Beltone Financial. Leading transformation. Credentials. May 2009

Transcription

1 Beltone Financial Leading transformation Credentials May 2009

2 Our Vision Enriching individual, corporate and community wealth by engaging in transformational relationships Culture Synergy Transformation Clients Community Beltone 2

3 Our Mission Beltone is a catalyst in MENA and beyond, innovatively leveraging synergies to benefit stakeholders Innovation Clients Community Beltone 3

4 Our Values Beltone culture of partnership and ownership is the source of empowerment that drives transformation in our clients and the financial community we serve Culture Clients Community Beltone 4

5 Our Pledge Beltone Financial is distinguished for Incomparable knowledge Innovative products and solutions Seamless execution 5

6 Our Office Locations Beltone offices Cairo Dubai New York Doha Tripoli Saudi Arabia With our network of offices we link clients from every corner of the world to every market in MENA 6

7 Our Company Beltone Financial Holding Beltone Investment Banking HQ Cairo Beltone Asset Management HQ Cairo Beltone Research HQ Cairo Beltone Private Equity HQ Cairo Beltone Securities Brokerage HQ Cairo Beltone Custody HQ Cairo Beltone Arabia Securities Brokerage HQ Cairo BMG Financial Group Riyadh Beltone Financial Securities Emirates Dubai Beltone Financial Qatar Beltone Financial Libya Beltone Enclave New York 7

8 Our Business Asset Management 21.5bn More than E under management Fastest growing AUM in Egypt Investment Banking 42bn More than E in transactions Unique MENA focus for advisory and capital raising Brokerage In Egypt Rank #2 in trading (2008) Multiple markets access MiFID compliant institutional offering Private Equity More 2bn than E in asset value Invests in strong, capable management in attractive industries Research Over 49 Research covering companies Expert regional knowledge Expanding coverage of companies and key industry sectors across MENA 8

9 Growth Milestones and Achievements Vision 2002 Consolidation 2005 Growth 2006 Stature Maturity Expansion Brought together financial professionals in Egypt and Saudi Arabia who believe in a culture of ownership Innovation Introduced first Money Market accounts, Corporate Pension plan Assets Under Management exceeded E 1.5 billion Brokerage moved to Beltone HQ Banking licence approved in KSA Research expands through MENA Private Equity capitalized with E 1.5 billion for investment in promising synergies Assets Under Management reached E 8 billion Investment Banking executes 23rd transaction AUM exceeds E 14 billion Custody office approved by CMA Research expanded to cover 30 companies MENA Fund launched Office opened in New York promoting MENA investment AUM exceeds E 26 billion Beltone acquires Obelisk brokerage Beltone AM launches another equity fund sponsored by Suez Canal Bank Beltone Brokerage ranks no.1 in Egypt for the first half of 2008 Office opened in Qatar Office opend in Libya Beltone signs agreement with CASE to launch ETF Beltone Private Equity & SIPAREX setup US$150 million Midcap fund Launched Money Market Fund with ABC Launched Money Market Fund with HSBC Investment Banking complete first transaction Beltone Research established Beltone acquired 40% of Trust Group for Securities in Egypt 2009 to date Investment banking growth 2004 to date E billion Average AUM E billion Beltone Employees 2003 to date 9

10 Investment Banking E 41.4 billion in 28 transactions closed over the past three 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 42.6 bn value of Investment Banking executions over the past 5 years M&A transactions Capital and debt-raising transactions Investment Banking growth Transaction volumes in E billion Mergers Acquisitions Divestitures Corporate restructuring Leveraged buyouts Initial Public Offerings Private placements Debt-structuring 2009 to date

11 Investment Banking Landmark Transactions EAgrium merger with MOPCO 14.1bn E Merger Beltone acted as the sole financial advisor for EAgrium in its USD 2.5 billion merger with Misr Oil Processing Company (MOPCO). Throughout the process, Beltone served numerous advisory roles. Beltone carried out a relative valuation for both entities, advised EAgrium throughout the negotiations with MOPCO with respect to the valuation and deal structure, and finally executed the transaction in a timely manner. Beltone also advised the merged entity on a USD 120 million bridge debt-financing. Orascom Development Holding AG National Drilling Company Abraaj Capital/Al Borg Laboraties 16.7bn E acquisition E 16.7 bn tender offer by Orascom Development Holding AG for Orascom Hotels and Development via a share swap with a cash option. Beltone was the sole financial advisor for Orascom Development Holding AG in the tender offer. 403mE Share sale 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. 778m E tender offer Abraaj Capital Ltd acquired Cairo Medical Tower Laboratory S.A.E (Al Borg Laboratories) for a total consideration of EGP 778 million. Beltone counseled Abraaj on a strategy to pre-empt a rival bid and executed in a notably short time period 11

12 Investment Banking Landmark Transactions Orascom Development Holding AG Sprea & Plastichem 969m 387m E capital increase E in share sale CHF 190 million initial public offering for Orascom Development Holding AG. The transaction involved a dual listing in Egypt and Switzerland. Beltone was the co-manager for the initial public offering and the sole financial advisor with respect to the listing in Egypt. E 387 million sale of Sprea & Plastichem, a leading specialty chemicals company. Beltone represented the selling shareholders in divesting the entire business. Amwal Arabia and Arabia Cotton & Ginning Company Initial Public Offering of GB Auto 734m 1.27bn E share swap E in expansion capital 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. 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. 12

13 Investment Banking Corporate Clients Weather Investments Arab National Bank Al Tawfeek Investment Co. Modern Nile Cotton Al-Ahlia Cooperative Insurance Saudi Arabian Insurance Co Arab Cotton Ginning 13

14 Investment Banking Financing Transactions M&A and Corporate Advisory E 14,052,600,000 (USD 2,532,000,000) EAgrium s merger with MOPCO E 371,000,000 (USD 70,000,000) Joint venture between GB AUTO and Marco Polo EGP 402,704,224 Sale of 60% of National Drilling Company to Al Safat Investment E 969,000,000 (CHF 190,000,000) Initial Public Offering and dual listing in Egypt and Switzerland Exclusive Financial Advisor Exclusive Financial Advisor Exclusive Financial Advisor Co-Manager on the offering and sole listing advisor in Egypt January 2009 June 2008 June 2008 May 2008 R. Ghabbour E 16,725,103,579 E 778,299,525 E 734,242,283 E 150,000,000 Acquisition of 98.1% of Orascom Hotels and Development via a tender offer Acquisition of 76.9% of Cairo Medical Tower Laboratory (Al Borg Laboratories) Via a tender offer Acquisition of Amwal al Arabia by Arab Cotton Ginning via share swap Acquisition of Cougar Capital Management Sole Financial Advisor Sole Financial Advisor Exclusive Financial Advisor Exclusive Financial Advisor May 2008 May 2008 October 2007 October

15 Investment Banking Financing Transactions M&A and Corporate Advisory Rolaco Hotels E 278,619,625 Acquisition of 28.9% of Semiramis Hotels via a tender offer E 1,270,870,293 Initial Public Offering E 103,000,000 Pre-IPO financing via convertible loan Value Not Disclosed El Nasr Clothing (Kabo) acquisition of Wave for Trading and Agencies Sole Financial Advisor Global Coordinator, Lead Manager and Sole Bookrunner Exclusive Financial Advisor Exclusive Financial Advisor October 2007 July 2007 May 2007 April 2007 E 387,464,000 Sale of Sprea Misr and Plastichem to IFI, a subsidiary of EK Holding E 210,000,000 GB Auto s acquisition of a 49% stake in CITI E 1,350,000,000 Structuring and capital raising for a Greenfield sugar manufacturing plant E 464,069,650 Acquisition of a 26% stake in NCHD by a consortium led by Beltone Capital Exclusive Financial Advisor Exclusive Financial Advisor Exclusive Financial Advisor Exclusive Financial Advisor March 2007 March 2007 December 2006 December

16 Investment Banking Financing Transactions M&A and Corporate Advisory E 575,000,000 Capital Increase in Orascom Hotels and Development E 100,000,000 Capital Increase in Mena for Touristic and Real Estate Development E 70,000,000 Acquisition of a global Swiss trademark and subsequent capital raising E 90,000,000 The sale of Enjoy to a strategic investor Co-advisor and Placement Agent Co-advisor and Placement Agent Exclusive Financial Advisor Exclusive Financial Advisor November 2006 August 2006 June 2006 October 2005 Weather Investments E 44,426,466 Modern Nile Cotton bid for El Nasr Clothing and Textiles (KABO) E 350,000,000 Placement of equity piece in Weather Investment s acquisition of Wind E 340,000,000 Initial Public Offering E 375,857,349 Sale of Celtel International s shares in Vodafone Egypt Exclusive Financial Advisor Lead Placement Agent Lead Manager and Sole Bookrunner Lead Placement Agent and Bookrunner September 2005 August 2005 May 2005 September

17 Investment Banking Significant Transactions in KSA SAR 357,000,000 Sale of 55% of Al Sawani to Global Investment House Trade Union Cooperative Insurance SAR 105,000,000 Initial Public Offering Al Sagr Cooperative Insurance SAR 80,400,000 Initial Public Offering Saudi Arabian Cooperative Insurance SAR 40,000,000 Initial Public Offering Financial Advisor Financial Advisor and Arranger Financial Advisor and Arranger Financial Advisor and Arranger July 2008 October 2007 October 2007 May 2007 Al-Ahlia Cooperative Insurance SAR 40,000,000 E 40,000,000 Initial Public Offering SAR 70,000,000 Capital Increase SAR 200,000,000 Initial Public Offering Initial Public Offering Financial Advisor and Arranger Financial Advisor and Arranger Financial Advisor Financial Advisor and Arranger May 2007 May 2007 February 2007 February

18 Asset Management Beltone Asset Management is the leader in its industry, with Assets Under Management in excess of EGP 21.5 billion*, driven by our capacity to continuously introduce innovative products Product 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 accounts Products 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 product PIPELINE Signed contract with EGX & CMA to launch the first Case 30 ETF 4 funds in the pipeline sponsored by prominent Egyptian banks Fixed Income Fund Balanced Fund 2 Money Market 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 Flexibility * As of April 30 th 2009 Product Snapshots MENA EQUITY FUND The 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-ipos Safe Haven provision Low minimum entry (US$ 10,000) EGYPT EQUITY FUND Launched with Suez Canal Bank Low minimum entry - E 5,000 No minimum post initial subscription No entry or redemption fees Daily subscription and redemption 18

19 Asset Management Wide Range of Product Offerings Through our knowledge in launching and managing funds, we have gained the experience of the regional asset management business which enabled us to develop innovative products that cater to varying risk-return profiles through offering different asset classes and management styles across MENA Return Remarkable industry experience catering to all investor profiles More than 12 years of regional experience Leveraged Equity Capital Guaranteed Equity Balanced Fixed Income Money Market Risk Bahrain Egypt Lebanon Jordan KSA Kuwait Morocco Oman Qatar Tunisia UAE From Money Market to leveraged Equity From Plain Vanilla to Structure Products From Morocco to Oman From Conventional to Islamic 19

20 Asset Management Diligent Investment Process Specialization and focus, combined with Beltone s CCS value added fundamental process result in lucrative stock selection and exceptional performance FUNDAMENTAL APPROACH WITH THE MAIN Alpha Drivers Specialization and Focus Specialized independent departments supporting a focused Portfolio Manager, overlooked by internal audit and compliance DILIGENT 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 20

21 Private Equity Current funds As at end of April 2009, Beltone Private Equity had assets under management of more than EGP 2 billion Beltone Capital 466 megp NAV 606 m raised 410 Beltone Capital, our first fund, was established in the second half of 2006, to invest in Egyptian companies with strong, capable managements, privatization and turnarounds Beltone Investment Group 418 megp NAV 771 m raised Beltone Investment Group, a buyout fund, was established in December It has EGP 418 million fully invested in a controlling stake in a leading real estate development company with one of the biggest land banks in Egypt Beltone Retail megp committed Beltone Retail, our first specialized fund committed to consolidate successful retail operations and franchises. Its main focus is the Egyptian Retail Sector while investing in the MENA region is subject to the investment attractiveness Real Estate 308 megp NAV 345 m raised 200 Beltone Private Equity manages a specialty real estate project with a total of EGP 308 million paid-in, to acquire and refurbish historic real estate assets in Cairo Beltone MidCap m USD expected under establishment Beltone Private Equity is in the process of launching an SME fund, Beltone MidCap, in partnership with SIGEFI, the management arm of Siparex Group, a leading French private equity specialist in SMEs 21

22 Private Equity Overview of Beltone Capital Description Beltone Private Equity launched Beltone Capital in 2006, having raised 466 million to invest predominantly in Egyptian companies with strong, capable management and growth prospects. EGP 250mn is currently fully invested, and EGP 332mn is committed to several new projects. Beltone Capital is invested in a variety of portfolio companies, the first of which was Giza Systems, one of Egypt s most prominent system integrators and the market leader in the telecommunications and utilities focus in Egypt s IT space. Other investments include a local manufacturer of flatware and glassware, an acquisition that included 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 additional factories under construction globally, with substantial growth prospects for this business. In 2007, Beltone Capital participated in the establishment of Egypt s first privately-held integrated sugar group. In addition, the fund has co-invested 8% in its capital in Nasr City Housing and Development, alongside Beltone Investment Group, a special-purpose vehicle established for the Nasr City acquisition, and is participating in a niche-based real estate project. Beltone Capital is also an investor in the Beltone Retail Fund Headline Terms Structured as an investment company under Egyptian law Paid-in capital of EGP 466 and NAV of EGP 606 million Currently raising capital by EGP 116 million to fulfill imminent requirements of sizeable deal flow Seeks control through majority stakes either directly or in combination with coinvestors and related firms Maximum exposure of 20% per investment, and 25% per sector Share buy-back option offered to shareholders after 5 years, at 20% per annum until 2017 Diverse base of shareholders including the European Investment Bank and prominent Egyptian and Saudi high net worth individuals GIZA systems BĒARD AL NOURAN MULTITRADING AL NOURAN MULTITRADING COPRPORATION PLC A premier systems integrator and solutions provider in Egypt. Since 1974 it has supplied domestic and regional markets with a wide range of innovative fully integrated operations support systems and business support systems. A global prestigious trade mark in the tableware industry since 1888, with growth strategy and plans for new international manufacturing facilities. Beltone acquired the trademark in A Greenfield investment in Egypt s first integrated sugar group. The project involves the construction of a state-of-the art sugar beet production facility in Egypt in partnership with a leading sugar trader and distributor. 22

23 Private Equity Overview of Beltone Investment Group Description Basic Statistics of the Investment We launched our second fund in December 2006, a buyout fund with EGP 418 million raised for the acquisition of Nasr City Housing and Development, one of the most undervalued real estate assets traded on the Cairo and Alexandria Stock exchange, with a historically problematic land bank of over 10 million square meters. While the acquisition required a relatively high appetite for risk, it proved to be one with extraordinarily high risk-adjusted returns on an NAV basis before the recent market slump. In December 2006, Beltone Private Equity launched a tender offer for the acquisition of 40% of Nasr City, and successfully acquired 31.2% of the company in its second attempt. As NCHD s largest shareholder, Beltone and its affiliates currently have 4 out of 9 Board of Directors, and a managing director elected by the board. The buyout fund has provided Beltone a new track record in real estate, which has ultimately come to reshape the focus of our future investment strategy. Beltone Investment Group is currently valued at EGP 771million as of 30th April, 2009 Date of initial investment: Dec 2006 % of ownership*: 31.2% Total commitment*: EGP 561 m Market Value30/04/2009*: EGP 1 bn Investment Strategy Phase I *Note: these figures include co-investment by Beltone Capital, and includes incremental purchases since the tender offer date Phase II Phase III Phase IV Change of Control Problem Resolution Value Creation Realization Options 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 Operational restructuring of subsidiaries Land bank acquisition Strategic sale of company Divestiture of equity stake Merger 23

24 Private Equity Overview of Beltone Retail Description Basic Statistics of the Investment Beltone Retail is a holding company, participated into by Beltone Capital and allied financial co-investors, with a vision to acquire majority stakes in different retail operations across Egypt, GCC, and North Africa The rationale is to capitalize on selected retailers vast expertise in retail and trade and their licensed brand portfolio while leveraging Beltone s access to real estate in Egypt, its financial capabilities and its structuring expertise Its first investment was the establishment of a joint venture, Al Sawani Egypt in Sept The venture is 55% owned by Beltone Retail, with the balance to one of Saudi s most prominent retailers, with operations in 13 MENA countries and 500 directly and indirectly operated outlets Al Sawani Egypt has already established 10 stores, with brands including Sfera, Penny Black, XOXO, and G2000. Post-establishment, Al Sawani Egypt acquired the Egypt franchise for Guess and Esprit, along with its operating 15 stores, bringing the total number of current retail outlets to 25. RETAIL Date of initial investment: April 2007 Total commitment*: EGP 410 m Beltone Retail: A complementary partnership Beltone Group of Retail Partners * Note: these figures include co-investment by Beltone Capital Scale Financial resources Access to real estate Structuring expertise Strong franchise network Potential for expansion Sector specific expertise Retail experience Beltone Retail aims to create strategic partnerships with leading qualified retailers, banking on their vast expertise in retail and trade and leveraging their licensed brand portfolios with a vision to become a premier large-scale retail conglomerate in Egypt and the region 24

25 Private Equity Overview of Beltone s Real Estate Projects Description Basic Statistics of the Investment The project is a unique niche-based real estate development project, created in association with a dedicated project sponsor It was co-founded by Beltone Private Equity and Amwal al Khaleej, and managed by Beltone Private Equity The project s vision is to acquire, evict, and refurbish historic real estate assets that are architecturally superior It also involves the creation of building clusters to develop commercial pedestrian districts that are 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 property management function to optimize returns to shareholders Target: one million sqm in Cairo s Downtown area, providing critical mass to enable the creation of an integrated commercial location, leading to asset appreciation Date of initial investment: January 2008 Total paid-in capital: EGP 308 m NAV: EGP 345 m Project Phases Building Acquisition Eviction Renovation To date, 17 buildings covering a total built up area of 61,590 sqm have been acquired, while 12 buildings over a total area of 33,500 sqm are in the due diligence and deal closure phase of the acquisition process The project is in the process of raising EGP 300 mn of external capital to finance additional acquisitions 25

26 Private Equity Overview of Beltone MidCap Fund Description Beltone MidCap is in the process of raising USD 200 million to invest in two Sub-Funds in Egypt (USD 100 million) and the GCC (USD 100 million) The General Partner is Beltone MidCap Management S.A, a partnership between Beltone Private Equity 75%, and SIGEFI 25%, the private equity management arm of Siparex Founded in 1977, Siparex has a top-notch reputation recognizable by the most prominent French and international investors as a specialist in the investment management of SMEs The Fund was created to capitalize on the underdeveloped status of this sector in Egypt and the GCC region, to fulfill funding requirements of this underserved segment, and to promote the SME role in economic development at large Sectors of interest identified for the Egypt Sub-Fund are those with competitive edge and export potential, including but not limited to niche-based textiles, food processing and agribusiness, plastics and packaging, and services The Fund already has a pipeline of ten companies under consideration, with important criteria including companies displaying rapid growth potential, ambitious and dynamic management, clear competitive distinction, ability to create value by focusing on core strengths of Beltone and SIGEFI, and potential upside in exit Headline Terms Incorporated in Luxembourg Sub-Funds are closed ended for a duration of 8 years each, extendable to 10 years General Partner is a partnership between Beltone and SIGEFI Investment Manager is Beltone Private Equity Investment Period is 4 years First Closing is Q for the Egypt Sub-Fund and Q for the GCC Sub- Fund Invests in significant minority stakes and selected majority in companies with operating history, with revenues of USD 5-50 million Maximum exposure of 10% per investment and 25% per sector Beltone and SIGEFI: A unique and complementary partnership addressing the SME challenge Beltone Private Equity SIGEFI / 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 Lack 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 corporations Beltone and SIGEFI, by providing access to capital, human resources, and strategic direction to SMEs, aim to play an integral role in promoting the sector 26

27 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 over 1,200 clients worldwide Single broker contact available in markets with Beltone presence Egypt Kingdom of Saudi Arabia UAE Brokerage clients US UK Ireland Germany Switzerland Egypt France Kuwait KSA UAE Bahrain Qatar 27

28 Securities Brokerage Landmark Transactions Bank of Alexandria Banque Misr Banque du Caire Orascom Building Materials Holding Buyer: Sanpaolo IMI SPA Seller: Government of Egypt (GOE) Date: october 2006 Value: LE9.2 billion Merger: Banque du Caire with Banque Misr Date: May 2007 Value: LE1.6 billion Transaction: Orascom Building Materials Buyer: LAFARGE Seller: oci Date: January 2008 Value: LE71 billion Egyptian Container Handling Co. Egyptian Fertilizers Company Transaction: ECHCO Buyer: DP WORLD Seller: oci Date: February 2008 Value: LE3.7 billion Transaction: EFC Buyer: oci Seller: ABRAAJ Capital Date: March 2008 Value: us$1.6 billion 28

29 Research 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 2009, coverage will extend to include shares from Morocco to Lebanon and Oman Beltone Research Products General Market Products Company-Specific Products Sector-Specific Products Egypt & MENA Region News Egypt Daily Statistics Egypt Trend Watch & Technical Table Qatar Trend Watch UAE Daily & Weekly Statistics UAE Trend Watch & Technical Table BMG Saudi Daily & Weekly Bulletin BMG Saudi Index BMG Trend Watch Regional Trend Watch Initial Coverage Reports Company Update Reports Company Newsflash Reports Sector Reviews Regional Economic Research Regional Strategy Research Thematic Research * * * As of April 30 th 2009 COMPANY COVERAGE MENA REGION RESEARCH PUBLICATIONS 29

30 Research Countries Covered and Distribution Covered by research Research distributed 32 countries Algeria Austria Bahrain Belgium Canada Chile Cyprus Czech Republic Denmark Egypt France Germany Greece Hong Kong Italy Japan Jordan KSA Kuwait Lebanon Malaysia Netherlands Norway Pakistan Philippines Qatar Switzerland Syria Thailand Turkey UAE UK Ukraine USA Yemen 30

31 Custody Currently more than E 11.7 billion*. Investors benefit from fast execution and settlement through the efficient receipt, delivery and safekeeping of securities, cash and foreign exchange Beltone Securities Holding gives clients the benefit of their assets held under direct operational control 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 April 30 th

32 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 32