfoliomanagement

andinvestmentsinthefinancialsectorintheAfrica,Caribbean,Chile,andSouthAsia

Roy Karaoglan^+30Y international banking experience• Commercial banking

and credit risk mgmt in Africa, Russia, Turkey, E. Europe, Middle East

Jean-Paul Pinard^+30Y agri-business & energy experience• Structured finance and PE

in energy, agri-business and environmental issues globally, incl. Africa & Asia

Martyn Riddle^+30Y ESG experience• Environ. and social

risk mgmt and sustainable development in over 75 countries

8

^ Experts include former IFC colleagues accessible via formal agreements with Avanz Capital * Employees of I Squared Capital available to Avanz Capital via the I Squared Capital platform.

Avanz Capital Team

John Myers*+20Y operations experience• Transport investments,

ISQ operations, asset mgmt and analytics

• Former COO of Morgan Stanley Asia i-banking



Advisors with global insights on policy and regulation

Avanz Capital Team

9

Walid ChammahInternational Finance

• Former Chairman of Morgan Stanley International

• Former co-President of Morgan Stanley

Thomas J. Donohue, Sr. International Policy and Regulation

• President and CEO of the United States Chamber of Commerce

• 117 offices in 103 countries

Ginger Lew Economic Policy

• Former Senior Advisor to White House Economic Council Director Larry Summers

• COO of SBA, General Counsel at US Dept. of Commerce and Chief Counsel at DoE

Lord Mark Malloch-BrownGlobal Strategy and Environmental Policy

• Former number two in the United Nations as well as having served in the British Cabinet and Foreign Office

• Also former Administrator of UN Development Programme and a Vice-President at the World Bank

• Now Chairman of the Business Commission for Sustainable Development

The advisors are resources available to Avanz Capital from the I Squared Capital platform.

Iván Díaz-Molina Economic Policy

• Former CEO of companies in Peru and Brazil

• Professor of Innovation and Head of the Strategy Department at the ESE Business School in Santiago, Chile



Claude Vuillieme*Associate General Counsel

Ronald Schweizer*Chief Financial Officer

GLOBALFUNDADMINISTRATOR

External Fund Administrator / Auditors

Alfred Miranda*Vice President of Tax

Andreas Moon*Head of Investor Relations

Naguib Taraboulsi*Vice President, Investor Relations

Henry Akona*Communications and Marketing Manager, Investor Relations

Solid in-house investor relations, finance, and legal & compliance teams

GLOBALFUNDAUDITOR

10

COMPLIANCE

William Campbell*General Counsel

4 additional back-office resources from the I Squared Capital platform are available to Avanz Capital

Legal & ComplianceFinance & OperationsInvestor Relations

Avanz Capital Team

* Employees of I Squared Capital

SS&Cfka Citi Private Equity Services

PwC Global Relay



The case for investing in emerging markets

Why Invest in EM Now

• Historic long-term returns are attractive

• Superior economic growth when compared to Developed Markets (DM) i.e. the US,EU or Japan markets

• Robust long-term growth drivers such as growing population, rapid urbanization,better health, education and savings are expected to boostEM economies

• DM have excess capital while EM have excess opportunities

• EM offer attractive valuations across most asset classes

• Time horizon is key

11



6.0

18.1

27.7

11.6 12.0

-0.4

21.7 22.7

17.5

-2.2

8.9

-3.2

22.625.2

19.6

1.6

14.7

6.3

23.1

18.014.4

2.2

7.0

0.4

-10.0

0.0

10.0

20.0

30.0

EM PE/VC - Top Quartile US PE - Top Quartile Europe PE - Top Quartile MSCI Emerging Markets S&P 500 MSCI Europe

IRR

1-Year 3-Year 5-Year 10-Year

12

Why Invest in EM Now

1,224 1,262996

1,297

-

500

1,000

1,500

Basi

s po

ints

Mid-Market Private Equity Outperformance relative to Public Markets in EM

All Mid-Cap Large-Cap Avanz GP (1)

Top quartile IRRs in emerging markets PE have outperformed vs. US private equity and other public securities benchmarks over 10 years

Source: Preqin and Avanz Capital (Private Equity data), S&P Capital IQ (MSCI Indices). Data as of 30 September 2015, the latest available at the time of the Avanz Capital project. Please see Appendix A and Endnotes a) and b) for important disclosures, composition and methodology for this chart.

Mid-market PE outperformance across emerging markets

Source: Cambridge Associates LLC, EM PE/VC, US PE and Europe PE benchmarks of pooled end-to-end returns, net of fees, expenses and carried interest. Data as of 31 December 2016, the latest available.

1. Please see Endnote b).



Overview

Avanz Capital Track Record

13

Consistent strategy for Avanz Fund I and II

✔ Mid-market private equity strategies

✔ Targeted sectors driving growth across select geographies

✔ Diversified portfolios

✔ 10 PE funds, 2 co-investments, 1 secondary across both funds

Avanz EM Partnerships Fund IPortfolio Composition

Consumer HealthcareEducation

Fin. Svcs.

Primary Co-invest

Africa LatAm Em. Asia

2013 2014 2015

Mid-cap

0% 20% 40% 60% 80% 100%

Sector

Type

Geography

Vintage

Fund Size

Avanz EM Partnerships Fund IIExpected Portfolio Composition

Consumer Healthcare EducationFin. Svcs.

Primary Co-invest

Em. Asia

2015 2016

Mid-Cap

0% 20% 40% 60% 80% 100%

Sector

Type

Geography

Vintage

Fund Size

Africa LatAm

Secondaries

20172017




14

Avanz EM Partnerships Fund I ($45m, Vintage 2013)

IRR:21%gross,11%net(1)(c)

Investment Description(2) Sector Coverage

Investment Name(3)

No. of Portfolio

Companies /Exits

Size(US$m)

Avanz Commitment

(US$m)Coverage by Country

Cons

umer

Goo

ds

Fina

ncia

l Se

rvic

es

CIT

Hea

lthca

re

Envi

r.Se

rvic

es

Educ

atio

n

Agrib

usin

ess

China Healthcare Fund III 24 /1 209 7.5 China ✔

China Spin-out Fund 13 / 1 400 5.0 China ✔ ✔ ✔

Pan-Africa Fund II (Manager A) 6 295 5.0 Ethiopia, Kenya, Nigeria, South Africa, Zimbabwe

✔ ✔ ✔

India Fund II 5 229 2.5 India ✔ ✔ ✔

Brazil Fund III 2 205 9.7 Brazil ✔ ✔ ✔

Pan-Africa Mezz III (Manager B) 1 153 5.0 Ghana, Nigeria, Tanzania, Zambia, Ethiopia, Kenya

✔ ✔ ✔ ✔

PE Funds Subtotal 53 34.7

Co-Investment - Project Live 1 55 3.1(4)Argentina, Chile, Colombia, Ecuador, Mexico, Panama, Peru, Venezuela

✔ ✔

Co-Investment - Project Alboran 1 50 2.1(4) Morocco ✔ ✔ ✔

Direct Co-investments Subtotal 2 5.2(4)

Total Portfolio (to date) 55 39.9 ✔ ✔ ✔ ✔ ✔ ✔ ✔

Target Portfolio(5) 80-100 Africa, Latin America, Em. Asia ✔ ✔ ✔ ✔ ✔ ✔ ✔

1. As of 30 Sept 2017, see Endnotes. 2. The No. of Portfolio Companies/Exits and Avanz Commitment are as of the date of the presentation. 3. Name has been redacted due to confidentiality restrictions and are available upon request 4. Commitment in Euros at current exchange rates 5. There can be no assurance that the targets will be achieved.



Avanz EM Partnerships Fund II (target $250m, closed $42m, Vintage 2015)

15

1. As of 30 Sept 2017, see Endnotes. 2. The No. of Portfolio Companies/Exits and Avanz Commitment are as of the date of the presentation. 3. Name has been redacted due to confidentiality restrictions and are available upon request 4. Commitment in Euros at current exchange rates 5. AEMPF II expects to make an additional US$1m commitment to the fund in Q1 2018. 6. There can be no assurance that the targets will be achieved.


IRR:50%gross,24%net(1)(c)Investment Description(2) Sector Coverage

Investment Name(3)

No. of Portfolio

Companies /Exits

Size(US$m)

Avanz Commitment

(US$m)Coverage by Country

Cons

umer

Goo

ds

Fina

ncia

l Se

rvic

es

CIT

Hea

lthca

re

Envi

r.Se

rvic

es

Educ

atio

n

Agrib

usin

ess

Pan-Africa Fund III (Manager C) 6 286 5.7(4) Côte d’Ivoire, Ghana, Kenya, Nigeria,Tanzania, Uganda, North Africa ✔ ✔ ✔ ✔ ✔

India Fund II 5 229 5.0 India ✔ ✔ ✔

Pan-Africa Mezz III (Manager B) 1 153 5.0 Ethiopia, Kenya, Ghana, Nigeria,Tanzania, Zambia ✔ ✔ ✔ ✔

Latin America (ex-Brazil) Fund 1 379 5.0 Chile, Colombia, Mexico, Peru ✔ ✔ ✔ ✔ ✔ ✔ ✔

Latin America Agribusiness Fund II 3 370 5.0 Brazil, Argentina, Colombia, Chile, Peru ✔

China Spin-out Fund II 0 450 5.0(5) China ✔ ✔ ✔

PE Funds Subtotal 16 30.7

Co-Investment - Project Live 1 55 3.6(4) Argentina, Chile, Colombia, Ecuador, Mexico, Panama, Peru, Venezuela ✔ ✔

Co-Investment - Project Alboran 1 50 1.1(4) Morocco ✔ ✔ ✔

Direct Co-investments Subtotal 2 4.7(4)

China Spin-out Fund I secondary 13 400 4.0 China ✔ ✔ ✔

Secondaries Subtotal 13 4.0

Total Portfolio (to date) 31 39.4 ✔ ✔ ✔ ✔ ✔ ✔ ✔

Target Portfolio(6) 150-200 Africa, Latin America, Em. Asia ✔ ✔ ✔ ✔ ✔ ✔ ✔



Direct Co-investment: Road freight transportation and logistics services for goods moving between Morocco and Europe

16

Avanz Capital Experience

Company descriptionThe company’s core business provides conventional point-to-point transport services via road freight. It also provides logistics services and manages the transport, handling and storage of products for its customers through 11 logistics centers in Europe and North Africa.

Investment thesis“New” industries such as the automotive, aeronautics and pharmaceutical sectors are leading the country’s growth and beginning to shift the economy away from traditional sectors (textiles, tourism) to higher value-added industrial sectors.

Expected impactNorth Africa is at a relatively early stage of development, however its importance as a gateway to West Africa will be key to driving attention from global players.

Highest number of Gibraltar crossings

c.19,000 in 2015

Company offers a wide range of services to

16,000 customers

The fleet includes

450 trucks

776 trailers

Investment snapshot

Date March 2017

Avanz CapitalInvestment Holding

Avanz direct co-investment

GP + Avanz Ownership 100.0 percent



Portfolio Company: Managing sports activation events to promote health and wellness for 115,000+ children and 5,000+ adults in India each year

17


Company descriptionThe company is India’s leading provider of integrated sports management services. It is an outsourced provider of sports classes and programs to K-12 schools and a consulting model to provide services supporting healthy working environments for corporations and governments.

Investment thesisChanging lifestyles and diets have increased health risks in India, yet a fitness curriculum is often not emphasized in public or private schools. The company has a strong brand with growth driven by its core business of full-service private schools, aided by government support and international expansion.

Expected impactIncrease fitness as part of the standard learning curriculum. Incorporate health and nutrition as a form of general health risk management.

Investment snapshot

Date September 2015


India Fund II Portfolio Co.

GP Ownership 57.3 percent

Total recipients of sports education

350,000+ students every week

Marquee chains served covering

500+ schools

Number of locations across India

85 locations



Direct Co-investment: The largest e-commerce Spanish-speaking platform with sites in Mexico, Colombia and Peru

18


Company descriptionThe company operates a fully integrated and purchase-to-delivery supply chain. Sellers list on the e-commerce platform, buyers make the purchase on the platform, and the Company receives the payments, arranges local deliveries and responds to any buyer difficulties.

Investment thesisTake advantage of the shifts towards online retail, estimated to grow 38% p.a., in largely untapped markets. Successful players are attractive IPO candidates and/or acquisition targets in an increasingly active M&Aenvironment.

Expected impactDelivering a seamless and simple online experience to markets with less than 2% online retail (compared to 10% in the U.S.).

Investment snapshot

Date February 2017


Avanz direct co-investment

GP + Avanz Ownership 33.1 percent

Business-to-Consumer (B2C) sales

14,000,000 SKUs

2,300,000 customers

27,000 sellers



Certain team members led the management of $3.2bn, 176 EM PE funds at IFC(1)(d)

Africa28%

Em. Asia

31%

Latin America

16%

Em. Europe18%

Multi-region7%

1. Source: Publicly available IFC Annual Report 2010, https://openknowledge.worldbank.org/bitstream/handle/10986/4360/602380V20WBAR010Box358314B01PUBLIC1.pdf?sequence=1&isAllowed=y. $3.2 billion and 176 PE funds are Collective Investment Vehicles within the IFC Investment Portfolio as of the fiscal year end (June) 2010. Haydee Celaya and Hany Assaad were two of the three members who participated in the management of the entire portfolio.

19

$3.2bn Portfolio Summary by Geography


0

100

200

300

400

500

600

700

800

900

1,000

1982 1986 1989 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Committed

Capita

lbyIFCpe

rFisc

alYear(US$m)

IFCFiscalYearEnd(June)

Global EM PE Funds Portfolio $3.2bn AUMMs. Celaya: Chair of IC, Head of Funds GroupMr. Assaad:CIO ‘08-’10

49

55

28

31

13

Percent shown by capital committed; number of deals shown inside the pie chart



Thematically-driven investment strategy

1. Avanz Capital defines mid-sized companies by revenue in the context of the economies in which they operate.

20

Compelling attributes for emerging markets private equity investing:

MIDDLE MARKET PRIVATE EQUITY STRATEGIES

✔ Funds of $200 – $800 million

✔ Co-investment opportunities >$150 million

✔ Companies with revenues of $50 – 500(1) million

✔ Investing in growth and buyout strategies

TARGETED SECTORS DRIVING GROWTH ACROSS SELECT GEOGRAPHIES

✔ Latin America, Africa, and emerging Asia

✔ Consumer goods and services, financial services, healthcare, education, communication and information technology, environmental services and agri-business

TARGET PORTFOLIO CONSTRUCTION

✔ Primary investments 50%

✔ Secondaries 25%

✔ Direct co-investments 25%

RIGOROUS INVESTMENT PROCESS

Target Markets

Investment Strategy Overview



Primary Funds Co-InvestmentsSecondaries

• 10-15 funds• $5-25 MM ticket size

• Core of the strategy as it represents the largest deal flow

• Shorten the J-curve• Reduction of fees• Potential to boost risk-

adjusted returns in high conviction sectors

• 5-8 transactions• $2-15 MM ticket size

• Shorten the J-curve

• 2-3 transactions• $5-50 MM ticket size

• Avanz Capital believes it has identified the most attractive GPs coming to market during the investment period

• Avanz Capital proactively engages with GPs to source co-investment opportunities

• Avanz Capital has identified secondary opportunities, which may become available during the investment period

Rationale

Target

Status

50% 25% up to 25%Expected Avg. Allocation

Portfolio construction provides diversification and enhanced returns

21




Sectors AFRICA LATAM ASIA

Consumer Goods & Services High High High

Financial Services High Medium Medium

Communication & Information Technology High Medium Low

Healthcare Medium High High

Environmental Services Low Medium High

Education High High Medium

Agribusiness Medium High Low


22

Targeted high-growth sectors in attractive geographies

Sect

ors



Fund

s un

der

Cons

ider

atio

nFu

nd M

anag

erIn

vest

men

t St

rate

gyRe

sults

Allo

catio

n

New Rank

Fund Manager

Fund Name

Est Final Close

Geographic Region

Target Fund Size

Team Track Record Score

Portfolio Track Record Score

Team Quality Score

Deal Access Score

Investment Strategy Score

Deal Pipeline Score

Structure Score

Fund Selected

Proposed Allocation in US$M

Size of Selected Fund in US$M

• Proprietary weighting of scores determined by a 10-year review of factors predicting successes and failures

• Lessons learned from top-tier development finance institutions thorough diligence process integrated into Avanz Capital “tool-kit”

• 25 quantitative and qualitative factors scored; 7 primary categories

• Weighted score >200 required for the Investment Committee to consider a fund for a subsequent “Early Review”

• Go/no-go decision for next “early review” due diligence stage

• Target commitment size discussion

• Focus on sectors, geography, and stage of investments, number and size of portfolio etc.

• Demonstrate comprehensive deal flow and discuss deals at various stages

• Proven and consistent track record as team/individuals consisting of investment, operational/industrial expertise

• Complementary skills, capabilities in sourcing and transacting, etc.

• Extensive database of >1,200 fund managers and >2,000 funds monitored

• Collection of information on funds that fall within Avanz strategic focus

• Includes early contact with fund managers

Scoring: 1-10

Total weighted score maximum: 300

Primary Categories Selected Considerations

Individual Fund Weighted Score

Relative Global Fund Score

Ranking of Funds

Proprietary ranking methodology for optimal manager selection

23




24

Fund II Mix of Committed Capital (to date)

Avanz Fund II

Sector

Geography

Africa30%

Latin America

35%

Emerging Asia36%

Type

PE Funds78%

Secondaries10%

Co-investments

12%

Consumer25%

FinancialServices13%

CIT

12% Healthcare

14%

Education7%

Envir.Services10%

Agribusiness19%



25

Diversified pipeline of active opportunities

Avanz Fund II Pipeline

Healthcare23%

Consumer/ Retail21%

CIT13%

Agribusiness12%

Financial Services

12%

Education11%

Environment Services

8%

Sector

Geography

Africa46%

Emerging Asia35%

Latin America19% Type

PEFunds88%

Secondaires8%

Co-investments

4%



26

Actionable Deal Pipeline(1)

1. There is no guarantee that Fund II will hold any of these pipeline deals or deals having similar characteristics.


Summary Country / Region Focus Stage Total Fund Size (US$M)

Pan-Africa growth capital IV Pan-Africa Early review 750

East Africa common market fund II East Africa Early review 200

Africa financial services fund II Pan-Africa Early review 650

North and West Africa fund III North, West Africa Early review 250

North Africa growth capital fund IV North Africa Early review 212

Nigeria growth capital fund III Nigeria Early review 150

Africa industrialization fund Pan-Africa Early review 400

China healthcare fund IV China Re-up 375

India mid-market growth capital fund II India Early review 400

India equity and mezzanine fund II India Early review 150

India operational turnaround fund India Early review 150

India growth capital fund III India Early review 200

India mid-market fund I India Early review 250

India growth capital fund I India Early review 250

Mexico consumer, TMT fund IV Mexico Early review 250

Brazil growth capital fund Brazil Due diligence 300

Brazil middle market control fund II Brazil Early review 250

Brazil buyout and growth capital fund II Brazil Early review 250

Total size of pipeline funds: $5,437M

Prim

arie

s



27

Actionable Deal Pipeline(1)


Portfolio of 10-15 Africa PE funds (strip sale #1) Pan-Africa Negotiating with seller 20

Portfolio of 10-15 Africa PE funds (strip sale #2) Pan-Africa Negotiating with seller 20

Local pension funds sell-down Latin America Early review 500

Chilean salmon Latin America Data gathering 140

Healthcare platform Latin America Due diligence 75

Truck and heavy equipment retailer Africa Data gathering 25

Specialized fertilizer Africa Data gathering 47

Flour-based foods manufacturing Africa Data gathering 8

Cold storage logistics Africa Data gathering 16

QSR restaurants Africa Data gathering 32

Baby products platform Emerging Asia Data gathering 38

Hard discount retailer Emerging Asia Data gathering 27

Total size of active secondaries and direct co-investment deals: US$948M

Summary Country / Region Focus Stage Total Deal Size (US$m)

Seco

ndar

ies

Dire

cts

1. There is no guarantee that Fund II will hold any of these pipeline deals or deals having similar characteristics.



Mid-Market Private Equity Outperformance relative to Public Markets in EM and the S&P

28

Appendix A



§ Calculation for the mid-market PE outperformance relative to public markets in emerging markets― Public market returns are computed using the Long Nickels Public Market(1) Equivalent (PME) methodology

― PE fund transactions include capital calls, distributions and terminal value aggregated to compute a single return using an Excel XIRR function

― To compute a like to like return for the PME, a synthetic portfolio is created where the PE funds transaction equivalents of calls, distributions and terminal NAVs are used to buy/sell the index on each transaction date; a transaction cost of 0.84% is used

― Terminal NAVs are also treated as distributions

― On the last transaction date across funds in the region, the remaining index shares in the synthetic portfolio are liquidated at the index price

§ The PME analysis has a start date of 23 Aug. 2005 and end date of 30 Sept. 2015

§ PE funds from Preqin data and Avanz Capital GP(2) data is comprised of vintage years 2005 to 2013, operating periods of 2005 to 2015 and were valued as of 30th September, 2015. Further, the PE funds criteria included those with an investment strategy with any of balanced, buyout, co-investment, early stage, start-ups, expansion/late stage, growth or venture (general)

Methodology

29

1. Long,AustinM.andCraigJ.Nickels(1996),APrivateInvestmentBenchmark.2. SeealsoEndnoteb).

Appendix A



47

25

20

57

20

7

17

0

5

10

15

20

25

30

2005 2006 2007 2008 2009 2010 2011 2012 2013Vintage Year

Break up of Funds by Vintage Years

Mid Cap Funds, 66

Large Cap Funds, 46

Break up of Funds by Size

Private Equity Data Set Composition

30

318

76

97

71

7

15

0

20

40

60

80

100

120

Africa Latin America Asia All Emerging Markets

Break up of Funds by Region

Preqin Data Avanz GP

Source: Preqin and Avanz Capital (Private Equity data), please see also Endnote a).

Growth, 41

Buyout, 49

Co-investment, 1

Early Stage, 2

Early Stage: Start-up, 2

Expansion / Late Stage, 3

Balanced, 3Venture (General), 11

Break up of Funds by Investment Strategy

Appendix A



a) All return figures are in USD. Private Equity cash flows used are net of management and other fees. MSCI EM indices are used to compute public market returns using Long Nickels method. MSCI EM indices used are total returns indices i.e. including capital gains as well as dividend yield. All funds in the dataset are vintage years between 2005-2013, operating periods between 2005-2015 and valuations as of 30th September, 2015. Total sample sizes are 10, 19 and 83 PE funds for Africa, Latin America and Asia respectively. Mid-cap funds are those with fund size < $800mn and large cap funds are those with fund size >= $800mn. Within the same sample, the number of Total Avanz GP, Mid-cap Funds and Large-cap funds are 15, 66 and 46 respectively. Detailed analysis methodology provided in Appendix A. This analysis is provided to support the investment strategy Avanz Capital aims to employ and is not representing a public market equivalent comparison for Avanz Fund I or Avanz Fund II.

b) Avanz GP dataset refers to the GPs that Avanz Capital has backed in Avanz Fund I and Fund II that matched the time frame of the analysis (vintage years 2005-2013). This comprises the Avanz GPs’ prior funds, with the exception of the China Healthcare Fund III whose vintage year is 2013 and was included in the dataset.

c) The Avanz EM Partnerships Fund, SPC and Avanz EM Partnerships Fund II, SPC IRR performance is presented as of 30 September 2017. The gross IRRs for the Avanz Fund I and Fund II are gross of Avanz Capital fees and expenses, whereas the net IRR is inclusive of all fees and expenses charged to the investors in the Avanz Fund I and Fund II.

d) The charts reflect the portfolio of the primary fund investments that Ms. Celaya and Mr. Assaad participated in the management of while at IFC and does not reflect any investments made by Fund I or Fund II. Although such information is presented from public sources (namely the IFC Annual Report for FY2010), IFC has not participated in the preparation of this presentation or any other materials used in connection with the offering of Fund II and expressly disclaims any responsibility for the content or accuracy of such information. Prospective investors should carefully consider the matters discussed in “Section IX – Certain Legal, Regulatory and Tax Considerations” of the Confidential Private Placement Memorandum of Fund II.

e) Limitations of Target Returns. Target returns are based on statistical analysis of historical information. There is no guarantee that targeted returns will be realized or achieved or that an investment strategy will be successful. Investors should keep in mind that the securities markets are volatile and unpredictable. There are no guarantees that the historical performance of an investment, portfolio, or asset class will have a direct correlation with its future performance. The information in this presentation, including statements concerning financial markets is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons.

Endnotes

31



Disclaimer

32

THIS DOCUMENT IS INTENDED FOR THE CONFIDENTIAL USE OF ONLY THOSE PERSONS TO WHOM IT HAS BEEN DELIVERED DIRECTLY BY AVANZ GROWTH MARKETS LIMITED(“AGM” OR THE COMPANY). THIS DOCUMENT MAY NOT BE COPIED OR DISTRIBUTED TO ANY THIRD PARTY, EITHER PHYSICALLY OR THROUGH ELECTRONIC MAIL, WITHOUTTHE PRIOR WRITTEN CONSENT OF AGM. IT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION AND BY THE ACCEPTANCE OF THIS DOCUMENT, EACH RECIPIENT SHALL BEDEEMED TO HAVE AGREED TO MAINTAIN THE CONFIDENTIALITY OF SUCH INFORMATION AND SHALL BE EXPECTED NOT TO USE IT IN VIOLATION OF APPLICABLE LAW.

THE COMPANY WAS INCORPORATED AND BEGAN OPERATING ON 24 JULY 2017 IN MAURITIUS AND HOLDS A CATEGORY 1 GLOBAL BUSINESS LICENSE IN ACCORDANCE WITHTHE MAURITIAN COMPANIES ACT 2001 AND THE FINANCIAL SERVICES ACT 2007 OF MAURITIUS. THE COMPANY’S REGISTERED OFFICE ADDRESS IS C/O INTERCONTINENTALTRUST LTD, LEVEL 3, ALEXANDER HOUSE, 35 CYBERCITY, EBENE 72201, MAURITIUS. THE COMPANY’S SHARES ARE NOT CURRENTLY LISTED ON ANY EXCHANGE. IT ISENVISAGED THAT THE COMPANY WILL LIST ITS SHARES ON THE OFFICIAL MARKET OF THE STOCK EXCHANGE OF MAURITIUS LTD (“SEM”).

THE SECURITIES DESCRIBED HEREIN WILL NOT BE RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES' COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THEFORGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANYREPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.

THE DOCUMENT IS INTENDED FOR DISCUSSION PURPOSES ONLY. IT IS NOT AN OFFER TO SELL, OR A SOLICITATION OF ANY OFFER TO BUY, ANY SECURITY, NOR DOES ITPURPORT TO BE A COMPLETE DESCRIPTION OF THE TERMS OF OR THE RISKS OR POTENTIAL CONFLICTS OF INTEREST INHERENT IN ANY ACTUAL OR PROPOSED SECURITY ORTRANSACTION DESCRIBED HEREIN. POTENTIAL INVESTORS SHOULD ENSURE THAT THEY FULLY UNDERSTAND ALL APPLICABLE RISKS. ANY TRANSACTION WOULD BE SUBJECTTO NEGOTIATION OF ALL RELEVANT COMMERCIAL TERMS, OBTAINING ALL NECESSARY REGULATORY, CORPORATE OR OTHER APPROVALS AND THE EXECUTION OF DEFINITIVEINVESTMENT DOCUMENTATION.

THIS DOCUMENT CONTAINS “FORWARD-LOOKING STATEMENTS” AS THE TERM IS DEFINED IN THE U.S. PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. WORDS SUCHAS “ANTICIPATE”, “ESTIMATE”, “EXPECTS”, “PROJECTS”, “INTENDS”, “PLANS”, “BELIEVES”, “WILL”, AND WORDS AND TERMS OF SIMILAR SUBSTANCE TYPICALLY INDICATEFORWARD-LOOKING STATEMENTS. ALL FORWARD-LOOKING STATEMENTS REPRESENT AGMʼS VIEWS AND EXPECTATIONS REGARDING FUTURE EVENTS AS OF THE DATEHEREOF, BASED ON INFORMATION THEN AVAILABLE (BUT NOT NECESSARILY ALL SUCH INFORMATION WHICH MIGHT BE REASONABLY AVAILABLE) AND ON CERTAINASSUMPTIONS AND ESTIMATES, AND ARE SUBJECT TO A NUMBER OF FACTORS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROMTHOSE DESCRIBED IN THE FORWARD-LOOKING ESTIMATES. ADDITIONAL INFORMATION, INCLUDING ADDITIONAL STATISTICAL DATA AND/OR FURTHER DESCRIPTIONS OFPROPOSED TRANSACTIONS, MAY BE PROVIDED SUBSEQUENTLY, BUT AGM DOES NOT UNDERTAKE TO UPDATE THE ENCLOSED INFORMATION OR ANY FORWARD-LOOKINGSTATEMENT MADE HEREIN, EXCEPT AS MAY BE REQUIRED BY ANY EXPRESS AGREEMENTS.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS AND THE INVESTOR MUST BE ABLE TO WITHSTAND A COMPLETE LOSS OF HIS OR HER INVESTMENT.

EACH PROSPECTIVE INVESTOR IS INVITED TO MEET WITH REPRESENTATIVES OF AGM AND TO DISCUSS WITH, ASK QUESTIONS OF AND RECEIVE ANSWERS FROM SUCHREPRESENTATIVES CONCERNING THIS DOCUMENT AND TERMS AND CONDITIONS OF THE OFFERING, AND TO OBTAIN ANY ADDITIONAL INFORMATION, TO THE EXTENT THATSUCH REPRESENTATIVES POSSESS SUCH INFORMATION OR CAN ACQUIRE IT WITHOUT UNREASONABLE EFFORT OR EXPENSE.

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