Asset Management Steppes Alternative Asset Management All Rights Reserved.

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1 Management www. steppesalternativea

2 Contents 1. Executive Summary 3 2. Business Overview 5 3. Market Overview 9 4. Industry Overview Key Value Drivers for Geographic Coverage Directors and Senior Management Sector Valuation Metrics Historic Performance and Projected Performance 26 Exhibit I 28 www. steppesalternativeassetmanagement

3 1. Executive Summary is Expanding Existing Profitable Business Due to Exceptional Market Opportunities www. steppesalternativeassetmanagement 3

4 1. Executive Summary Management Limited is a profitable global alternative asset management business focused on natural resources, energy and infrastructure. is expanding its product offering and geographical footprint to take advantage of current significant market opportunities. current global market footprint of Europe, the Middle East and Australia is to be expanded into South East Asia and China. Current opportunity to expand Management business in the underserved sectors where is focused. current Funds Under Management (FUM) of $2.7 billion. results for 6 months to 30 th June produced earnings of $0.19 per share and net assets of $1.09 per share. Experienced Board and Management at all levels of business activities. Public listing in the second half of will facilitate expansion. 4

5 2. Business Overview focus on underserved growth sectors will enable to continue to produce upper quartile returns for its shareholders 5 www. steppesalternativeassetmanagement.com

6 2. Business Overview (cont d) 2.1 Strategy is expanding its existing profitable business to create a leading diversified Management Group. will expand by building out its existing internal organisation, leveraging and developing existing capabilities and investment expertise. In addition will expand by making accretive acquisition of talent, track record and scale. will look to build out distribution by the acquisition of distribution capability, by partnering with institutions via distribution arrangements as well as joint ventures and sub-advisory agreements to expand investment capabilities and broaden distribution channels. will build out its middle and back office capability further to facilitate planned growth with a specific focus on high value activities that enhance value. 6

7 2. Business Overview (cont.) Past, Present and Future Past Present Future Business Established Completed initial acquisition in Made further acquisition in 2015 in order to take advantage of market opportunities in the Asia Pacific region. Historical expertise in natural resources. Funds under management at the 30 th June - $2,715m. Management and Advisory fees for the six months ending 30 th June - $82.3m. Liabilities and shareholders equity at 30 th June of $502.2m. Proprietary investments at 30th June - $467m. Public listing planned for second half of. Planned acquisition will help increase funds under management by the end of toover $5 billion. Projected Management and Advisory fees for - $173m. Projected Fair Value Gains and Realisations for - $62.2m. Projected Proprietary investments at the end of projected to be $573m. Post Listing will expand product offering, geographic coverage and distribution. 7

8 2. Business Overview (cont d) 2.3 Management Business Energy Natural Resources Demand pressures will result in long term price increases Sustainable development of natural resources that provide energy will reap significant long term rewards Infrastructure Current available infrastructure finance is less than 50% of the amount needed to meet forecast demand Private Equity & Credit Funds 8

9 3. Market Overview Global GDP growth will double between now and 2035 and will be driven by urbanisation and population growth www. steppesalternativeassetmanagement 9

10 3. Market Overview 3.1 A Changing Marketplace Despite short term volatility, growth markets such as China, India,SE Asia and Africa are the engines for global growth. Developing markets GDP has now overtaken developed markets and accounts for more than 50% of global GDP. 1 Developing markets currently account for 22% of the global equity market value; this is forecast to grow to 39% by The global population has grown from 3.6 billion in 1970 to 7.3 billion in 2014 and is forecast to grow to 8.8 billion by 2035 and over 9.5 billion by 2050 (over two thirds of whom will be in developing markets). 3 The global middle class population was 1.8 billion at the end of 2009, and is projected to grow to 3.2 billion by 2020 and 4.8 billion by Urbanisation will continue to drive growth between now and 2050; it is predicted that the 3.5 billion people currently living in cities around the world will increase to over 4.5 billion by 2030 and over 6 billion by Asia Pacific currently has 55% of the world s population, 40% of global GDP and only 5% of the Management industry

11 3. Market Overview (cont d) 3.2 Market Opportunity in Natural Resources The overall need for natural resources is going to increase significantly in the medium and long term due to demand pressure. The current price outlook for certain commodities with short term oversupply is forecast to be at least constant between now and 2025; commodities without oversupply forecasting steady price growth over the same period. It is inevitable that the recent sell off in certain commodities caused by recent volatility will create exceptional opportunities for investors over the next 24 months. global network and long term outlook enables to take advantage of opportunities in the natural resources market throughout all stages of the market cycle. has a unique sector focus and geographical footprint in the key natural resource sectors and underserved growth markets on which is focusing. Despite 2015 being a tough year for mining capital markets, 62 natural resource private equity funds raised a total of USD $63 billion. 11

12 3. Market Overview (cont d) 3.3 Market Opportunity in Infrastructure From 2015 to 2030, global demand for new infrastructure could amount to more than USD $90 trillion; the value of the world s existing infrastructure is estimated at USD $50 trillion. Current infrastructure spending of USD $2.5trillion to USD $3 trillion a year is only half the amount needed to meet the estimated USD $6 trillion of average annual demand. Infrastructure demand by infrastructure class ( ): Transport 29%, Energy 40%, Telecom 7%, and Water and Waste 19%. McKinsey estimates that private institutional investment in infrastructure could increase by USD $1 trillion to USD $1.5 trillion a year from current levels of USD $300 billion to USD $400 billion per year. Providing investment products for sustainable infrastructure investment should generate significant rewards for Managers that are focused upon the infrastructure sector. Infrastructure investment funds currently account for only 6% of total alternative assets under management. 12

13 3. Market Overview (cont d) 3.4 Market Opportunity in Energy The growth in the world economy and urbanisation means that more energy is required and energy consumption is projected to increase by 34% between 2014 and Virtually all of the additional energy that will be consumed is in fast-growing emerging economies. Energy demand within the OECD is projected to remain stagnant. More than half of the increase in global energy consumption will be used for power generation as the long-run trend towards global electrification continues. The global vehicle fleet is projected to double between today and 2035 from 1.2 billion today to 2.4 billion in Fossil fuels remain the dominant source of energy powering the global economy, providing around 60% of the growth in energy and accounting for almost 80% of total energy supply in 2035 ( down from 86% in 2014). Renewables are projected to quadruple between 2014 and 2035 helped by cost reductions. 13

14 4. Industry Overview Growth in Global Wealth is Creating an Unprecedented Opportunity in the Fund Management Industry www. steppesalternativeassetmanagement 14

15 4. Industry Overview 4.1 The Global Management Industry will be worth over USD $100 Trillion by 2020 Global Investable Funds in the wealth management industry have grown from USD $31 trillion in 2002 to USD $74 trillion in 2014 and are forecast to grow to more than USD $100 trillion by Changing markets and investor needs will create significant opportunities for specialist fund managers between now and 2020 (and beyond). Institutional assets under management in developing markets are projected to grow from USD $5 trillion in 2014 to USD $30 trillion by will expand its current offering and build a portfolio of specialised alternative investment products that will service targeted large market opportunities. Global banks have to offload USD $1.4 trillion of non-core assets due to new regulations causing an unprecedented opportunity for specialist companies like. 15

16 4.Industry Overview (cont.) 4.2 s are forecast to grow to USD $13.6t-$15.3t by 2020 US $ trillion $15.3t $7.9t $13.6t $4.6t $2.5t $5.0t $2.9t 6 $5.3t $2.9t $2.5t $1.0t $0.5t $1.0t $2.0t $1.4t $7.4t $0.8t $6.5t $3.6t $2.5t (base case) 2020 (high case) Private Equity s Real s Hedge Funds & Fund of Funds 16

17 4.Industry Overview (cont.) 4.3 Exceptional Opportunity in Australia & the Asia Pacific Region Management will undergo a transformation between now and 2020 as it grows significantly and adjusts to a new economic and operating environment. Management firms that use best of breed practices from the current industry and adopt world-class ideas and practices from the broader financial services industry are the managers that will reap the benefit. By 2020 it is forecast that there will be a fundamental shift towards s by many sovereign and public pension funds. Asia currently accounts for just 5% of the Global Management industry, yet it accounts for 40% of Global GDP and 55% of the Global population. Asia Pacific is forecast to make up 43% of global wealth by 2020 and currently has just 5% of Managers based in the Asia Pacific region. 17

18 5. Key Value Drivers for Public listing will enable to accelerate expansion of profitable base business into further underserved markets www. steppesalternativeassetmanagement 18

19 5. Key Value Drivers 5.1 Current Fiscal Year Value Drivers Prior to 31 st December, is projecting achieving the following; Complete public listing. Expand research to include infrastructure, energy and agriculture. Growth in net asset value to $1.29 per share. Complete acquisitions once listed that will enable to increase funds under management to $5 billion. Enter into strategic joint ventures with regards to distribution. Prepare new credit fund products for launch. Build out of industrial strength back office platform. 19

20 6. Geographic Coverage will expand geographic coverage in line with projected expansion of Management business www. steppesalternativeassetmanagement 20

21 6. Geographic Coverage 6.1 Post public listing will expand geographic coverage Asia and the Pacific Sydney * Singapore ** Hong Kong** Europe Gibraltar * London * Geneva + Zurich** Middle East and Africa UAE Dubai * Bahrain ** * Current Offices ** Planned Offices 21

22 7. Directors and Senior Management Experienced management and board of directors have been assembled to build out a substantial Management business www. steppesalternativeassetmanagement 22

23 7. Directors & Senior Management Team 7.1 Key Management David Clarke - Director & CEO : Mr. Clarke was until the end of the first quarter 2013 the CEO of The First Investor ( TFI ) based in Doha, Qatar. He joined TFI in early TFI is a full service investment banking firm in Qatar. It offers investment management, real estate and investment banking services including merchant banking and private equity investments in a range of industries. Over the past 25 years, David has played a part in many significant acquisitions, investments, and equity and debt offerings. Prior to this, David was Group CFO of Batelco, the incumbent publicly quoted then $2bn market capitalised telecom operator in Bahrain. He joined Batelco from Arab Banking Corporation in Bahrain where he was Managing Director and Head of Corporate Finance. Previously at Deutsche Bank, David was a Managing Director in the Global Corporate Finance Group and Co-Head of Telecoms Investment Banking in Asia Pacific, based in Tokyo. He was also a Principal at Broadview in London and New York, one of the leading technology focused investment banks. John Lister - Director: John Lister is the proprietor of Capital Growth Limited which is a licensed financial services provider that has been established for over 20 years and is regulated and licensed by the Financial Services Commission Gibraltar. Predominately, Capital Growth Limited provide advisory and consultancy services to private and corporate clients in the areas of finance, banking, etc., with full offshore corporate administration, trust and foundation services. Through its business relationships Capital Growth Limited have extensive relationships and networks with various Independent Financial Advisors across the world, spreading from Gibraltar and mainland Europe, Russia, through to the U.A.E., the Middle East, to Singapore and the Far East James Odier Director: James Odier is a member of the Swiss banking family of Lombard Odier. He spent much of his career as a private banker with UBS. His final position with them was as Managing Director of the Private Wealth Division looking after French and Greek clients. He then left UBS to co-found, Etienne, Pythoud, Odier & Cie, a wealth management company for private clients, which also ran several funds including a Mining & Exploration Fund. Amir Merchant Private Equity : Mr. Amir Merchant has over 25 years' experience in Investment Banking. His expertise covers international markets such as the United Kingdom, US, Europe, Japan, the Middle East as well as Emerging Markets. He has built key alliances in the Middle East with Financial Institutions, Sovereign Wealth Funds and Family Offices. In his earlier career he headed and initiated departments both for HSBC, Debt Capital Markets in the Middle East, and the Royal Bank of Scotland, Structured Finance in Capital Markets in the UK. In his time with Credit Agricole Middle East, he held positions as Managing Director, Regional Head of Investment Banking Coverage and Financial Institutions and was promoted to the Paris based Global Management Committee for Financial Institutions. He was also formerly President of an energy investment bank headquartered in Bahrain with offices in 8 countries. He has led many innovative transactions globally in energy, shipping, transportation, financial services, natural resources, real estate, utilities and retail. His core area of knowledge spans across Corporate Finance, Structured Finance, Debt Capital Markets, Sukuks, Derivatives and Management in which he actively lecturers in and publicly speaks at conferences. Edmund Newton Specialist Funds: Edmund Newton is a former Swiss Banker who spent most of his banking career with UBS, before finishing with their private bank, Ferrier Lullin & Cie. His areas of expertise were client acquisition and relationship management, portfolio management, investment advice, and the management of a portfolio of 1,000 clients. At Ferrier Lullin, he was the manager of the Anglo Saxon, Asian and Middle Eastern group of clients. 23

24 8. Sector Valuation Metrics www. steppesalternativeassetmanagement 24

25 8. Management Companies trade at a premium to Public Private Equity Companies The Top 30 Public Private Equity companies currently trade on an average PE of 18.81*. The Top 30 Public Private Equity companies currently trade on an average multiple to net assets of 2.21*. The Top 30 Public Management Companies currently trade on an average PE of 24.93*. The Top 30 Public Management companies currently trade on an average multiple to net assets of 6.68*. will initially be categorised as a public private equity company but planned expansion should see recategorised as an alternative asset management company. * See Exhibit I 25

26 9. Historic and Projected Performance www. steppesalternativeassetmanagement 26

27 9. Historic and Projected Performance Current Key Statistics * Ordinary shares 430,000,000 Net s per share at 30 th June $1.09 s Under Management at 30 th June $2.7 billion Projected Net s per share at 31 st December $1.29 Projected Net s per share at 31 st December 2017 $1.67 David Clarke John Lister James Odier Amir Merchant Edmund Newton Directors & Management Chief Executive Officer Director Director Senior Management Senior Management Historical and Projected Performance Fiscal Year ending 31 st December 2013 Actual* 2014 Actual** 2015 Actual Projected 2017 Projected Net Income $54.0m $92.0m $150.3m $162.9m $196.1m Net s $127m $219m $384m $574m $781m Shares Outstanding 430,000,000*** 430,000,000*** 430,000, ,807, ,452,000 Earnings Per Share $0.125c $0.27c $0.35c $0.36c $0.42c Net s Per Share $0.28c $0.51c $0.89c $1.29 $1.67 s Under Management $0.36 billion $0.47 billion $2.27 billion $5.07billion $5.98 billion * Fiscal 2013 historic financials for the 12 months to ** Fiscal 2014 historic financials for the 9 months to *** pro-forma shares outstanding 27

28 Exhibit I www. steppesalternativeassetmanagement 28

29 Top 30 Management Companies Company Name Symbol Exchange Price 52W HIGH/LOW Mkt. Cap. (US$m) PE Net s (US$m) M Book FUM (USD m) Brookfield Management Inc. BAM.A TOR CAD / , , ,000 Blackstone Group LP BX NYQ USD / , , ,400 Macquarie Group Ltd. MQG ASX AUD / , , ,727 Principal Financial Group Inc. PFG NYQ USD / , , ,200 AMP Ltd. (AMP Capital) AMP ASX AUD / , , ,110 KKR & Co. LP KKR NYQ USD / , NS 5, ,700 CBRE Group Inc. CBG NYQ USD / , , ,000 GPT Group GPT ASX AUD /4.24 7, , ,274 Oaktree Capital Group LLC OAK NYQ USD / , ,000 Lendlease Group LLC ASX AUD / , , ,258 Aberdeen Management PLC ADN LSE p / , , ,200 Jones Lang LaSalle Inc. JLL NYQ USD / , , ,400 Carlyle Group LP CG NSQ USD / , NS ,000 Ares Management LP ARES NYQ USD / , ,000 Apollo Global Management LLC APO NYQ USD / , ,000 Magellan Financial Group Ltd. MFG ASX AUD / , ,770 Platinum Investment Management Ltd. PTM ASX AUD /5.47 2, ,609 Man Group PLC EMG LSE p / , , ,800 Charter Hall Group CHC ASX AUD /4.14 1, , ,381 Harbourvest Global Private Equity HVPE AEX USD NS 1, , ,000 Och-Ziff Capital Management Group LLC OZM NYQ USD / NS -416 N/A 43,700 Pantheon International PLC PIN LSE 1,483.88p /1, , ,400 Cowen Group Inc. COWN NSQ USD / NS ,700 HFA Holdings Ltd. HFA ASX AUD / ,600 CIFC LLC CIFC NAQ USD / ,200 Fifth Street Management Inc. FSAM NSQ USD / NS ,000 Medley Management Inc. MDLY NYQ USD / N/A 5,000 Resource America Inc. REXI NSQ USD / ,000 CVC Ltd. CVC ASX AUD / NS K2 Management Holdings Ltd. KAM ASX AUD / NS TOTAL/AVERAGE 193, , Notes: financial data taken from ft.com as of 1st Sept.. currency conversions as required taken from currency section of yahoo.com on the same date. 29

30 Top 30 Public Private Equity Companies Company Name Symbol Exchange Price 52W HIGH/LOW Mkt.Cap. (US$m) PE Net s (US$m) M Book Blackstone Group LP BX NYQ USD / , , Partners Group Holding AG PGHN SWX CHF / , , KKR & Co. LP KKR NYQ USD / , NS 5, Fosun International Ltd. 656 HKG HKD / , , i Group PLC III LSE p / , , Leucadia National Corp. LUK NYQ USD / , NS 10, Oaktree Capital Group LLC OAK NYQ USD / , Onex Corp. OCX TOR CAD / , NS -163 N/A Wendel SE MF PAR EUR / , NS 3, Carlyle Group LP CG NSQ USD / , NS Eurazeo SA RF PAR EUR / , , Ares Management LP ARES NYQ USD / , Apollo Global Management LLC APO NYQ USD / , Electra Private Equity PLC ELTA LSE 3,859.48p 4,020.00/3, , , Gimv NV GIMB BRU EUR / , , SVG Capital PLC SVI LSE p / , , Harbourvest Global Private Equity HVPE AEX USD NS 1, , HBM Healthcare Investments AG HBMN SWX CHF / , Pantheon International PLC PIN LSE 1,483.88p 1,500.00/1, , HgCapital Trust PLC HGT LSE 1,283.26p 1,342.00/ Princess Private Equity Holding Limited PEY LSE EUR / NS NB Private Equity Partners Limited NBPE AEX USD / ICG (ex. Graphite) Enterprise Trust PLC ICGT LSE p / JZ Capital Partners Limited JZCP LSE p / Standard Life European PE Trust PLC SEP LSE p / Deutsche Beteiligungs AG DBAX.N GER EUR / Altamir SCA LTA PAR EUR / Oakley Capital Investments Limited OCL LSE p / J.P. Morgan Private Equity Limited JPEL LSE USD / F&C Private Equity Trust PLC FPEO LSE p / TOTAL/AVERAGE 130, , Notes: financial data taken from ft.com as of 1st Sept.. currency conversions as required taken from currency section of yahoo.com on the same date. 30

31 Reference 1. PwC The World in Credit Suisse Emerging Markets to boost share of Global Capital Markets. 3. UN Reports World Urbanisation Prospects. 4. OECOL Observer. 5. EOI Africa Business Outlook. 6. World Bank Commodity Forecast. 7. Management in the UK