Contents

Company Overview

Business Activities

The Team

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Al Mal Capital
Who We Are

A leading Investment Bank in the Middle East/North Africa region, serving a global base of High Net
Worth Individuals and Institutional Investors, while upholding the highest professional standards
Our Vision ƒ Experienced Team of Investment Banking Professionals
And
ƒ Full Fund Management and Execution Capabilities, incl. Tailored Portfolios
Uniqueness ƒ Expansive Network of Local, Regional and International Contacts
ƒ Unrivalled Access to Deal Flow

Naser Nabulsi John Baggerman Narendra Gajria

Executive Chairman Private Client Group Chief Operating Officer
Management
Team Khalid Madi Blair Look Robert McKinnon
Investment Banking Asset Management Equity Research

Al Mal Capital has aggregated the top talent from the region, investment bankers with impeccable credentials
and a deep understanding of both local and international capital markets
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Al Mal Capital
Business Activities
Al Mal Capital is a full line Investment Bank focused on a range of inter-related activities

Investment Banking Brokerage Asset Management

ƒ Advisory ƒ Institutional & HNWI ƒ Public Equity Funds

ƒ Structured Finance ƒ Investment Advisory ƒ Private Equity Funds
ƒ Private Placements ƒ Prime Brokerage ƒ Direct Investments
ƒ IPO ƒ Regional Execution ƒ Discretionary Accounts
ƒ Bonds ƒ Equity Derivatives
ƒ Convertibles
ƒ Mezzanine
ƒ Securitization

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Contents

Company Overview

Business Activities
1. Investment Banking
2. Brokerage
3. Asset Management
Other Business Units
4. Equity Research
5. Private Client Group

The Team

5
Investment Banking
Financial Advisory Services

Al Mal can add value in Mergers & Acquisition transactions on both the buy and the sell sides.
M & A Advisory We lead the deal from concept to deal settlement.

Divestitures/ Al Mal provides advice on carve-outs, spin-offs and the divestiture of non-core business assets or
Spin- offs activities on behalf of our clients.

Fairness
Al Mal prepares valuation analyses and provides expert opinion on transactions.
Opinions

Credit Rating Al Mal guides its clients through the credit rating process to simplify a complex and time-
Advisory consuming process and to ensure that the highest sustainable rating is received.

Financial Al Mal formulates tailored capital structure restructuring plans for companies across all stages of
Restructurings the business life cycle and renegotiates the terms of loan agreements.

Strategic Al Mal advises on forming and strategic alliances, local and cross-border. Through strong
Partnerships investor ties we identify high quality strategic investors for our clients.

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Investment Banking
Capital Markets
Al Mal Capital has the capability to undertake the origination, structuring, marketing and pricing of both
equity and debt offerings

Al Mal Capital

Investment Banking

Equity Capital Markets Debt Capital Markets

Private Placements Conventional Debt
Instruments
Initial Public Offerings
Islamic Financing
Instruments
Secondary Offerings
Debt Instruments with
Rights Issues Embedded Options

Al Mal Capital can assist companies through all the stages of Al Mal offers a comprehensive range of debt products and
the business lifecycle, including the transition from private to services, both conventional and Islamic
public ownership 7
Investment Banking – Notable Transactions

Manazel Real Estate Madaares PJSC TAAMEER EMCOR Facilities Services Middle East Complex
Company Group for Engineering Electronics
& Heavy Industries
Direct Placement Direct Placement Initial Public Offer of Private Placement of Sell Side Acquisition
Common Shares Common Shares Ordinary Shares Ordinary Shares

AED 20 Million AED 53 Million JOD 53 Million AED 62.5 Million

International Lead Manager Sole Financial Advisor Financial Advisor
& Placement Agent

November 2005 February 2006 March 2006 January 2007 May 2007

Depa United Group EMAAR MGF Land Drake & Scull International Indu Projects Limited Drake & Scull International
Limited PJSC (under establishment)
Direct Placement Direct Placement Pre-IPO Private Placement of Sell Side Acquisition Initial Public Offering of
Common Shares Common Shares Ordinary Shares Ordinary Shares

AED 30 Million USD 13.5 Million AED 227 Million AED 1,198 Million
Financial Advisor & Financial Advisor Joint Lead Manager
Placement Agent

July 2007 September 2007 December 2007 February 2008 July 2008

With a dedicated team of bankers, Al Mal Capital is well-suited to work jointly with private businesses to help
them achieve their strategic growth initiatives.
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Contents

Company Overview

Business Activities

1. Investment Banking
2. Brokerage
3. Asset Management
Other Business Units
4. Equity Research
5. Private Client Group

The Team

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Al Mal Securities

ƒ The Prime Brokerage & Investment Advisory arm of Al Mal Capital

ƒ Caters to institutional clients & HNWI globally

ƒ Covers the Gulf, Middle East & North African markets

ƒ Operating at the parent & subsidiary levels

ƒ Subsidiaries include:
• AMS Emirates (ADSM & DFM)
• AMS Saudi (Tadawul)

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Al Mal Securities

ƒ Prime Brokerage Services

• Regional Execution & Clearing
• Margin Finance
• Custody
• SLB (planned for near future)

ƒ Investment Advisory Services

• Investment Strategy
• Market Intelligence

ƒ Derivative Products
• Al Mal FALCON Family of Indices & ETFs (planned for near future)
• Equity Derivatives
• Sukuk

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Al Mal Securities
IPO Subscriptions

ƒ Tamweel IPO Client Subscription

ƒ ICBC (China) IPO Client Subscription

ƒ Galfar (Oman) IPO Client Subscription

ƒ Dubai Financial Market IPO Client Subscription

ƒ Talaat Mostafa Group (Egypt) IPO Client Subscription

ƒ Visa Inc. (US) IPO Client Subscription

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Contents

Company Overview

Business Activities

1. Investment Banking
2. Brokerage
3. Asset Management
Other Business Units
4. Equity Research
5. Private Client Group

The Team

13
Asset Management
Overview

AL MAL CAPITAL ASSET MANAGEMENT

PRIVATE EQUITY
PUBLIC EQUITY &
REAL ESTATE
DEBT Private Equity Direct Equity
Fund Program Placements

Al Mal UAE Equity Fund Al Fares Direct Equity I (Manazel) Al Mal Real Estate Fund
Al Mal
AED 87 million Private AED 20 million AED 151 million
Capital
Equity Fund
Partners
(Sharia
Al Mal Defined Opportunity Fund Fund L.P. Direct Equity II (Madaares) Al Mal Real Estate Fund II
Compliant)
I USD 80 million USD 37 AED 55 million 2009
AED 107
million
million
Al Mal MENA Equity Fund DEPA Limited
USD 5 million AED 30 million

Al Mal Opportunities Fund Emaar MGF

AED 13 million USD 15.5 million

Al Mal MENA Income Fund

January 2009

ƒ Demonstrated success in fund raising in public and private product offerings

ƒ Clear ability to execute on strategies and deliver return to investors
ƒ Coverage of key asset classes and strategies in MENA

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Asset Management
Al Mal Equity Funds - Performance Comparison
The Al Mal UAE Equity Fund and Al Mal MENA Equity Fund have consistently outperformed their
respective benchmarks since inception, as highlighted below (figures as of December 31st 2008):

Al Mal UAE Equity Fund -47.55% Al Mal MENA Equity Fund -47.50%

MSCI UAE Index -78.75% MSCI Arabian Markets Index -53.55%

Al Mal UAE Falcon Index -72.79% EFG Hermes MEDA Fund -47.08%

Shuaa Emirates Gateway Fund -57.12% Shuaa Arab Gateway Fund -57.78%

ADCB Al Nokhitha Fund -74.33% Algebra Capital - Alpha MENA Fund -64.64%

NBAD UAE Growth Fund -76.26% Arabian Opportunities Fund -48.36%

Makaseb Emirates Equity Fund -72.40% Makaseb Arab Tigers Fund -52.65%

NBAD UAE Trading Fund -59.66% EIS MENA Top Companies Fund -55.20%

Note: Inception date of the Al Mal UAE Equity Fund is 5th April 2006 and Al Mal MENA Equity Fund is 15th June 2008

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Asset Management
Al Mal Equity Funds – Investment Process
We believe in prevailing themes and investments that capture good long term company fundamentals, and buying
growth at a reasonable price.

Our investment process begins by identifying long term themes and high quality company shares, then further qualify
candidates using our screening criteria which focus on profitability, growth, valuation and liquidity.

A thorough examination of companies’ financials and analysis of durable business opportunities and competitive forces
is undertaken, followed by ongoing meetings with company management.

The Fund Manager and the Investment Committee review regularly the portfolio’s relative performance, target prices,
stock and sector selection as well as any rebalancing which may be needed.

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Asset Management
Al Mal Private Equity Program
The Al Mal Private Equity Program is comprised of two Funds, both pursuing significant capital
appreciation, primarily through investing in the equity of unlisted companies and Pre-IPO issues in the
MENA region. The funds were introduced in mid-2008.

Al Fares Private Equity Fund Al Mal Capital Partners Fund LP

ƒ Sharia Compliant Fund ƒ Conventional Fund

ƒ Regulated by Central Bank of the ƒ Limited Partnership Structure
UAE ƒ Cayman Islands Domiciled
ƒ Reputed Sharia Advisory Board ƒ USD Denominated
ƒ AED Denominated

Fund Program Highlights

ƒ Program Size USD 66 Million
ƒ 5 Year Fund Term
ƒ MENA Regional Focus
ƒ Investment Committee formed from across departments of Al Mal Capital
ƒ Defined Investment Process

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Asset Management
Private Equity - Investment Decision Process
A well established process is in place for the Private Equity Program, accompanying each investment
through its life cycle.

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Contents

Company Overview

Business Activities

1. Investment Banking
2. Asset Management
3. Brokerage and Trading
Other Business Units
4. Equity Research
5. Private Client Group

The Team

19
Equity Research
Equity Research Summary

ƒ Research covers the whole MENA region

ƒ Sectors covered include:

• Real Estate
• Banks & Non-Bank Financials
• Telecom
• Construction & Building Materials
• Energy & Petrochemicals

ƒ Research team consists of 5 analysts with over 40 years of combined experience

ƒ Senior Analysts have specific sector expertise

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Equity Research
Research Product

Theme Research Individual Equities Economics/Strategy

ƒ Coordinate report, ƒ Initiation of Coverage ƒ Weekly Equity Strategy

including sector analysts Report.
and strategy/ economics. ƒ Industry Quarterly
Earning Expectations ƒ Monthly Economic
ƒ Goal is to produce one Report Review
them report per quarter.
ƒ Quarterly Earnings ƒ Model Portfolio with
ƒ Them examples: Best Review recommended country
Ideas for Upcoming and sector weights.
Year, Potential Currency ƒ Annual Industry Report
Revaluation, Global ƒ Research Note:
Credit Crunch, Inflation Response to news,
etc. recommendation, no
change, new trade idea.

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Contents

Company Overview

Business Activities

1. Investment Banking
2. Asset Management
3. Brokerage and Trading
Other Business Units
4. Equity Research
5. Private Client Group

The Team

22
Private Client Group
Private Client Group Services

Our Private Client Group provides:

ƒ Customized opportunities and reliable investment guidance to high net-worth

individuals and family businesses/corporations

ƒ Access to wide variety of investments including Brokerage, IPO’s, Private Placements,

Direct Investments and a variety of Proprietary Funds

ƒ Advisory Services and access to Margin Trading

ƒ Access to the Gulf, Middle East, North Africa and most major international markets

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Private Client Group
ƒ Investment Accounts (IA)
• Marginable accounts which allow clients to seamlessly trade and view securities on various markets
on one single, consolidated platform
• One statement reflects the entire range of transactions and holdings of individual securities
including Funds and Direct Investments
• Securities can be transacted across a number of the regions’ key markets and selected international
markets through a single point of contact – the Client’s Financial Consultant

ƒ Investment Advisory Services

• Investment Strategy and Guidance
• Market Analysis and Research
• Strategy implementation through a wide range of products
• Individually tailored solutions

ƒ Distinct Products
• Private / Public Equity Funds
• Real Estate Funds
• IPO’s
• Sukuk’s
• Private Placements
• Direct Investments

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Contents

Company Overview

Business Lines

The Team

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The Team
Naser Nabulsi
Executive Chairman
ƒ Naser Nabulsi worked from 1989 until 2000 with Merrill
Lynch International as a top performing banker based in
Dubai, holding the position of First Vice President at age
27 and managing relationships for institutions and high
net worth families in the region. From 2000 until 2003 he
served as Senior Investment Officer and Head of the
Asset Management Group for The Executive Office,
Dubai.
ƒ In 2003, he was requested to take on the role of initial
Chief Executive Officer of the newly-established Dubai
International Financial Centre (DIFC). Mr. Nabulsi
transformed DIFC from a fledgling entity into a
recognized and respected brand in regional and
global financial circles alike, as well as laid the
groundwork for the DIFC's future success by establishing
the legal, regulatory and physical presence for the world's
next significant financial hub. In 2005 he stepped down
from DIFC to lead the creation of Al Mal Capital.
John Baggerman
Managing Director- Private Client Group
ƒ John Baggerman has more than 32 years banking
experience in the GCC Region, commencing his career
with HSBC in 1973 as an International Officer.
ƒ John entered the Private Banking arena with Merrill
Lynch in 1985 with whom he spent over 12 years building
a successful private banking franchise. John subsequently
managed Prudential – Bache International in Dubai for
over 4 years during which time the business experienced
substantial growth. John also spent time with ANZ
Grindlays Bank and Standard Bank.
ƒ Prior to joining Al Mal, John was General Manager of
DBS Bank Ltd. There he was responsible for the initial
establishment of their presence in Dubai and the
subsequent development of their business in the Middle
East Region.
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The Team
Narendra Gajria
Chief Operating Officer
ƒ Narendra Gajria has held senior management positions
since 1991, initially as Chief Financial Officer followed by
Chief Operating Officer with ABN AMRO Bank N.V.,
with responsibilities covering Management of Operations,
Technology, Infrastructure, Human Resources, and
Finance & Administration. He has extensive experience in
supporting establishment of start-up business units i.e.
International Private Banking, Consumer Banking,
Investment Banking, and Corporate Banking.
ƒ Narendra holds an M.B.A. from the University of Hull,
UK. He is a certified Information System Manager and
Auditor from Information Systems Audit and Control
Association, USA, a Graduate Member of Institute of
Financial Consultants, Canada, and Associate Financial
Accountant from the Institute of Financial Accounts,
UK.
Blair Look
Managing Director - Asset Management
ƒ Blair Look spent 11 years with Merrill Lynch
International, both in Dubai and London where
he developed and led a team managing over USD 450
million from clients primarily located in the UAE, Saudi
Arabia and other Gulf states. He was a five time attendee
of Merrill Lynch's Chairman’s Club and Eagles Club, in
recognition of performance excellence.
ƒ Blair became an early adopter of alternative strategies
including hedge funds and private equity in the early
1990's. Early fund group involvement included Caxton,
Tudor, Trout and Moore, assisting in seeding the Ivy
Rising Stars private placement in 1996 with USD 30
million from his client base, and raising over USD 40
million for Maverick Capital during a single fund opening
in 1997-98.
ƒ Blair started his banking career with HSBC in Canada in
1990. He undertook postings in Hong Kong, India and
Dubai before joining Merrill Lynch in 1993.
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The Team
Khalid Madi
Managing Director - Investment Banking
ƒ Khalid Madi spent nearly a decade with Merrill Lynch,
where he built a successful private banking franchise.
ƒ In 2002, he founded Dubai-based Infinity Investment
Solutions after recognizing the need for a low-cost
alternative distribution model to that employed by banks.
In developing the company platform, he established the
legal framework, reporting systems and monitoring
infrastructure. He then drew on his extensive industry
contacts and networks to create a range of top quality
products and relationships with major banks to provide
institutional-quality idea flow to clients.
ƒ To date, Infinity has placed over USD 800 million in third
party products, from single manager and fund of fund
hedge products, to structured note offerings and
packaged direct equity.
ƒ Khalid holds a B.A. in Finance and Marketing from
Boston University.
Robert McKinnon
Managing Director- Equity Research
ƒ Robert McKinnon brings more than 14 years of
experience in investment research and portfolio
management, with a particular focus on the energy sector
in emerging markets.
ƒ Robert started his career as an analyst with MRC
Consultancy Ltd. covering the Latin American Oil & Gas
sector. In 1997 he joined the Latin American Oil & Gas
desk at Credit Suisse First Boston, where, as Vice
President, he covered both the Energy and
Conglomerates sectors. He continued focusing on energy
and conglomerates at Salomon Smith Barney until 2005,
when he joined Naeem Holding as Managing Director of
Research. In 2007, Robert joined Al Mal to spearhead its
sell-side Equity Research division.
ƒ Robert holds a B.A. in Economics and International
Studies from the University of Richmond and an MBA in
International Finance from the American Graduate
School of International Management (Thunderbird).
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