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Beltone FinancialLeading transformation
CREDENTIALS
February 2012
Our Vision
Enriching individual, corporate and community wealth by engaging in transformational relationships
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Our Mission
Beltone is a catalyst in the MENA region, innovatively leveraging synergies to benefit stakeholders
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Our Values
Beltone’s culture is the source of empowerment that drives transformation in our clients and the financial community we serve
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Our Pledge
• To provide clients with the very best service at every level of Beltone’s operations
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• To continue to create• To provide clients with seamless execution
Our Office Locations
Beltone officesBeltone officesBeltone officesBeltone offices•Cairo•Dubai•New York•Doha* Under establishment
With our network of offices we link clients from every With our network of offices we link clients from every With our network of offices we link clients from every With our network of offices we link clients from every corner of the world to every market in MENAcorner of the world to every market in MENAcorner of the world to every market in MENAcorner of the world to every market in MENA
•Tripoli•Benghazi•London*
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Our Company
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Our Business
ASSET MANAGEMENT
• Fastest growing AUM in Egypt23bnMore than
E£ under managementINVESTMENT BANKING
• Unique MENA focus for advisory and capital raising56.8bnMore than
E£ in transactionsBROKERAGE
• Multiple MENA markets access• MiFID compliant institutional offeringRank #4In Egypt
In Trading 2011 RESEARCH
• Expert regional knowledge • Expanding coverage of companies and key industry sectors across MENAOver 66Research covering companies
PRIVATE EQUITY
• Invests in attractive industries with capable management characterized by a sustainable competitive advantage1.9bnMore than
E£ in asset value
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Growth | Milestones and Achievements
2002
2003 - 2004
2005 2006•Brought together financial professionals in Egypt and Saudi Arabia who believe in a culture of ownership• Introduced first Money Market
•Brokerage moved to Beltone HQ•Banking license approved in KSA•Research expands through MENA•Private Equity capitalized with E£ 1.5 billion for investment in promising synergies•Assets Under • Investment Banking executes 23rd transaction•Assets Under Management exceeds E£ 14 billion•Custody office approved by CMA•Research expanded to cover 30 companies
2008•Beltone acquires Obelisk brokerage•Beltone Asset Management launches another equity fund sponsored by Suez Canal Bank•Beltone Brokerage ranks no.1 in Egypt for the first half of 2008
Vision
Innovation
Consolidation Growth
Stature
Maturity
2009•Beltone Asset Management launches Money Market Fund with ABC, HSBC and Banque Du Caire•Beltone Asset Management launches Periodical return fund with Misr el Kheir•Beltone Brokerage ranks no.1 in Egypt for 2009Expansion
2010
2007
Market accounts, Corporate Pension plan•Assets Under Management exceeded E£ 1.5 billion• Investment Banking completes 1st transaction•Beltone Research established•Assets Under Management reached E£ 8 billion•Beltone acquired 40% of Trust Group for Securities in Egypt •Beltone Asset Management launches its MENA Fund•Office opened in New York promoting MENA investment•AUM exceeds E£ 27 billion
2008•Beltone Private Equity setup US$150 million Midcap Fund •Office opened in Qatar•Office opened in LibyaStature
Investment Banking growth 2004 to date E£ million AUM 2003 to date E£ million Number of Employees 2003 to date
•Beltone Asset Management launches Money Market Fund with Arab Bank•Beltone Asset Management launches “Insight Fund”, a technically driven Egypt Equity Fund •Beltone Asset Management launches a balanced fund with NSGB
9
376
824
2,559
4,015
20,737
14,053
12,977
1,230
2004
2005
2006
2007
2008
2009
2010
2011
3
46
75
145
185
292
293
287
287
282
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
300
1500
8000
14,400
27,700
21,100
26,100
287
21,963
22,975
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Investment Banking
E£ E£ E£ E£ 56565656....8 8 8 8 billionbillionbillionbillion in 44 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 companies looking for international expansion or funding
M&A transactions M&A transactions M&A transactions M&A transactions
• Mergers• Acquisitions • Divestitures • Corporate restructuring • Leveraged buyouts
Capital and debtCapital and debtCapital and debtCapital and debt----raising transactionsraising transactionsraising transactionsraising transactions
• Initial Public Offerings• Private placements• Debt-structuring
Investment Banking growth Investment Banking growth Investment Banking growth Investment Banking growth 2004 2004 2004 2004 –––– 2011201120112011Transaction volumes in E£ million
10
376
824
2,559
4,015
20,737
14,053
12,977
1,230
2004
2005
2006
2007
2008
2009
2010
2011
Investment Banking | Landmark Transactions
1,150mEGP Initial Public OfferingThe global offering of Amer Group, a leading real estate developer in Egypt. Beltone, as theSole Global Coordinator and Bookrunner, advised the business on a complete corporateand organizational restructuring culminating in raising USD 200 million in expansion capitaland secondary share sales.Beltone succeeded in attracting significant western institutional demand for theoffering, demonstrating strong placement capabilities with international investors.Initial Public Offering 0f Amer Group
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
16.7bn E£ 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
Egyptian Nitrogen Products Company (ENPC)
5.8bnE£ Project Financing11
Eagrium Merger with MOPCO
14.1bn EGP MergerBeltone acted as the sole financial advisor forEAgrium in its USD 2.5 billion merger with Misr OilProcessing Company (MOPCO). Beltone carriedout a relative valuation for both entities, advisedEAgrium throughout the negotiations with MOPCOwith respect to the valuation and dealstructure, and finally executed the transaction in atimely manner. Beltone also advised the mergedentity on a USD 120 million bridge debt-financing
Investment Banking | Landmark Transactions
Initial Public Offering of GB Auto
1.27bnE£ Capital Increase 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
Orascom Development Holding AG
969mE£ Capital IncreaseCHF 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
Bond Offering of GB Auto
1.0bnE£ Bond OfferingThe 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
Samcrete Egypt Contractors & Engineers4.1bnEGP AcquisitionBeltone 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 USD 0.74bn
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 SaleEgypt company in Egypt
Amwal Arabia and Arabia Cotton & Ginning Company
734mE£ Share Swap 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
Abraaj Capital/Al Borg Laboratories
778mE£ AcquisitionAbraaj Capital Ltd acquired Cairo Medical Tower Laboratory S.A.E (Al Borg Laboratories) for a total consideration of E£ 778 million. Beltone counseled Abraaj on a strategy to pre-empt a rival bid and executed in a notably short time periodE£ 440 million investment in a joint venture with Al-KasidGroup, 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-KasidGroup
440mE£ Investment12
Investment Banking | Corporate Clients
Saudi Arabian Insurance Co
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Investment BankingFinancing Transactions | M&A and Corporate Advisory
May 2010
Exclusive Financial AdvisorCapital RaisingCapital RaisingCapital RaisingCapital RaisingE£ E£ E£ E£ 312312312312,,,,000000000000,,,,000000000000(USD (USD (USD (USD 56565656,,,,727727727727,,,,273273273273))))November 2010
Sole Global Coordinator and BookrunnerInitial Public OfferingInitial Public OfferingInitial Public OfferingInitial Public OfferingE£ E£ E£ E£ 1,150,000,000 1,150,000,000 1,150,000,000 1,150,000,000 (USD 200,000,000)(USD 200,000,000)(USD 200,000,000)(USD 200,000,000)September 2010
Sole Financial AdvisorAcquisition of 50% of Kandil Acquisition of 50% of Kandil Acquisition of 50% of Kandil Acquisition of 50% of Kandil Glass by North Africa Holding Glass by North Africa Holding Glass by North Africa Holding Glass by North Africa Holding CompanyCompanyCompanyCompanyE£ E£ E£ E£ 222222222222,,,,580580580580,,,,449 449 449 449 (USD (USD (USD (USD 38383838,,,,709709709709,,,,643643643643))))September 2011
Exclusive Financial AdvisorRights IssueRights IssueRights IssueRights IssueE£ E£ E£ E£ 1,130,000,0001,130,000,0001,130,000,0001,130,000,000(USD 189,597, 315)(USD 189,597, 315)(USD 189,597, 315)(USD 189,597, 315)October 2011
Sole Financial Advisor
Debt Raising forSamcrete for Real
Estate Development
E£ 100,000,000(USD 16,752,383)
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December 2009
Sole Financial AdvisorMerger with Samcrete Merger with Samcrete Merger with Samcrete Merger with Samcrete for Engineering for Engineering for Engineering for Engineering InvestmentsInvestmentsInvestmentsInvestmentsE£ E£ E£ E£ 4444,,,,069069069069,,,,656656656656,,,,000000000000(USD (USD (USD (USD 735735735735,,,,372372372372,,,,795795795795))))February 2010
Exclusive Financial AdvisorJoint venture between Joint venture between Joint venture between Joint venture between GB AUTO and GB AUTO and GB AUTO and GB AUTO and AlAlAlAl----KasidKasidKasidKasidGroup of CompaniesGroup of CompaniesGroup of CompaniesGroup of CompaniesE£ 440,000,000E£ 440,000,000E£ 440,000,000E£ 440,000,000(USD 80,000,000)(USD 80,000,000)(USD 80,000,000)(USD 80,000,000)December 2009
Financial AdvisorENPC Project ENPC Project ENPC Project ENPC Project FinancingFinancingFinancingFinancingE£ E£ E£ E£ 5555,,,,775775775775,,,,000000000000,,,,000000000000(USD (USD (USD (USD 1111,,,,050050050050,,,,000000000000,,,,000000000000))))May 2010
Financial AdvisorBond OfferingBond OfferingBond OfferingBond OfferingE£ E£ E£ E£ 1,000,000,0001,000,000,0001,000,000,0001,000,000,000(USD 181,818,182)(USD 181,818,182)(USD 181,818,182)(USD 181,818,182)October 2011
Investment BankingFinancing Transactions | M&A and Corporate Advisory
June 2008
Exclusive Financial AdvisorSale of 60% of National Sale of 60% of National Sale of 60% of National Sale of 60% of National Drilling Company to Al Drilling Company to Al Drilling Company to Al Drilling Company to Al Safat InvestmentSafat InvestmentSafat InvestmentSafat InvestmentE£ E£ E£ E£ 402,704,224 402,704,224 402,704,224 402,704,224 (USD 74,640,927)(USD 74,640,927)(USD 74,640,927)(USD 74,640,927)January 2009
Financial AdvisorENPC Bridge FinanceENPC Bridge FinanceENPC Bridge FinanceENPC Bridge FinanceE£ E£ E£ E£ 671671671671,,,,132132132132,,,,400400400400(USD (USD (USD (USD 120120120120,,,,000000000000,,,,000000000000))))June 2008
Exclusive Financial AdvisorJoint venture between Joint venture between Joint venture between Joint venture between GB AUTO and Marco GB AUTO and Marco GB AUTO and Marco GB AUTO and Marco PoloPoloPoloPoloE£ 371,000,000E£ 371,000,000E£ 371,000,000E£ 371,000,000(USD 70,000,000)(USD 70,000,000)(USD 70,000,000)(USD 70,000,000)January 2009
Exclusive Financial AdvisorEAgrium’s merger with EAgrium’s merger with EAgrium’s merger with EAgrium’s merger with MOPCOMOPCOMOPCOMOPCOE£ 14,052,600,000E£ 14,052,600,000E£ 14,052,600,000E£ 14,052,600,000(USD (USD (USD (USD 2,532,000,000)2,532,000,000)2,532,000,000)2,532,000,000)
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May 2008
Sole Financial AdvisorAcquisition of Acquisition of Acquisition of Acquisition of 76767676....9999% of Cairo % of Cairo % of Cairo % of Cairo Medical Tower LaboratoryMedical Tower LaboratoryMedical Tower LaboratoryMedical Tower Laboratory(Al Borg Laboratories)(Al Borg Laboratories)(Al Borg Laboratories)(Al Borg Laboratories)Via a tender offerVia a tender offerVia a tender offerVia a tender offerE£ E£ E£ E£ 778,299,525 778,299,525 778,299,525 778,299,525 (USD 143,978,364)(USD 143,978,364)(USD 143,978,364)(USD 143,978,364)March 2008
Sole Financial AdvisorCapital RaisingCapital RaisingCapital RaisingCapital RaisingE£ E£ E£ E£ 308308308308,,,,000000000000,,,,000000000000(USD (USD (USD (USD 56565656,,,,850850850850,,,,640640640640))))May 2008
Co-Manager on the offering and sole listing advisor in EgyptGlobal Offering and dual Global Offering and dual Global Offering and dual Global Offering and dual listing in Egypt and listing in Egypt and listing in Egypt and listing in Egypt and SwitzerlandSwitzerlandSwitzerlandSwitzerlandE£ E£ E£ E£ 969969969969,,,,000000000000,,,,000000000000(CHF (CHF (CHF (CHF 190190190190,,,,000000000000,,,,000000000000))))
May 2008
Sole Financial AdvisorAcquisition of Acquisition of Acquisition of Acquisition of 98989898....1111% of % of % of % of OrascomOrascomOrascomOrascom Hotels and Hotels and Hotels and Hotels and Development via a tender Development via a tender Development via a tender Development via a tender offerofferofferofferE£ E£ E£ E£ 16,725,103,579 16,725,103,579 16,725,103,579 16,725,103,579 (USD 3,093,992,711)(USD 3,093,992,711)(USD 3,093,992,711)(USD 3,093,992,711)
Investment BankingFinancing Transactions | M&A and Corporate Advisory
July 2007
Global Coordinator, Lead Manager and Sole BookrunnerInitial Public OfferingInitial Public OfferingInitial Public OfferingInitial Public OfferingE£ E£ E£ E£ 1,270,870,293 1,270,870,293 1,270,870,293 1,270,870,293 (USD 221,284,923)(USD 221,284,923)(USD 221,284,923)(USD 221,284,923)
October 2007
Exclusive Financial AdvisorAcquisition of Cougar Capital Acquisition of Cougar Capital Acquisition of Cougar Capital Acquisition of Cougar Capital ManagementManagementManagementManagementE£ E£ E£ E£ 150150150150,,,,000000000000,,,,000000000000(USD (USD (USD (USD 26262626,,,,769769769769,,,,748748748748))))R. R. R. R. GhabbourGhabbourGhabbourGhabbourOctober 2007
Exclusive Financial AdvisorAcquisition of Acquisition of Acquisition of Acquisition of 28282828....9999% of % of % of % of Semiramis Hotels Semiramis Hotels Semiramis Hotels Semiramis Hotels via a tender offervia a tender offervia a tender offervia a tender offerE£ E£ E£ E£ 278,619,625278,619,625278,619,625278,619,625(USD 49,723,848)(USD 49,723,848)(USD 49,723,848)(USD 49,723,848)Rolaco HotelsRolaco HotelsRolaco HotelsRolaco HotelsOctober 2007
Exclusive Financial AdvisorAcquisition of Acquisition of Acquisition of Acquisition of AmwalAmwalAmwalAmwal al Arabia al Arabia al Arabia al Arabia by Arab Cotton Ginning via by Arab Cotton Ginning via by Arab Cotton Ginning via by Arab Cotton Ginning via share swapshare swapshare swapshare swapEGP EGP EGP EGP 734734734734,,,,242242242242,,,,283 283 283 283 (USD (USD (USD (USD 131131131131,,,,036036036036,,,,539539539539))))
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March 2007
Exclusive Financial AdvisorGB Auto’s acquisition of GB Auto’s acquisition of GB Auto’s acquisition of GB Auto’s acquisition of a 49% stake in CITIa 49% stake in CITIa 49% stake in CITIa 49% stake in CITIE£ E£ E£ E£ 210210210210,,,,000000000000,,,,000000000000(USD (USD (USD (USD 36363636,,,,220220220220,,,,698698698698))))March 2007
Exclusive Financial AdvisorSale of Sprea Misr and Sale of Sprea Misr and Sale of Sprea Misr and Sale of Sprea Misr and Plastichem to IFI, Plastichem to IFI, Plastichem to IFI, Plastichem to IFI, a subsidiary of EK Holdinga subsidiary of EK Holdinga subsidiary of EK Holdinga subsidiary of EK HoldingE£ E£ E£ E£ 387387387387,,,,464464464464,,,,000000000000(USD (USD (USD (USD 66666666,,,,829829829829,,,,602602602602))))April 2007
Exclusive Financial AdvisorEl Nasr Clothing (El Nasr Clothing (El Nasr Clothing (El Nasr Clothing (KaboKaboKaboKabo) ) ) ) acquisition of acquisition of acquisition of acquisition of Wave for Trading and Wave for Trading and Wave for Trading and Wave for Trading and AgenciesAgenciesAgenciesAgenciesValue Not DisclosedValue Not DisclosedValue Not DisclosedValue Not DisclosedMay 2007
Exclusive Financial AdvisorPrePrePrePre----IPO financing via IPO financing via IPO financing via IPO financing via convertible loanconvertible loanconvertible loanconvertible loanE£ E£ E£ E£ 103103103103,,,,000000000000,,,,000000000000(USD (USD (USD (USD 17171717,,,,798798798798,,,,514514514514))))
Investment BankingFinancing Transactions | M&A and Corporate Advisory
August 2006
Exclusive Financial AdvisorCapital Increase in Mena for Capital Increase in Mena for Capital Increase in Mena for Capital Increase in Mena for Touristic and Real Estate Touristic and Real Estate Touristic and Real Estate Touristic and Real Estate DevelopmentDevelopmentDevelopmentDevelopmentE£ E£ E£ E£ 100,000,000100,000,000100,000,000100,000,000(USD 17,220,922)(USD 17,220,922)(USD 17,220,922)(USD 17,220,922)December 2006
Exclusive Financial AdvisorAcquisition of a 26% stake in Acquisition of a 26% stake in Acquisition of a 26% stake in Acquisition of a 26% stake in NCHD by a consortiumNCHD by a consortiumNCHD by a consortiumNCHD by a consortiumled by Beltone Capitalled by Beltone Capitalled by Beltone Capitalled by Beltone CapitalE£ E£ E£ E£ 464464464464,,,,069069069069,,,,650650650650(USD (USD (USD (USD 79797979,,,,806806806806,,,,575575575575))))November 2006
Co-advisor and Placement AgentCapital Increase in Capital Increase in Capital Increase in Capital Increase in OrascomOrascomOrascomOrascomHotels and DevelopmentHotels and DevelopmentHotels and DevelopmentHotels and DevelopmentE£ E£ E£ E£ 575575575575,,,,000000000000,,,,000 000 000 000 (USD (USD (USD (USD 99999999,,,,071071071071,,,,656656656656))))December 2006
Exclusive Financial AdvisorStructuring and capital raising Structuring and capital raising Structuring and capital raising Structuring and capital raising for a Greenfield sugar for a Greenfield sugar for a Greenfield sugar for a Greenfield sugar manufacturing plantmanufacturing plantmanufacturing plantmanufacturing plantE£ E£ E£ E£ 1,350,000,0001,350,000,0001,350,000,0001,350,000,000(USD 232,161,006)(USD 232,161,006)(USD 232,161,006)(USD 232,161,006)
17
August 2005
Lead Placement AgentPlacement of equity piece in Placement of equity piece in Placement of equity piece in Placement of equity piece in Weather Investment’s Weather Investment’s Weather Investment’s Weather Investment’s acquisition of Windacquisition of Windacquisition of Windacquisition of WindE£ E£ E£ E£ 350,000,000350,000,000350,000,000350,000,000(USD 60,242,415)(USD 60,242,415)(USD 60,242,415)(USD 60,242,415)Weather Investments
September 2005
Exclusive Financial AdvisorModern Nile Cotton bid for Modern Nile Cotton bid for Modern Nile Cotton bid for Modern Nile Cotton bid for El Nasr Clothing and Textiles El Nasr Clothing and Textiles El Nasr Clothing and Textiles El Nasr Clothing and Textiles (KABO)(KABO)(KABO)(KABO)E£ E£ E£ E£ 44444444,,,,426426426426,,,,466466466466(USD (USD (USD (USD 7777,,,,665665665665,,,,022022022022))))October 2005
Exclusive Financial AdvisorThe sale of Enjoy to a The sale of Enjoy to a The sale of Enjoy to a The sale of Enjoy to a strategic investorstrategic investorstrategic investorstrategic investorE£ E£ E£ E£ 90,000,00090,000,00090,000,00090,000,000(USD 15,495,201)(USD 15,495,201)(USD 15,495,201)(USD 15,495,201)June 2006
Exclusive Financial AdvisorAcquisition of a global Swiss Acquisition of a global Swiss Acquisition of a global Swiss Acquisition of a global Swiss trademark and subsequent trademark and subsequent trademark and subsequent trademark and subsequent capital raisingcapital raisingcapital raisingcapital raisingE£ E£ E£ E£ 70,000,00070,000,00070,000,00070,000,000(USD 11,971,419)(USD 11,971,419)(USD 11,971,419)(USD 11,971,419)
September 2004
Lead Placement Agent and BookrunnerSale of Sale of Sale of Sale of CeltelCeltelCeltelCeltel International’s International’s International’s International’s shares in Vodafone Egyptshares in Vodafone Egyptshares in Vodafone Egyptshares in Vodafone EgyptE£ E£ E£ E£ 375,857,349375,857,349375,857,349375,857,349(USD 60,006,506)(USD 60,006,506)(USD 60,006,506)(USD 60,006,506)Investment BankingFinancing Transactions | M&A and Corporate Advisory
E£ E£ E£ E£ 340,000,000340,000,000340,000,000340,000,000(USD 58,262,476)(USD 58,262,476)(USD 58,262,476)(USD 58,262,476)Initial Public OfferingInitial Public OfferingInitial Public OfferingInitial Public OfferingLead Manager and Sole BookrunnerMay 2005
18
October 2007
Financial Advisor and ArrangerInitial Public OfferingInitial Public OfferingInitial Public OfferingInitial Public OfferingSAR SAR SAR SAR 105,000,000105,000,000105,000,000105,000,000(EGP 157,664,850)(EGP 157,664,850)(EGP 157,664,850)(EGP 157,664,850)May 2007
Financial Advisor and ArrangerInitial Public OfferingInitial Public OfferingInitial Public OfferingInitial Public OfferingSAR SAR SAR SAR 40404040,,,,000000000000,,,,000000000000(EGP (EGP (EGP (EGP 61616161,,,,729729729729,,,,200200200200))))October 2007
Financial Advisor and ArrangerInitial Public OfferingInitial Public OfferingInitial Public OfferingInitial Public OfferingSAR SAR SAR SAR 80,400,00080,400,00080,400,00080,400,000(EGP 120,726,228)(EGP 120,726,228)(EGP 120,726,228)(EGP 120,726,228)July 2008
Financial AdvisorSale of Sale of Sale of Sale of 55555555% of Al % of Al % of Al % of Al SawaniSawaniSawaniSawani to to to to Global Investment HouseGlobal Investment HouseGlobal Investment HouseGlobal Investment HouseSAR SAR SAR SAR 357,000,000357,000,000357,000,000357,000,000(EGP 511,420,350)(EGP 511,420,350)(EGP 511,420,350)(EGP 511,420,350) Al Sagr for Cooperative Insurance Saudi Arabian Cooperative InsuranceInvestment Banking | Significant Transactions in KSA
February 2007
Financial Advisor and ArrangerInitial Public OfferingInitial Public OfferingInitial Public OfferingInitial Public OfferingSAR SAR SAR SAR 200,000,000200,000,000200,000,000200,000,000(EGP 309,250,000)(EGP 309,250,000)(EGP 309,250,000)(EGP 309,250,000)February 2007
Financial AdvisorCapital IncreaseCapital IncreaseCapital IncreaseCapital IncreaseSAR SAR SAR SAR 70707070,,,,000000000000,,,,000000000000(EGP (EGP (EGP (EGP 108108108108,,,,237237237237,,,,500500500500))))May 2007
Financial Advisor and ArrangerInitial Public OfferingInitial Public OfferingInitial Public OfferingInitial Public OfferingSAR SAR SAR SAR 40404040,,,,000000000000,,,,000000000000(EGP (EGP (EGP (EGP 61616161,,,,729729729729,,,,200200200200))))May 2007
Financial Advisor and ArrangerInitial Public OfferingInitial Public OfferingInitial Public OfferingInitial Public OfferingSAR SAR SAR SAR 40,000,00040,000,00040,000,00040,000,000(EGP 61,729,200)(EGP 61,729,200)(EGP 61,729,200)(EGP 61,729,200)Al-Ahlia Cooperative Insurance
19
Asset Management
PRODUCT OFFERINGPRODUCT OFFERINGPRODUCT OFFERINGPRODUCT OFFERING• Equity funds and portfolios investing in Egypt and the MENA region• Shariaa compliant equity funds and portfolios investing in Egypt and MENA• Fixed income funds and portfolio as well as Shariaa compliant products• Saving and pension plans• Money Market funds and accountsPRODUCTS UNDER MANAGEMENTPRODUCTS UNDER MANAGEMENTPRODUCTS UNDER MANAGEMENTPRODUCTS UNDER MANAGEMENT• Banque Misr Money Market Fund in E£, US$ and Euro• 401(k)-type tax efficient savings plan• Beltone MENA Equity Fund• Suez Canal Bank Equity Fund• ABC Money Market Fund in E£• HSBC Money Market Fund in E£• Misr El Kheir periodical return Fund E£• Arab Bank Money Market Fund E£
PRODUCT PIPELINE PRODUCT PIPELINE PRODUCT PIPELINE PRODUCT PIPELINE • More funds in the pipeline sponsored by prominent Egyptian banks
• Fixed Income Fund• Balanced Fund• 2 Money Market accounts • ETF
Beltone Asset Management is the leader in its industry, with Assets Under Management in excess of EGP EGP EGP EGP 23 billion23 billion23 billion23 billion*, driven by our capacity to continuously introduce innovative products
• Arab Bank Money Market Fund E£• Banque du Caire Money Market Fund E£• Beltone Technical Fund• NSGB Balanced FundMONEY MARKETS ACCOUNTS MONEY MARKETS ACCOUNTS MONEY MARKETS ACCOUNTS MONEY MARKETS ACCOUNTS Launched with Banque Misr and Egypt Post -the first in MENA• E£, US$ and Euro• Low minimum entry - E£ 10,000• No entry or redemption fees• Linked to ATM machines• Interest added daily• Liquidity• FlexibilityMENA EQUITY FUNDMENA EQUITY FUNDMENA EQUITY FUNDMENA EQUITY FUNDThe MENA Equity Fund is listed on the Irish Stock Exchange in Dublin• The Fund invests in companies listed in MENA• The Fund invests up to 10% in pre-IPO’s• Safe Haven provision• Low minimum entry (US$ 10,000)
EGYPT EQUITY FUNDEGYPT EQUITY FUNDEGYPT EQUITY FUNDEGYPT EQUITY FUNDLaunched with Suez Canal Bank • Low minimum entry - E£ 5,000• No minimum post initial subscription • No entry or redemption fees• Daily subscription and redemption
*As of January 31st , 2012
PRODUCT SNAPSHOTSPRODUCT SNAPSHOTSPRODUCT SNAPSHOTSPRODUCT SNAPSHOTS
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Asset Management | Wide Range of Product Offerings
Remarkable industry experience catering toRemarkable industry experience catering toRemarkable industry experience catering toRemarkable industry experience catering toall investor profilesall investor profilesall investor profilesall investor profiles
Through our knowledge in launching and managing funds, we have gained the experience of the regional asset management businessregional asset management businessregional asset management businessregional asset management business which enabled us to develop innovative products that cater to varying risk-return profiles through offering different asset classes and management styles across MENA
More than 12 years of regional experienceMore than 12 years of regional experienceMore than 12 years of regional experienceMore than 12 years of regional experience
• From Money MarketMoney MarketMoney MarketMoney Market to leveraged EquityEquityEquityEquity • From Plain VanillaFrom Plain VanillaFrom Plain VanillaFrom Plain Vanilla to Structured Structured Structured Structured ProductsProductsProductsProducts • From MoroccoMoroccoMoroccoMorocco to OmanOmanOmanOman • From ConventionalConventionalConventionalConventional to IslamicIslamicIslamicIslamic
21
Asset Management | 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 FUNDAMENTAL APPROACH WITH THE MAIN ALPHA DRIVERS FUNDAMENTAL APPROACH WITH THE MAIN ALPHA DRIVERS FUNDAMENTAL APPROACH WITH THE MAIN ALPHA DRIVERS
SPECIALIZATION AND FOCUSSPECIALIZATION AND FOCUSSPECIALIZATION AND FOCUSSPECIALIZATION AND FOCUS
Specialized independent departments supporting a focused Portfolio Manager, scrutinized by internal audit and compliance
DILIGENT INVESTMENT PROCESSDILIGENT INVESTMENT PROCESSDILIGENT INVESTMENT PROCESSDILIGENT INVESTMENT PROCESS
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
22
583 m 418 m
Private Equity | Current Investment Platforms
EGP raised EGP raised BELTONE CAPITALBeltone Capital, established in the second half of 2006 to invest in Egyptian companies with strong and
BELTONE INVESTMENT GROUPBeltone Investment Group, a buyout fund, was established in December 2006 to invest alongside Beltone Capital in a EGP raised
As of the end of January 2012, Beltone Private Equity had assets under management of around EGP 1.9 billion DOWNTOWN REAL ESTATE
380 mA specialty real estate investment vehicle focused on acquiring, refurbishing and leasing of historic real estate assets in BELTONE MIDCAP
Egyptian companies with strong and capable management as well as privatization and turnaround opportunities. to invest alongside Beltone Capital in a controlling stake in Medinet Nasr for Housing and Development, a leading real estate development company.39.2 mBeltone Midcap is a fund targeting Small & Medium size enterprises. It is managed by Beltone in partnership with Siparex Group, a leading French private equity specialist in SMEs.
USD raised 500 m-1bUSD expected to close by end of 2012MAHASEEL Agriculture Investment FundMAHASEEL Agriculture Investment Fund, a partnership between Beltone and Kenana, established in March 2010 to invest in equity and quasi-equity investments in the agriculture sector, agro-food business, and agro-related industries and services.
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leasing of historic real estate assets in Downtown Cairo.
Private Equity | Beltone CapitalDescriptionDescriptionDescriptionDescription• Beltone Private Equity launched Beltone Capital in 2006, having raised 583 million to investpredominantly in Egyptian companies with strong, capable management and growth prospects.The fund is fully committed and invested• Beltone Capital is invested in a variety of portfolio companies, the first of which was GizaSystems, one of Egypt’s most prominent system integrators and the market leader in theEgyptian telecommunications and utilities IT space• Other investments include a manufacturer of flatware and hollowware, an acquisition thatincluded the purchase of the Swiss brand, BĒARD, a favorite among 5-star hoteliers worldwide.BĒARD has operations in both Egypt and Mexico, and the roll-out plan includes three additionalfactories under construction globally, with substantial growth prospects for this business• In addition, the Beltone Capital has co-invested in Medinet Nasr Housing andDevelopment, alongside Beltone Investment Group, a special-purpose vehicle established forthe Medinet Nasr acquisition, and is participating in a niche-based real estate project.• Beltone Capital is also an investor in the Beltone Retail Fund, a specialized fund committed to
• Structured as an investment companyunder Egyptian law• Paid-in capital of EGP 583• Raised capital by EGP 116.5 million to fulfillrequirements of sizeable deal flow• Seeks control through majority stakeseither directly or in combination with co-investors and related firms• Maximum exposure of 20% perinvestment, and 25% per sector
HeadlineHeadlineHeadlineHeadline TermsTermsTermsTerms
• Beltone Capital is also an investor in the Beltone Retail Fund, a specialized fund committed toconsolidate successful retail operations and franchises with a focus on the Egyptian andMENA retail sector• Beltone Capital also co-invested alongside Capital Partners for Tourism, a buyoutfund, established to invest in Pickalbatros Holding, a leading budget hotel owner and operator • Diverse base of shareholders including theEuropean Investment Bank and prominentEgyptian and Saudi high net worthindividualsGiza SystemsGiza SystemsGiza SystemsGiza Systems
BEARDBEARDBEARDBEARD
MNHDMNHDMNHDMNHD
Pickalbatros HoldingPickalbatros HoldingPickalbatros HoldingPickalbatros Holding
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Private Equity | Beltone Investment Group
Vintage Year: 2006% of Ownership*: 31.2%Total Commitment*: EGP 560 mnDescriptionDescriptionDescriptionDescription• Launched in December 2006, BIG is a EGP 418 million buyout co-investment vehicle investingalongside Beltone Capital in the acquisition of Medinet Nasr Housing and Development, one ofthe most undervalued real estate assets traded on the Egyptian Stock Exchange, with ahistorically problematic land bank of over 10 million square meters• In December 2006, Beltone Private Equity launched a tender offer for the acquisition of 40% ofMNHD, and successfully acquired 31.2% of the company in its second attempt• As MNHD’s largest shareholder, Beltone and its affiliates currently have 4 out of 9 members onthe Board of Directors• The buyout fund has provided Beltone a new track record in real estate, which has ultimatelycome to reshape the focus of Beltone’s future investment strategy
BasicBasicBasicBasic StatisticsStatisticsStatisticsStatistics ofofofof thethethethe InvestmentInvestmentInvestmentInvestment
* Note: these figures include co-investment by Beltone Capital, and include incremental purchases since the
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Investment StrategyInvestment StrategyInvestment StrategyInvestment StrategyPhase I Phase II Phase III Phase IVChange of Control� Government control to private control � Resolution of long-standing land disputes with various authorities
� Identification of new management � Creation of a master development plan for large plots, and development of plots internally as well as through joint ventures with prominent developers� Hiring a new management team� Operational restructuring of subsidiaries� Land bank acquisition
� Strategic sale of company� Divestiture of equity stake� MergerProblem Resolution Value Creation Realization Options
Capital, and include incremental purchases since the tender offer date
Private Equity |Overview of Beltone’s Down Town Real Estate ProjectDescriptionDescriptionDescriptionDescription• The project is a unique niche-based real estate development project, created in associationwith a dedicated project sponsor• Co-founded by Beltone Private Equity and Amwal al Khaleej, and managed by Beltone PrivateEquity• The project’s vision is to acquire, evict, and refurbish historic real estate assets that arearchitecturally superior• It also involves the creation of building clusters to develop commercial pedestrian districts thatare aesthetically congruent• Returns are to be generated from rent as well as asset appreciation• The project is a long-term venture that aims to have a property development and propertymanagement function to optimize returns to shareholders• Target: one million sqm in Cairo’s Downtown area, providing critical mass to enable thecreation of an integrated commercial location, leading to asset appreciation
BasicBasicBasicBasic StatisticsStatisticsStatisticsStatistics ofofofof thethethethe InvestmentInvestmentInvestmentInvestmentVintage Year: 2008Total Paid-in Capital: EGP 380 mn
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To date, 20 buildings covering a total built up area of 70,000 sqm have been acquired, while 26 buildings are in the due diligence and deal closure phase of the acquisition processThe project is in the process of raising EGP 500 mn of external capital to finance additional acquisitionsProject PhasesProject PhasesProject PhasesProject PhasesBuilding Acquisition Eviction Renovation1 2 3
Private Equity | Overview of Beltone Midcap FundDescriptionDescriptionDescriptionDescription• Beltone MidCap Fund is targeting to raise USD 150 million to invest in two Sub-Funds, in Egypt(USD 50 million) and the GCC (USD 100 million). The Egypt Sub-Fund had its first closing onSeptember 15th 2009 with secured commitments of USD 30.5 million, and its second closing onJuly 15th 2010 with secured commitments of USD 39.2 million.• The Fund was created to capitalize on the underdeveloped status of the SME sector inEgypt, to fulfill funding requirements of this underserved segment, and to promote the SME rolein economic development at large• The General Partner is Beltone MidCap Management S.A, a partnership between BeltonePrivate Equity 75%, and SIGEFI 25%, the private equity arm of France’s Siparex Group• Founded in 1977, Siparex has a top-notch reputation recognizable by the most prominentFrench and international investors as a specialist in the investment management of SMEs• Sectors of interest identified for the Egypt Sub-Fund are those with competitive edge andexport potential, including but not limited to pharmaceuticals, food processing and agri-business, plastics and packaging, and servicesThe Fund already has a pipeline of six companies under consideration, with 2 opportunities in
• Incorporated in Luxembourg• Sub-Funds are closed ended for a durationof 8 years each, extendable to 10 years• General Partner is a partnership betweenBeltone Private Equity and SIGEFI PrivateEquity• Investment Manager is Beltone PrivateEquity• Investment Period is 4 years• First Closing was Q4 2009 for the EgyptSub-Fund• Invests in significant minority and selectedmajority stakes in companies with asuccessful operating history, with revenuesof USD 5-50 million per annum• Investment size ranges between USD 4 – 6
HeadlineHeadlineHeadlineHeadline TermsTermsTermsTerms
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• The Fund already has a pipeline of six companies under consideration, with 2 opportunities inthe due diligence phase, with important criteria including companies displaying rapid growthpotential, ambitious and dynamic management, clear competitive distinction, ability to createvalue by focusing on core strengths of Beltone and SIGEFI, and potential upside in exit • Investment size ranges between USD 4 – 6million• Maximum fund exposure is 10% perinvestment and 25% per sector
Beltone Private EquityBeltone Private EquityBeltone Private EquityBeltone Private Equity SIGEFI/ SiparexSIGEFI/ SiparexSIGEFI/ SiparexSIGEFI/ Siparex� Regional presence� Access to deal flow� Fund-raising capabilities� Structuring expertise� Strong understanding of domestic investment dynamics
� SME experience� Corporate governance and technical support� European business network� Investment advisory support
BeltoneBeltoneBeltoneBeltone andandandand SIGEFISIGEFISIGEFISIGEFI:::: aaaa uniqueuniqueuniqueunique andandandand complementarycomplementarycomplementarycomplementary partnershippartnershippartnershippartnership addressingaddressingaddressingaddressing thethethethe SMESMESMESME challengechallengechallengechallengeLack of a robust and dynamic medium enterprise sector has resulted in what has come to be known as "the missing middle" syndrome, resulting in weak linkages between the large-scale and SME sectors, and dependence on imports to fulfill the requirements of large corporationsBeltone and SIGEFI, by providing access to capital, human resources, and strategic direction to SMEs, aim to play an integral role in promoting the sector
Private Equity | Overview of MAHASEEL Agriculture Investment FundDescriptionDescriptionDescriptionDescription• MAHASEEL L.P. is a Cayman Islandsexempted limited partnership• Target Size: USD 500 million to USD 1billion• Fund Term: 8 years extendable by 2consecutive one year periods• Investment Period: 5 years
HeadlineHeadlineHeadlineHeadline TermsTermsTermsTerms• MAHASEEL provides investors the potential opportunity to achieve medium to long-term capitalappreciation through direct exposure to the agriculture and agribusiness sector by offering:
• A unique investment proposition that seeks to address the region’s food securityconcerns• A compelling investment mandate that covers attractive Greenfield projects and privateequity opportunities in the agriculture sector, agribusiness and agro-related industries andservices• A comprehensive investment approach that combines traditional and industrial agricultureacross Sudan and Egypt• An integrated investment strategy that focuses on opportunities arising from variabledemand and supply needs across countries in the Middle East and North Africa region
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Fund’sFund’sFund’sFund’s InvestmentInvestmentInvestmentInvestment StrategyStrategyStrategyStrategy• The fund will focus on investing across the wide agriculture spectrum; starting with opportunities in primary agriculture business through to the valueadded, food processing, and retail businesses in the MENA region, with an initial focus on Sudan and EgyptEgypt: Huge Market With Enormous Demand PotentialSudan: Immense Agriculture Potential and Need for Rural Development
GCC: Abundant Capital Resources and Interest in Food Security
Agriculture –Farming &Processing Logistics&Distribution Processing &Manufacturing Retail of Agricultural & Agro-related ProductsAgriculture Agriculture Agriculture Agriculture Value ChainValue ChainValue ChainValue Chain
Securities Brokerage
Beltone Securities focuses on institutional investors from the US, Europe and the region along with high-net-worth individuals, executing and settling seamlessly in several markets by leveraging a strong proprietary network as well as strategic partnerships
Single broker contact available in Single broker contact available in Single broker contact available in Single broker contact available in markets with Beltone presencemarkets with Beltone presencemarkets with Beltone presencemarkets with Beltone presence• Egypt• UAE
Brokerage clientsBrokerage clientsBrokerage clientsBrokerage clients• US
• UK
• Ireland
• Germany
• Switzerland
• Egypt
• France
• Kuwait
• KSA
• UAE
• Bahrain
• Qatar
• South Africa
over over over over 1111,,,,200 200 200 200 clients worldwideclients worldwideclients worldwideclients worldwide
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Securities Brokerage
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CompanyCompanyCompanyCompany----Specific Specific Specific Specific ProductsProductsProductsProducts• Initial Coverage Reports• Company Update Reports
Research
General Market General Market General Market General Market ProductsProductsProductsProducts• MENA Morning Bell, that covers regional daily news• MENA Closing Bell that covers regional markets’ daily performance
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 2012, coverage will extend across the different sectors within the region, to reach more than 75 stocks.
Beltone Research ProductsBeltone Research ProductsBeltone Research ProductsBeltone Research ProductsSectorSectorSectorSector----Specific Specific Specific Specific
ProductsProductsProductsProducts• Sector Reviews• Regional Economic Research• Company Update Reports• Company Newsflash Reports*
• MENA Closing Bell that covers regional markets’ daily performance • Between Bulls and Bears, that covers regional technical analysis • Regional Economic Research• Regional Strategy Research• Thematic Research
5 12 31 53 5856 636620052006200720082009201020112012
Company Coverage | MENA Region* As of January 31st , 2012.
*
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147 27234 131926944520052006200720082009201020112012Research Publications
Research | Countries Covered and Distribution
30 countries
Algeria • Austria Algeria • Austria Algeria • Austria Algeria • Austria • Bahrain • Bahrain • Bahrain • Bahrain • • • • Belgium • Canada Belgium • Canada Belgium • Canada Belgium • Canada • Chile • Cyprus • Czech Republic • Denmark • • Chile • Cyprus • Czech Republic • Denmark • • Chile • Cyprus • Czech Republic • Denmark • • Chile • Cyprus • Czech Republic • Denmark • Egypt Egypt Egypt Egypt • Libya • • Libya • • Libya • • Libya • France • Germany • Greece France • Germany • Greece France • Germany • Greece France • Germany • Greece • Hong Kong • Italy • Japan • • Hong Kong • Italy • Japan • • Hong Kong • Italy • Japan • • Hong Kong • Italy • Japan • JordanJordanJordanJordan • • • • KSAKSAKSAKSA • • • • KuwaitKuwaitKuwaitKuwait • • • • LebanonLebanonLebanonLebanon • Malaysia • Malaysia • Malaysia • Malaysia • • • •
Netherlands • Norway • Netherlands • Norway • Netherlands • Norway • Netherlands • Norway • OmanOmanOmanOman • Pakistan •• Pakistan •• Pakistan •• Pakistan •Philippines Philippines Philippines Philippines • • • • QatarQatarQatarQatar • South Africa • Switzerland • Syria • Thailand • • South Africa • Switzerland • Syria • Thailand • • South Africa • Switzerland • Syria • Thailand • • South Africa • Switzerland • Syria • Thailand • Turkey • Turkey • Turkey • Turkey • UAEUAEUAEUAE • UK • Ukraine • USA • Yemen• UK • Ukraine • USA • Yemen• UK • Ukraine • USA • Yemen• UK • Ukraine • USA • Yemen
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Beltone Securities Holding
Currently more than E£ E£ E£ E£ 14141414....1111billion*billion*billion*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 execution
• Safe custody of assets• Safe custody of assets• Income and dividends collection• Corporate action processing• Proxy voting processing• Standard custody reporting
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.
* As of January 31st, 2012
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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
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