amc corporate presentation - mar 09

The Team

Business Activities

Company Overview

Contents

2

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

Experienced Team of Investment Banking ProfessionalsFull Fund Management and Execution Capabilities, incl. Tailored PortfoliosExpansive Network of Local, Regional and International ContactsUnrivalled Access to Deal Flow

Al Mal Capital

Our Vision And

Uniqueness

Management Team

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

Who We Are

Naser Nabulsi

John Baggerman Narendra GajriaExecutive Chairman Private Client Group Chief Operating Officer

Khalid Madi

Blair Look

Robert McKinnonInvestment Banking

Asset Management

Equity Research

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Al Mal CapitalBusiness ActivitiesAl Mal Capital is a full line Investment Bank focused on a range

of inter-related activities

AdvisoryStructured FinancePrivate PlacementsIPOBondsConvertiblesMezzanineSecuritization

Institutional & HNWIInvestment AdvisoryPrime BrokerageRegional ExecutionEquity Derivatives

Public Equity FundsPrivate Equity FundsDirect InvestmentsDiscretionary Accounts

BrokerageInvestment Banking Asset Management

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Contents

The Team

Business Activities

Company Overview

1.

Investment Banking2.

Brokerage3.

Asset Management

5

Other Business Units

4. Equity Research5. Private Client Group

Investment BankingFinancial Advisory Services

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

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

Divestitures/ Spin-

offs

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

Al Mal guides its clients through the credit rating process to simplify a complex and time-

consuming process and to ensure that the highest sustainable rating is received.

Credit Rating Advisory

Al Mal formulates tailored capital structure restructuring plans

for companies across all stages of the business life cycle and renegotiates the terms of loan agreements.

Financial Restructurings

Al Mal advises on forming and strategic alliances, local and cross-border. Through strong

investor ties we identify high quality strategic investors for our clients.

Strategic Partnerships

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Investment BankingCapital MarketsCapital Markets

Al Mal Capital can assist companies through all the stages of the business lifecycle, including the transition from private to

public ownership

Al Mal Capital

Investment Banking

Equity Capital Markets

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

Private Placements

Initial Public Offerings

Secondary Offerings

Rights Issues

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Conventional Debt Instruments

Islamic Financing Instruments

Debt Instruments with Embedded Options

Debt Capital Markets

Al Mal offers a comprehensive range of debt products and services, both conventional and Islamic

Investment Banking – Notable Transactions

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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March 2006

TAAMEERMadaares PJSC

Direct PlacementCommon Shares

AED 53 Million

February 2006

Manazel Real Estate Company


AED 20 Million

November 2005

Depa United Group


AED 30 Million

July 2007

EMAAR MGF Land Limited


USD 13.5 Million

September 2007

January 2007

EMCOR Facilities Services Group

May 2007

Middle East Complex for Engineering Electronics

& Heavy Industries

December 2007

Drake & Scull International

July 2008

Drake & Scull International PJSC (under establishment)

Initial Public Offering of Ordinary Shares

AED 1,198 MillionJoint Lead Manager

Indu Projects Limited

February 2008

Initial Public Offer of Ordinary Shares

JOD 53 Million International Lead Manager

Private Placement of Ordinary Shares

AED 62.5 Million Sole Financial Advisor

& Placement Agent

Sell Side Acquisition

Financial Advisor

AED 227 Million

Pre-IPO Private Placement of Ordinary Shares

Sell Side Acquisition

Financial AdvisorFinancial Advisor & Placement Agent

Contents

The Team

Business Activities

Company Overview

1.


Brokerage3.

Asset Management

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Al Mal Securities

The Prime Brokerage & Investment Advisory arm of Al Mal Capital

Caters to institutional clients & HNWI globally

Covers the Gulf, Middle East & North African markets

Operating at the parent & subsidiary levels

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

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Al Mal Securities

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

Investment Advisory Services• Investment Strategy• Market Intelligence

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

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Al Mal SecuritiesIPO Subscriptions

Tamweel IPO Client Subscription

ICBC (China) IPO Client Subscription

Galfar (Oman) IPO Client Subscription

Dubai Financial Market IPO Client Subscription

Talaat Mostafa Group (Egypt) IPO Client Subscription

Visa Inc. (US) IPO Client Subscription

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Contents

The Team

Business Activities

Company Overview

1.


Brokerage3.

Asset Management

13



Asset Management

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AL MAL CAPITAL ASSET MANAGEMENT

PUBLIC EQUITY & DEBT

PRIVATE EQUITY

Private Equity Fund Program

Direct Equity Placements

REAL ESTATE

Al Mal UAE Equity Fund AED 87 million

Al Mal Defined Opportunity Fund I USD 80 million

Al Mal MENA Equity Fund USD 5 million

Al Mal Opportunities FundAED 13 million

Al Mal MENA Income Fund January 2009

Al Fares Private

Equity Fund (Sharia

Compliant) AED 107

million

Al Mal Capital

Partners Fund L.P. USD 37 million

Direct Equity I (Manazel) AED 20 million

Direct Equity II (Madaares) AED 55 million

DEPA Limited AED 30 million

Emaar MGF USD 15.5 million

Al Mal Real Estate Fund AED 151 million

Al Mal Real Estate Fund II 2009

Demonstrated success in fund raising in public and private product offeringsClear ability to execute on strategies and deliver return to investorsCoverage of key asset classes and strategies in MENA

Overview

Al Mal UAE Equity Fund

-47.55%

MSCI UAE Index

-78.75%

Al Mal UAE Falcon Index

-72.79%

Shuaa Emirates Gateway Fund -57.12%

ADCB Al Nokhitha Fund -74.33%

NBAD UAE Growth Fund -76.26%

Makaseb Emirates Equity Fund -72.40%

NBAD UAE Trading Fund -59.66%

Asset ManagementAl 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):

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Al Mal MENA Equity Fund

-47.50%

MSCI Arabian Markets Index

-53.55%

EFG Hermes MEDA Fund

-47.08%

Shuaa Arab Gateway Fund -57.78%

Algebra Capital -

Alpha MENA Fund

-64.64%

Arabian Opportunities Fund -48.36%

Makaseb Arab Tigers Fund -52.65%

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

Asset ManagementAl 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 ManagementAl Mal Private Equity ProgramThe 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

Sharia Compliant FundRegulated by Central Bank of the UAEReputed Sharia Advisory BoardAED Denominated

Al Mal Capital Partners Fund LP

Conventional Fund Limited Partnership StructureCayman Islands DomiciledUSD Denominated

Fund Program Highlights

Program Size USD 66 Million5 Year Fund TermMENA Regional FocusInvestment Committee formed from across departments of Al Mal CapitalDefined Investment Process

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A well established process is in place for the Private Equity Program, accompanying each investment through its life cycle.

Asset ManagementPrivate Equity -

Investment Decision Process

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Contents

The Team

Business Activities

Company Overview

1.


Asset Management3.

Brokerage and Trading

19



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Equity Research

Research covers the whole MENA region

Sectors covered include: • Real Estate• Banks & Non-Bank Financials • Telecom • Construction & Building Materials • Energy & Petrochemicals

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

Senior Analysts have specific sector expertise

Equity Research Summary

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Equity Research

Research Product

Theme Research Individual Equities Economics/Strategy

Weekly Equity Strategy Report.

Monthly Economic Review

Model Portfolio with recommended country and sector weights.

Coordinate report, including sector analysts and strategy/ economics.

Goal is to produce one them report per quarter.

Them examples: Best Ideas for Upcoming Year, Potential Currency Revaluation, Global Credit Crunch, Inflation etc.

Initiation of Coverage

Industry Quarterly Earning Expectations Report

Quarterly Earnings Review

Annual Industry Report

Research Note: Response to news, recommendation, no change, new trade idea.

Contents

The Team

Business Activities

Company Overview

1.


Asset Management3.

Brokerage and Trading

22



Private Client Group

Our Private Client Group provides:

Customized opportunities and reliable investment guidance to high net-worth individuals and family businesses/corporations

Access to wide variety of investments including Brokerage, IPO’s, Private Placements, Direct Investments and a variety of Proprietary Funds

Advisory Services and access to Margin Trading

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

Private Client Group Services

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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

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

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

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The Team

Business Lines

Company Overview

Contents

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The Team

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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.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. Nabulsitransformed 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.

Naser

NabulsiExecutive Chairman

John Baggerman

Managing Director-


John Baggerman has more than 32 years banking experience in the GCC Region, commencing his career with HSBC in 1973 as an International Officer. 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.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.

The Team

Narendra

GajriaChief Operating Officer

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. 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.

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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.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.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.

Blair LookManaging Director -

Asset Management

The Team

Khalid Madi spent nearly a decade with Merrill Lynch, where he built a successful private banking franchise. 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. 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. Khalid holds a B.A. in Finance and Marketing from Boston University.

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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.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.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).

Khalid MadiManaging Director -

Investment BankingRobert McKinnonManaging Director-

Equity Research

amc corporate presentation - mar 09

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