al mal capital_presentation_dec 09 2016

For Private investor Use and not For PUblic Use

2016

Company Overview

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1213 141516

Timeline

Dubai Investments

Capital Markets Expertise Global Reach Versatility Online Trading Platform

Corporate Advisory

In a Nutshell Corporate Solutions FamilyOfficeServices Our Approach Selected Transactions

Asset Management

Product Range Investment Philosophy & Process In-House Funds DPMs Third Party Funds Third Party Fund’s Proposition Achievements & Awards

Direct Investments

Focus Areas Positioning Value Proposition Investment Approach Transaction Overview 1 Transaction Overview 2

The Team

Collective Strength Board of Directors Senior Management

Disclaimer

OverviewTable of Content

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TimelineSuccess Story

2005 2007 2008 2013 2015

20162014200920072006

Al Mal Capital foundedin Dubai UAEUSD100Mn.in capital

Brokerage executionplatform Al Mal UAE Equity Fund launched record-size AED250Mn.

Al Mal UAE RealEstate Fund launched with AED140Mn. And private equity funds

10% bonus sharespaid to shareholders

Lead manager forthe largest IPO.Highest subscription (DFM:DSI)

Al Mal Internationallargest cornerstoneinvestors on international IPO scene with Visa, AIA, ICBC, and others

Cash distributionof 40% toshareholders

Largest subscriber on local markets DFM IPOs (Amanat AED2.7Bn. Emaar Malls AED2Bn. Marka AED1.4Bn.)

DIC acquires 61%of Al Mal Capital

Rebranding ofAl Mal Capital andexpansion plan instigated including launch of direct investments

Total allocation of USD1Bn under IPOs.

And growing

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Dubai Investments

Al Mal CapitalCompany Overview 2016

Private andConfidential

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

Dubai Investments PJSC is a leading investment company listed on the Dubai Financial Market with over 19,800 shareholders and a paid-up capital of AED 4 billion.

Dubai Investments Sector Presence

Dubai Investments comprises a number of subsidiaries andaffiliated businesses across sectors in the UAE.

IT

Financial Services

Real Estate

Industrial Manufacturing

Professional Services

Consumer Goods

Healthcare

Education

Telecommunications

F&B

Power & Utilities

Leisure & Tourism

1995Founded

2005Founded

AED 15.7Bn Total Assets

2000Listed on DFM

64.76%DIC Ownership

4,700Employees

AED 8Bn Market Cap

43Employees

Over 40Subsidiaries & JVs

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2112

11

10

9

8

7

6

3

5

1 7

4 10

2 8

5 11

3 9

6 12

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Dubai InvestmentsPortfolio Snapshot

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

As of 30 June 2016 (AED)

9.7billion62%

3.2billion20.4%

2.8billion17.6%

922m

MASHARIE

855m

DUBAIINVESTMENTS

INDUSTRIES

1,075m

438m

5,192m

3,329m

483m

731m

2,329m

GLASS

343m

EMICOOL

TREASURYPORTFOLIO

& OTHER

AL MALCAPITAL

DUBAIINVESTMENTS

PARK

DUBAIINVESTMENTSREAL ESTATE

COMPANY

AL TAIFINVESTMENTS

PROPERTIESINVESTMENTS

5.9% 5.4% 6.8% 2.2%

2.8%

33.1%

21.2%

3.1%

4.7%

14.8%MANUFACTURING & CONTRACTING

Private EquityPROPERTYIncome generation from

sales and leasing

INVESTMENTSEquity & Fixed Income

Funds and MinorityInvestments



Expertise

Global Reach

Versatility

Online Trading Platform

Capital Markets


7

8

9

10

Equities

Bonds & Sukuks

IPOs

Derivatives

Primary

Conventional

Secondary

Shariah

7

Expertise

Global Reach

Versatility


Capital MarketsExpertise Across Multiple Asset Classes

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

Al Mal Capital provides clients with a premium capital markets platform and services.



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Expertise

Global Reach

Versatility


Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

>AED 34 bIllIOn rAISED fOr lOCAl AnD InTErnATIOnAl IPO’S

USA IPOS REGIONAl IPOS

Visa International Marka PJSC

General Motors Co. Amant Holding

Glencore International Plc Emaar Malls

Chongqing Rural Commercial Bank Ajman Bank

Agricultural Bank of China

AIA Group ltd

ICBC

Depa Interiors

Dubai Parks

Drake & Scull

Capital MarketsA regional Player with A Global reach

Al Mal Capital’s network of HNWI, family businesses, financial institutions, funds, private equity firms, and insurancecompanies, ensures access to the GCC and international markets and sources strategic and financial investors.



ASIAN IPOS

9

Expertise

Global Reach

Versatility


Versatility of Our Capital Markets OfferingTrade in All Major Markets from OnE Account

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

Al Mal Capital is the financial services arm of Dubai Investments, the largest investment company on the Dubai Financial Market (DFM).

Al Mal Capital Trading & Investment Advisory is the Capital Markets arm of Al Mal Capital PSC.It is a dynamic business unit with coverage of all MENA, Asia-Pacific, Europe, and North American Markets.

Al Mal Capital Trading & Investment Advisory provides high quality institutional execution capability, both high-touch and electronic. This is complemented by market commentary and offered to clients through regular and personal contact. With a demanding client base of MENA-based, mid-sized businesses, family offices and HNW individuals, we stand out with our insightful market thoughts and actionable sales ideas.

Our Capital Markets platform enables our mid-sized businesses, family offices and HNW clients to trade seamlessly across global markets, security classes, and currencies through our unique margin-enabled, nominee account structure.

rEGIOnAl &InTErnATIOnAl COVErAGE

TrADInG &InVESTMEnT ADVISOry

UnIqUEInVESTMEnT ACCOUnT

PrIMEbrOkErAGE ACCESS

SEAMlESS OnE ACCOUnT OffErInG GlObAl MArkETS ACCESS

Multi-security trading, (stocks, fixed income,

options, &commodities)

Regional &international

execution

Experienced& dedicated

traders

Service designed for mid-sized

businesses, HNW and family

offices

Margin lending within

our nomineeaccountstructure

Trading ideas, market analysis

& strategyguidance

We provide access to Prime Brokerage Services (PBS), incorporating nominee custody and trading services. Over the years we have built a network of agency brokers and broker-dealer subsidiaries to serve this platform. Being a UAE-based company, we focus on the GCC and MENA exchanges and consider them as our “back-yard” where we can provide the greatest added value services to our clients.



International Online Trading Platformkey benefits

Online trading platformaccessible from smartphones, tablets, computers, and thetrading desk

24/7 access to trading Access to new productsand instruments

User-friendly

Provides variousportfolio analysis tools and execution strategies

Compatible withiOS and Android

Fast execution using SMART routing system

Easy access tostatements and trade confirmations

Full customization

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Expertise

Global Reach

Versatility


Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer



In a Nutshell

Corporate Solutions

FamilyOfficeServices

Our Approach

Selected Transactions


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15

16

Corporate Advisory

12

In a Nutshell

Corporate Solutions

Family Office Services

Our Approach


Corporate AdvisoryIn a nutshell

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

IndustryExperts

MarketExperience

SectorFocused

9 Years

RegionalFootprint

Worth ofTransactions

Management Professionals

MENA More thanAED 20.0Bn 4 Merger and Acquisition

Equity Capital Markets

Al Mal Capital corporate advisory is a reliable fully integrated platform that will offer companies a wide range of informed advisory services, including, M&A, Equity Capital Markets and Strategic Advisory.

Corporate Finance & Strategic Options Advisory




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In a Nutshell

Corporate Solutions


Our Approach


Corporate AdvisoryA Wide range of Corporate Solutions Across MEnA

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

With a wealth of experience both locally and regionally across a variety of industry sectors and asset classes, our team of first class professionals will engineer a financial solution that suits your goals.

With a dedicated team of transaction specialists, we are accustomed to add value on both the buy and sell sides of mergers, acquisitions and divestments

MErGErS AnDACqUISITIOnS

We offer fully managed solutions from initiation to completion

We conduct diligent evaluations with the ability to execute across various industries

We source, appoint, manage andnegotiate with all relevant parties

We have a track record of not only assisting, but championing companies through their business lifecycles and transitioning them from private to public

EqUITy CAPITAlMArkETS

We customize capital raising solutions including IPOs, private placements, secondary offerings and rights issues

We advise on capital structure,regulatory requirements, valuation and investor appetite

We manage all 3rd parties, including regulators, lawyers and auditors

Our tailored financial and investment solutions enable our clients to set goals, make decisions and mitigate risk when dealing with complex financial transactions in an ever-changing business landscape

STrATEGICADVISOry

We provide financial restructuring and modeling

We handle business planning andcorporate strategy

We offer projects' consulting withoptimal capital solutions and funding



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In a Nutshell

Corporate Solutions

FamilyOfficeServices

Our Approach


Corporate Advisoryfamily Office Services

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

Working with different local and international experts, Al Mal is preparing to offer its Family Office clients withintegrated business, financial and legal advisory.

Trust services including structuring, documentation, legalization, custody, etc.

Investment and estate management

Assets and investments risk assessment andrecommendations

Operational and business support services

launching Soon



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In a Nutshell

Corporate Solutions


Our Approach


Corporate AdvisoryOur Approach

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

We believe in the importance of working closely with the client to effectively position them during the course of the transactions and achieve successful outcome.

COMPArATIVE ADVAnTAGE

Al Mal Capital’s advisory solutions during the past years show strong execution capabilities in performing wide range of transactions regionally, and internationally.

Armed with remarkable regional and international placement capacity, an unrivaled group of founding shareholders, and exceptional expertise in the equity capital markets, Al Mal Capital is qualified to lead its clients through the entire process of any offerings.

A first-class team of fully dedicated advisoryprofessionals with unparalleled experience andknowledge of the region and industry.

Execution of an extensive road-show across the GCC/International markets and sourcing strategic and financial investors and allies.

EqUITYSTORY

We articulate a coherent and attractive equity story and address potentialinvestor concerns.

INDUSTRYKNOWlEDGE

We know theindustry as well as how the company stacks up against

its peers.

BUSINESSSTRUCTURING

We select the rightbusiness unit groupings

that should form vast part of the company.

EFFICIENT &OPTIMAl

CORPORATESTRUCTURE

We restructure thecompany to create anefficient and optimal

company structure.



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In a Nutshell

Corporate Solutions


Our Approach


Corporate AdvisorySelected Transactions

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

PORT lOGISTICSCOMPANYFinancial advisor

AED 1,825 Million

POWER GROUPFinancial advisor

AED 730 Million

DRAKE & SCUllINTERNATIONAl PJSCInitial public offering of ordinary sharesJoint lead manager

AED 1,198 Million

FPSO VESSElSFinancial advisor

AED 675 Million

JORDAN AVIATION51% of the equity of the companyFinancial advisor &placement agent

AED 660 Million

CONSTRUCTIONCOMPANYFinancial advisor

Confidential

EMAAR MGFlAND lIMITEDDirecr placementCommon shares

AED 49 Million

FACIlITIESMANAGEMENT COMPANY Financial advisor

Confidential

INDUSTRIAlCOMPANYBuy side acquisitionFinancial advisor

AED 17 Million

TAAMERInitial public offer ofordinary shares

AED 275 Million

OIl STORAGEFACIlITYFinancial advisor

AED 375 Million

OIl & GAS COMPANYFinancial advisor

AED 238 Million

DRAKE & SCUllINTERNATIONAlPre-IPO private placementFinancial advisor &placement agent

AED 227 Million

lTP BOTANICAGARDENS lTD.Acquisition structuring agent and underwriter

Confidential

MIDDlE EAST COMPlEx FOR ENGINEERING & HEAVY INDUSTRIESSell side acquisitionFinancial advisor

AED 100 Million

MANAzElREAl ESTATE COMPANYDual listing of shares on the DFMListing advisor

Confidential



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In a Nutshell

Corporate Solutions


Our Approach


Corporate AdvisorySelected Transactions

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

HEAlTHCAREDISTRIBUTIONFinancial advisor

Confidential

MAINTENANCESERVICESFinancial advisor

AED 91 Million

MADAARES PJSCDirect placementCommon shares

AED 52 Million

HEAVY MACHINERYCOMPANYFinancial advisor

AED 70-90 Million

STEEl FABRICATIONCOMPANYFinancial advisor

AED 85 Million

MADAARES PJSCDirect placementCommon shares

AED 53 Million

EMCOR FACIlITIESSERVICES GROUPSole financial advisor & placement agent

AED 62.5 Million

MANAzElREAl ESTATE COMPANYDirect placementCommon shares

AED 20 Million

IT SOlUTIONSCOMPANYFinancial advisor

Confidential

(Continued)



EMAAR INDUSTRIES& INVESTMENTSBuy side acquisitionFinancial advisor

Confidential

Product Range

Investment Philosophy & Process

In-House Funds

DPMs

Third Party Funds

Third Party Fund’s Proposition

Achievements & Awards


Asset Management

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ProductRange

InvestmentPhilosophy & Process

In-HouseFunds

DPMs

Third PartyFunds


Achievements& Awards

Asset ManagementProduct range

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

In-HOUSEPUblIC fUnDS

Al Mal UAEEquity Fund

Al Mal MENAEquity Fund

Al MalLiquidity Fund

Long Only Equity Strategy

Balanced Strategy

Absolute Return Strategy

Sukuk Strategy

Momentum Strategy

DISCrETIOnAryPOrTfOlIO MAnAGEMEnT

THIrD PArTyfUnDS

C-QUADRAT ARTS TotalReturn Dynamic Fund (EURO)Global

C-QUADRAT ARTS TotalReturn Dynamic Fund (USD)Global

ATA Return-DrivenVariable FundTurkey

Kotak Midcap FundIndia

Structured Products



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ProductRange


In-HouseFunds

DPMs

Third PartyFunds



Asset ManagementInvestment Philosophy & Investment Process

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

Our philosophy is grounded in a strong belief that markets, over the long term, will revert to a mean historical level reflective of underlying fundamentals. Our disciplined process is based on a combination of top-down and bottom-up approach.

▪ Our investment process begins by identifying long term themes and high quality company shares, then further qualify candidates using our screening criteria which focuses 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.

EqUITy InVESTMEnT PrOCESS

1. IDEA GENERATION

▪ Screening▪ In-house research▪ Third party research▪ Network of contacts

2. FUNDAMENTAl RESEARCH

▪ Proven business model▪ Growth at reasonable price▪ Management quality

4. PORTFOlIO REVIEW

▪ Relative performance▪ Weighting review▪ Portfolio rebalancing

3. PORTFOlIO CONSTRUCTION

▪ Long-term themes▪ Disciplined exits▪ Diversification



21

ProductRange


In-HouseFunds

DPMs

Third PartyFunds



Asset ManagementInvestment Philosophy & Investment Process

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

SECURITY/CREDIT SElECTION

PRIMARY MKT.ISSUE PIPElINE

RElATIVEVAlUATION

SECTORROTATION



(Continued)

1. SECURITY SElECTION

▪ Management Quality▪ Credit fundamentals▪ Balance sheet health▪ Industry/Macro outlook

2. RElATIVE VAlUATION

▪ Yield analysis▪ Credit spread analysis▪ Structural analysis▪ Duration risk

4. PORTFOlIO MONITORING

▪ Monitoring portfolio risks and diversification▪ Run performance attribution analysis▪ Stress test portfolio

3. PORTFOlIO CONSTRUCTION

▪ Combination of top down and bottom-up approach▪ Liquidity analysis▪ Risk management

fIxED InCOME InVESTMEnT PrOCESS

ACTIVEMANAGEMENT

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ProductRange


In-HouseFunds

DPMs

Third PartyFunds



Asset ManagementIn-House funds – Performance & Track-record

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

▪ One of the longest track records for a “long only” UAE Equity Fund▪ Won several awards over the last 10 years▪ Proven track record of outperforming in bull and bear markets▪ Active tactical allocation to capitalize on special situations

Al MAl UAEEqUITy fUnD

▪ Provides a well-diversified exposure to MENA equities▪ Top down- bottom up approach: stock selection using disciplined investment process▪ Tactical asset allocation by rebalancing exposure to countries based on macro fundamentals

▪ Provides weekly liquidity and capital preservation▪ Track-record of more than 7 years▪ Dirham denominated funds with low currency risks▪ Well-placed to benefit from rising interest rates with 88% of deposits maturing between one to three months

Al MAl MEnAEqUITy fUnD

Al MAllIqUIDITy fUnD



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ProductRange


In-HouseFunds

DPMs

Third PartyFunds



Asset ManagementDiscretionary Portfolio Management Services (DPMs)

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

Al Mal Capital asset management offers a discretionary investment management service, which encompasses our core MENA investment strategies, and is specifically designed to deliver clients’ investment objectives on a personalized and tailored basis.

As a private and personalized service, we evaluate our clients’ investment requirements based on multiple criteria such as time factor, return expectations and risk tolerance. Our team of professional asset managers constructs a portfolio in conjunction with your pre-determined parameters, establishes a benchmark against which performance will be compared, and operates a discre-tionary account mandate that is specifically designed to meet the portfolio objectives. All portfolios are uniquely constructed and actively managed to achieve clients’ risk/return objectives.

Continuing portfolio review and ongoing communica-tion with the portfolio manager is an essential feature of discretionary investment management services. We provide a comprehensive portfolio summary and conversation with the portfolio manager, along with a regular performance review by email or fax.

Our team’s experience in managing assets across MENA, exemplified in our successful track record, ensures that we are equipped to handle your portfolio management needs.

MEETInGClIEnTS’ nEEDS

DISCrETIOnAry POrTfOlIO MAnAGEMEnT PrOCESS

HIGHlIGHTS

ClientMeeting

Set Investment Strategy

Investment Agreement

PortfolioRebalancing

Monitor& Review

Understanding client risk and returnobjectives, liquidity & time requirements

Support client with a proposal by analyzingexisting portfolio & focusing ondiversifying &optimizingreturns

Client to signproposal andInvestmentManagement Agreement

Reconstructthe existingportfolioaccording toClient’srequirements

Activemanagement on ongoing basis with ability to adapt to client’s requiredchanges



24

ProductRange


In-HouseFunds

DPMs

Third PartyFunds



Third Party fundsDiversification is a key to long Term Growth

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

Today’s investment environment is becoming more complex and unpredictable than ever before. Many investors lack the sound advice required to meet their financial objectives.

We at Al Mal have launched the wealth management platform to extend the range of our products offering and to offer our clients advanced financial services solutions tailored to their needs. We aim to bring in global knowledgeable investment specialists with solid track record to help our clients diversify their investments.

In a very short period of time, we have managed to position our name as a unique regional investment institution. This is mainly because performance is our utmost priority and we continually work to optimize it. We believe that excellence can only be achieved through rigorous and disciplined investment processes that are consistently applied over time.

We are continually striving to provide the highest quality of service in order to exceed our clients’ expectations, gain their trust and loyalty, and build long-term relationships with them.

yOUr GATEWAy TOrISk ADjUSTED rETUrnS

qUICk ACCESS TOGlObAl MArkET OPPOrTUnITIES

DEMOnSTrATED SUCCESSIn fUnD rAISInG

HOW yOU bEnEfIT frOM OUr InVESTMEnT PrOCESS?

Consistency

TrackRecord

Plain Vanilla Structure

Reputable Funds

We work on diversifying clients’ investments with products from broad range of global markets.

We have access to unique strategies and availproducts for capital preservation.



25

ProductRange


In-HouseFunds

DPMs

Third PartyFunds



Third Party fund’s PropositionOur Target is to Achieve Clients’ Aspiration

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

▪ Access to wide universe

▪ Flexible solutions designed to meet diverse requirements

▪ Bringing the best selection available in the market

▪ Closer to our clients

▪ An alternative solution that serves clients who wish to invest part of their wealth outside their main country of residence

▪ To enhance our clients’ portfolios by providing products in uncorrelated asset classes.

This strategy generates solid risk adjusted returns

▪ Our team efforts to continue to find different investment choices for our clients

HIGH- lEVEl SOlUTIOnSTO MEET ClIEnTS’ GOAlS…

SUPPOrTS ClIEnTS DIVErSIfICATIOn InVESTMEnT STrATEGIES

IDEnTIfyInG kEy DrIVErS & TrEnDS In GlObAl MArkETS & ECOnOMIES

InVESTInG InUnCOrrElATED ASSET ClASSES…

Money Market

Structured Products

Stocks

Commodity

Bonds

Hedge Funds

UNDERSTANDClIENTS’ NEEDS

Goals ▪ Risk ▪ Return

MONITOREvaluate performance & recommend

adjustments

IMPlEMENTPropose suitable Investment

Opportunities



26

ProductRange


In-HouseFunds

DPMs

Third PartyFunds



Asset ManagementAchievements & Awards

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

▪ Nominated by MENA Fund Manager for 1 & 3 years top-tier performance in 2015▪ 2013 Top-tier performer by Zawya▪ 2013 Top-tier performer by MENA Fund Manager 1 & 3 years ▪ Won 2012 MENA Fund Manager Award for 3- Year Performance▪ Won ‘UAE Equity Fund of the Year’ in 2011

Al MAl UAEEqUITy fUnD



▪ Nominated by MENA Fund Manager Money Market Fund of the Year in 2015▪ 2013 Top-tier performer by MENA Fund Manager 1 & 3 years ▪ Consistently outperforming the benchmark▪ Top performer in 2011 according to Zawya with a track record of almost three years

Al MAllIqUIDITy fUnD

▪ Nominated as UAE Asset Manager of the Year, 2015 by MENA Fund Manager▪ Voted as MENA Asset Manager of the Year, 2013 by Reuters Zawya▪ Capital Finance International awards Al Mal Capital as Best UAE Equity Fund Manager, 2013

Al MAl CAPITAlfIrM ACHIEVEMEnTS

▪ Nominated by MENA Fund Manager for 1 & 3 years top-tier performance in 2015▪ 2013 Top-tier performer by MENA Fund Manager 1 & 3 years ▪ Top-tier performer by Zawya▪ Outperformance since inception with over six years of track record

Al MAl MEnAEqUITy fUnD

Focus Areas

Positioning

Value Proposition

Investment Approach

Transaction Overview 1



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30

31

32

33

Direct Investments

28

FocusAreas

Positioning

ValueProposition

InvestmentApproach



Direct Investmentsfocus Areas

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

DefinedonlytoareaswhereAlMalcanprovideexclusiveaccesstodealsandbringconsiderablevalue

Direct Investments is a principal and arranger in the acquisition of GCC based private companies andinternational real estate.

rEAlESTATE

▪ Regional and international

▪ Income generating assets

▪ Partnership with international managers

▪ 10-15% target annualized return

▪ GCC based or international seeking GCC expansion

▪ Significant involvement, focus on value creation

▪ Mid-size growth businesses in healthcare, education, niche manufacturing, value added distribution

▪ 18-25% for mezzanine / equity target annualized return

▪ Focus on asset rich companies, businesses that need cash for expansion and family owned businesses that need to divest orphaned, lucrative non-core entities

EqUITIES& CrEDIT

▪ $30-50m ticket size

▪ Deal-by-deal investments

▪ Avoid capital intensive, infrastructure, greenfield projects, start-ups, passive minority stakesAl Mal Capital

Company Overview 2016


29

FocusAreas

Positioning

ValueProposition

InvestmentApproach



Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

Direct Investments builds on Al Mal Capital’s 10 year history of investing into private companies and real estate assets in the region and abroad. Beyond the public markets, Direct Investments provides investors – who are able to take a long-term view – the option of generating returns higher and uncorrelated to the equity markets.

Direct Investments offers an alternative to equity markets and focuses on achieving superior risk-adjusted returns for our co-investment partners

Government Bonds

Ret

urn

%

level of Risk

Al Mal CapitalDirect Investments

1

2

Fixed Income

Property

Public Equity

Direct Investments

Venture Capital

Risk mitigation achieved through careful duediligence and focus on control and capital protection

1

Maximum upside potential achieved through direct involvement in value creation and alignment ofinterests

2



Direct InvestmentsPositioning

30

FocusAreas

Positioning

ValueProposition

InvestmentApproach



Direct InvestmentsValue Proposition

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

Value is delivered through alignment of interest and a collaborative approach with our portfolio companies

“What do we offer our co-investment partners?” “How do we attract valuable assets for investment?”

CO-InVESTMEnTPArTnErS

POrTfOlIOCOMPAnIES

2Access

Opportunities otherwise unavailable in the market

Flexibility

Able to consider situations, across the capital structure

3Optionality

Discretion over choosing individual deals

Partnership Approach

Patient, supportive active engagement

4Aligned Interests

Aligned incentives with investors and management

Value-Add

Leverage AMC network, defined value enhancement tools

1Risk-Adjusted Returns

Maximum upside potential & careful downsideprotection

liquidity

Confirmed sources of funding



DE

lIV

Er

ED

TH

rO

UG

H

DE

lIV

Er

ED

TH

rO

UG

H

Proprietary channels of deal flow

Invest equity or mezzanine capital depending on risk/return potential

Deal-by-deal model (vs. committed funds)

Exclusive focus onmeaningful stakes & control

Seed moneycommitment and performance driven deliverables

Active involvement and periodic monitoring

Rigor in execution, due diligence & value creation

Utilize own capital sources

31

FocusAreas

Positioning

ValueProposition

InvestmentApproach



Direct InvestmentsInvestment Approach

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

RIGOROUSAPPROACH TOExECUTIONAND VAlUECREATION



Execute on low-hanging fruits identified during due diligence

Devise and implement 100-day plan

COMMITMENT & ExECUTION

▪ Finalize negotiation and closing▪ Utilize necessary subject-matter experts such as legal & tax advisors

Monitor progress with a focus on growth and profitability

Assist with strategic, financial and operational matters

PORTFOlIO MANAGEMENT

▪ Ensure post-closing conditions are satisfied▪ Focus on a partnership approach with portfolio companies

Top-down approach to understand long-term themes and market potential

Business model assessment through desktop due diligence and review

Common understanding of funding objectives and exit plans

DEAl SOURCING & SCREENING

▪ Identify lucrative private market opportunities▪ Form a view on risk/return potential

FUNDING

▪ Utilize own capital to secure the transaction▪ Bring co-investment partners into consummated deals

Ensure asset is positionedoptimally for sale

Realize targeted investmentreturns to co-investmentpartners

ExIT

▪ Evaluate and work towards multiple exit options▪ Leverage the wider network to search for strategic buyers

Employ third-party due diligence advisors and subject-matterexperts when necessary

Confirm investmentassumptions, upside potential and sources of risk

Optimize and agree on deal terms

DUE DIlIGENCE

▪ Evaluate target company performance and forecasts▪ Conduct in-depth due diligence

32

FocusAreas

Positioning

ValueProposition

InvestmentApproach



Direct InvestmentsTransaction Overview 1

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

▪ A U.S. real estate co-investment with a U.S. real estate advisor

▪ Acquired 57.2% of a 3-story high-end multifamily complex in Louisiana in 2009 at an occupancy of 86%

▪ The complex included 26 residential buildings with 228 units covering a total net leasable area of 240,588 sqft.

▪ Achieved revenue of $2.7m and net operating income of $1.4 m (2014)

▪ Asset was sold in 2015 for $25.8m with an occupancy rate of 95% and implied cap rate of 5.3% ▪ Exit implied a multiple on invested capital (realized) of 1.7x

Income generating multifamilycomplex

240,588 sqft.

Louisiana

2009

2015

Asset

NlA

location

Entry

Exit

$1.4m (2014)

$25.8m

95% (at exit)

5.3%

1.7x (realized)

NOI

Occupancy

location

Exit cap rate

MOIC



33

FocusAreas

Positioning

ValueProposition

InvestmentApproach



Direct InvestmentsTransaction Overview 2

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

▪ A U.S. real estate co-investment with a U.S. real estate investment manager

▪ Acquired 21.1% of an income-generating neighborhood shopping center in Ventura, California in 2016

▪ A 30-unit center covering a gross leasable area of 153,205 sq ft and includes 633 surface parking spaces

▪ Net operating income is expected to reach $3.7m with 96% occupancy in 2021

▪ Quarterly cash distributions implying an average yield of 8.5% p.a. and 20% capital appreciation upon exit

▪ A total expected IRR of 12.2% (net of all fees & taxes) and 1.6x multiple of invested capital upon exit

Income generating shopping center

153,205 sqft.

Ventura, California

potential for 96%

potential for $3.7m

Asset

GlA

location

Occupancy

NOI

5.4% (7.0% 3 year stabilized)

8.5% p.a. (paid quarterly)

6.0%

12.2% (net of all fees & taxes)

1.6x (net of all fees and taxes)

EntryCap Rate

AverageCash Yield

ExitCap Rate

ExpectedIRR

Expected MOIC

▪ Income generating asset

▪ Stable location

▪ Strong anchor tenants

▪ Clear value-add opportunity

▪ Quarterly distributions

▪ Strong risk-adjusted returns



Collective Strength

Board of Directors

Senior Management


35

36

37

The Team

35

ExperienceCollective Strength

Collective Strength

Board of Directors

Senior Management

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

AnD GrOWInG…

TEAM MEMbErS43

SEnIOr OffICErS8



36

Influenceboard of Directors

Collective Strength

Board of Directors

Senior Management

Khalid Bin Kalban is one of the most well-known businessmen in the UAE, thanks to his broad experience in different fields varying from industrial, financial and investment sectors.

He has played a key role in establishing leading companies in the UAE through his vision and sharp judgment. With his own distinguished style and deep knowledge in leveraging a competitive edge and increasing the productivity of different companies, Kalban handles many important posts, including Managing Director and Chief Executive Officer of Dubai Investments, Chairman of Union Properties, Vice Chairman of Arab Insurance Group and member of the Board of Directors of Islamic Bank of Asia and National General Insurance Company. Kalban has an Associate Degree of Arts in Business Management from Arapahoe Community College, USA, and a BS in Management from the Metropolitan State College, USA.

Mr. Nabulsi is currently the Vice-Chairman of Al Mal Capital. From 1989 until 2000, he worked with Merrill Lynch International as a top performer internationally, holding the position of First Vice President at the age of 27 and managing relationships for institutions and high net worth families in the region. From 2000 until early 2003 he served as Senior Investment Officer and Head of the Asset Management Group for The Executive Office, based in Dubai.

In 2003, he was requested to take on the role of initial Chief Executive Officer of the newlyannounced Dubai International Financial Centre (DIFC). Mr. Nabulsi transformed DIFC from a nascent idea into a recognized and respected brand in regional and global financial circles. Under his leadership, DIFC laid the groundwork for its future success by establishing the legal, regulatory and physical presence for the world's next significant financial hub.

KHAlID JASSIM KAlBANChairman

NASER NABUlSIVice Chairman & CEO

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer



37

ExpertiseSenior Management

Collective Strength

Board of Directors

Senior Management

An MBA holder, Narendra Gajria is a Senior Banking Professional with over 24 years' leadership experience in financial institutions, covering the full spectrum of strategic and operational management within Corporate Banking, Consumer & Retail Banking, Wealth Management & Private Banking, Investment Banking, Asset Management, Brokerage and Mortgage Finance.

He held senior management positions since 1991, initially as Chief Financial Officer followed by Corporate Executive Director & Chief Operating Officer with ABN AMRO Bank N.V. as a Managing Director & Chief Operating Officer with Al Mal Capital PSC and Executive Vice President & Chief Operations Officer at Amlak Finance PJSC.

Prior to joining Al Mal, Sanjay Vig was for the last 11 years Managing Director at Alpen Capital (ME) Limited, located in Dubai with offices across the GCC and India. He has also served as Senior Vice President and Head of Capital Markets at Emirates Bank Group. During his past 15-year tenure in the Middle East, he has lead-managed mandates of over USD 16 billion in the areas of debt and equity capitals markets and project finance in GCC and India. These cover conventional debt and Islamic finance advisory, M&A, JVs, divestments and private equity in the Middle East and South Asia. He is an economics and finance professional, with over 30 years of corporate and investment banking experience in India, UAE and the Middle East. An Order of Merit Holder of Indian Institute of Bankers, he has also undergone executive education programmes in the US and Europe.

NARENDRA GAJRIAChief OperatingOfficer

SANJAY VIGManaging DirectorCorporate Advisoryand Direct Investments

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer



38


Collective Strength

Board of Directors

Senior Management

Mr. Qaqish has extensive experience in managing regional investment products ranging from equities, fixed income, real estate and private equities over the past thirteen years. He directs Al Mal Capital's range of equity products to top performer status since 2007.

Mr. Qaqish won Best Fund Manager of the year 2012 by Zawya Thompson Reuters Award and was chosen as one of MENA Power 50 Fund Managers of the year.

He previously spent six years with National Bank of Abu Dhabi (NBAD) where he managed two of NBAD’s most successful funds, the UAE Growth Fund and UAE Distribution Fund. Assets under management for the two funds exceeded AED 5billion and performance outstripped benchmarks.Mr. Qaqish holds a Master’s Degree in International Business from the University of Wollongong in Australia.

10 years in business development, private banking, and brokerage dealing with high net worth individuals and institutions. She held a number of positions in both Business Development Brokerage since joining Al Mal in 2007. Mrs. Ahmed worked previously with the Localization & Sales department in Microsoft Middle East and HR officer at Asteco Development.

Mrs. Ahmed holds a Bachelor Degree in Marketing & Management Information System from University of Sharjah, U.A.E.

TARIq qAqISHManaging DirectorAsset Management

SARA AHMEDAssistant Vice PresidentCapital Markets

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer



(Continued)

39


Collective Strength

Board of Directors

Senior Management

(Continued)

15 years of transactional experience working in various financial fields including investment banking, corporate finance and consultancy.

His competencies include expertise in buy-side and sell-side advisory, equity and debt raising, restructuring, investment management, financial modeling, valuations, and project management. Gaining expertise across different sectors in MENA .

Previously worked for several advisory firms and Investment Banks in Jordan, UAE and Kuwait. Before joining Al Mal Capital, he assumed a role of Vice President at Kipco Asset management Company (KAMCO) in Kuwait, leading the advisory and M&A services.

Amro holds an MBA degree from Cass Business School, City University London.

18 years of banking experience, developing solid financial expertise in both credit and equity markets. He has reviewed over 1000 credit cases, provided sound fixed income and equity recommendations. He has been covering MENA markets for 14 years, valuing human relations and has built a promising network across the MENA region.

Worked with Federal Bank of Lebanon, BLOM, SHUAA Capital, Al Ramz Capital andparticipated in the launch of 3 startups.

Several articles are published under his name on real estate, M&A, and angel investing. He holds a BS from the State University of New York.

AMRO Al KHAYYATDirectorCorporate Advisory Services

HANI zAITOUNVice PresidentClient Coverage and Placements

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer



40


Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

Collective Strength

Board of Directors

Senior Management

Bader joined Al Mal Capital in 2014 and is responsible for all aspects related to the origination, execution and realization of direct investments. Prior to joining Al Mal, Bader worked in the investment teams of NBK Capital Partners, SHUAA Partners and SHUAA Capital.

Bader brings a decade of experience in private equity, mezzanine capital investments and corporate finance advisory in the GCC and abroad and has worked on deals primarily in consumer, retail, F&B, industrial, education, financial services and real estate sectors.

Bader holds a Bachelor Degree of Commerce from the McGill University Faculty of Management with a Major in Economics and Minor in Mathematics. BADER SAAD

Vice PresidentDirect Investments

(Continued)



41

Overview

Timeline

Dubai Investments

CapitalMarkets

CorporateAdvisory

Asset Management

DirectInvestments

The Team

Disclaimer

Disclaimer

Al Mal Capital and its affiliates make no guarantee, assurance, or representation whatsoever as to the expected or projected success, profitability, return, savings, performance, result, effect, consequence, or benefit (either legal, regulatory, tax, financial, accounting, or other-wise) of any security or any trading strategy or service described herein.

No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Past performance is not necessarily indicative of futurereturns.

The information and opinions contained herein have been prepared for informational purposes only and do not constitute an offer to sell, or solicitation of an offer to purchase, any security, any commodity futures contract or commodity-related product, any derivative product, or any trading strategy or service described herein. Opinions contained herein are subject to change without notice.

Investors must undertake independent consultation, evaluation, and review with their own tax, legal, accounting, credit, trading, and regulatory experts and advisers as relates to their asset, liability, and risk manage-ment objectives and risk tolerance.



901, 48 Burj Gate, Downtown DubaiSheikh Zayed RoadP.O. Box 119930, Dubai, UAE

T +971 4 360 1111F +971 4 360 1122E [email protected] www.almalcapital.com

al mal capital_presentation_dec 09 2016

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