This presentation is solely for the use of client personnel' This publication, or any part thereof,

1
PROPRIETARY CONFIDENTIAL
CORPORATE PRESENTATION
Our Expertise in Investment Banking Private
Equity
This presentation is solely for the use of client
personnel. This publication, or any part thereof,
may not be reproduced or transmitted in any form,
or by any means, electronic or mechanical,
including photocopying, recording, storage in an
information retrieval system, or otherwise
without the express prior written permission of
Start Consult.
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TABLE OF CONTENTS

• Overview of Start Consult
• Overview of Our Experience in Investment Banking
  Private Equity
• Example Engagements in Investment Banking
  Private Equity
• Our Experience in Mergers Acquisition Advisory
• Our Experience in Asset Management Securities
  Brokerage
• Profiles of Key Staff

3
TABLE OF CONTENTS

• Overview of Start Consult
• Overview of Our Experience in Investment Banking
  Private Equity
• Example Engagements in Investment Banking
  Private Equity
• Our Experience in Mergers Acquisition Advisory
• Our Experience in Asset Management Securities
  Brokerage
• Profiles of Key Staff

4
START CONSULT BACKGROUND

• Start Consult is a management consulting and
  corporate finance advisory firm
• It was set up in 1999 by former Mckinsey Co.
  consultants and a management team of
  professionals drawn from a broad range of
  industries
• Headquartered in Dubai, with offices in Pakistan
  and Singapore
• The companys operations focus on strategy,
  organization, and financial consulting in
  addition to corporate finance, private equity,
  market research, feasibility studies, and
  business planning
• Over the last 6 years, our projects have
  extensively covered over 40 industries in over 5
  regions including the GCC, Middle East, Levant,
  North Africa, South Africa, and the Indo-Pak
  Subcontinent.

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START CONSULT EXAMPLE CLIENTS
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TABLE OF CONTENTS

• Overview of Start Consult
• Overview of Our Experience in Investment Banking
  Private Equity
• Example Engagements in Investment Banking
  Private Equity
• Our Experience in Mergers Acquisition Advisory
• Our Experience in Asset Management Securities
  Brokerage
• Profiles of Key Staff

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WE HAVE EXPERIENCE OF CONDUCTING ENGAGEMENTS IN A
NUMBER OF AREAS OF THE INVESTMENTS INDUSTRY
Developing Business Strategies
Developing the Organizational Structure
Competitive Landscape Analysis
Policies and Procedures

• Analysis of key product categories and key
  competitors in the relevant landscape
• Competitive positioning of the client vis-à-vis
  players
• Analysis of sweet spots etc.

• Defining the overall organizational structure for
  firms and funds
• Requirements of talent pool etc.
• Job descriptions, skill requirements etc.

• Development of entry strategies
• Restructuring and repositioning of various
  product lines, business segments etc.
• Analysis of potential acquisitions and overall
  positioning of client

• Gaining regulatory approvals
• Developing all documentation required for
  regulatory approvals

Key Coverage Areas

• Our clients have included
• Regional investment companies
• Government backed investment groups
• Major family groups
• Commercial banks
• Investment banks
• Private equity firms and Investment Companies
• Boutique Investment banks etc.

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START CONSULT AREAS OF EXPERTISE IN THE
INVESTMENT BANKING SECTOR
Sectors Covered
Key Areas of Activity

• Establishing firm/fund structure and develop
  investment strategy
• Documentation, Private Placement Memorandums,
  corporate governance
• Transaction due diligence
• Post-acquisition strategy e.g. 100 day plans.

Private Equity Funds

• Mergers Acquisitions
• Deal Origination
• Valuations, Structuring and Execution.

Corporate Finance/ Advisory
Our Experience In the Investment Banking Sector

• Assisting firms in developing strategies for all
  related business lines including
• Mutual funds
• Portfolio management
• Institutional and private wealth management
• Assistance in gaining relevant regulatory
  approvals for establishment of asset management
  companies

Asset Management

• Developing strategies for financial services
  offering trading and brokerage
• Development of Business plans, manuals etc.

Brokerage/ Securities Trading
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BACKGROUND OF START CONSULT IN PRIVATE EQUITY

• Start Consult has developed a strong practice in
  Private Equity over the last few years
• We have supported major private sector groups
  (including investment funds, family groups
  investment banks) in various areas of investment
  decision process. Areas of support include
  opportunity scan, deal screening, feasibility
  studies, valuation, transaction structuring, due
  diligence etc. Types of investments include
  greenfield projects, buyouts, MA etc.
• Extensively involved with various private equity
  firms in the region (including Rasmala, Abraaj,
  HSBC Private Equity, Ithmar, and some funds under
  formation) in activities ranging from strategy,
  developing investor presentation, deal sourcing,
  opportunity scanning, due diligence, valuation,
  etc.)
• Launched a flagship private equity fund Dun
  Bradstreet and created substantial value (post
  acquisition).

Start Consult is increasingly focusing on a
private equity play, in addition to its
traditional consulting services Start Consult
has developed itself into a leading private
equity consulting firm in the region.
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START CONSULT PLAYS THE ROLE OF GENERAL PARTNER
OF PRIVATE EQUITY FUNDS IN ADDITION TO ASSISTING
PRIVATE EQUITY FUNDS AND INVESTMENT COMPANIES IN
SETTING UP AND DEFINING THEIR INVESTMENT
STRATEGIES

• Fund set up
• Fund raising
• Manage the funds administration
• Develop funds growth strategy.

General Partner Role

• Conceptualizing fund/opportunity
• Funds structuring
• Developing fund prospectus/ IM
• Investor presentation
• Facilitate fund raising process

Fund Set-up
Private Equity

• Developing overall strategy and organization for
  the fund
• Developing fund investment strategy
• Define investment process, etc.

Fund Strategy Organization
Corporate Finance, Transaction Advisory,
Consulting

• Sourcing investment opportunities/ transactions
• Identifying and approaching potential buyers/
  investors
• Development of Information Memorandums

MA Advisory
Deal Origination
Asset Management / Brokerage
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START CONSULT HAS CAPABILITIES AND EXPERIENCE
ACROSS THE MA VALUE CHAIN
Private Equity
Due Diligence

• Buy-side commercial due diligence (CDD)
• Sell-side/ Vendor due diligence (VDD)

• Financial projections
• Valuation
• Returns analysis/ sensitivity

Financial Projections/ Valuation
Corporate Finance, Transaction Advisory,
Consulting
MA Advisory

• Transaction structuring/ Term sheet
• Negotiations
• Options

Deal Structuring Close

• 100-day plans
• Corporate governance and strategy
• Business expansion/roll-out
• Financial reengineering
• Organizational restructuring

Post Acquisition Support
Asset Management / Brokerage
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WE HAVE ALSO WORKED WITH A NUMBER OF BUSINESS
GROUPS, ASSET MANAGEMENT COMPANIES, AND BROKERAGE
FIRMS ON CONSULTING ASSIGNMENTS WITHIN THE ASSET
MANAGEMENT SPACE
Private Equity

• Asset management strategy
• Mutual funds market study / competitor analysis
• Growth of AUMs

Strategy Consulting
Corporate Finance, Transaction Advisory,
Consulting
MA Advisory

• Market research
• Competitor analysis
• Financial viability.

Feasibility Studies

• Business opportunity
• Organization structure
• Operational plan
• Financial projections.

Business Plans
Asset Management / Brokerage

• Operations
• Compliance / compliance monitoring
• Risk
• Organization
• Code of conduct
• Business continuity.

License Approvals / Manuals

• Industry report mutual funds
• Benchmarking with global best practice
• Middle East market analysis.

Though Leadership Document
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TABLE OF CONTENTS

• Overview of Start Consult
• Overview of Our Experience in Investment Banking
  Private Equity
• Example Engagements in Investment Banking
  Private Equity
• Our Experience in Mergers Acquisition Advisory
• Our Experience in Asset Management Securities
  Brokerage
• Profiles of Key Staff

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EXAMPLE ENGAGEMENT IN INVESTMENT BANKING
Client / Project Description
Start Consults Key Activities

• Start Consult advised a major investment group in
  the region in establishing a full service MENA
  based investment bank. The bank was to be
  involved in the following functions
• Investment banking
• Corporate finance advisory
• Private equity
• Asset management
• Securities brokerage.
• Our role was very extensive and required working
  closely with the senior management of the
  investment group covering the following key
  activities
• Detailed research on the competitive landscape
  and identifying sweet spots
• Evaluating strategic options and defining
  business strategy
• Defining organization structure including job
  requirements, identifying required talent pool,
  establishing reporting lines etc
• Five year financial projections and investment
  strategy
• Detailed launch plan including establishment of
  project management office, defining management
  budgets etc.
• Developing the 5-year Human Resource Plan for the
  overall bank and each business unit
• Assisting in recruitment of senior level
  personnel.

Leading Regional Investment Group Developed
Strategy for Establishing a Full Service
Investment bank
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START CONSULT ACHIEVEMENTS IN PRIVATE EQUITY

• Launched Dun Bradstreet (SAME) as a flagship
  private equity transaction
• Activities involved Deal sourcing, negotiations
  with the management, putting together the
  investor group, structuring the transaction,
  legal documentation and closing the transaction.

Private Equity Play

• Advised a local group in establishing a private
  equity fund including strategy formulation,
  advise on fund structure, preparation of investor
  documentation etc.
• Advised in set up and strategy of other Private
  Equity firms in the region.
• The Group has successfully secured an alliance
  with a leading global private equity firm.

Fund Setup

• Jointly worked with Mckinsey Co. in assessing
  and defining the regional buyout opportunity
• Rasmala II (Abraaj) was launched as a buyout fund.

Landscape Scan

• Undertook a due diligence and valuation of a
  regional commercial bank as an acquisition target
  for a private equity group
• Recognized as a very comprehensive study in this
  sector.

Due Diligence

• Private Equity A Catalyst for Growth in the
  Region is the first extensive insight into the
  Private Equity sector
• The Report was launched during the World Economic
  Forum in Jordan.

Industry Report
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START CONSULT ROLE IN FUND SET UP FOR ACQUISITION
OF DUN BRADSTREETS OPERATIONS IN SOUTH ASIA
AND THE MIDDLE EAST
Client / Project Description
Start Consults Key Activities

• Start Consult advised and led a Management
  Buy-Out of the Clients business in 19 countries
  including GCC, South Asia and parts of the
  Middle-East. Start Consult's role included
• Detailed research on the business information
  industry in the region
• Research on the market potential for each of the
  service areas of the Company
• Due diligence and Valuation
• Development of a Private Equity Fund structure
• Investor presentations, negotiation and financial
  close of the transaction.

Dun Bradstreet Advisory and Management Buy-Out
Lead
Start Consults role in the Private Equity Fund
launched to buy out Dun Bradstreets operations
in the 19 countries is that of a General
Partner As of now, the business has also
acquired rights to operate in 51 territories in
Africa.
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START CONSULT AS A GENERAL PARTNER

• As a General Partner of Dun Bradstreet South
  Asia Middle East (SAME), Start Consult has
  worked closely with the management team DB SAME
  in rapidly growing its operations, geographic
  presence, service lines, etc
• Example areas where we have worked with the DB
  SAME Management Team include
• Organizational Expansion Hiring of key senior
  management including CFO, CTO, etc
• Regional Expansion This included negotiations of
  new partnership agreements and restructuring of
  partnership agreements in various territories
• Relocation Moved the DB senior management team
  from India to Dubai. We helped establish their
  office in Dubai which included a temporary set up
  at the Start Consult offices. We also assisted
  DB in setting up their office at DIFC
• Network Expansion Helped build strategic
  relationships between DB SAME and regional
  governments, government ministries agencies,
  and other investment firms in the region using
  the relationship network of Start Consult in the
  region.

Our role as General Partner has helped DB SAME
achieve significant growth and expansion in terms
of geographic presence, range of services, and
revenues profits
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EXAMPLES OF PRIVATE EQUITY ENGAGEMENTS
Client / Project Description
Start Consults Key Activities

• Jointly worked with Mckinsey Co. in developing
  a strategy for establishment of one of the first
  regional buyout funds. Our role included
• Market scan and assessing opportunity for private
  equity
• Developing the fund strategy
• Developing models for alliances and partnerships
• Detailed scan of family groups investment
  offices, etc. for potential LP targets
• Defining the investment focus including sector,
  geographic, and stage focus
• Converting strategy documents into investor
  presentation.

Regional Buy Out Fund Developed Strategy for
Fund Launch

• Start Consult advised a newly set up Kuwaiti
  Islamic Investment Co. on its strategy and
  organization. Start Consults role included
• Developing the overall strategic options of the
  Company
• Defining the investment strategy in terms of
  geography, sector, stage/type, etc.
• Developing funding strategies/options
• Defining talent pool requirements and overall
  organization structure
• Defining key investment processes
• Developing the overall corporate governance
  structure including Board Committee (Investment
  Committee, etc.)
• Developing a business plan and financial
  projections/feasibility of the Company

Kuwait based Islamic Investment
Company Developed Strategy and Organization
Structure
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EXAMPLES OF PRIVATE EQUITY ENGAGEMENTS
Client / Project Description
Start Consults Key Activities

• Start Consult advised a local group in
  establishing a private equity fund including
  strategy formulation, advise on fund structure,
  preparation of investor documentation etc. Start
  Consults role included
• Development of the Fund investment strategy and
  organization
• Development of PE structure for transferring
  family business assets into the Fund
• Development of the Fund Prospectus/Private
  Placement Memorandum and other documentation,
  articulating
• Overall private equity opportunity in the region
• Elaborate strengths and competencies of the GP
  team
• Investment rational and strategy, etc.
• Financial valuations for several companies part
  of the family group to assess the overall value
  of a private equity fund
• The Group has successfully secured an alliance
  with a leading global private equity firm.

UAE based Conglomerate Groups entry into Private
Equity Fund Setup Advisory

• Start Consult advised a regional logistics
  company on its strategic growth plans and is
  assisting it in its capital raising efforts.
  Start Consults role included
• Articulating the growth strategy for the Company
• Developing the business plan and financial
  projections
• Developing the investor presentation
• Assisting the Company in Investor road-shows
• Conceptualizing a Private Equity structure for
  capital raising and developing a strategy for
  further acquisitions in the future

Regional Logistics Company Sell Side Advisory -
Fund Raising through a Private Equity Structure
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EXAMPLES OF PRIVATE EQUITY ENGAGEMENTS
Client / Project Description
Start Consults Key Activities

• Start Consult advised the investment office of a
  regional government on their entry into the
  Private Equity space. Start Consults role
  included
• Overview of the regional PE space
• Assessing the competitive landscape and
  benchmarking against competitors
• Developing unique value proposition and
  identifying differentiating factors of its PE
  play
• Defining fund sizes, number of funds, target
  returns, etc.
• Financial projections and feasibility
• Defining talent pool and organizational/headcount
  requirements

Regional Governments Investment
Office Developed Private Equity Entry Strategy
and Organization Structure

• Private Equity A Catalyst for Growth in the
  Region is the first extensive insight into the
  Private Equity sector
• The Report was launched during the World Economic
  Forum in Jordan. Coverage of the report included
• Private equity value creation for different
  constituencies like Governments, Banks, Family
  Groups, etc.
• Impact of growth in capital market and how they
  impact the Private Equity sector and vice-versa
• Growth drivers in the Private Equity sector
• Challenges for future development of this sector
• Benchmarking of the regional Private Equity
  sector with international markets
• Etc.

Leading Regional Private Equity Firm Prepared a
Thought Leadership Document on Private Equity in
the Middle East
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TABLE OF CONTENTS

• Overview of Start Consult
• Overview of Our Experience in Investment Banking
  Private Equity
• Example Engagements in Investment Banking
  Private Equity
• Our Experience in Mergers Acquisition Advisory
• Our Experience in Asset Management Securities
  Brokerage
• Profiles of Key Staff

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START CONSULT IN MERGERS ACQUISITIONS ADVISORY

• Start Consult has developed a strong mergers
  acquisitions advisory practice on both
  buy-side and sell-side engagements
• We have advised private equity firms and
  investment houses on a significant number of
  buy-side transactions in due diligence,
  valuation, structuring and even post-acquisition
  support
• We also have transaction advisory experience in a
  multitude of sectors in the Middle East region
  and built up in-house knowledge capital
• Our team has the advantage of the strategy
  consulting practice in terms of identifying value
  levers and key value creation and growth
  opportunities involved in any transaction
• We have been involved in deal origination and
  advisory on sell-side engagements where companies
  raise funds or are developing their corporate
  financing strategies
• Our team has also worked with Investment Banks on
  IPO's of major companies in the region.

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START CONSULT HAS BEEN INVOLVED IN A NUMBER OF
SUCCESSFUL TRANSACTIONS RELATING TO MERGERS
ACQUISITIONS
Client / Project Description
Start Consults Key Activities

• Advised a leading investment bank in the region
  on the feasibility of a merger between two
  leading packaging companies in Egypt. Our role
  included
• Evaluating the strategic and financial viability
  of the merger between the two entities
• Developing a financial model, conducted financial
  valuation, and developed a business plan for the
  merged entity
• Both the packaging firms have merged and are
  operating successfully and are one of the leading
  packaging companies in the region.

Leading Investment Bank in the Region Merger
Feasibility of two Regional Packaging Companies

• Evaluated the strategic and financial viability
  of the merger between a leading global BOPP film
  producer and a regional BOPP film producer. The
  objective of the merger was to make the Merged
  Entity the largest BOPP film producer in the
  region. Our role covered
• Developing a financial model
• Conducted financial valuation
• Developing a business plan for the merged entity
• Evaluating the potential of a third entity, to
  merge with the merged entity

Leading Investment Bank in the Region MA
Advisory for the Merger of Leading BOPP Film
Producers

• Advised a leading Kuwait based investment group
  on the acquisition of an Electricity Company. Our
  role included
• Transaction size of USD 250mn
• Jointly placed the transaction with HSBC
• Start Consult was responsible for placement of
  USD 100mn
• Assisting buyers during the negotiations process
• Financial and deal structuring with co-investors.

Privatization of a Utilities Company in
Pakistan Prepared Consortium Bid Acquisition
Strategy
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EXAMPLES OF MA ADVISORY ENGAGEMENTS
Client / Project Description
Start Consults Key Activities

• Advised a leading investment bank on its bid for
  a regional commercial bank with operations in
  UAE, Levant and Europe. Our role included
• Detailed market study of the UAE commercial
  banking sector
• Analysing the competitive landscape in the UAE
  and strategy recommendations for the UAE
  operations going forward
• Developing restructuring options for
  international operations i.e. divestment, etc.
• Financial projections and valuation of the Bank.
  We did a sum of parts of valuation, segregating
  the UAE operations from the international ones.

Regional Commercial Bank Commercial Due
Diligence and Valuation

• Buy Side Advisory for the Acquisition of a
  Leading Bank in the Region. Key coverage areas
  included
• Analysis of the domestic and regional banking
  environment, focused on identifying market
  opportunities and understanding the forces likely
  to shape the market going forward
• In depth analysis of the Banks business
  operations on CAMEL(O) framework
• Detailed Due Diligence exercise on all aspects of
  the banks assets and liabilities, exposure,
  provisions, capital, operations, systems and
  management
• Valuation and sensitivity analysis under a
  variety of different scenarios
• Structuring advice, focused around Good Bank
  Bad Bank framework.

Middle-East Based Investment Group Market
scoping, Due Diligence, Valuation and Buy-side
Advisory
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EXAMPLES OF MA ADVISORY ENGAGEMENTS
Client / Project Description
Start Consults Key Activities

• Advised a consortium of a top international
  Private Equity (PE) player and leading regional
  PE player on its bid for an LBO of a shipping
  services company with significant middle eastern
  (ME) operations. our role included
• Internal diagnostic on customers, strategic
  partners, services, etc.
• Market sizing and revenue/profit potential of the
  5 business divisions in the ME
• Identifying growth options for the ME businesses
• Risk assessment
• Valuation of ME upside potential. This was used
  as an input into the takeout price of the
  global businesses

International Shipping Services Company LBO Due
Diligence and Valuation of ME opportunity

• Advised a leading UAE based Investment Company in
  its acquisition of significant stake in a
  regional telecom services and retail company. Our
  role included
• Detailed market study of the mobile phone and
  accessories space in the GCC
• Internal diagnostic and organization assessment,
  with recommendations on corporatization of the
  business
• Valuation of the target company
• Deal structuring, term sheet and assistance in
  negotiations
• Development a 100-day plan and post-acquisition
  strategy

Regional Telecom Services Company Commercial Due
Diligence and Valuation
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EXAMPLES OF IPO ADVISORY ENGAGEMENTS
Client / Project Description
Start Consults Key Activities

• Start Consult partnered with a leading investment
  bank in the potential IPO of a UAE based
  conglomerate group of over 20 companies. Start
  Consults role included
• Internal diagnostic on customers, product
  services, etc.
• Organizational assessment
• Market sizing of each of the business of the
  Group
• Industry and competitive analysis
• Estimating future demand for the Groups product
  and services and calculating future revenue and
  profit pools
• Risk assessment
• Valuation inputs for the investment bank

UAE based Conglomerate Group Market Study and
Commercial Due Diligence for an IPO

• Start Consult partnered with a leading investment
  bank in the IPO of a UAE based mortgage finance
  company. Start Consults role included
• Market study of the mortgage finance market in
  the UAE
• Benchmarking of the domestic market international
  markets
• Framing the industry and competitive landscape
• Evaluating competitive positioning and value
  proposition
• Financial projections for the Company
• Valuation of the Company

UAE based Mortgage Finance Company Market Study
and Valuation for IPO
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TABLE OF CONTENTS

• Overview of Start Consult
• Overview of Our Experience in Investment Banking
  Private Equity
• Example Engagements in Investment Banking
  Private Equity
• Our Experience in Mergers Acquisition Advisory
• Our Experience in Asset Management Securities
  Brokerage
• Profiles of Key Staff

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BACKGROUND OF START CONSULT IN THE ASSET
MANAGEMENT SECURITIES BROKERAGE SECTOR

• Start Consult has been involved in various
  engagements covering the asset management and
  securities brokerage sectors
• We have advised a number of groups in the region
  for establishing asset management and brokerage
  practices
• We have been involved in developing business
  plans and financial feasibilities for setting up
  asset management companies and brokerage firms in
  the region
• In addition, we have also assisted asset
  management firms and brokerage companies with the
  licensing process including preparing policy and
  operational manuals for submission to regulatory
  authorities.

29
EXAMPLES OF ASSET MANAGEMENT / BROKERAGE
ENGAGEMENTS
Client / Project Description
Start Consults Key Activities

• Developed the overall strategy for the asset
  management department of a leading bank in the
  region and prepared a thought leadership document
  on Mutual Funds. Key coverage areas included
• Market study in asset management in the region
• Competitive analysis of mutual funds in the
  region
• Developing growth strategy for the banks mutual
  funds
• Benchmarking with global best practices in asset
  management and mutual funds
• Preparing a thought leadership document on mutual
  funds.

Asset Management Arm of a Leading Bank in the
Region Developing the Asset Management Strategy
Preparing a Though Leadership Document on
Mutual Funds

• Developed a business plan and feasibility study
  for setting up a brokerage and asset management
  firm in the region for a major holding company.
  The engagement covered evaluating the options of
  setting up Greenfield companies or acquiring
  existing firms. Key coverage areas included
• Market research on the brokerage and asset
  management sectors in the region
• Developing the competitive landscape
• Developing the organization structure
• Identifying potential opportunities and sweet
  spots
• High level due diligence of potential acquisition
  targets
• 5-year financial projections based on build vs
  buy options.

Regional Holding Company Developed Business Plan
Feasibility Study
30
EXAMPLES OF ASSET MANAGEMENT / BROKERAGE
ENGAGEMENTS
Client / Project Description
Start Consults Key Activities

• Developed a business plan and policy manuals for
  setting up a securities brokerage company in the
  region. Key coverage areas included
• Market research on the brokerage sector in the
  region
• Identifying potential opportunities and sweet
  spots
• 5-year financial projections
• Preparing policy manuals including the
  operations, compliance and risk manuals.

Regional Family Group Developed Business Plan
Policy Manuals

• Developed a business plan and feasibility study
  for setting up an e-brokerage firm in the region
  for a regional investment company. Key coverage
  areas included
• Market research on the e-brokerage sector in the
  region
• Developing the competitive landscape
• Evaluating the different technology systems and
  platforms used for e-brokerage
• Identifying potential opportunities and sweet
  spots
• 5-year financial projections.

Regional Investment Company Developed Business
Plan Feasibility Study
31
EXAMPLES OF ASSET MANAGEMENT / BROKERAGE
ENGAGEMENTS
Client / Project Description
Start Consults Key Activities

• Assisted a regionally based asset management
  company with the licensing approval for expanding
  operations into another country in the region.
  The scope of work covered developing the business
  plan and policy manuals. The manuals covered in
  this assignment included
• Operations manual
• Compliance manual
• Compliance monitoring program
• Risk manual
• Organization manual
• Code of conduct manual
• Business continuity plan
• Anti terrorism and anti money laundering manual.

Asset Management Company Assisted with Licensing
Approval for a New Territory in the Region
32
TABLE OF CONTENTS

• Overview of Start Consult
• Overview of Our Experience in Investment Banking
  Private Equity
• Example Engagements in Investment Banking
  Private Equity
• Our Experience in Mergers Acquisition Advisory
• Our Experience in Asset Management Securities
  Brokerage
• Profiles of Key Staff

33
PROFILES OF KEY STAFF

• As founder and Managing Partner of Start Consult,
  Mr. Ahmad oversees the business development,
  external relations, and strategic direction of
  the Company.
• Mr. Ahmad spent six years with McKinsey Co in
  their European operations with a strong emphasis
  on strategy, organization, corporate
  restructuring, mergers and acquisitions etc.
  During this period, he served large and medium
  sized corporations in the financial services and
  banking sector, telecommunications and
  technology, food sector and consumer goods.
• Mr. Ahmad has been involved in the rollout of a
  number of global franchises in the Middle East
  and South Asian regions.
• Mr. Ahmad also has extensive work experience in
  South Asia and the Middle East for US and
  European corporations seeking to invest and
  develop operations in those regions. This work
  included evaluation of market potential,
  establishment of Joint Ventures, acquisitions
  etc. Mr. Ahmad has also worked for ATT (USA) and
  Philips (Europe).
• Mr. Ahmad has an MBA from the Wharton Business
  School. He also holds a Bachelors degree in
  Engineering from NED University and an MS in
  Computer and Information Science from the
  University of Pennsylvania.

Misbah Ahmad
Managing Partner
34
PROFILES OF KEY STAFF
As Director at Start Consult, Mr. Rehan oversees
engagements in a large number of diverse sectors.
He is also responsible for business development
activities and external relations management At
Start Consult, Mr. Rehans primary areas of focus
are strategy consulting, market research,
business analysis and corporate finance. Mr.
Rehan has worked in several industries including
banking and financial services, family groups,
private equity, technology, telecommunications,
construction, logistics etc.. In addition to
multinational and regional business groups he has
also worked with leading consulting firms such as
McKinsey and Accenture on several
engagements. As a former investment and
commercial banker, Mr. Rehan has extensive
experience in the financial services industry in
the Middle East. He was previously managing the
Structured Finance portfolio of a major Abu Dhabi
bank, where he developed the project finance,
corporate finance and credit derivatives business
of the bank. Mr. Rehan has also worked for a
leading regional bank in their Qatar operations,
where his primary areas of involvement were
credit risk management and corporate banking. Mr.
Rehans key engagements at Start Consult include
strategy development for the MENA roll-out of a
leading global bank, strategy advice for leading
private equity and investment banking setups in
the region and a number of assignments with
leading corporates and family groups in the
region in relation to business restructuring and
process re-engineering Mr. Rehan holds a BBA and
an MBA from the Institute of Business
Administration in Karachi.
Aamir Rehan
Director
35
PROFILES OF KEY STAFF
As Director at Start Consult, Mr. Fasih has
directed engagements in the shipping services,
construction and the financial services sectors.
He has rendered strategy and investment advice
for a number of clients in these sectors. Mr.
Fasih has more than two decades experience with
one of the leading global pharmaceutical
companies, most recently as the Managing Director
and CEO of its operations in Pakistan.
Previously he was the Managing Director and CEO
of the Bangladesh operations. At these senior
positions, he has directed all aspects of the
business including achievement of sales and
profit targets, HR functions, investment and
expansion decisions and liaison with Government,
media and the public. Previously, as CFO of the
Pakistan operations of the same company, Mr.
Fasih directed financial planning, general
accounting, cost accounting, treasury, tax,
budgeting and information services departments.
He was involved in the integration of the Squibb
and Bristol-Myers operations after the global
merger of the two companies. Mr. Fasih has also
worked for the consulting practice of
PricewaterhouseCoopers in Karachi and the audit
practices at KPMG and McCabe and Ford in the
UK. Mr. Fasih holds fellowships with the
Institute of Chartered Accountants of Pakistan
and the Institute of Chartered Accountants in
England and Wales
Anjum Fasih
Director
36
PROFILES OF KEY STAFF

• Adnan Afridi is a Director with Start Consult.
  Mr. Afridi has extensive experience of business
  and investment in both developed and emerging
  markets. He began his career in consulting with
  Monitor in the USA and EU working on projects for
  Fortune 50 companies, including assignments in
  retailing, telecommunications, food and
  technology. He also worked with Prof. Michael
  Porter of Harvard Business School on projects
  relating to generating competitive advantage for
  emerging market economies. Whilst at Monitor he
  was also responsible for setting up and
  establishing their office in Turkey.
• Prior to joining Start Consult, Mr. Afridi
  undertook a number of ventures in Pakistan,
  acting as both a consultant and a principal, in
  such industries as food and beverages, software,
  billing and settlement and venture capital. 
• Mr. Afridi has a B.A. in Economics from Harvard
  College (ranked top 5 in class of 1,400) and a
  Juris Doctorate from Harvard Law School (ranked
  in the top 3 in a class of 500).

Adnan Afridi
Director
37
PROFILES OF KEY STAFF
Mr. Bora is an Engagement Manager in Start
Consult. He has been involved in a number of
strategy, corporate finance and MA advisory
engagements for clients in the Middle East and
abroad. The sectors covered are financial
services, telecommunications, private equity,
retail, construction, industrial and logistics.
Mr. Boras key engagements in Start Consult
include developing investment strategy and
organization for a private equity firm, valuation
and strategic advisory of an acquisition of a
regional commercial bank, acquisition opportunity
analysis and valuation of a shipping services
company, commercial due diligence for an IPO of a
regional conglomerate group, and restructuring
and strategic repositioning of telecom services
company. Mr. Bora holds an MBA degree with
specialization in Strategy from the National
University of Singapore. He also holds a
B.Sc.(Hons) degree in Statistics from the
University of Delhi and is currently a Level 2
candidate of the Chartered Financial Analyst
program of the CFA Institute, USA. Prior to
joining Start, Mr. Bora worked for
PricewaterhouseCoopers (PwC) in India and
Singapore, serving various multinational clients
such as Hewlett Packard, Samsung, Telstra,
Schlumberger and the United Nations. While at
PwC, he worked on numerous financial audit,
accounting and corporate finance engagements.
His assignments also involved financial fraud
investigations in relation to major corporations
Himadri Bora
38
Start Consult9th FloorAl Moosa Tower ISheikh
Zayed RoadDubaiUnited Arab EmiratesTel
(971) 04 332 4431Fax [phone] Web
www.consultstart.comContacts
misbah_at_consultstart.com aamir_at_consultstart.com